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 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.
Park Hotels & Resorts (NYSE: PK) has announced its plan to report financial results for the second quarter of 2024 after the market closes on July 31, 2024. The company will hold a conference call on August 1, 2024, at 12:00 p.m. ET, to discuss earnings results, operational environment, and business outlook. Participants can join the call via telephone or webcast, with instructions provided for both methods. The conference call will be archived on Park's Investor Relations website. Park operates a portfolio of 43 premium-branded hotels and resorts, totaling over 26,000 rooms in prime locations.
Park Hotels & Resorts (NYSE: PK) announced the final results of their Tender Offer for all outstanding 7.500% Senior Notes due 2025. The offer expired on May 13, 2024. On May 16, 2024, the company purchased $311,473,000 in principal amount of these Notes. Additionally, Park issued a notice of redemption for the remaining Notes, effective June 1, 2024, at a redemption price of 100% of the principal plus accrued interest. Following this redemption, no Notes will remain outstanding. Wells Fargo Securities acted as Dealer Manager for the Tender Offer.
Park Hotels & Resorts (PK) announced the closing of a $550 million offering of 7.000% senior notes due 2030. The notes will pay interest semi-annually and mature on February 1, 2030. The net proceeds will be used to purchase and redeem all $650 million of 7.500% senior notes due 2025 through a concurrent cash tender offer and to pay related fees. Excess proceeds will be used for general corporate purposes. The offering increases the company's liquidity to $1.4 billion and extends debt maturities, with no significant maturities until 2026. The notes and guarantees were offered only to qualified institutional buyers and non-U.S. persons in offshore transactions.
Park Hotels & Resorts Inc. announced the pricing of $550 million senior notes offering due 2030, upsized from $450 million. The proceeds will be used to purchase existing notes, pay related fees, and for general corporate purposes. The offering is expected to close on May 16, 2024.
Park Hotels & Resorts Inc. is offering to purchase any and all of its outstanding 7.500% Senior Notes due 2025 through a tender offer. The offer expires on May 13, 2024, and includes certain terms and conditions. The purchase price for the Notes is detailed in the offer materials, with the Settlement Date expected to be on May 16, 2024. Holders of the Notes who participate in the offer will receive the tender offer consideration along with accrued and unpaid interest up to the Settlement Date. The offer is subject to conditions, including debt financing transactions, and may be amended or terminated by the Issuers.
Park Hotels & Resorts Inc. announced a senior notes offering of $450 million aggregate principal amount due 2030, guaranteed by the Company and certain subsidiaries. The net proceeds will be used for various purposes, including purchasing and redeeming existing senior notes and general corporate use.
Park Hotels & Resorts Inc. reported its first-quarter 2024 results showing an increase in revenue and operating income, driven by strategic investments in Hawaii, Key West, and Orlando. The company experienced significant growth in Comparable RevPAR, operating income margin, and Adjusted FFO per share. Despite net income declines, Park remains focused on creating long-term shareholder value through portfolio reshaping, investments in ROI projects, and balance sheet strengthening.
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