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Park Hotels sells Los Angeles property for $117M

Park Hotels & Resorts Inc. sold the 182-room Ace Hotel Downtown Los Angeles in Los Angeles for gross proceeds of $117.0 million.

Proceeds from the sale will be used to repay a portion of the company's unsecured indebtedness.

The sale price reflects a 5.4% cap rate on the hotel's projected 2019 net operating income when adjusted for Park Hotels' expected capital expenditures.