Park Hotels Earnings Reports

Park Hotels delivered nearly flat revenues year-over-year, but operating income and margins dropped significantly due to impairment charges and increased costs. Despite this, management highlighted resilience in RevPAR and continued capital deployment in strategic renovations and shareholder returns.

Park Hotels & Resorts Inc. reported a revenue decline of 4.9% year-over-year for Q4 2024, with net income dropping by 61.2%. The company faced disruptions due to labor strikes at key properties, impacting its RevPAR and EBITDA margins. Despite these challenges, management highlighted strong group demand and strategic asset disposals to improve financial positioning. The company also announced a $100 million renovation project at its Royal Palm South Beach Miami property.

Park Hotels & Resorts Inc. reported its third quarter 2024 results, highlighting a 3.3% increase in Comparable RevPAR driven by demand in key markets such as Chicago, New Orleans, and Boston. The company continued its capital allocation strategy, including asset dispositions, share repurchases, and investments in portfolio renovations.

Park Hotels & Resorts reported a net income of $67 million for the second quarter of 2024, a significant increase from the net loss of $146 million in the same period last year. Comparable RevPAR grew by 2% year-over-year, driven by strong group and leisure demand, particularly in Boston, Miami, and New York. The company also executed capital allocation strategies, including debt refinancing and share repurchases.

Park Hotels & Resorts Inc. announced strong first-quarter results, with Comparable RevPAR increasing by nearly 8% compared to the first quarter of 2023, exceeding overall upper upscale hotel performance by nearly 500 basis points. The company's resort and urban hotels experienced accelerated performance, with comparable RevPAR growth of 8% each. Group demand exhibited ongoing strength, increasing Comparable group revenues for the first quarter of 2024 by over 15% year-over-year.

Park Hotels & Resorts Inc. reported a strong fourth quarter and full year 2023, with Comparable RevPAR increasing by over 4% compared to Q4 2022. The company executed strategic capital allocation initiatives, returning over $630 million to shareholders and reinvesting nearly $300 million back into the portfolio.

Park Hotels & Resorts Inc. announced third quarter results driven by RevPAR growth in urban markets and group business acceleration. Comparable RevPAR increased approximately 3% compared to Q3 2022, or nearly 5% excluding Casa Marina Key West. The company repurchased 5.8 million shares and reinvested over $70 million back into the portfolio. The company has exited its two Hilton San Francisco Hotels.

Park Hotels & Resorts reported a Comparable RevPAR increase of 5% compared to Q2 2022, driven by a 330 basis point increase in Comparable Occupancy and a nearly 1% increase in Comparable ADR. The company ceased payments on the $725 million non-recourse CMBS loan secured by the Hilton San Francisco Hotels and repaid the $75 million W Chicago – City Center mortgage loan. They have over $1.7 billion in liquidity.

Park Hotels & Resorts Inc. reported a strong first quarter, exceeding expectations due to improvements in urban hotels and sustained resort market strength. Group trends accelerated, driving healthy margin gains. The company repurchased 8.8 million shares, increased the quarterly dividend to $0.15 per share, and continued to reshape its portfolio through value-enhancing ROI projects.

Park Hotels & Resorts Inc. announced strong fourth-quarter results, exceeding expectations with group business acceleration and growth in business transient demand. The company executed capital allocation priorities, including non-core asset sales and share repurchases, while improving financial flexibility. Positive momentum continues into early 2023, with optimism for city-wide calendars and international travel return.

Park Hotels & Resorts Inc. reported third-quarter 2022 results with a pro-forma RevPAR of $171.27, net income of $40 million, and adjusted EBITDA of $158 million. The company continued its capital recycling strategy, selling non-core assets and improving liquidity. Leisure demand remained strong, and business transient demand continued to accelerate.

Park Hotels & Resorts Inc. announced results for the second quarter ended June 30, 2022. Pro-forma RevPAR was $173.03, an increase of 119.7% from the same period in 2021 and a decrease of 10.2% from the same period in 2019. Net income attributable to stockholders was $150 million and Adjusted EBITDA was $207 million.

Park Hotels & Resorts Inc. announced its first quarter 2022 results, highlighting a RevPAR increase of 181.7% compared to Q1 2021 and a net loss improvement of 70.7%. The company's Adjusted EBITDA was $82 million, and Hotel Adjusted EBITDA reached $89 million. The company also repurchased 3.4 million shares of common stock and reinstated its quarterly cash dividend.

Park Hotels & Resorts Inc. reported Q4 2021 results with significant year-over-year growth in RevPAR and occupancy. The company experienced a net loss, but Adjusted EBITDA and Adjusted FFO showed sequential improvements compared to the third quarter. The company also progressed in deleveraging its balance sheet through asset sales and debt repayment.

Park Hotels & Resorts Inc. reported a pro-forma RevPAR of $105.48, a net loss of $(82) million, and an Adjusted EBITDA of $77 million for the third quarter of 2021. The company reached break-even at the corporate level for the first time since the pandemic began and exceeded its asset sales target, using the proceeds to de-leverage the balance sheet.

Park Hotels & Resorts Inc. announced positive Hotel Adjusted EBITDA for the second quarter, driven by strong leisure demand in resort markets. The company broke even at the corporate level in June and anticipates positive cash flow for the third quarter. They completed the sale of four hotels and have one pending sale, totaling $477 million in gross proceeds, to de-leverage the balance sheet.

Park Hotels & Resorts Inc. reported a pro-forma RevPAR of $40.79, a decrease of 70.0% from the same period in 2020. The company's net loss was $(191) million, and Adjusted EBITDA was $(49) million. The company is seeing improvement in leisure traveler sentiment, and as a result, an improvement in occupancy, ADR and RevPAR in recent months.

Park Hotels & Resorts Inc. reported a challenging fourth quarter and full year 2020, significantly impacted by the COVID-19 pandemic. Pro-forma RevPAR decreased significantly, and the company experienced a net loss. However, Park has taken proactive measures to mitigate the crisis, including increasing open hotels, reducing capital expenditures, and amending credit facilities.

Park Hotels & Resorts Inc. reported a challenging third quarter in 2020 due to the impact of COVID-19. Pro-forma RevPAR decreased by 86.1% compared to the same period in 2019. The company took proactive measures to improve liquidity and the balance sheet, including issuing senior secured notes and extending the revolver. Reopened 16 hotels since June, increasing the total number of hotels open to 48 of 60 hotels (80%), or 64% of total room count

Park Hotels & Resorts Inc. reported a challenging second quarter in 2020 due to the COVID-19 pandemic. Pro-forma RevPAR decreased by 95.9% compared to the same period in 2019, and occupancy for the 18 consolidated hotels open during the entire quarter was 20.8%. The company reported a net loss of $(261) million and an Adjusted EBITDA of $(122) million. However, Park increased its total liquidity to $1.6 billion and took proactive measures to preserve cash.

Park Hotels & Resorts Inc. reported a net loss of $689 million for the first quarter of 2020, including a $607 million non-cash impairment loss related to goodwill and $88 million of non-cash impairment losses related to long-lived assets. Pro-forma RevPAR was $136.27, a decrease of 22.6% from the same period in 2019, and pro-forma Total RevPAR was $218.17, a decrease of 20.2% from the same period in 2019. Adjusted EBITDA was $82 million, and adjusted FFO attributable to stockholders was $57 million.

Park Hotels & Resorts Inc. announced its Q4 and full-year 2019 results, with Q4 pro-forma comparable RevPAR increasing by 0.7% to $178.39 and net income reaching $126 million. The company also completed the sales of three non-core hotels for $262 million.