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Blackstone affiliates unloading remaining Park Hotels common shares

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Blackstone affiliates unloading remaining Park Hotels common shares

Certain affiliates of The Blackstone Group LP launched a secondary offering of 16,830,000 shares of Park Hotels & Resorts Inc. common stock.

Based on Park Hotels' Nov. 28 closing stock price of $28.12 per share, the offering is expected to generate gross proceeds of about $473.3 million.

Park Hotels will not receive any proceeds from the sale of the shares, which will be made in privately negotiated deals.

Upon completion of the offering and related distributions of the remaining 84,809 Park Hotels common shares held by the selling stockholders, Blackstone and its affiliated funds will no longer beneficially own any common shares of Park Hotels.