Park ups offering, eyes ‘opportunities’


Park Hotels & Resorts has increased the pricing of an offering announced in May from $650m to $725m.

The news followed a trading update which saw the group announce that it had total liquidity of $1.5bn, giving it approximately two and a half years of liquidity available.

The group had a burn rate of approximately $50m per month, taking into account both open and suspended hotels. The Reit also increased its carve out for acquisitions funded with equity proceeds from $500m to $1bn.

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