Park Hotels & Resorts

Park Hotels & Resorts, Inc. operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio. The company was founded by Conrad Hilton in 1919 and is headquartered in Tysons, VA.

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Park Hotels & Resorts excels in 2022, eyes growth in RevPAR and operational efficiency

Park Hotels & Resorts' 2022 performance demonstrated resilience and strategic focus, with a strong balance sheet and guidance for growth in 2023. While challenges exist in certain markets, opportunities for improvement through asset management and operational enhancements are on the horizon.

Park Hotels & Resorts excels in Q1, eyes group demand growth

Park Hotels & Resorts reported a successful Q1 with strong financial metrics and optimistic outlook for the future. The company is increasing full-year guidance, focusing on group demand, expense management, and capital recycling through asset sales. Despite challenges like capital investments and tax implications, Park Hotels & Resorts remains confident in its recovery and growth strategies.

Park Hotels & Resorts Reports Solid Q2 Performance Amid San Francisco Challenges

Despite challenges in San Francisco and moderated EBITDA expectations, the overall performance was solid, especially in Hawaii. The company is focused on optimizing its portfolio and improving liquidity through asset sales.

Park Hotels & Resorts excels in Q3, eyes strategic growth

Park Hotels & Resorts delivered a solid Q3 performance with improved RevPAR and balance sheet metrics.
The company is focused on cost savings, strategic projects, and reshaping the portfolio for enhanced shareholder value.
Opportunities lie in acquisitions, market growth, and strong demand in key markets like Hawaii and New York.
Challenges include managing exposure in specific markets and reducing leverage to target levels for financial stability.

Park Hotels & Resorts excels in Q4, eyes robust 2024 growth

Park Hotels & Resorts had a strong Q4 2023, with positive outlook for 2024. The company's balance sheet is healthy, and it aims for continued growth through strategic investments and returning capital to shareholders.

Park Hotels & Resorts excels in Q1, eyes strategic growth

Park Hotels & Resorts reported a robust Q1 performance with revenue growth driven by strong group demand and strategic investments.
The company's focus on cost management, portfolio optimization, and revenue diversification positions it well for sustained growth and value creation.
Challenges include managing renovation impacts, labor costs, and asset sales alignment, while opportunities lie in leveraging market trends and portfolio reshaping.
Overall, Park Hotels & Resorts remains optimistic about sustained growth, supported by positive outlook, increased guidance, and ongoing operational enhancements.

Park Hotels & Resorts reports strong Q2 performance and eyes growth opportunities

Park Hotels & Resorts had a productive quarter, focusing on balance sheet improvements, capital allocation, and strong performance in key markets. Despite challenges like renovation disruptions and weaker inbound travel, the company maintains a positive outlook with strategic growth plans and asset management strategies.

Park Hotels & Resorts reports solid Q3 performance and growth opportunities

Park Hotels & Resorts demonstrated resilience amidst disruptions, focusing on growth opportunities and strategic asset management.
Challenges from natural disasters and labor strikes were mitigated by strong performance in key markets and proactive portfolio reshaping.
With a solid foundation and growth initiatives in place, Park Hotels & Resorts is poised for continued success and value creation.

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Park Hotels & Resorts Inc. (PK) CEO Tom Baltimore on Q3 2021 Results - Earnings Call Transcript

TYSONS, Va., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”) today announced that it has issued its annual Corporate Responsibility (“CR”) Report, detailing the Company's environmental, social and governance (“ESG”) performance and initiatives during 2020. The CR Report also includes information on Park's ESG strategies and approach to risk management.

Park Hotels & Resorts Inc. Issues Annual Corporate Responsibility Report

TYSONS, Va., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the third quarter ended September 30, 2021 and provided an operational update on COVID-19.

Park Hotels & Resorts Inc. Reports Third Quarter 2021 Results

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Park Hotels & Resorts (PK) has been struggling lately, but the selling pressure may be coming to an end soon.

Park Hotels & Resorts (PK) Sees Hammer Chart Pattern: Time to Buy?

Park Hotels & Resorts has seen a strong recovery across its portfolio, particularly across its Hawaiian resorts.

