Park Hotels & Resorts Provides Preliminary Q4 2023 and Full-Year 2023 Results
- Preliminary fourth quarter and full-year 2023 results exceeded previously announced guidance ranges
- Impressive results in urban portfolio with near 8% year-over-year preliminary Comparable RevPAR increase
- Strong leisure demand trends at Hawaii hotels with over 8% increase in preliminary RevPAR for the fourth quarter
- Positive outlook for 2024
- None.
Insights
The preliminary results from Park Hotels & Resorts Inc. indicate a robust performance, particularly noting the Comparable RevPAR (Revenue Per Available Room) increase. This metric is crucial as it combines both occupancy and average daily rate, reflecting the company's ability to grow income and manage assets efficiently. A near 8% year-over-year growth in urban markets and over 8% in Hawaii resorts is significant, as it suggests a recovery trajectory in the hospitality sector, specifically in business travel and leisure demand post-pandemic.
Investors should consider the implications of these results on the company's market valuation and future dividend prospects. The strong EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) performance also implies better cost management and potentially improved cash flows, which could influence future capital investment decisions or debt management strategies.
The data presented by Park Hotels & Resorts showcases a notable trend in the hospitality industry, where urban and leisure destinations are experiencing a resurgence in demand. This is indicative of broader economic trends where business travel is gaining momentum and consumer confidence in leisure travel remains high. The performance in key cities like Boston, Chicago and New York is particularly telling, as these are barometers for corporate travel health.
For stakeholders, the strategic positioning of Park's portfolio in these high-demand areas could signal sustained growth potential. However, it's important to monitor the competitive landscape, as other hospitality entities may ramp up their offerings to capitalize on these trends, potentially affecting Park's market share.
The performance of Park Hotels & Resorts can be seen as a microcosm of the broader economic environment. The accelerated business travel noted in their report is a positive sign of economic vitality, as it usually correlates with corporate investment and expansion activities. Moreover, the continued strength in leisure demand, especially in Hawaii, reflects discretionary spending resilience despite any potential economic headwinds.
Long-term, the health of the hospitality sector is contingent upon macroeconomic factors such as employment rates, corporate profits and travel costs. Any shifts in these indicators could have a profound impact on the sector's outlook. The company's forward-looking excitement for 2024 should be tempered with caution, as economic forecasts can change, influencing consumer and business behavior.
TYSONS, Va., Jan. 22, 2024 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE:PK) today provided preliminary fourth quarter and full-year 2023 results.
“I am incredibly pleased with our preliminary fourth quarter and year-end results, with both preliminary Comparable RevPAR and Adjusted EBITDA exceeding the midpoint of our previously announced 2023 guidance ranges. Our portfolio continued to deliver impressive results, as business travel accelerated in Boston, Chicago and New York, which helped to drive a near
Operational Highlights
Based upon an initial review of preliminary operating and financial results, the Company has provided preliminary fourth quarter and full-year 2023 results as follows:
| (unaudited, amounts in millions, except for RevPAR, ADR, Total RevPAR, and per share data) | |||||||||||||
| Preliminary | |||||||||||||
| Q4 2023 | Change vs. 2022(1) | Full -Year 2023 | Change vs. 2022(1) | ||||||||||
| Comparable RevPAR | $ | 178.25 | 4.1 | % | $ | 178.62 | 8.7 | % | |||||
| Comparable Occupancy | 71.0 | % | 1.5 | % pts | 72.7 | % | 4.9 | % pts | |||||
| Comparable ADR | $ | 250.93 | 1.9 | % | $ | 245.80 | 1.3 | % | |||||
| Comparable Total RevPAR | $ | 287.21 | 4.9 | % | $ | 285.50 | 10.2 | % | |||||
| Net income | $ | 189 | 440.0 | % | $ | 107 | (38.2 | )% | |||||
| Net income attributable to stockholders | $ | 188 | 452.9 | % | $ | 98 | (39.5 | )% | |||||
| Operating income | $ | 276 | 230.2 | % | $ | 343 | 16.3 | % | |||||
| Operating income margin | 42.1 | % | 2,950 | bps | 12.7 | % | 90 | bps | |||||
| Comparable Hotel Adjusted EBITDA | $ | 171 | 2.3 | % | $ | 680 | 9.2 | % | |||||
| Comparable Hotel Adjusted EBITDA margin(2) | 27.6 | % | (70 | ) bps | 27.9 | % | (30 | ) bps | |||||
| Adjusted EBITDA | $ | 163 | 2.5 | % | $ | 659 | 8.7 | % | |||||
| Adjusted FFO attributable to stockholders | $ | 111 | 9.9 | % | $ | 440 | 25.0 | % | |||||
| Earnings per share - Diluted(1) | $ | 0.89 | 493.3 | % | $ | 0.45 | (36.6 | )% | |||||
| Adjusted FFO per share – Diluted(1) | $ | 0.53 | 17.8 | % | $ | 2.05 | 33.1 | % | |||||
| Weighted average shares outstanding – Diluted | 210 | (14 | ) | 215 | (13 | ) | |||||||
_________________________
(1) Amounts are calculated based on unrounded numbers.
