ADIA AND PARK HOTELS & RESORTS SELL HILTON BERLIN FOR €297MILLION

Park Hotels & Resorts and its joint venture partner the Abu Dhabi Investment Authority (ADIA) have signed an agreement to sell the 601-room Hilton Berlin for €297 million. Park Hotels & Resorts, which owned 40% of the property, stated in its Q1 earnings call that they intend to redistribute the proceeds of the sale to their shareholders in the form of a $80-90 million special dividend later this year. The deal, which is expected to close later this month is still subject to local regulatory approvals.

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