TYSONS, Va., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE:PK) today provided an update on fourth quarter operating trends. Unless otherwise stated, all operating results are presented on a Comparable hotel basis. “I am incredibly pleased with the strength of our portfolio as we end the year with preliminary November 2024 RevPAR pacing ahead of expectations and preliminary full-year 2024 RevPAR trending towards the upper end of our previously disclosed guidance ...

TYSONS, Va., Nov. 26, 2024 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”) announced today that the Company has declared a fourth quarter dividend of $0.65 per share of common stock which includes Park’s regular quarterly dividend of $0.25 coupled with a $0.40 top off dividend based on 2024 operating results. The dividend will be paid in cash on January 15, 2025 to stockholders of record as of December 31, 2024. The fourth quarter dividend, together with the regular cash ...

Company Overview - Park Hotels & Resorts Inc. has interests in 41 hotels with over 25,000 rooms, of which over 86% are luxury and upper upscale[74]. Financial Performance - Net income for the three months ended September 30, 2024, was $54 million, compared to a loss of $90 million in the same period of 2023[99]. - Adjusted EBITDA for the three months ended September 30, 2024, was $168 million, a decrease from $173 million in the same period of 2023[94]. - Nareit FFO attributable to stockholders for the three months ended September 30, 2024, was $82 million, compared to $91 million in the same period of 2023[99]. - Rooms revenue for the three months ended September 30, 2024, was $403 million, down from $432 million in the same period of 2023, reflecting a decrease of $29 million[103]. - Total hotel expenses for the three months ended September 30, 2024, were $468 million, compared to $493 million in the same period of 2023, indicating a reduction of $25 million[103]. - Adjusted FFO attributable to stockholders for the three months ended September 30, 2024, was $102 million, compared to $108 million in the same period of 2023[99]. - Interest expense associated with hotels in receivership for the three months ended September 30, 2024, was $15 million, compared to $6 million in the same period of 2023[99]. - Depreciation and amortization expense for the three months ended September 30, 2024, was $63 million, consistent with the same period in 2023[99]. - Rooms revenue for the nine months ended September 30, 2024, was $1,193 million, a decrease of $63 million (5.0%) compared to $1,256 million for the same period in 2023[107]. - Food and beverage revenue increased by $3 million (0.6%) to $521 million for the nine months ended September 30, 2024, compared to $518 million in 2023[107]. - Total corporate general and administrative expenses decreased by $17 million (5.6%) to $17 million for the three months ended September 30, 2024, compared to $18 million in 2023[116]. - The company recognized impairment losses of approximately $12 million during the nine months ended September 30, 2024, compared to $202 million in the same period of 2023[117][118]. - Interest expense increased by $3 million (5.9%) to $54 million for the three months ended September 30, 2024, compared to $51 million in 2023[121]. - Net cash provided by operating activities decreased by 7.4% to $349 million for the nine months ended September 30, 2024, compared to $377 million for the same period in 2023[134]. - Net cash used in investing activities was $134 million for the nine months ended September 30, 2024, primarily due to $164 million of capital expenditures[136]. Asset Management and Strategy - The company aims to deliver superior, risk-adjusted returns to stockholders through active asset management and a thoughtful external growth strategy[75]. - The company has permanently closed the Hilton Oakland Airport and terminated its ground lease, returning the property to the ground lessor[80]. - The company expects to be released from the obligation related to the SF Mortgage Loan upon final resolution with the lender, which may impact future financial results[100]. - The company has construction contract commitments of approximately $113 million for capital expenditures at its properties[131]. Sales and Gains - The unconsolidated joint venture sold the Hilton La Jolla Torrey Pines for gross proceeds of approximately $165 million, with a pro-rata share of about $41 million[79]. - The company recognized a gain of approximately $19 million from the sale of the Hilton La Jolla Torrey Pines, included in equity in earnings from investments in affiliates[79]. - The company recorded a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines during the three months ended September 30, 2024[95]. - The company reported a net gain of $15 million from the sale of one consolidated hotel during the nine months ended September 30, 2023[119]. - The company recognized a loss of approximately $4 million during the nine months ended September 30, 2024, primarily related to the write-off of unamortized deferred financing costs[124]. Market Trends and Expectations - Average Daily Rate (ADR) growth has slowed as industry recovery stabilizes, indicating a normalization of seasonal patterns[78]. - Revenue per Available Room (RevPAR) is considered a meaningful performance indicator, correlating occupancy and ADR[83]. - The company expects positive momentum to continue for the remainder of 2024 based on current demand trends and expected increases in city-wide events[78]. - Economic disruptions, including elevated interest rates and inflation, may adversely affect business performance and consumer demand for travel[78]. - The occupancy rate at the Hilton Chicago increased by 12.9 percentage points for the three months ended September 30, 2024, compared to the same period in 2023[111]. - The Waldorf Astoria Orlando saw occupancy and ADR increases of 17.0 percentage points and 6.9%, respectively, for the three months ended September 30, 2024[109]. - Combined occupancy and ADR at Boston hotels increased by 1.5 percentage points and 5.2%, respectively, for the three months ended September 30, 2024, compared to the same period in 2023[113]. - Interest expense on the SF Mortgage Loan increased by $1 million and $13 million for the three and nine months ended September 30, 2024, respectively, due to accrued default interest beginning in June 2023[123]. Shareholder Returns - The company repurchased approximately 2.5 million shares of common stock for a total purchase price of $35 million during the three months ended September 30, 2024[80]. - The company repurchased approximately 4.2 million shares of common stock for a total purchase price of $60 million during the nine months ended September 30, 2024[133]. - The company declared a third quarter dividend of $0.25 per share, paid on October 15, 2024, to stockholders of record as of September 30, 2024[130]. Indebtedness - Total indebtedness as of September 30, 2024, was approximately $3.9 billion, including over $2 billion of Senior Notes[141]. - As of September 30, 2024, total cash and cash equivalents were $480 million, with an additional $38 million in restricted cash[127].

