MCLEAN, Va.--(BUSINESS WIRE)--Park Hotels & Resorts Inc. (NYSE: PK) announced today that HNA HLT Holdco I LLC, an affiliate of HNA Tourism Group Co., Ltd., has priced an underwritten secondary offering of 34,479,524 shares of Park’s common stock at $25.75 per share, which was increased from the previously announced 32,950,000 shares. The offering is expected to close on March 9, 2018, subject to the satisfaction of all closing conditions. In connection with the offering, the Selling Stockholder has granted the underwriters an option to purchase up to 5,171,929 additional shares of common stock from the Selling Stockholder, which was increased from the previously announced 4,942,500 additional shares.

Concurrent with the offering, the Selling Stockholder granted to the Company an option to repurchase from the Selling Stockholder, in a privately-negotiated transaction, up to 15,750,000 shares of its common stock (the “Share Repurchase”). The Company has exercised this option with respect to 14,000,000 shares. The purchase price for the shares covered by the Share Repurchase is $24.85 per share, which is the price per share at which the underwriters will purchase shares of the Company’s common stock from the Selling Stockholder in the offering. The shares repurchased by the Company in the Share Repurchase will be retired. The offering is not conditioned upon the completion of the Share Repurchase.

Park did not offer any shares of common stock in the offering and will not receive any proceeds from the sale of shares in the offering.

Barclays and J.P. Morgan are acting as joint book-running managers and representatives of the underwriters for the offering. UBS Investment Bank, Goldman Sachs & Co. LLC, Morgan Stanley, Deutsche Bank Securities and Credit Suisse are also acting as joint book-running managers and underwriters for the offering. In addition, BofA Merrill Lynch is serving as an advisor to the Company in connection with the offering.

About Park Hotels & Resorts Inc.

Park Hotels & Resorts Inc. (NYSE: PK) is the second largest publicly traded lodging real estate investment trust with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 55 premium-branded hotels and resorts with over 32,000 rooms located in prime U.S. and international markets with high barriers to entry.