Park Hotels & Resorts Inc. Awarded Nareit’s 2023 Leader in the Light Award for its Sustainability Practices

Rhea-AI Summary

Park Hotels & Resorts Inc. (NYSE: PK) has been named the 2023 Leader in the Light recipient by the National Association of Real Estate Investment Trusts (Nareit) for its sustainability practices in the lodging and resorts sector. This is the second consecutive year Park has received this honor. The award is based on the results of the Global Real Estate Sustainability Benchmark (GRESB) Annual Survey and scored responses to supplemental questions by an interdisciplinary panel of judges. Park ranked in the top third of all publicly listed GRESB participant companies in the Americas, continuing the trend of enhancing its overall ESG program and making meaningful improvements toward decarbonization.

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• Park Hotels & Resorts Inc. has been recognized for its outstanding sustainability practices, enhancing its overall ESG program, and making meaningful improvements toward decarbonization.

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TYSONS, Va., Nov. 16, 2023 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”) announced today that it has been named the 2023 Leader in the Light recipient in recognition of its sustainability practices within the lodging and resorts sector by the National Association of Real Estate Investment Trusts (“Nareit”). This is the second consecutive year that Park has received this honor.

Nareit's annual Leader in the Light Award honors Nareit member companies that have demonstrated outstanding sustainability practices throughout the year. Now in their 18th year, the 2023 Leader in the Light Awards were presented to REITs in nine property sectors during Nareit’s REITworld: 2023 Annual Conference.

“We are honored to be recognized by Nareit for our steadfast commitment to corporate responsibility,” said Thomas J. Baltimore, Jr., Chairman and CEO of Park. “Our team works tirelessly to improve efficiencies, reduce emissions and implement sustainability best practices through our Green Park program, enhance the resilience of our overall portfolio through our best-in-class risk management program, and foster a culture of inclusivity and transparency through our Diversity & Inclusion Steering Committee all under the oversight of strong governance practices and policies. I am very proud that Park’s efforts continue to be recognized as industry-leading for the impact that we are making, not only for our stakeholders but also the broader REIT and lodging community.”

The 2023 Leader in the Light Awards are based on the results of the Global Real Estate Sustainability Benchmark (GRESB) Annual Survey, as well as scored responses to supplemental questions by an interdisciplinary panel of judges. Park participated in the 2023 GRESB assessment for the fourth consecutive year, ranking in the top third of all publicly listed GRESB participant companies in the Americas and registering a three-point increase over 2022, continuing the Company's trend of enhancing its overall ESG program and making meaningful improvements toward decarbonization.

“The sustainable, socially responsible and transparent steps that REITs have taken, combined with new initiatives underway, are impressive and vital to REITs and their investors,” said Nareit President & CEO, Steven A. Wechsler. “We are proud of our industry’s continued commitment toward looking at business strategies through a sustainability lens and implementing practices to execute those strategies.”

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.comwww.pkhotelsandresorts.com

FAQ

What is Park Hotels & Resorts Inc. (NYSE: PK) recognized for in the 2023 Leader in the Light Awards?

Park Hotels & Resorts Inc. has been recognized for its sustainability practices within the lodging and resorts sector.

How is the Leader in the Light Award determined?

The award is based on the results of the Global Real Estate Sustainability Benchmark (GRESB) Annual Survey and scored responses to supplemental questions by an interdisciplinary panel of judges.

How has Park Hotels & Resorts Inc. improved its ESG program?

Park ranked in the top third of all publicly listed GRESB participant companies in the Americas, continuing the trend of enhancing its overall ESG program and making meaningful improvements toward decarbonization.