Park Hotels downgraded at Truist on reduced expectations for RevPAR growth

As previously reported, Truist downgraded Park Hotels & Resorts to Hold from Buy with a price target of $11, down from $16. The combination of volatility in consumer and business confidences, government segment cutbacks, and diminished in-bound international travel are all manifesting in soft bookings for Q3 and into Q4, the analyst argues based on analysis of millions of future reservations for U.S. hotels and conversations with hotel owner/ manager contacts and executives at very large travel agencies. Based on the checks and talks, the firm is lowering its “already Street-low” RevPAR growth forecasts for Q3 for the lodging group.