Park Hotels & Resorts Inc. Announces Fourth Quarter Dividend of $0.25 Per Share

Rhea-AI Summary

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.

Positive

• Declared a fourth quarter dividend of $0.25 per share, demonstrating financial strength.
• Dividend includes $0.13 attributed to asset sales, indicating successful divestitures.

Negative

• None.

TYSONS, Va., Dec. 07, 2022 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”) announced today that the Company has declared a fourth quarter cash dividend of $0.25 per share of common stock. The dividend will be paid in cash on January 17, 2023 to holders of record as of December 30, 2022. Of the full $0.25 per share dividend, $0.12 per share represents the fourth quarter payment based on 2022 results of operations, while the remaining $0.13 per share is attributable to gains from the sale of Park’s assets during 2022.

About Park Hotels & Resorts
Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 47 premium-branded hotels and resorts with approximately 30,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information. 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including expected dates that its hotels will break even or achieve positive Hotel Adjusted EBITDA, the impact to the Company's business and financial condition and that of its hotel management companies, measures being taken in response to COVID-19, the impact from macroeconomic factors (including inflation, increases in interest rates, potential economic slowdown or a recession and geopolitical conflicts), the effects of competition and the effects of future legislation or regulations, the expected completion of anticipated dispositions, the declaration and payment of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events.

Forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2021, as such factors may be updated from time to time in Park’s filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information, contact:
Ian Weissman
Senior Vice President, Corporate Strategy
571-302-5591
iweissman@pkhotelsandresorts.com

For additional information or to receive press releases via e-mail, please visit our website at
www.pkhotelsandresorts.com

FAQ

What is the dividend amount declared by Park Hotels & Resorts for Q4 2022?

Park Hotels & Resorts declared a dividend of $0.25 per share for the fourth quarter of 2022.

When will the dividend be paid to shareholders?

The dividend will be paid on January 17, 2023.

What is the record date for the dividend payment?

The record date for the dividend payment is December 30, 2022.

How much of the dividend is attributed to asset sales?

Of the $0.25 dividend, $0.13 is attributable to gains from asset sales.

What financial position does Park Hotels & Resorts hold in the lodging market?

Park is the second largest publicly traded lodging REIT with 47 hotels and approximately 30,000 rooms.