(2) For both the three months and year ended December 31, 2023, (50) bps of the change represents the impact of the disruption from the renovations at both the Bonnet Creek Orlando complex and the Casa Marina Key West hotel.
| (unaudited, dollars in millions, except for RevPAR and per share data) | |||||||||||
| Metric | Preliminary Full-Year 2023 | Full-Year 2023 Outlook | |||||||||
| Results as of January 22, 2024 | as of November 1, 2023(1) | Variance(1) | |||||||||
| Comparable RevPAR | $ | 179 | $ | 178 | $ | 1 | |||||
| Comparable RevPAR change vs. 2022 | 8.7 | % | 8.2 | % | 0.5 | % | |||||
| Adjusted EBITDA | $ | 659 | $ | 656 | $ | 3 | |||||
| Comparable Hotel Adjusted EBITDA margin(2) | 27.9 | % | 28.0 | % | (10 | ) bps | |||||
| Comparable Hotel Adjusted EBITDA margin change vs. 2022(2) | (30 | ) bps | (20 | ) bps | (10 | ) bps | |||||
| Adjusted FFO per share – Diluted(2) | $ | 2.05 | $ | 1.97 | 4.1 | % | |||||
_________________________
(1) Presented at the estimated midpoint.
(2) Amounts are calculated based on unrounded numbers.
Preliminary Estimated Financial Results
Park is presenting certain estimated financial and operating results (and, in certain cases, estimated ranges) for the fourth quarter and full-year 2023, based upon the information available as of the date of this press release. Park's actual results may differ materially from these preliminary estimated results or ranges. These estimates are preliminary and are inherently uncertain and subject to change as Park completes the preparation of its consolidated financial statements and related notes and completion of its financial close procedures for the year ended December 31, 2023. Therefore, you should not place undue reliance upon this information. Park’s independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to the preliminary estimated financial information included in this press release and, accordingly, does not express an opinion or any other form of assurance with respect thereto. You should carefully review Park’s consolidated financial statements for the year ended December 31, 2023, when they become available.
Earnings Release and Conference Call
Park will report its finalized Fourth Quarter and Full-Year 2023 financial results after the stock market closes on February 27, 2024 and host a conference call for investors and other interested parties to discuss fourth quarter and full-year 2023 results on February 28, 2024, beginning at 11 a.m. Eastern Time. Participants may listen to the live webcast by logging onto the Investors section of the website at www.pkhotelsandresorts.com. Alternatively, participants may listen to the live call by dialing (877) 451-6152 in the United States or (201) 389-0879 internationally and requesting Park Hotels & Resorts’ Fourth Quarter and Full-Year 2023 Earnings Conference Call. Participants are encouraged to dial into the call or link to the webcast at least ten minutes prior to the scheduled start time.
A replay of the webcast will be available within 24 hours after the live event on the Investors section of Park’s website.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). Forward-looking statements include, but are not limited to, statements related to the impact of Park's decision to cease payments on its
All such 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 the results expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and we urge investors to carefully review the disclosures Park makes concerning risks 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.
Non-GAAP Financial Measures
Park presents certain non-GAAP financial measures in this press release, including Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income as a measure of its operating performance. Please see the schedules included in this press release including the “Definitions” section for additional information and reconciliations of such non-GAAP financial measures.
About Park Hotels & Resorts
Park is one of the largest publicly traded lodging REITs with a diverse portfolio of 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.
| PARK HOTELS & RESORTS INC. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS PRELIMINARY EBITDA AND ADJUSTED EBITDA | |||||||
| (unaudited, dollars in millions) | Preliminary | ||||||
| Three Months Ended | Year Ended | ||||||
| December 31, 2023 | December 31, 2023 | ||||||
| Operating income | $ | 276 | $ | 343 | |||
| Interest income | 9 | 38 | |||||
| Interest expense | (52 | ) | (207 | ) | |||
| Interest expense on the SF Mortgage Loan | (14 | ) | (45 | ) | |||
| Equity in earnings from investments in affiliates | 2 | 11 | |||||
| Other gain, net | 1 | 5 | |||||
| Income tax expense(1) | (33 | ) | (38 | ) | |||
| Net income | 189 | 107 | |||||
| Depreciation and amortization expense | 94 | 287 | |||||
| Interest income | (9 | ) | (38 | ) | |||
| Interest expense | 52 | 207 | |||||
| Interest expense on the SF Mortgage Loan | 14 | 45 | |||||
| Income tax expense(1) | 33 | 38 | |||||
| Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates | 1 | 8 | |||||
| EBITDA | 374 | 654 | |||||
| Gain on sales of assets, net | — | (15 | ) | ||||
| Gain on derecognition of assets(2) | (221 | ) | (221 | ) | |||
| Gain on sale of investments in affiliates | — | (3 | ) | ||||
| Share-based compensation expense | 4 | 18 | |||||
| Impairment and casualty loss | — | 204 | |||||
| Other items | 6 | 22 | |||||
| Adjusted EBITDA | $ | 163 | $ | 659 | |||
_____________________________________
(1) Represents the midpoint of an estimated range of
(2) For the three months and year ended December 31, 2023, represents the gain from derecognizing the Hilton San Francisco Hotels from Park's consolidated balance sheet in October 2023, when the receiver took control of the hotels.
