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 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.
Park Hotels & Resorts Inc. (NYSE: PK) reported strong Q2 2022 results with Pro-forma RevPAR reaching $173.03, up 119.7% from Q2 2021, although down 10.2% from Q2 2019. Net income was $154 million, with Adjusted EBITDA at $207 million, showing a significant increase from the previous quarter. The company reopened its last suspended hotel and repurchased 12 million shares year-to-date. Park sold five non-core hotels for gross proceeds of approximately $268 million, improving liquidity to about $1.7 billion. The Q3 2022 outlook suggests continued recovery despite economic uncertainties.
Park Hotels & Resorts announced the sale of two properties: the 195-room Homewood Suites in Seattle and its 25% stake in the 1,190-room Hilton San Diego Bayfront. The combined gross proceeds total $237 million, including $55 million in secured debt. These transactions yield a 6.3% capitalization rate on 2019 net operating income and a 14.0x EBITDA multiple. Year-to-date, Park has sold interests in four hotels for about $260 million as part of a $200-$300 million asset sale goal for 2022, aimed at reducing net leverage and positioning for sustainable growth.
Park Hotels & Resorts (NYSE: PK) announced plans to report its second quarter 2022 financial results after the market closes on August 3, 2022. A conference call is scheduled for August 4, 2022, at 11:00 a.m. ET to discuss earnings, the operational environment, and future outlook. Participants can join via phone or webcast. Park Hotels is the second largest publicly traded lodging REIT, boasting a diverse portfolio of 51 premium-branded hotels and resorts with over 30,000 rooms, primarily located in prime city center and resort areas.
Park Hotels & Resorts has announced a second quarter cash dividend of $0.01 per share, set to be paid on July 15, 2022, to stockholders recorded by June 30, 2022. The company, which manages a portfolio of 52 premium-branded hotels and resorts, is the second largest publicly traded lodging REIT. Despite ongoing challenges due to COVID-19 and its macroeconomic impact, Park emphasizes its commitment to shareholder returns while acknowledging potential financial risks. For further details, visit www.pkhotelsandresorts.com.