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 announced the sale of two properties: the 195-room Homewood Suites in Seattle and its 25% stake in the 1,190-room Hilton San Diego Bayfront. The combined gross proceeds total $237 million, including $55 million in secured debt. These transactions yield a 6.3% capitalization rate on 2019 net operating income and a 14.0x EBITDA multiple. Year-to-date, Park has sold interests in four hotels for about $260 million as part of a $200-$300 million asset sale goal for 2022, aimed at reducing net leverage and positioning for sustainable growth.
Park Hotels & Resorts (NYSE: PK) announced plans to report its second quarter 2022 financial results after the market closes on August 3, 2022. A conference call is scheduled for August 4, 2022, at 11:00 a.m. ET to discuss earnings, the operational environment, and future outlook. Participants can join via phone or webcast. Park Hotels is the second largest publicly traded lodging REIT, boasting a diverse portfolio of 51 premium-branded hotels and resorts with over 30,000 rooms, primarily located in prime city center and resort areas.
Park Hotels & Resorts has announced a second quarter cash dividend of $0.01 per share, set to be paid on July 15, 2022, to stockholders recorded by June 30, 2022. The company, which manages a portfolio of 52 premium-branded hotels and resorts, is the second largest publicly traded lodging REIT. Despite ongoing challenges due to COVID-19 and its macroeconomic impact, Park emphasizes its commitment to shareholder returns while acknowledging potential financial risks. For further details, visit www.pkhotelsandresorts.com.
Park Hotels & Resorts (NYSE:PK) has provided an operational update for Q2 2022, raising its revenue outlook due to improving demand trends. Pro-forma occupancy reached 67.9% in May, with expectations of 76.3% in June. The RevPAR outlook increased by $9 to $171, and Adjusted EBITDA guidance rose by 9%, now projected at $175-$195 million. The company repurchased 12 million shares to date and sold five non-core assets for approximately $268 million. Park anticipates a recovery to pre-pandemic levels by early 2023, especially in leisure and business travel segments.
Park Hotels & Resorts (NYSE:PK) has entered a definitive agreement to sell its 25% interest in the Hilton San Diego Bayfront to affiliates of Sunstone Hotel Investors (NYSE:SHO) for $102 million. This sale values the property at $628 million, approximately $528,000 per key. The transaction represents a 6.5% capitalization rate based on the hotel’s 2019 net operating income. The CEO emphasized capital redeployment for debt reduction and share repurchases as rationales for the sale, noting that 34 assets valued over $1.8 billion have been disposed of since the company's spin-off from Hilton.
Park Hotels & Resorts reported strong first quarter 2022 results, with RevPAR rising to $116.42, marking a 181.7% increase year-over-year, although down 32.8% from 2019. The company's net loss improved significantly to $(56) million, a 70.7% reduction from last year. Adjusted EBITDA reached $82 million, up 1.8% sequentially. Key highlights include a credit rating upgrade, share repurchases, and the reopening of hotels. The company anticipates continued demand growth, projecting Q2 RevPAR between $160 and $164, signaling a positive recovery trend.
Park Hotels & Resorts Inc. (NYSE:PK) reported a significant operational update on April 13, 2022. March 2022 occupancy for its 48 hotels reached 63.0%, a rise of over 10 percentage points from February. The company repurchased 3.4 million shares at an average price of $17.99 per share. Park plans to reopen the Parc 55 San Francisco hotel on May 19, 2022, and expects occupancy to improve to the low 70% range in April. March group bookings tripled to around 200,000 room nights, reflecting a robust recovery across business and leisure segments.
Park Hotels & Resorts (NYSE: PK) will report its Q1 2022 financial results on May 2, 2022, before market opens. A conference call is scheduled for 11:00 a.m. ET the same day to discuss the earnings and operational updates. Interested parties can join via telephone at (877) 451-6152 or through the webcast available on their website. Park operates 54 premium-branded hotels and resorts with approximately 32,000 rooms, primarily in key urban and resort locations.
Park Hotels & Resorts (NYSE:PK) provided an operational update on March 11, 2022, highlighting a significant recovery in hotel performance. The company reinstated its cash dividend of $0.01 per share, payable on April 15, 2022. Notably, occupancy improved to 40%, with a sequential increase of 15 percentage points. Revenue reached $116 million, and a positive Hotel Adjusted EBITDA of $3 million was generated in January 2022. Moody’s upgraded the company’s outlook from Negative to Stable, reflecting positive demand recovery across its portfolio.
Park Hotels & Resorts Inc. (NYSE: PK) announced its 2022 annual meeting of stockholders will be held on April 27, 2022, at 11:30 AM ET in Tysons, VA. The record date for stockholders eligible to vote is March 4, 2022. Park operates as a leading lodging REIT with a portfolio of 54 premium-branded hotels and resorts, totaling approximately 32,000 rooms. The portfolio is strategically placed in key city center and resort locations, contributing to its market value.
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