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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.

News

Park Hotels & Resorts Inc. Reports Fourth Quarter and Full-Year 2023 Results (CORRECTED) and Announces First Quarter Dividend of $0.25 Per Share

Rhea-AI Summary
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. Reports Fourth Quarter and Full-Year 2023 Results and Announces First Quarter Dividend of $0.25 Per Share

Rhea-AI Summary
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 Provides Preliminary Q4 2023 and Full-Year 2023 Results

Rhea-AI Summary
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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Park Hotels & Resorts Announces Tax Treatment of 2023 Dividends

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Park Hotels & Resorts Inc. announced the tax reporting information for its 2023 cash distributions on its Common Stock, totaling $2.15 per share. The dividends for 2023 are classified as $2.15 (100%) Total capital gain distribution for income tax purposes. The company provided a detailed summary of the income tax treatment of the dividends, including the record date, payable date, dividend per share, total ordinary dividends, total capital gain distribution, and Section199A dividends.
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Park Hotels & Resorts Announces Appointment of Terri McClements to Board of Directors

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Park Hotels & Resorts Inc. (PK) has appointed Terri D. McClements as a new independent director to its Board of Directors, bringing the total number of board members to ten, nine of whom are independent. Ms. McClements has a background in accounting, operational, and executive leadership roles, having spent over three decades at PricewaterhouseCoopers LLP (PwC). She retired as a partner in 2023 and most recently served as a Senior Consulting Partner, overseeing special projects and leading PwC's response to the Ukraine and COVID-19 crises. Park's Chairman and CEO, Thomas J. Baltimore, Jr., expressed excitement about Ms. McClements' appointment, highlighting her expertise in finance, strategy, and human capital matters.
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Park Hotels & Resorts Announces Fourth Quarter and Full Year 2023 Earnings Conference Call on February 28, 2024

Rhea-AI Summary
Park Hotels & Resorts Inc. (NYSE: PK) plans to report financial results for Q4 and full year 2023 on February 27, 2024, followed by a conference call on February 28, 2024, to discuss earnings, operational environment, and business outlook.
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Park Hotels & Resorts Update on Recent Operating Trends and Capital Allocation Highlights

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Park Hotels & Resorts Inc. (NYSE:PK) reports strong operating trends in the fourth quarter, with a 10% year-over-year Comparable RevPAR growth in the urban portfolio. Business travel accelerated in Boston, Chicago, New York, and Denver, with Hawaii hotels seeing RevPAR gains exceeding 9% in October and 14% in November. The company is near completion on transformative renovation projects and plans to return over $630 million of capital to shareholders in 2023, including over $350 million in dividends during the fourth quarter.
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Park Hotels & Resorts Inc. Issues Annual Corporate Responsibility Report and Announces Recent ESG Recognitions

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Park Hotels & Resorts Inc. (NYSE: PK) has released its annual Corporate Responsibility Report, showcasing its environmental, social, and governance performance in 2022. The report also highlights the company's ESG strategies and risk management approach. Park has received ENERGY STAR certifications for superior energy performance at six of its properties and has been recognized by Newsweek as one of America’s Most Responsible Companies for 2024. Chairman and CEO Thomas J. Baltimore, Jr. emphasized Park's commitment to sustainability, corporate governance, and diversity, equity, and inclusion initiatives. The CR Report aligns with global frameworks such as TCFD, SASB, UN SDGs, and GRI.
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Park Hotels & Resorts Inc. Announces Fourth Quarter Dividend of $0.93 Per Share

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Park Hotels & Resorts Inc. (NYSE: PK) has declared a fourth quarter dividend of $0.93 per share of common stock, including a regular quarterly dividend of $0.15 and a $0.78 top off dividend based on 2023 operating results. The dividend, along with a special cash dividend of $0.77 per share, will be paid on January 16, 2024, to stockholders of record as of December 29, 2023. The total annual yield is 9.3% based on the closing stock price as of November 30, 2023. Park will have returned nearly $635 million of capital to shareholders in 2023 through dividend payments and share repurchases.
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Park Hotels & Resorts Inc. Awarded Nareit’s 2023 Leader in the Light Award for its Sustainability Practices

Rhea-AI Summary
Park Hotels & Resorts Inc. (NYSE: PK) has been named the 2023 Leader in the Light recipient by the National Association of Real Estate Investment Trusts (Nareit) for its sustainability practices in the lodging and resorts sector. This is the second consecutive year Park has received this honor. The award is based on the results of the Global Real Estate Sustainability Benchmark (GRESB) Annual Survey and scored responses to supplemental questions by an interdisciplinary panel of judges. Park ranked in the top third of all publicly listed GRESB participant companies in the Americas, continuing the trend of enhancing its overall ESG program and making meaningful improvements toward decarbonization.
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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 $14.85 as of December 20, 2024.

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

The market cap of Park Hotels & Resorts (PK) is approximately 3.1B.

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.

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Park Hotels & Resorts Inc.

NYSE:PK

PK Rankings

#1639 Ranked by Market Cap
#1177 Ranked by Dividends

PK Stock Data

3.07B
201.18M
1.59%
101.95%
10.67%
REIT - Hotel & Motel
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