About Park and Safe Harbor Disclosure About Park Hotels & Resorts Inc. Park (NYSE: PK) is one of the largest publicly-traded lodging real estate investment trusts ("REIT") with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 41 premium-branded hotels and resorts with over 25,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information. Forw ...

Core Insights - Park Hotels & Resorts reported a revenue of $649 million for the quarter ended September 2024, reflecting a decrease of 4.4% year-over-year [1] - The earnings per share (EPS) for the quarter was $0.49, a significant increase from $0.13 in the same quarter last year [1] - The reported revenue fell short of the Zacks Consensus Estimate of $654.98 million, resulting in a surprise of -0.91% [1] - The company met the consensus EPS estimate of $0.49, indicating no surprise in earnings [1] Performance Metrics - Comparable RevPAR (Revenue per Available Room) growth was 3.3%, slightly above the three-analyst average estimate of 3.2% [3] - The occupancy rate reached 78.1%, surpassing the average estimate of 76.1% based on two analysts [3] - Room revenues totaled $403 million, which was below the estimated $405.21 million, marking a year-over-year decline of 6.7% [3] - Ancillary hotel revenues were reported at $68 million, exceeding the average estimate of $62.97 million, with a year-over-year increase of 3% [3] - Food and beverage revenues amounted to $157 million, slightly below the average estimate of $160.33 million, reflecting a year-over-year decrease of 1.3% [3] - Other revenues were reported at $21 million, below the estimated $23.32 million, representing a year-over-year decline of 4.6% [3] - Diluted earnings per share were $0.26, exceeding the average estimate of $0.15 [3] Stock Performance - Over the past month, shares of Park Hotels & Resorts have returned -1%, in contrast to the Zacks S&P 500 composite's +1.7% change [4] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [4]

Park Hotels & Resorts (PK) came out with quarterly funds from operations (FFO) of $0.49 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.51 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this company would post FFO of $0.63 per share when it actually produced FFO of $0.65, delivering a surprise of 3.17%. Over the last four quarters, the company has surpassed consensus FFO estimates three times. Park Hotels & Resor ...

