latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/park-hotels-draws-down-revolver-closes-about-half-of-properties-57773872 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Park Hotels draws down revolver, closes about half of properties

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd


IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

Park Hotels draws down revolver, closes about half of properties

Park Hotels & Resorts Inc. said it drew the remaining $650 million of its $1 billion revolving credit facility as a precautionary measure to mitigate the effects of the coronavirus pandemic on its business.

The real estate investment trust now has roughly $1.3 billion of cash on hand, including an earlier draw of $350 million from the credit facility. The company's quarterly dividend to be paid in April will be sourced from these funds, according to a release. The weighted average rate for the entire revolving credit facility is 2.46%.

Park and its hotel management companies also suspended or commenced suspension of operations of roughly half of Park's 60 properties to minimize expenditures.

The REIT and its hotel management companies are also pursuing alternative sources of revenue from applicable government authorities and hospitals, including providing temporary lodging for first responders, other medical personnel, military personnel, displaced guests and local residents.

READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here.