Park Hotels & Resorts Inc. reports recurring developments for a publicly traded lodging REIT with premium-branded hotels and resorts in prime city center and resort locations. Company updates commonly cover quarterly and annual results, RevPAR performance, group and corporate demand, Hotel Adjusted EBITDA, and the operating impact of renovations at properties such as Royal Palm South Beach Miami and Hilton Hawaiian Village Waikiki Beach Resort.
Park news also includes non-core hotel disposition activity, capital improvement projects within its core portfolio, dividend tax treatment for common stock distributions, earnings conference calls, corporate responsibility reporting, and governance or leadership updates. Completed asset sales and receivership-related hotel transitions are framed through their effects on the lodging portfolio, balance sheet, and financial statements.
Park Hotels & Resorts Inc. (NYSE: PK) announced the intention to offer $650 million in senior secured notes due 2029. The proceeds will be used to repay a portion of outstanding amounts under its revolving credit and term loan facilities. The Notes will be guaranteed by Park and its subsidiaries. They will only be offered to qualified institutional buyers under specific exemptions from the Securities Act, meaning they won't be registered for public sale. This offering comes amid ongoing risks associated with COVID-19, which continue to impact the company's financial condition.
Park Hotels & Resorts has announced the sale of two properties for $149 million, equating to about $360,000 per key. The assets include the Hotel Indigo in San Diego and the Courtyard in Washington, D.C., both acquired in 2019. The sale reflects a capitalization rate of 7.0% on 2019 net operating income and allows Park to repay debt. This transaction will increase total asset sales to 27 since January 2017, amounting to approximately $1.4 billion. Management is optimistic about reaching a target of $300-$400 million in asset sales for 2021.
Park Hotels & Resorts reported significant challenges in Q1 2021, with Pro-forma RevPAR at $40.79, down 70% from 2020. Net loss attributable to stockholders was $(190) million, and Adjusted EBITDA was $(49) million. However, Pro-forma Hotel Adjusted EBITDA improved 34.7% compared to Q4 2020. The company sold the W New Orleans for $24.1 million, increasing open hotels to 52. Park expects to reach break-even at the corporate level in H2 2021, driven by pent-up demand and vaccine distribution.
Park Hotels & Resorts (NYSE: PK) announced the sale of the 97-room W New Orleans – French Quarter for approximately $24.1 million, equating to $249,000 per key. The sale reflects a 4.3% capitalization rate on the hotel's 2019 net operating income. This transaction is part of Park's strategy to de-lever its balance sheet, with 25 non-core hotel sales since 2017 generating over $1.2 billion. Additionally, Park has reopened three West Coast hotels, increasing its operational hotels to 52, and reported a rise in occupancy from 21% in January to nearly 33% in March.
Park Hotels & Resorts (NYSE: PK) announced that four of its properties have received the 2020 ENERGY STAR certification from the U.S. Environmental Protection Agency for exceptional energy performance. The certified hotels include Hilton Seattle Airport, Hilton Santa Barbara, DoubleTree Ontario Airport, and Le Meridien San Francisco. Only 26 hotels nationwide achieved this certification in 2020. Park's commitment to energy efficiency reflects its dedication to environmental sustainability and public health while enhancing the value of its real estate portfolio.
Park Hotels & Resorts Inc. (NYSE: PK) announced plans to report its financial results for Q1 2021 on May 6, 2021, post-market. A conference call to discuss the earnings, operational environment, and business outlook will occur on May 7, 2021, at 11:00 a.m. ET. Participants can join via telephone or webcast, with instructions provided. Park is recognized as the second-largest publicly traded lodging REIT, managing a diverse portfolio of 60 premium-branded hotels and resorts totaling over 33,000 rooms.
Park Hotels & Resorts reported significant declines in its 2020 financial performance due to COVID-19, with Q4 RevPAR at $27.48, an 84.5% drop from Q4 2019. Full-year net losses reached $(1,444) million, and adjusted EBITDA was $(194) million. The company has increased operational capacity, reopening 50 of 60 hotels, and secured $1.4 billion in liquidity, extending credit facilities and raising capital. A cautious outlook remains for 2021, with no specific guidance provided due to ongoing market uncertainties. The company plans to address cash flow challenges and expects to reopen more hotels as demand improves.
Park Hotels & Resorts Inc. (NYSE: PK) announced the 2020 tax reporting for cash distributions on its Common Stock, totaling $0.45 per share, paid on April 15, 2020. Due to COVID-19 impacts, distributions were suspended for the remainder of the year. The dividends breakdown includes $0.244571 as total ordinary dividends, $0.005000 as qualified dividends, and $0.205429 as total capital gain distribution. For record-keeping, the record date was March 31, 2020.
Park Hotels & Resorts Inc. (NYSE: PK) will report its financial results for the fourth quarter and full year 2020 on February 25, 2021, after market close. A conference call to discuss these results and the outlook for 2021 is scheduled for February 26, 2021, at 12:00 p.m. ET. Participants can join via telephone or online. Park is the second largest publicly traded lodging REIT with a portfolio of 60 hotels and resorts, totaling over 33,000 rooms across prime locations.
Park Hotels & Resorts Inc. (NYSE: PK) has published its 2020 Corporate Responsibility report, emphasizing its ESG commitments amid a challenging year. The report, available on their website, outlines key initiatives, including the establishment of a Diversity & Inclusion Steering Committee and a Park Green Committee. This marks Park's third annual report, featuring performance data from the 2019 fiscal year and updated sustainability disclosures aligned with UN Sustainable Development Goals. CEO Thomas J. Baltimore, Jr. highlighted the importance of corporate responsibility in today's volatile environment.