Park Hotels & Resorts Stock Price, News & Analysis

Park Hotels & Resorts (NYSE: PK) reported strong Q4 and full-year 2024 performance, with Comparable RevPAR growth of 4.2% for the full year when adjusting for strike impact. The company experienced exceptional results at Bonnet Creek and Key West properties, highlighting successful renovation outcomes.

Key developments include: disposal of three non-core assets in 2024, including two joint venture hotels for $200 million; return of over $400 million to shareholders, including 8.0 million shares repurchased at $14.44 per share average; and declaration of $1.40 total dividends in 2024.

The company announced a $100 million transformative renovation at Royal Palm South Beach Miami, scheduled to begin late spring 2025. Despite expected renovation disruption of 110 basis points to 2025 Comparable RevPAR, the company projects 2025 Comparable RevPAR growth between 0.0% and 3.0%. Group Revenue Pace for 2025 is up nearly 6% year-over-year.

Park Hotels & Resorts (NYSE:PK) has announced the tax treatment details for its 2024 cash distributions on Common Stock. The company distributed a total of $1.40 per share throughout the year, paid in four installments: $0.25 each on April 15, July 15, and October 15, 2024, plus $0.65 on January 15, 2025.

For tax purposes, the distributions are classified as: 91.8379% ($1.285731) ordinary dividends and 8.1621% ($0.114269) capital gain distribution. Of the ordinary dividends, $0.292918 are qualified dividends, and $0.992813 are Section 199A dividends.

Park is one of the largest publicly traded lodging REITs, managing a portfolio of 40 premium-branded hotels and resorts with approximately 25,000 rooms, primarily in prime city center and resort locations.

Park Hotels & Resorts (NYSE: PK) has announced it will release its fourth quarter and full year 2024 financial results after market close on Wednesday, February 19, 2025. The company will host a conference call on Thursday, February 20, 2025, at 11:00 a.m. ET to discuss earnings results and provide its 2025 outlook.

Park Hotels & Resorts operates as one of the largest publicly traded lodging REITs, managing a portfolio of 40 premium-branded hotels and resorts with approximately 25,000 rooms in prime city center and resort locations.

Park Hotels & Resorts (NYSE: PK) has released its 2023 Corporate Responsibility Report, highlighting environmental, social, and governance initiatives. The company announced that six of its properties earned ENERGY STAR certifications in 2024 for superior energy performance, including the 2,860-room Hilton Hawaiian Village Waikiki Beach Resort. Since 2017, Park properties have earned 33 ENERGY STAR certifications.

The report details Park's environmental reduction progress, efficiency enhancement efforts, and commitment to diversity, equity, and inclusion. Park achieved notable recognition in the GRESB Real Estate Assessment, ranking in the top 30% of publicly listed companies in the Americas, with a one-point increase over 2023 and maintaining an 'A' score in GRESB Public Disclosure.

Park Hotels & Resorts reported strong Q4 2024 performance with preliminary November RevPAR down 3.9% year-over-year, but would have shown 1.2% growth excluding strike impacts. Full-year 2024 RevPAR is trending towards 2.5% growth, or 3.9% excluding strike activity.

The company highlighted strong performance at renovated properties, with double-digit RevPAR growth at Bonnet Creek Orlando and Casa Marina Resort. On capital allocation, Park sold the DoubleTree Hotel Spokane for $35 million and repurchased $26 million in stock during Q4. Year-to-date, the company has sold 3 hotels for $76 million.

Park declared a Q4 dividend of $0.65 per share, including a $0.40 top-off dividend, representing an 8.9% annual yield. In 2024, Park has returned nearly $375 million to shareholders through dividends and stock repurchases.

Park Hotels & Resorts has declared a fourth quarter dividend of $0.65 per share, consisting of a $0.25 regular quarterly dividend plus a $0.40 top-off dividend based on 2024 operating results. The dividend will be paid on January 15, 2025, to stockholders of record as of December 31, 2024. The company's 2024 dividends represent a 9.0% annual yield. Park will have returned $375 million to shareholders in 2024, including $290 million in dividends and over $85 million in share repurchases for nearly 6 million shares.

Park Hotels & Resorts has reinstated its 2024 earnings guidance following the resolution of labor strikes at four hotels in Hawaii, Seattle, and Boston. The company's October 2024 Comparable RevPAR decreased 1.3% year-over-year, but excluding strike-affected hotels, it would have increased 3.5%. The updated 2024 outlook projects Comparable RevPAR of $183-$185, net income of $152-$172 million, and Adjusted EBITDA of $635-$655 million. The company expects to declare a Q4 dividend between $0.60-$0.66 per share, including a quarterly cash dividend of $0.25 and an annual top-off dividend of $0.35-$0.41.

Park Hotels & Resorts reported strong Q3 2024 results with Comparable RevPAR increasing 3.3% to $189.73 compared to Q3 2023. Net income reached $57 million, up 83.9% year-over-year. Group demand showed improvement with 2024 Comparable Group Revenue Pace up over 9%. The company maintained strong liquidity of over $1.4 billion and continued executing capital allocation strategies, including disposing of non-core assets and repurchasing 2.5 million shares for $35 million. Notable performance improvements were seen in Chicago, New Orleans, and Boston hotels, while Florida properties sustained minimal hurricane damage and remained operational.

Park Hotels and Resorts (NYSE: PK), a major U.S. hotel owner and REIT, is facing significant challenges as strikes impact hotels representing over 30% of its operating profit. UNITE HERE union analysis reveals that four Park-owned Hilton hotels currently on strike account for 32.2% of Park's EBITDA. These include properties in Seattle, Boston, and Hawaii.

Workers are demanding higher wages, fair staffing, and workload adjustments, as well as the reversal of COVID-era cuts. The union accuses Park of exploiting the pandemic to implement permanent staffing and service reductions. Over 12,000 hotel workers across the U.S. have gone on strike since Labor Day weekend, with 2,454 Hilton employees at Park-owned hotels currently participating.

Guests have experienced service disruptions including unavailable daily housekeeping, closed amenities, and reduced hours. The union advises travelers to avoid struck hotels and has set up 24-hour picket lines outside affected properties.