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 has been awarded the 2023 ENERGY STAR Partner of the Year Award for Energy Management by the U.S. EPA and Department of Energy. This recognition highlights the company's commitment to energy efficiency and environmental sustainability. Park is noted as the only hotel company to receive this award in 2023, emphasizing its leadership in implementing a portfolio-wide energy program. The company recently also earned a spot on Newsweek’s list of Most Trustworthy Companies for the second consecutive year, showcasing its strong commitment to ESG initiatives.
Park Hotels & Resorts Inc. (NYSE: PK) announced it will report its financial results for Q1 2023 on May 1, 2023, before market opening. A conference call is scheduled for 11:00 a.m. ET on the same day to discuss earnings, current operations, and business outlook. The call can be accessed via telephone at (877) 451-6152 for U.S. callers or (201) 389-0879 for international participants. Participants are encouraged to join 10 minutes early. Park operates 46 premium hotels and resorts, boasting over 29,000 rooms in prime markets. The company focuses on delivering strong returns to shareholders through strategic asset management.
Park Hotels & Resorts has announced a first-quarter cash dividend of $0.15 per share, set for payment on April 17, 2023. Investors of record as of March 31, 2023 will benefit from this payout. The company emphasizes its commitment to capital allocation, including potential stock repurchases, while acknowledging risks from macroeconomic factors like inflation and interest rate increases that could affect its business performance. Park operates a portfolio of 46 hotels with over 29,000 rooms, focusing on prime locations.
Park Hotels & Resorts reported strong Q4 and full-year 2022 results, posting a 46.7% increase in comparable RevPAR to $162.81 and achieving net income of $35 million, a significant recovery from a loss of $65 million in Q4 2021. The company exceeded expectations with operating income surging 3,238.1% to $84 million. Comparable hotel adjusted EBITDA reached $166 million, an increase of 98.4% year-over-year. Park's liquidity stands at approximately $1.9 billion, supporting capital projects and potential share repurchases. Outlook for Q1 2023 anticipates RevPAR between $156 and $162, indicating a 34%-40% increase over 2022.
Park Hotels & Resorts has successfully completed the sale of the Hilton Miami Airport for $118.25 million, translating to $233,000 per key. This sale reflects a 6.2% capitalization rate on 2019 net operating income. Proceeds will be utilized to eliminate the $50 million revolver balance and for general corporate purposes. Over the past year, Park has divested eight hotels for more than $435 million, enhancing its liquidity to $1.9 billion. CEO Thomas J. Baltimore emphasized the company's strategy to enhance portfolio quality and respond adeptly to market conditions.
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