TYSONS, Va., Oct. 29, 2024 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. ("Park" or the "Company") (NYSE: PK) today announced results for the third quarter ended September 30, 2024 and provided an operational update. ______________________________________________ Selected Statistical and Financial Information (unaudited, amounts in millions, except RevPAR, ADR, Total RevPAR and per share data) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------- ...

Core Insights - Park Hotels & Resorts Inc. announced that the Waldorf Astoria Orlando hotel has been ranked 9th in the world by Condé Nast Traveler in its 2024 Readers' Choice Awards for the Best Resorts in the World [1][2] Company Overview - Park Hotels & Resorts is one of the largest publicly traded lodging REITs, with a diverse portfolio of iconic and market-leading hotels and resorts that possess significant underlying real estate value [2] - The company's portfolio currently consists of 41 premium-branded hotels and resorts, totaling over 25,000 rooms located in prime city center and resort locations [2] Investment and Development - The recognition of the Waldorf Astoria Orlando is attributed to Park's development capabilities, following a $220 million investment aimed at reimagining both the Waldorf Astoria Orlando and Signia by Hilton Orlando Bonnet Creek [2] - The company aims to continue creating exceptional experiences for guests while driving long-term value for shareholders [2]

Core Insights - Pasithea Therapeutics Corp. announced promising safety, tolerability, pharmacokinetic (PK), and preliminary efficacy data for PAS-004, a next-generation MEK inhibitor, in its Phase 1 clinical trial [1][3][4] Pharmacokinetics and Dosing - The Phase 1 clinical trial is designed as a multi-center, open-label, dose escalation study to evaluate PAS-004 in patients with advanced solid tumors driven by MAPK pathway mutations [2] - PAS-004 demonstrated a long half-life of approximately 70 hours, allowing for once-daily or less frequent oral dosing, which is a significant improvement over first-generation MEK inhibitors [5][9] - At steady-state, drug levels peaked at about 5 hours with a geometric mean maximum concentration (Cmax) of 16.2 ng/mL for the 2 mg dose and 61.3 ng/mL for the 4 mg dose [5] Safety and Tolerability - No treatment-related adverse events (TRAEs) or dose-limiting toxicities (DLTs) were observed in the first two dosing cohorts, indicating a favorable safety profile [7] - The absence of common side effects associated with MEK inhibitors, such as rash or gastrointestinal toxicity, was noted [7][9] Preliminary Efficacy - A patient with stage 3 colon cancer, who had received four prior lines of therapy, achieved prolonged stable disease while on PAS-004, suggesting early signs of efficacy [1][4] - The patient had a BRAF K601E mutation, which currently lacks approved therapies, highlighting the potential of PAS-004 in treating difficult-to-manage cases [4] Future Directions - The company has initiated dosing for a third cohort at an increased dose of 8 mg and plans to provide periodic updates on the trial's progress [8][9] - PAS-004 is positioned to potentially outperform current MEK inhibitors in terms of safety, reduced administration frequency, and efficacy across various indications, including neurofibromatosis type 1 (NF1) and other MAPK-driven cancers [4][9]

Core Viewpoint - Park Hotels & Resorts Inc. plans to report its financial results for the third quarter of 2024 on October 29, 2024, and will hold a conference call to discuss these results on October 30, 2024 [1]. Group 1: Financial Reporting - The financial results for Q3 2024 will be announced after the stock market closes on October 29, 2024 [1]. - A conference call is scheduled for October 30, 2024, at 11:00 a.m. Eastern Time to discuss earnings results and business outlook [1]. Group 2: Conference Call Participation - The conference call can be accessed via telephone or the internet, with specific dial-in numbers provided for participants [2]. - Participants are encouraged to join the call 10 minutes early to ensure connectivity [2]. Group 3: Company Overview - Park Hotels & Resorts is one of the largest publicly traded lodging REITs, with a portfolio of 41 premium-branded hotels and resorts totaling over 25,000 rooms [4]. - The properties are located in prime city center and resort locations, highlighting the significant underlying real estate value [4].