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Mar 31, 2022
Park Hotels Q1 2022 Earnings Report
Park Hotels & Resorts Inc. reported first quarter results, demonstrating significant RevPAR growth and improved financial performance compared to the same period last year.
Key Takeaways
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.
RevPAR increased by 181.7% compared to the same period in 2021, reaching $116.42.
Net loss improved by 70.7% compared to the same period in 2021, with a net loss of $(56) million.
Adjusted EBITDA was $82 million, reflecting a positive shift from the previous year.
The company reopened the Hilton Short Hills, NJ, and anticipates reopening the Parc 55 San Francisco - a Hilton Hotel, on May 19, 2022.
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's outlook for Q2 2022 anticipates continued recovery with RevPAR between $160 and $164, and net income between $16 and $36 million.
Positive Outlook
- RevPAR is projected to grow between 104% and 109% compared to 2021.
- Net income is expected to be between $16 million and $36 million.
- Adjusted EBITDA is forecasted to be between $160 million and $180 million.
- Adjusted FFO per share is anticipated to be between $0.40 and $0.49.
- Hotel Adjusted EBITDA margin change vs. 2021 is expected to be between 1,320 bps and 1,470 bps.
Challenges Ahead
- Q2 2022 outlook is based on many factors, many of which are outside the Company's control, including uncertainty surrounding any new disruptions from the COVID-19 pandemic, and all of which are subject to change.
- RevPAR growth vs 2019 is expected to be between (16)% and (14)%.
- Hotel Adjusted EBITDA margin change vs. 2019 is expected to be between (390) bps and (240) bps.
- The Company continues to be unable to provide a full-year outlook for 2022 given the continued economic uncertainty as the global economy continues to recover from the COVID-19 pandemic.
- Outlook does not take into account potential future acquisitions and dispositions, including those currently under contract, which could result in a material change to Park’s outlook.
Revenue & Expenses
Visualization of income flow from segment revenue to net income