Welcome to our dedicated page for Park Hotels & Resorts news (Ticker: PK), a resource for investors and traders seeking the latest updates and insights on Park Hotels & Resorts stock.
Park Hotels & Resorts Inc. (NYSE: PK) is a leading publicly traded lodging real estate investment trust (REIT) with an extensive portfolio of market-leading hotels and resorts. With 67 premium-branded hotels and resorts offering over 35,000 rooms, the company is strategically positioned in prime U.S. and international markets with high barriers to entry. The majority of its properties operate under Hilton brands, reflecting its origins from a spinoff of Hilton Worldwide Holdings in 2017.
Park Hotels & Resorts' portfolio features upper-upscale and luxury hotels, including 23,428 rooms across 39 U.S. hotels and an additional 2,665 rooms through joint ventures. The company has focused on high-quality domestic assets, selling off all international properties and lower-quality U.S. hotels. This strategic focus aims to maximize real estate value and operational efficiency.
Recent achievements highlight the company's robust performance. Preliminary fourth-quarter and year-end 2023 results show that both Comparable RevPAR and Adjusted EBITDA exceeded expectations, driven by strong business travel and leisure demand. The Bonnet Creek Orlando complex and Casa Marina Key West hotel are undergoing transformative renovations anticipated to add long-term value.
For financial flexibility, Park is optimizing its balance sheet through non-core asset sales and reinvesting in high-return projects. As of December 31, 2023, Park's liquidity exceeded $1.3 billion, including $950 million in revolving credit capacity. The company also maintains a focus on shareholder returns, evidenced by the repurchase of 14.6 million shares and significant dividend payouts.
Park Hotels & Resorts is recognized for its commitment to sustainability and corporate responsibility, earning accolades such as the ENERGY STAR® Partner of the Year and recognition in America's Most Responsible Companies. It continues to enhance its portfolio's environmental performance through various initiatives.
Investors can expect continued growth and resilience from Park Hotels & Resorts as it leverages its premium assets and strategic market positioning. For more information, visit the company's website at www.pkhotelsandresorts.com.
Park Hotels & Resorts (NYSE: PK) has released its 2023 Corporate Responsibility Report, highlighting environmental, social, and governance initiatives. The company announced that six of its properties earned ENERGY STAR certifications in 2024 for superior energy performance, including the 2,860-room Hilton Hawaiian Village Waikiki Beach Resort. Since 2017, Park properties have earned 33 ENERGY STAR certifications.
The report details Park's environmental reduction progress, efficiency enhancement efforts, and commitment to diversity, equity, and inclusion. Park achieved notable recognition in the GRESB Real Estate Assessment, ranking in the top 30% of publicly listed companies in the Americas, with a one-point increase over 2023 and maintaining an 'A' score in GRESB Public Disclosure.
Park Hotels & Resorts reported strong Q4 2024 performance with preliminary November RevPAR down 3.9% year-over-year, but would have shown 1.2% growth excluding strike impacts. Full-year 2024 RevPAR is trending towards 2.5% growth, or 3.9% excluding strike activity.
The company highlighted strong performance at renovated properties, with double-digit RevPAR growth at Bonnet Creek Orlando and Casa Marina Resort. On capital allocation, Park sold the DoubleTree Hotel Spokane for $35 million and repurchased $26 million in stock during Q4. Year-to-date, the company has sold 3 hotels for $76 million.
Park declared a Q4 dividend of $0.65 per share, including a $0.40 top-off dividend, representing an 8.9% annual yield. In 2024, Park has returned nearly $375 million to shareholders through dividends and stock repurchases.
Park Hotels & Resorts has declared a fourth quarter dividend of $0.65 per share, consisting of a $0.25 regular quarterly dividend plus a $0.40 top-off dividend based on 2024 operating results. The dividend will be paid on January 15, 2025, to stockholders of record as of December 31, 2024. The company's 2024 dividends represent a 9.0% annual yield. Park will have returned $375 million to shareholders in 2024, including $290 million in dividends and over $85 million in share repurchases for nearly 6 million shares.
Park Hotels & Resorts has reinstated its 2024 earnings guidance following the resolution of labor strikes at four hotels in Hawaii, Seattle, and Boston. The company's October 2024 Comparable RevPAR decreased 1.3% year-over-year, but excluding strike-affected hotels, it would have increased 3.5%. The updated 2024 outlook projects Comparable RevPAR of $183-$185, net income of $152-$172 million, and Adjusted EBITDA of $635-$655 million. The company expects to declare a Q4 dividend between $0.60-$0.66 per share, including a quarterly cash dividend of $0.25 and an annual top-off dividend of $0.35-$0.41.
