Park Hotels & Resorts Inc. Announces the Reopening of the Caribe Hilton

Park Hotels & Resorts Inc. ("Park") PK announced that the Caribe Hilton ("the Resort") in San Juan, Puerto Rico reopened today following a $150-million restoration. The 652-room resort was impaired for 20 months after sustaining significant damage from Hurricane Maria in September 2017.

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Caribe Hilton - Caribar (Photo: Business Wire)

"We are thrilled to re-introduce the iconic Caribe Hilton to guests and locals alike," said Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park Hotels & Resorts. "We have worked tirelessly to restore, reimagine and enhance the hotel, and we are confident that the finished product is worthy of the hotel's legendary history. We look forward to welcoming everyone to the Resort and to the wonderful island of Puerto Rico."

The Resort, which was the first Hilton property to open outside the continental United States in 1949, underwent extensive restoration, renovation and transformation that touched nearly all aspects of the property. The scope of the work included a comprehensive renovation of all 652 guestrooms and public spaces as well as upgrades to all building systems and building envelopes to better fortify the exterior against future storms.

Of particular note, the Resort's fitness and spa building was also completely rebuilt and transformed, featuring oceanfront views from floor-to-ceiling glass windows, all-new fitness equipment and a state-of-the-art spa. The Resort's sense of arrival has been greatly enhanced, with the landscaping meticulously restored to evoke the Resort's 1940s heritage. The open-air lobby was redesigned to highlight the expansive ocean views, while the color scheme has been tailored to reflect the vibrancy of the island. The Resort's 11 food and beverage outlets were renovated and transformed to better serve customer preferences, including the introduction of a swim-up bar. The Resort's 65,000 square feet of meeting space was also renovated and modernized, including new audio-visual equipment as well as activated indoor/outdoor spaces and breakout areas.

The Resort's soft opening will be punctuated by weekend festivities featuring local artists and performers. A grand opening celebration is scheduled to take place on June 18, 2019, highlighting 70 years of hospitality in Puerto Rico.

About Park Hotels & Resorts

Park Hotels & Resorts Inc. 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 51 premium-branded hotels and resorts with over 30,000 rooms located in prime U.S. markets with high barriers to entry. For additional information, please visit Park's website at www.pkhotelsandresorts.com.

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