Park Hotels & Resorts: Further Potential Upside Ahead

TYSONS, Va., Sept. 20, 2021 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (NYSE: PK) (“Park”) today announced that it plans to report financial results for the third quarter 2021 after the stock market closes on Wednesday, November 3, 2021. Park will hold a conference call on Thursday, November 4, 2021 at 11:00 a.m. Eastern Time (ET) to discuss its earnings results, current operational environment and business outlook.

Park Hotels & Resorts Inc. Announces Third Quarter 2021 Earnings Conference Call on November 4, 2021

TYSONS, Va., Sept. 07, 2021 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE:PK) today announced that it completed the previously announced sale of the Le Meridien San Francisco. The Company also provided an operational and liquidity update.

Park Hotels & Resorts Completes the Sale of the Le Meridien San Francisco and Provides an Update on Operating Trends and Liquidity

Park Hotels & Resorts Inc. (PK) CEO Tom Baltimore on Q2 2021 Results - Earnings Call Transcript

Park Hotels & Resorts (PK) delivered FFO and revenue surprises of 40.74% and 24.74%, respectively, for the quarter ended June 2021. Do the numbers hold clues to what lies ahead for the stock?

Park Hotels & Resorts (PK) Reports Q2 Loss, Tops Revenue Estimates

TYSONS, Va., Aug. 05, 2021 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the second quarter ended June 30, 2021 and provided an operational update on COVID-19.

Park Hotels & Resorts Inc. Reports Second Quarter 2021 Results

Park Hotels & Resorts has had a lot of pain recently thanks to the COVID-19 pandemic. The company certainly could benefit from a turnaround in the space, but this year is proving to be a challenge as well.

Park Hotels & Resorts: Keep An Eye On This One

TYSONS, Va., July 13, 2021 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE:PK) today announced that it has entered into two separate, definitive contracts to sell the 360-room Le Meridien San Francisco and the 171-room Hotel Adagio, Autograph Collection (San Francisco, CA) for total proceeds of $303.5 million, or an average sale price of approximately $572,000 per key. When adjusted for Park's anticipated capital expenditures (“capex”), the blended sale price represents a 6.1% capitalization rate on 2019 net operating income (6.7% excluding capex), or 14.4x 2019 EBITDA (13.2x excluding capex). Management currently expects each of the transactions to close within the next 60 days.

Park Hotels & Resorts Executes Definitive Contracts to Sell Two of Its San Francisco Hotels and Provides an Update on Hotel Reopenings and Operating Trends

TYSONS, Va., June 30, 2021 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park”) (NYSE:PK) today announced that it has closed on the sale of the 210-room Hotel Indigo San Diego Gaslamp Quarter in San Diego, CA and the 204-room Courtyard Washington Capitol Hill Navy Yard in Washington, DC, for combined gross proceeds of $149 million, or approximately $360,000 per key. When adjusted for Park's anticipated capital expenditures (“capex”), the sale price represents a 7.0% capitalization rate on 2019 net operating income (7.4% excluding capex), or 12.8x 2019 EBITDA (12.2x excluding capex). Proceeds from the sale will be used to fully repay debt currently outstanding on the Company's revolving credit facility and partially repay debt currently outstanding on its one remaining bank term loan.

Park Hotels & Resorts Inc. Completes the Sale of the Hotel Indigo San Diego Gaslamp Quarter and Courtyard Washington Capitol Hill Navy Yard

TYSONS, Va., June 21, 2021 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (NYSE: PK) (“Park”) today announced that it plans to report financial results for the second quarter 2021 after the stock market closes on Thursday, August 5, 2021. Park will hold a conference call on Friday, August 6, 2021 at 11:00 a.m. Eastern Time (ET) to discuss its earnings results, current operational environment and business outlook.

Park Hotels & Resorts Inc. Announces Second Quarter 2021 Earnings Conference Call on August 6, 2021

Park Hotels & Resorts Inc. said Tuesday it has increased the number of its hotels that are open to 55, or 93% of its total of 59 hotels, and 86% of its total room count. The hotel operator's stock was still inactive in premarket trading.