| PARK HOTELS & RESORTS INC. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS PRELIMINARY COMPARABLE HOTEL ADJUSTED EBITDA AND COMPARABLE HOTEL ADJUSTED EBITDA MARGIN | |||||||
| (unaudited, dollars in millions) | Preliminary | ||||||
| Three Months Ended | Year Ended | ||||||
| December 31, 2023 | December 31, 2023 | ||||||
| Adjusted EBITDA | $ | 163 | $ | 659 | |||
| Less: Adjusted EBITDA from investments in affiliates | (5 | ) | (24 | ) | |||
| Add: All other(1) | 12 | 52 | |||||
| Hotel Adjusted EBITDA | 170 | 687 | |||||
| Less: Adjusted EBITDA from hotels disposed of | — | (3 | ) | ||||
| Less: Adjusted EBITDA from the Hilton San Francisco Hotels | 1 | (4 | ) | ||||
| Comparable Hotel Adjusted EBITDA | $ | 171 | $ | 680 | |||
| Preliminary | |||||||
| Three Months Ended | Year Ended | ||||||
| December 31, 2023 | December 31, 2023 | ||||||
| Total Revenues | $ | 657 | $ | 2,698 | |||
| Less: Other revenue | (21 | ) | (85 | ) | |||
| Less: Revenues from hotels disposed of | — | (10 | ) | ||||
| Less: Revenue from the Hilton San Francisco Hotels | (17 | ) | (162 | ) | |||
| Comparable Hotel Revenues | $ | 619 | $ | 2,441 | |||
| Preliminary | |||||||
| Three Months Ended | Year Ended | ||||||
| December 31, 2023 | December 31, 2023 | ||||||
| Total Revenues | $ | 657 | $ | 2,698 | |||
| Operating income | $ | 276 | $ | 343 | |||
| Operating income margin(2) | 42.1 | % | 12.7 | % | |||
| Preliminary | |||||||
| Three Months Ended | Year Ended | ||||||
| December 31, 2023 | December 31, 2023 | ||||||
| Comparable Hotel Revenues | $ | 619 | $ | 2,441 | |||
| Comparable Hotel Adjusted EBITDA | $ | 171 | $ | 680 | |||
| Comparable Hotel Adjusted EBITDA margin(2) | 27.6 | % | 27.9 | % | |||
_________________________
(1) Includes revenues and expenses related to support service arrangements with Hilton Grand Vacations and non-income taxes on TRS leases.
(2) Percentages are calculated based on unrounded numbers.
| PARK HOTELS & RESORTS INC. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS PRELIMINARY NAREIT FFO AND ADJUSTED FFO | |||||||
| (unaudited, in millions, except per share data) | Preliminary | ||||||
| Three Months Ended | Year Ended | ||||||
| December 31, 2023 | December 31, 2023 | ||||||
| Net income attributable to stockholders | $ | 188 | $ | 98 | |||
| Depreciation and amortization expense | 94 | 287 | |||||
| Depreciation and amortization expense attributable to noncontrolling interests | (1 | ) | (4 | ) | |||
| Gain on sales of assets, net | — | (15 | ) | ||||
| Gain on derecognition of assets(1) | (221 | ) | (221 | ) | |||
| Gain on sale of investments in affiliates | — | (3 | ) | ||||
| Impairment loss | — | 202 | |||||
| Equity investment adjustments: | |||||||
| Equity in earnings from investments in affiliates | (2 | ) | (11 | ) | |||
| Pro rata FFO of investments in affiliates | 2 | 14 | |||||
| Nareit FFO attributable to stockholders | 60 | 347 | |||||
| Casualty loss | — | 2 | |||||
| Share-based compensation expense | 4 | 18 | |||||
| Incremental interest expense on the SF Mortgage Loan(2) | 12 | 20 | |||||
| Other items(3) | 35 | 53 | |||||
| Adjusted FFO attributable to stockholders | $ | 111 | $ | 440 | |||
| Nareit FFO per share – Diluted(4) | $ | 0.29 | $ | 1.62 | |||
| Adjusted FFO per share – Diluted(4) | $ | 0.53 | $ | 2.05 | |||
| Weighted average shares outstanding – Diluted | 210 | 215 | |||||
______________________________
(1) For the three months and year ended December 31, 2023, represents the gain from derecognizing the Hilton San Francisco Hotels from Park's consolidated balance sheet in October 2023, when the receiver took control of the hotels.
