Evercore ISI downgraded Park Hotels & Resorts to In Line from Outperform with an unchanged price target of $13. While the firm believes lodging REITS, including Park, trade at depressed multiples, it is moving to the sidelines given expected renovation headwinds at its Miami asset and dependence on asset sales to fund stated capital return targets. However, Park has demonstrated its ability to successfully reposition assets and the firm says it may look to revisit as visibility into completion in Miami improves, the analyst added.
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