Park Hotels provides business update amid as leisure demand trends accelerate

TYSONS, Va., June 08, 2021 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today provided an operational and liquidity update.

Park Hotels & Resorts Provides Business Update

TYSONS, Va., May 14, 2021 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) announced today that certain of its subsidiaries, Park Intermediate Holdings LLC (the “Operating Company”), PK Domestic Property LLC (“PK Domestic LLC”) and PK Finance Co-Issuer Inc. (together with the Operating Company and PK Domestic LLC, the “Issuers”), completed the previously announced offering of $750 million aggregate principal amount of 4.875% senior secured notes due 2029 (the “Notes”). The Notes will pay interest semi-annually in arrears, at a rate of 4.875% per year, and will mature on May 15, 2029. The Notes are guaranteed by Park and certain subsidiaries of the Operating Company that guarantee the Company's senior credit facilities and existing senior secured notes due 2025 and 2028. The Notes are secured, subject to permitted liens, by a first priority security interest in all of the capital stock of certain wholly owned subsidiaries of certain of the guarantors and PK Domestic LLC, which collateral also secures the obligations under the Company's senior credit facilities and existing senior secured notes due 2025 and 2028 on a first priority basis.

Park Hotels & Resorts Inc. Announces Closing of $750 Million of 4.875% Senior Secured Notes Due 2029

TYSONS, Va., May 11, 2021 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) announced today that certain of its subsidiaries, Park Intermediate Holdings LLC (the “Operating Company”), PK Domestic Property LLC (“PK Domestic LLC”) and PK Finance Co-Issuer Inc. (together with the Operating Company and PK Domestic LLC, the “Issuers”), priced an offering of $750 million aggregate principal amount of 4.875% senior secured notes due 2029 (the “Notes”) at a price equal to 100% of face value. The Notes will pay interest semi-annually in arrears, at a rate of 4.875% per year, and will mature on May 15, 2029. The Notes will be guaranteed by Park and certain subsidiaries of the Operating Company that guarantee the Company's senior credit facilities and existing senior secured notes due 2025 and 2028. The Notes will be secured, subject to permitted liens, by a first priority security interest in all of the capital stock of certain wholly owned subsidiaries of certain of the guarantors and PK Domestic LLC, which collateral also secures the obligations under the Company's senior credit facilities and existing senior secured notes due 2025 and 2028 on a first priority basis.

Park Hotels & Resorts Inc. Announces Upsizing and Pricing of Senior Secured Notes Offering

TYSONS, Va., May 11, 2021 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) announced today that certain of its subsidiaries, Park Intermediate Holdings LLC (the “Operating Company”), PK Domestic Property LLC (“PK Domestic LLC”) and PK Finance Co-Issuer Inc. (together with the Operating Company and PK Domestic LLC, the “Issuers”), intend to offer $650 million aggregate principal amount of senior secured notes due 2029 (the “Notes”). The Notes will be guaranteed by Park and certain subsidiaries of the Operating Company that guarantee the Company's senior credit facilities and existing senior secured notes due 2025 and 2028. The Issuers intend to use the proceeds of the offering to repay a portion of the amounts outstanding under the Company's revolving credit facility and to repay a portion of the Company's term loan facility entered into in 2019 and maturing in August 2024.

Park Hotels & Resorts Inc. Announces Senior Secured Notes Offering

TYSONS, Va., May 10, 2021 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park”) (NYSE:PK) today announced that it has entered into a definitive contract to sell two assets for combined gross proceeds of $149.0 million, or approximately $360,000 per key. The hotels, the 210-room Hotel Indigo San Diego Gaslamp Quarter in San Diego, CA and the 204-room Courtyard Washington Capitol Hill Navy Yard in Washington, DC, were both acquired in September 2019 as part of Park's acquisition by merger of Chesapeake Lodging Trust.

Park Hotels & Resorts Executes Definitive Contract to Sell two Hotels for $149 Million; Proceeds to be Used to Further Reduce Leverage

Park Hotels & Resorts Inc. (PK) CEO Tom Baltimore on Q1 2021 Results - Earnings Call Transcript

News for Park Hotels & Resorts Stock (PK)