(2) Represents incremental interest expense associated with the default of the SF Mortgage Loan.
(3) Includes estimated tax expense at the midpoint of
(4) Per share amounts are calculated based on unrounded numbers.
PARK HOTELS & RESORTS INC.
DEFINITIONS
Comparable
The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s Comparable metrics exclude results from property dispositions that have occurred through December 31, 2023 and include results from property acquisitions as though such acquisitions occurred on the earliest period presented. Park's Comparable hotels also exclude the two Hilton San Francisco Hotels, the 1,921-room Hilton San Francisco Union Square and 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the "Hilton San Francisco Hotels"), which were placed into receivership at the end of October 2023.
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin
Earnings before interest expense, taxes and depreciation and amortization (“EBITDA”), presented herein, reflects net income excluding depreciation and amortization, interest income, interest expense, income taxes and interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates.
Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude the following items that are not reflective of Park's ongoing operating performance or incurred in the normal course of business, and thus, excluded from management's analysis in making day-to-day operating decisions and evaluations of Park's operating performance against other companies within its industry:
- Gains or losses on sales of assets for both consolidated and unconsolidated investments;
- Costs associated with hotel acquisitions or dispositions expensed during the period;
- Severance expense;
- Share-based compensation expense;
- Impairment losses and casualty gains or losses; and
- Other items that management believes are not representative of the Company’s current or future operating performance.
Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company’s consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company’s profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company’s consolidated hotels.
Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (“U.S.”) GAAP and should not be considered as alternatives to net income or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, the Company’s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies.
The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company’s management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by removing the effect of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results; and (ii) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in the industry.
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income or other methods of analyzing the Company’s operating performance and results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available to the Company to meet its obligations.
Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – diluted and Adjusted FFO per share – diluted
Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP measures of the Company’s performance. The Company calculates funds from (used in) operations (“FFO”) attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), as net income attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect the Company’s pro rata share of the FFO of those entities on the same basis. As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper – 2018 Restatement,” since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company’s presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.
The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding the Company’s ongoing operating performance. Management historically has made the adjustments detailed below in evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful supplemental information that is beneficial to an investor’s complete understanding of operating performance. The Company adjusts Nareit FFO attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO attributable to stockholders:
- Costs associated with hotel acquisitions or dispositions expensed during the period;
- Severance expense;
- Share-based compensation expense;
- Casualty gains or losses; and
- Other items that management believes are not representative of the Company’s current or future operating performance.
Occupancy
Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. Occupancy measures the utilization of the Company’s hotels’ available capacity. Management uses occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help management determine achievable Average Daily Rate (“ADR”) levels as demand for rooms increases or decreases.
Average Daily Rate
ADR (or rate) represents rooms revenue divided by total number of room nights sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in the hotel industry, and management uses ADR to assess pricing levels that the Company is able to generate by type of customer, as changes in rates have a more pronounced effect on overall revenues and incremental profitability than changes in occupancy, as described above.
Revenue per Available Room
Revenue per Available Room (“RevPAR”) represents rooms revenue divided by the total number of room nights available to guests for a given period. Management considers RevPAR to be a meaningful indicator of the Company’s performance as it provides a metric correlated to two primary and key factors of operations at a hotel or group of hotels: Occupancy and ADR. RevPAR is also a useful indicator in measuring performance over comparable periods.
Total RevPAR
Total RevPAR represents rooms, food and beverage and other hotel revenues divided by the total number of room nights available to guests for a given period. Management considers Total RevPAR to be a meaningful indicator of the Company’s performance as approximately one-third of revenues are earned from food and beverage and other hotel revenues. Total RevPAR is also a useful indicator in measuring performance over comparable periods.
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 are Park Hotels & Resorts Inc.'s (PK) preliminary fourth quarter and full-year 2023 results?
In which cities did business travel accelerate for Park Hotels & Resorts Inc. (PK)?
How much was the year-over-year preliminary Comparable RevPAR increase for Park Hotels & Resorts Inc.'s (PK) urban portfolio in the fourth quarter?
What were the leisure demand trends at Park Hotels & Resorts Inc.'s (PK) Hawaii hotels?
What is Park Hotels & Resorts Inc.'s (PK) outlook for 2024?
