Shares of Park Hotels & Resorts Inc. PK fell 0.7% in premarket trading Monday after the lodging real estate investment trust said it made the “very difficult, but necessary” decision to stop payments on its $725 million commercial mortgage-backed security loan secured by two of its San Francisco hotels. The REIT said it plans to work with the loan’s servicers to determine the best path, which is expected to be the eventual removal of the hotels from its portfolio.
7% in premarket trading Monday after the lodging real estate investment trust said it made the “very difficult, but necessary” decision to stop payments on its $725 million commercial mortgage-backed security loan secured by two of its San Francisco hotels. The REIT said it plans to work with the loan’s servicers to determine the best path, which is expected to be the eventual removal of the hotels from its portfolio.