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.
Park Hotels & Resorts Inc. (NYSE: PK), a leading lodging REIT specializing in premium hospitality assets, maintains this news hub for investors tracking its strategic initiatives and market position. Access timely updates on earnings reports, property acquisitions, capital allocation decisions, and operational developments across its portfolio of luxury hotels in prime U.S. markets.
This resource consolidates official press releases and verified financial news, offering stakeholders a reliable channel to monitor the company’s performance in key areas like asset management, debt restructuring, and brand partnerships. Regular updates cover critical events including quarterly results, dividend declarations, and portfolio optimization strategies that shape PK’s position in the competitive hospitality REIT sector.
Key focus areas include updates on gateway market properties, renovations of flagship assets, and strategic transactions aligned with the company’s focus on high-barrier urban markets. Visitors will find concise summaries of material developments affecting shareholder value and long-term growth prospects, curated for both institutional and individual investors.
Bookmark this page for streamlined access to Park Hotels & Resorts’ latest financial communications and market-moving announcements. Check back regularly for authoritative coverage of PK’s evolving strategy in the dynamic hospitality real estate landscape.
Park Hotels & Resorts has successfully completed the sale of the Hilton Miami Airport for $118.25 million, translating to $233,000 per key. This sale reflects a 6.2% capitalization rate on 2019 net operating income. Proceeds will be utilized to eliminate the $50 million revolver balance and for general corporate purposes. Over the past year, Park has divested eight hotels for more than $435 million, enhancing its liquidity to $1.9 billion. CEO Thomas J. Baltimore emphasized the company's strategy to enhance portfolio quality and respond adeptly to market conditions.
Park Hotels & Resorts Inc. (NYSE:PK) announced its tax reporting information for 2022 cash distributions, totaling $0.28 per share. The distributions were paid as follows: $0.01 on April 15, $0.01 on July 15, $0.01 on October 17, and $0.25 on January 17, 2023. All dividends are classified as 100% capital gain distributions for tax purposes. This information is crucial for shareholders in understanding their tax obligations for the year.
Park Hotels & Resorts Inc. (NYSE: PK) will report its financial results for Q4 and full year 2022 on February 22, 2023, after market close. A conference call to discuss the results and business outlook is scheduled for February 23, 2023, at 11:00 a.m. ET. Participants can join via telephone or an internet webcast. Park is the second largest publicly traded lodging REIT, managing 47 premium-branded hotels and resorts totaling over 30,000 rooms in prime locations.
Park Hotels & Resorts provided updates on its fourth quarter performance and capital allocation activities. In October 2022, hotel net income reached $41 million, with RevPAR rising 77.5% year-over-year. November saw hotel net income of $15 million, with a 48.9% increase in RevPAR compared to 2021. While the company raised its earnings guidance due to strong group business, it noted a slight downturn in overall RevPAR expectations. The company declared a $0.25 cash dividend and successfully amended its credit facility to enhance liquidity, now totaling $1.9 billion.
Park Hotels & Resorts has declared a cash dividend of $0.25 per share for the fourth quarter of 2022. This dividend will be paid on January 17, 2023, to shareholders recorded by December 30, 2022. Of this total, $0.12 reflects operational results for 2022, while $0.13 comes from asset sales.
Park is the second-largest publicly traded lodging REIT, with 47 premium hotels and approximately 30,000 rooms, primarily in prime locations.
Park Hotels & Resorts announced the amendment and restatement of its existing $901 million revolving credit facility, increasing the total capacity to $950 million. The maturity has been extended from December 2023 to December 2026, with collateral release on certain unencumbered assets. The new facility allows for borrowings at an adjusted SOFR rate plus a margin of 1.45% to 2.75%. Park paid off a $78 million term loan with a $50 million drawdown. CEO Thomas J. Baltimore, Jr. expressed satisfaction with the bank group's support, ensuring $1.9 billion in liquidity amid market uncertainty.
Park Hotels & Resorts reported strong Q3 2022 results, with Pro-forma RevPAR at $171.27, a 61.7% increase from 2021. Despite an 8.8% decline from 2019, occupancy improved to 71.7%. Net income reached $40 million, while Adjusted EBITDA soared 105.2% to $158 million. The company sold seven non-core hotels year-to-date for $317 million, enhancing liquidity to $1.9 billion. Though impacted by Hurricanes Ian and Fiona, financial effects were minimal. Park anticipates continued demand growth, especially in group bookings for 2023, projecting fourth-quarter RevPAR between $163 and $166.
Park Hotels & Resorts has declared a third quarter cash dividend of $0.01 per share, payable on October 17, 2022. Stockholders of record as of September 30, 2022 will receive this dividend. The company, second largest publicly traded lodging REIT, operates a portfolio of 49 hotels with over 30,000 rooms. Despite the dividend announcement, risks from COVID-19 and macroeconomic factors such as inflation and potential recessions remain a concern for Park's financial stability.
Park Hotels & Resorts Inc. (NYSE: PK) will announce its third-quarter financial results on November 2, 2022, after market close. A conference call is scheduled for November 3, 2022, at 11:00 a.m. ET, to discuss earnings, the operational environment, and business outlook. Participants can join via telephone or webcast. Park operates a diverse portfolio of 49 premium-branded hotels and resorts, totaling over 30,000 rooms in prime locations.
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