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Park Hotels & Resorts Inc. - PK STOCK NEWS

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.

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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.

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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.

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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.

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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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Park Hotels & Resorts Inc. declares a second quarter dividend of $0.25 per share, payable to stockholders on July 15, 2024. The dividend announcement reflects the company's commitment to returning value to shareholders.
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Park Hotels & Resorts Inc. receives the 2024 ENERGY STAR Partner of the Year Award for Energy Management, marking the second consecutive year of this achievement. The Company stands out as the sole hotel company to earn this recognition for its energy management program, showcasing a strong commitment to sustainability and environmental stewardship.
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Park Hotels & Resorts Inc. (NYSE: PK) announced its plans to report financial results for the first quarter of 2024. The company will hold a conference call to discuss earnings results, operational environment, and business outlook on May 1, 2024.
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Park Hotels & Resorts Inc. (PK) reported strong financial results for Q4 and full year 2023, with increases in key metrics like Net income, Operating income, and Comparable RevPAR. The company exceeded its operational goals, strengthened its balance sheet, and returned over $630 million to shareholders. Park invested nearly $400 million in renovation projects, leading to positive outlooks for 2024. Despite challenges like disruptions from renovations, Park's strategic initiatives have driven growth and increased shareholder value.
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Park Hotels & Resorts Inc. announced strong financial results for Q4 and full year 2023, showcasing significant growth in net income and operational metrics. The company focused on strategic objectives, strengthened its balance sheet, and returned capital to shareholders. Park invested in transformative renovation projects, leading to sector-leading total returns for shareholders. Despite disruptions from renovations, Comparable RevPAR and Adjusted EBITDA saw impressive growth. Park's liquidity stands at over $1.3 billion, with a focus on long-term value creation and sustainability practices.
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Park Hotels & Resorts Inc. (PK) has reported preliminary fourth quarter and full-year 2023 results, with both preliminary Comparable RevPAR and Adjusted EBITDA exceeding the midpoint of their previously announced 2023 guidance ranges. The company's portfolio delivered impressive results, with business travel accelerating in Boston, Chicago, and New York, driving a nearly 8% year-over-year preliminary Comparable RevPAR increase for the quarter in their urban portfolio. Additionally, leisure demand trends remained strong at their Hawaii hotels, with combined fourth quarter preliminary RevPAR for those two resorts up over 8% versus the prior year. Looking ahead to 2024, the company expresses excitement for the future.
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FAQ

What is the current stock price of Park Hotels & Resorts (PK)?

The current stock price of Park Hotels & Resorts (PK) is $14.49 as of November 15, 2024.

What is the market cap of Park Hotels & Resorts (PK)?

The market cap of Park Hotels & Resorts (PK) is approximately 3.0B.

What is Park Hotels & Resorts Inc.?

Park Hotels & Resorts Inc. is a publicly traded lodging REIT that owns a diverse portfolio of premium-branded hotels and resorts.

Where are Park Hotels & Resorts' properties located?

The company's properties are located in prime U.S. and international markets with high barriers to entry.

What brands operate under Park Hotels & Resorts?

Most of Park Hotels & Resorts' properties operate under Hilton brands.

What recent achievements has Park Hotels & Resorts accomplished?

The company exceeded its 2023 guidance for Comparable RevPAR and Adjusted EBITDA, driven by strong business and leisure travel.

What financial strategies is Park Hotels & Resorts employing?

Park is focusing on improving its balance sheet, increasing financial flexibility through asset sales, and reinvesting in high-return projects.

What are Park Hotels & Resorts' sustainability initiatives?

The company is committed to sustainability, earning awards like the ENERGY STAR® Partner of the Year and being named one of America's Most Responsible Companies.

How does Park Hotels & Resorts return value to shareholders?

The company repurchases shares and pays significant dividends, having returned over $630 million to shareholders in recent times.

When will Park Hotels & Resorts report its next financial results?

The company plans to report first-quarter 2024 financial results on April 30, 2024.

Where can I find more information about Park Hotels & Resorts?

Visit the company's website at www.pkhotelsandresorts.com for more detailed information.

How can I participate in Park Hotels & Resorts' earnings calls?

You can join the earnings calls by dialing the provided numbers or by logging onto the Investors section of Park's website.

Park Hotels & Resorts Inc.

NYSE:PK

PK Rankings

PK Stock Data

2.99B
206.41M
1.59%
104.86%
8.74%
REIT - Hotel & Motel
Hotels & Motels
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United States of America
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