Park Hotels & Resorts, the real estate investment trust being spun out of Hilton Worldwide Holdings, is tapping the securitization market for a cash-out refinancing of two full-service hotels in San Francisco.

Under a plan announced in February, Hilton will spin off PHR, which will hold a portfolio of owned and leased hotels and resorts, and Hilton Grand Vacations, which will own and operate Hilton’s timeshare business. Hilton will retain its core management and franchise business. After the spin-off, PHR is expected to become one of the largest publicly traded real estate investment trusts in the U.S. lodging industry.

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