Welcome to our dedicated page for Park Hotels & Resorts news (Ticker: $PK), a resource for investors and traders seeking the latest updates and insights on Park Hotels & Resorts stock.
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Rhea-AI Summary
Park Hotels & Resorts Inc. announced strong financial results for Q4 and full year 2023, showcasing significant growth in net income and operational metrics. The company focused on strategic objectives, strengthened its balance sheet, and returned capital to shareholders. Park invested in transformative renovation projects, leading to sector-leading total returns for shareholders. Despite disruptions from renovations, Comparable RevPAR and Adjusted EBITDA saw impressive growth. Park's liquidity stands at over $1.3 billion, with a focus on long-term value creation and sustainability practices.
Rhea-AI Impact
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End-of-Day
4.77%
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Rhea-AI Summary
Park Hotels & Resorts Inc. (PK) has reported preliminary fourth quarter and full-year 2023 results, with both preliminary Comparable RevPAR and Adjusted EBITDA exceeding the midpoint of their previously announced 2023 guidance ranges. The company's portfolio delivered impressive results, with business travel accelerating in Boston, Chicago, and New York, driving a nearly 8% year-over-year preliminary Comparable RevPAR increase for the quarter in their urban portfolio. Additionally, leisure demand trends remained strong at their Hawaii hotels, with combined fourth quarter preliminary RevPAR for those two resorts up over 8% versus the prior year. Looking ahead to 2024, the company expresses excitement for the future.
Rhea-AI Impact
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End-of-Day
-1.21%
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Rhea-AI Summary
Park Hotels & Resorts Inc. announced the tax reporting information for its 2023 cash distributions on its Common Stock, totaling $2.15 per share. The dividends for 2023 are classified as $2.15 (100%) Total capital gain distribution for income tax purposes. The company provided a detailed summary of the income tax treatment of the dividends, including the record date, payable date, dividend per share, total ordinary dividends, total capital gain distribution, and Section199A dividends.
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-0.31%
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Park Hotels & Resorts Inc. (PK) has appointed Terri D. McClements as a new independent director to its Board of Directors, bringing the total number of board members to ten, nine of whom are independent. Ms. McClements has a background in accounting, operational, and executive leadership roles, having spent over three decades at PricewaterhouseCoopers LLP (PwC). She retired as a partner in 2023 and most recently served as a Senior Consulting Partner, overseeing special projects and leading PwC's response to the Ukraine and COVID-19 crises. Park's Chairman and CEO, Thomas J. Baltimore, Jr., expressed excitement about Ms. McClements' appointment, highlighting her expertise in finance, strategy, and human capital matters.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.31%
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Rhea-AI Summary
Park Hotels & Resorts Inc. (NYSE: PK) plans to report financial results for Q4 and full year 2023 on February 27, 2024, followed by a conference call on February 28, 2024, to discuss earnings, operational environment, and business outlook.
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Rhea-AI Summary
Park Hotels & Resorts Inc. (NYSE:PK) reports strong operating trends in the fourth quarter, with a 10% year-over-year Comparable RevPAR growth in the urban portfolio. Business travel accelerated in Boston, Chicago, New York, and Denver, with Hawaii hotels seeing RevPAR gains exceeding 9% in October and 14% in November. The company is near completion on transformative renovation projects and plans to return over $630 million of capital to shareholders in 2023, including over $350 million in dividends during the fourth quarter.
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Rhea-AI Sentiment
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2.4%
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Park Hotels & Resorts Inc. (NYSE: PK) has released its annual Corporate Responsibility Report, showcasing its environmental, social, and governance performance in 2022. The report also highlights the company's ESG strategies and risk management approach. Park has received ENERGY STAR certifications for superior energy performance at six of its properties and has been recognized by Newsweek as one of America’s Most Responsible Companies for 2024. Chairman and CEO Thomas J. Baltimore, Jr. emphasized Park's commitment to sustainability, corporate governance, and diversity, equity, and inclusion initiatives. The CR Report aligns with global frameworks such as TCFD, SASB, UN SDGs, and GRI.
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End-of-Day
1.34%
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Park Hotels & Resorts Inc. (NYSE: PK) has declared a fourth quarter dividend of $0.93 per share of common stock, including a regular quarterly dividend of $0.15 and a $0.78 top off dividend based on 2023 operating results. The dividend, along with a special cash dividend of $0.77 per share, will be paid on January 16, 2024, to stockholders of record as of December 29, 2023. The total annual yield is 9.3% based on the closing stock price as of November 30, 2023. Park will have returned nearly $635 million of capital to shareholders in 2023 through dividend payments and share repurchases.
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Rhea-AI Sentiment
End-of-Day
0.74%
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Rhea-AI Summary
Park Hotels & Resorts Inc. (NYSE: PK) has been named the 2023 Leader in the Light recipient by the National Association of Real Estate Investment Trusts (Nareit) for its sustainability practices in the lodging and resorts sector. This is the second consecutive year Park has received this honor. The award is based on the results of the Global Real Estate Sustainability Benchmark (GRESB) Annual Survey and scored responses to supplemental questions by an interdisciplinary panel of judges. Park ranked in the top third of all publicly listed GRESB participant companies in the Americas, continuing the trend of enhancing its overall ESG program and making meaningful improvements toward decarbonization.
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End-of-Day
1.56%
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Park Hotels & Resorts Inc. (NYSE: PK) announced its Q3 2023 results, reporting a 3.0% increase in current RevPAR compared to the same quarter last year. The company also declared a special cash dividend of $0.77 per share and provided an operational update. Park's comparable hotels saw a 2.8% increase in RevPAR for the quarter, with group revenues up 12% year-over-year. However, net income and operating income both declined compared to the previous year.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
12.38%
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Park Hotels & Resorts Inc.
NYSE:PK
PK Rankings
PK Stock Data
3.42B
206.87M
1.5%
98.25%
7.6%
Hotels (except Casino Hotels) and Motels
Accommodation and Food Services
United States of America
TYSONS
About PK
park hotels & resorts inc. (nyse: pk) is one of the largest publicly traded lodging real estate investment trusts with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. the company’s portfolio currently consists of 67 premium-branded hotels and resorts with over 35,000 rooms located in prime u.s. and international markets with high barriers to entry. for additional information, please visit the company's website at www.pkhotelsandresorts.com.