Park Hotels & Resorts sees ‘meaningful’ improvement in group demand

Park said: “Looking ahead, we expect a meaningful improvement in group demand as Comparable Group Revenue Pace for the fourth quarter is projected to increase over 12%, compared to the same period in 2024, with double-digit increases across several of our key hotels, including the JW Marriott San Francisco Union Square, our Hawaii and Bonnet Creek Orlando hotels, the Hilton Denver City Center, the Hilton Caribe in Puerto Rico and the New York Hilton Midtown. We expect the Hilton Hawaiian Village Waikiki Beach Resort to considerably improve as we lap the labor strike that disrupted operations during the fourth quarter last year, with Group Revenue Pace projected to increase nearly 57%. I continue to be incredibly proud of our team’s disciplined execution on cost controls, which further limited total expense growth at our Comparable hotels to just 10 basis points this quarter, and we expect additional savings to flow through in the fourth quarter.”