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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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