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 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.
Park Hotels & Resorts Inc. (NYSE:PK) announced its tax reporting information for 2022 cash distributions, totaling $0.28 per share. The distributions were paid as follows: $0.01 on April 15, $0.01 on July 15, $0.01 on October 17, and $0.25 on January 17, 2023. All dividends are classified as 100% capital gain distributions for tax purposes. This information is crucial for shareholders in understanding their tax obligations for the year.
Park Hotels & Resorts Inc. (NYSE: PK) will report its financial results for Q4 and full year 2022 on February 22, 2023, after market close. A conference call to discuss the results and business outlook is scheduled for February 23, 2023, at 11:00 a.m. ET. Participants can join via telephone or an internet webcast. Park is the second largest publicly traded lodging REIT, managing 47 premium-branded hotels and resorts totaling over 30,000 rooms in prime locations.
Park Hotels & Resorts provided updates on its fourth quarter performance and capital allocation activities. In October 2022, hotel net income reached $41 million, with RevPAR rising 77.5% year-over-year. November saw hotel net income of $15 million, with a 48.9% increase in RevPAR compared to 2021. While the company raised its earnings guidance due to strong group business, it noted a slight downturn in overall RevPAR expectations. The company declared a $0.25 cash dividend and successfully amended its credit facility to enhance liquidity, now totaling $1.9 billion.
Park Hotels & Resorts has declared a cash dividend of $0.25 per share for the fourth quarter of 2022. This dividend will be paid on January 17, 2023, to shareholders recorded by December 30, 2022. Of this total, $0.12 reflects operational results for 2022, while $0.13 comes from asset sales.
Park is the second-largest publicly traded lodging REIT, with 47 premium hotels and approximately 30,000 rooms, primarily in prime locations.
Park Hotels & Resorts announced the amendment and restatement of its existing $901 million revolving credit facility, increasing the total capacity to $950 million. The maturity has been extended from December 2023 to December 2026, with collateral release on certain unencumbered assets. The new facility allows for borrowings at an adjusted SOFR rate plus a margin of 1.45% to 2.75%. Park paid off a $78 million term loan with a $50 million drawdown. CEO Thomas J. Baltimore, Jr. expressed satisfaction with the bank group's support, ensuring $1.9 billion in liquidity amid market uncertainty.
Park Hotels & Resorts reported strong Q3 2022 results, with Pro-forma RevPAR at $171.27, a 61.7% increase from 2021. Despite an 8.8% decline from 2019, occupancy improved to 71.7%. Net income reached $40 million, while Adjusted EBITDA soared 105.2% to $158 million. The company sold seven non-core hotels year-to-date for $317 million, enhancing liquidity to $1.9 billion. Though impacted by Hurricanes Ian and Fiona, financial effects were minimal. Park anticipates continued demand growth, especially in group bookings for 2023, projecting fourth-quarter RevPAR between $163 and $166.
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