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Mar 31, 2021
Park Hotels Q1 2021 Earnings Report
Park Hotels & Resorts Inc. reported first quarter results and provided an operational update on COVID-19.
Key Takeaways
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.
Pro-forma RevPAR was $40.79, a decrease of 70.0% from the same period in 2020.
Pro-forma Occupancy for Park’s 42 consolidated hotels open during the entirety of the first quarter was 37.4%.
Net loss and net loss attributable to stockholders were $(191) million and $(190) million, respectively.
Adjusted EBITDA was $(49) million.
Park Hotels
Park Hotels
Park Hotels Revenue by Segment
Revenue by Segment
Rooms Revenue
CapyFin.comFood & Beverage Revenue
CapyFin.comAncillary Hotel Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Park currently expects its portfolio to generate positive Hotel Adjusted EBITDA during the second quarter of 2021 and expects to reach break-even at the corporate level during the second half of 2021.
Positive Outlook
- Continued distribution of the COVID-19 vaccines.
- Forecasts for robust economic growth and fiscal stimulus.
- Significant pent-up traveler demand.
- Portfolio expected to generate positive Hotel Adjusted EBITDA during the second quarter of 2021.
- Expects to break-even at the corporate level during the second half of 2021.
Challenges Ahead
- Continued economic uncertainty.
- Travel restrictions.
- Rapidly changing circumstances related to the COVID-19 pandemic.
- Trends affecting the economy will continue to depress hotel operating results across the portfolio.
- Economic environment lacks sufficient clarity at this time to provide accurate guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income