Park Hotels draws remaining $650 million of $1 billion revolver

By Sarah Lizee

Olympia, Wash., March 26 – Park Hotels & Resorts Inc. drew the remaining $650 million of its $1 billion unsecured revolving credit facility as a precautionary measure, according to a press release.

Park’s cash on hand is now about $1.3 billion.

On April 15, Park will use the funds to pay a previously announced quarterly dividend of $0.45 per share to stockholders of record on March 31.

The weighted average interest rate for the entire draw, which includes Park’s previously announced $350 million draw initiated on March 16, is 2.46%.

Park Hotels is a Tysons, Va.-based lodging real estate investment trust with a diverse portfolio of hotels and resorts.

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