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Dec 31, 2023
Park Hotels Q4 2023 Earnings Report
Park Hotels & Resorts Inc. reported Q4 and full-year 2023 results, highlighting strong operational performance and strategic capital allocation.
Key Takeaways
Park Hotels & Resorts Inc. reported a strong fourth quarter and full year 2023, with Comparable RevPAR increasing by over 4% compared to Q4 2022. The company executed strategic capital allocation initiatives, returning over $630 million to shareholders and reinvesting nearly $300 million back into the portfolio.
Comparable RevPAR increased over 4% compared to the fourth quarter of 2022.
Completed the multi-phased renovation project of the 1,021-room Tapa Tower at the Hilton Hawaiian Village Waikiki Beach Resort in December 2023.
Declared a total of $2.15 per share in dividends to stockholders during 2023.
Park received the 2023 Nareit Leader in the Light Award for the hospitality sector for the second year in a row.
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 Hotels & Resorts expects full-year 2024 operating results with Comparable RevPAR between $185 and $188, and net income between $146 and $186 million.
Positive Outlook
- Strong convention calendars and expected increases in group demand at New Orleans, Chicago, San Diego and Miami hotels.
- Ongoing strength in leisure and group demand at Hawaii hotels from both domestic and international travel.
- January Comparable RevPAR up 13.4% compared to last year.
- February Comparable RevPAR currently expected to exceed last year by over 8%.
- Recurring quarterly dividend increased by 67% to $0.25 from $0.15 per share.
Challenges Ahead
- Uncertainty surrounding macro-economic factors, such as inflation and changes in interest rates.
- Supply chain disruptions.
- Possibility of an economic recession or slowdown.
- Includes 50 bps of RevPAR and $9 million of Hotel Adjusted EBITDA disruption from renovations at certain of Park's hotels.
- Adjusted FFO excludes $55 million of default interest and late payment administrative fees associated with default of the SF Mortgage Loan for full-year 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income