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Sep 30, 2021
Park Hotels Q3 2021 Earnings Report
Park Hotels & Resorts Inc. reported third quarter 2021 results, showing progress towards strategic priorities, achieving break-even at the corporate level, and exceeding asset sales target.
Key Takeaways
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.
Pro-forma RevPAR was $105.48, an increase of 301.6% from the same period in 2020.
Pro-forma occupancy for Park’s 45 consolidated hotels open during the entirety of the third quarter was 58.0%.
Adjusted EBITDA was $77 million, an increase of 141% compared to the second quarter of 2021.
Reopened the New York Hilton Midtown in October 2021, increasing to 96% of total room count.
Revenue by Segment
Forward Guidance
Given the continued economic uncertainty, travel restrictions and rapidly changing circumstances related to the COVID-19 pandemic, Park is not providing an outlook for full-year 2021 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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