Park Hotels & Resorts Shifts Focus to Upper-Upscale US Assets

Park Hotels & Resorts Inc, the second-largest lodging real estate investment trust in the United States, is positioning for growth over the coming quarters following a strategic renovation of its portfolio. Since spinning out of Hilton Worldwide Holdings in early 2017, the company has shifted its focus toward high-quality assets in domestic and gateway markets.

As part of this strategy, the company sold all of its international properties and 29 lower-quality hotels within the United States. To further diversify its brand offerings, the company acquired Chesapeake Lodging Trust in September 2019. This acquisition added 18 upper-upscale hotels to the portfolio and expanded the company's brand reach to include Marriott, Hyatt, and IHG.