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Park Hotels & Resorts sells Berlin asset, declares special dividend

Park Hotels & Resorts Inc. completed the sale of the Hilton-Berlin hotel in Berlin, generating €297 million, before closing adjustments, in gross proceeds for the joint-venture owners of the entities that owned the 601-room asset.

Park Hotels' pro rata share of the proceeds totaled around $140 million, the hotel real estate investment trust said in a release.

Including this transaction, the Tysons, Va.-based REIT has sold 13 hotels so far in 2018, 10 of which were overseas, in line with its strategy of reducing its exposure to international markets and joint-venture interests.

Following the deal's closing, the company's board declared a special cash dividend of 45 cents per share. The dividend, to be paid in addition to the regular quarterly dividend of 43 cents per share, will be distributed July 16 to stockholders on record as of June 29.