Park Hotels & Resorts reported strong Q3 2024 results with Comparable RevPAR increasing 3.3% to $189.73 compared to Q3 2023. Net income reached $57 million, up 83.9% year-over-year. Group demand showed improvement with 2024 Comparable Group Revenue Pace up over 9%. The company maintained strong liquidity of over $1.4 billion and continued executing capital allocation strategies, including disposing of non-core assets and repurchasing 2.5 million shares for $35 million. Notable performance improvements were seen in Chicago, New Orleans, and Boston hotels, while Florida properties sustained minimal hurricane damage and remained operational.
Park Hotels and Resorts (NYSE: PK), a major U.S. hotel owner and REIT, is facing significant challenges as strikes impact hotels representing over 30% of its operating profit. UNITE HERE union analysis reveals that four Park-owned Hilton hotels currently on strike account for 32.2% of Park's EBITDA. These include properties in Seattle, Boston, and Hawaii.
Workers are demanding higher wages, fair staffing, and workload adjustments, as well as the reversal of COVID-era cuts. The union accuses Park of exploiting the pandemic to implement permanent staffing and service reductions. Over 12,000 hotel workers across the U.S. have gone on strike since Labor Day weekend, with 2,454 Hilton employees at Park-owned hotels currently participating.
Guests have experienced service disruptions including unavailable daily housekeeping, closed amenities, and reduced hours. The union advises travelers to avoid struck hotels and has set up 24-hour picket lines outside affected properties.
Park Hotels & Resorts Inc. (NYSE: PK) announced that its Waldorf Astoria Orlando hotel has been ranked 9th in the world by Condé Nast Traveler in the 2024 Readers' Choice Awards for the Best Resorts in the World. This recognition follows Park's $220 million investment to reimagine both the Waldorf Astoria Orlando and Signia by Hilton Orlando Bonnet Creek.
Tom Baltimore, Chairman and CEO of Park Hotels & Resorts, expressed pride in the team's dedication and stated that this accolade demonstrates Park's development capabilities. The company aims to continue creating exceptional guest experiences while driving long-term value for shareholders.
Park Hotels & Resorts is one of the largest publicly traded lodging REITs, with a portfolio of 41 premium-branded hotels and resorts totaling over 25,000 rooms in prime locations.
Park Hotels & Resorts Inc. (NYSE: PK) has announced its plans to report financial results for the third quarter of 2024 after the stock market closes on Tuesday, October 29, 2024. The company will hold a conference call on Wednesday, October 30, 2024, at 11:00 a.m. Eastern Time to discuss earnings results, current operational environment, and business outlook.
Interested participants can join the call via telephone by dialing (877) 451-6152 (or (201) 389-0879 for international participants) or through a webcast available on the company's website. Park Hotels & Resorts is one of the largest publicly traded lodging REITs, with a portfolio of 41 premium-branded hotels and resorts totaling over 25,000 rooms in prime city center and resort locations.
Park Hotels & Resorts Inc. (NYSE: PK) has reported that its two Hawaii properties, the 2,860-room Hilton Hawaiian Village in Honolulu and the 647-room Hilton Waikoloa Village on the Big Island, suffered no material damage from Hurricane Hone, a Category 1 hurricane that hit the Hawaiian Islands on Sunday, August 25, 2024. Both hotels maintained power and uninterrupted services, continuing to welcome guests with all customary amenities available.
Thomas J. Baltimore, Jr., Chairman and CEO, expressed gratitude to the hotel staff and emergency personnel for their efforts in ensuring guest and staff safety. Park Hotels & Resorts is one of the largest publicly traded lodging REITs, with a portfolio of 42 premium-branded hotels and resorts totaling nearly 26,000 rooms in prime locations.
Park Hotels & Resorts Inc. (NYSE: PK) reported positive second quarter 2024 results, with Comparable RevPAR growth of 2% year-over-year. Key highlights include:
- Net income of $67 million, up 145.9% from Q2 2023
- Comparable Hotel Adjusted EBITDA of $199 million, up 3.4%
- Adjusted FFO per share of $0.65, up 8.3%
The company saw strong group and leisure demand in key markets like Boston, Miami, and New York. Group demand is improving, with 2024 Comparable Group Revenue Pace up nearly 10%. Park continued its capital allocation strategy by refinancing $650 million in senior notes, advancing non-core asset sales, and repurchasing 1.7 million shares for $25 million.
Park maintained a strong liquidity position of $1.4 billion and declared a Q3 2024 dividend of $0.25 per share. The company revised its full-year 2024 outlook, projecting Comparable RevPAR growth of 3.5% to 4.5% and Adjusted FFO per share of $2.10 to $2.26.
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