Park Hotels & Resorts Inc. Announces Fourth Quarter Dividend of $0.93 Per Share

Rhea-AI Summary

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.

Positive

• Park Hotels & Resorts Inc. has a high annual dividend yield of 9.3%, which is attractive to income-seeking investors.
• The company has returned a significant amount of capital to shareholders in 2023, totaling nearly $635 million through dividend payments and share repurchases.

Negative

• None.

TYSONS, Va., Nov. 30, 2023 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”) announced today that the Company has declared a fourth quarter dividend of $0.93 per share of common stock which includes Park’s regular quarterly dividend of $0.15 coupled with a $0.78 top off dividend based on 2023 operating results. The dividend, as well as the previously announced special cash dividend of $0.77 per share of common stock, will be paid in cash on January 16, 2024 to stockholders of record as of December 29, 2023.  

The fourth quarter dividend, together with the regular cash dividends declared for the first three quarters of 2023, represent an annual yield of 9.3% based on the closing stock price as of November 30, 2023.

In total, Park will have returned nearly $635 million of capital to shareholders in 2023 when considering the $455 million in cumulative dividend payments, and $180 million of share repurchases for nearly 15 million shares executed throughout the year.

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 the anticipated effects of Park’s decision to cease payments on its $725 million CMBS loan, as well as Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, the payment of dividends, the impact to its business and financial condition and that of its hotel management companies 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, 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” or the negative version of these words or other comparable words.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may 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, 2022, 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.

About Park Hotels & Resorts
Park is one of the largest publicly-traded lodging REITs with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information

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 declared by Park Hotels & Resorts Inc. for the fourth quarter of 2023?

Park Hotels & Resorts Inc. 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.

When will the dividends be paid to stockholders?

The dividends will be paid in cash on January 16, 2024, to stockholders of record as of December 29, 2023.

What is the annual yield of the dividends based on the closing stock price as of November 30, 2023?

The total annual yield is 9.3% based on the closing stock price as of November 30, 2023.

How much capital has Park Hotels & Resorts Inc. returned to shareholders in 2023?

Park Hotels & Resorts Inc. will have returned nearly $635 million of capital to shareholders in 2023 through dividend payments and share repurchases.