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Sep 30, 2020
Park Hotels Q3 2020 Earnings Report
Park Hotels & Resorts Inc. reported third quarter 2020 results, showing a significant decline in RevPAR but improvements in liquidity and balance sheet.
Key Takeaways
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
Pro-forma RevPAR decreased 86.1% year-over-year to $26.14.
Occupancy for Park’s 33 consolidated hotels open during the entirety of the third quarter was 36.4%.
Net loss attributable to stockholders was $(276) million.
The company reopened 16 hotels since June, with 48 of 60 hotels (80%) currently open.
Revenue by Segment
Forward Guidance
Given the continued economic uncertainty, travel restrictions and rapidly-changing circumstances related to the COVID-19 pandemic, in March 2020, Park withdrew its previously issued 2020 guidance. Park is not providing an updated outlook at this time.
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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