Park Hotels & Resorts reports Q1 adjusted FFO 46c, consensus 41c

Reports Q1 revenue $630M, consensus $615.89M. CEO Thomas Baltimore, Jr. stated, “I am very encouraged by our Q1 results, with Comparable RevPAR remaining essentially flat despite a tough comparison to last year when our portfolio significantly outperformed in almost every market, which resulted in Q1 2024 Comparable RevPAR growth of nearly 8% as compared to the same period in 2023. Our Bonnet Creek complex in Orlando and Casa Marina – Key West hotels continue to lead our portfolio following their transformative renovations, with first quarter RevPAR increasing 14% and 12%, respectively, while transient demand accelerated in several of our key urban markets, including Chicago and New York. We remain laser-focused on executing our strategic priorities while navigating current macroeconomic uncertainty, including disposing of $300M-$400M of non-core assets this year and reallocating and reinvesting this capital in our iconic portfolio for projects such as the $100M transformative renovation at the Royal Palm South Beach Miami scheduled to begin mid-May. During Q1, we also returned $95M of capital back to our shareholders in the form of dividends and share repurchases and spent nearly $80M on capital improvements. With liquidity of approximately $1.2B, we are committed to creating long-term shareholder value and believe we are well-positioned for long-term growth.”