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Sep 30, 2024
Park Hotels Q3 2024 Earnings Report
Park Hotels' Q3 2024 results were announced, demonstrating RevPAR growth and strategic capital allocation.
Key Takeaways
Park Hotels & Resorts Inc. reported its third quarter 2024 results, highlighting a 3.3% increase in Comparable RevPAR driven by demand in key markets such as Chicago, New Orleans, and Boston. The company continued its capital allocation strategy, including asset dispositions, share repurchases, and investments in portfolio renovations.
Comparable RevPAR increased by over 3% compared to Q3 2023, driven by strong performance in Chicago, New Orleans, and Boston.
Group demand continued to improve, with 2024 Comparable Group Revenue Pace up over 9% compared to the same time last year.
The company repurchased 2.5 million shares of its common stock for $35 million.
Capital investments included commencing over $200 million of guestroom renovations at the Rainbow Tower at the Hilton Hawaiian Village Waikiki Beach Resort, the Palace Tower at the Hilton Waikoloa Village and the Main Tower at the Hilton New Orleans Riverside.
Revenue by Segment
Forward Guidance
Park is not in a position to update its full-year 2024 outlook at this time due to the uncertainty surrounding continuing negotiations between Park's operators and labor unions and the related impacts on operating results.
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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