{"id":5729,"date":"2022-04-03T14:04:18","date_gmt":"2022-04-03T19:04:18","guid":{"rendered":"https:\/\/1reason.com\/re\/park-hotels-resorts-reinstates-dividend-and-provides-brief-update-on-operating-trends\/5729\/"},"modified":"2022-04-04T09:04:18","modified_gmt":"2022-04-04T14:04:18","slug":"park-hotels-resorts-reinstates-dividend-and-provides-brief-update-on-operating-trends","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/park-hotels-resorts-reinstates-dividend-and-provides-brief-update-on-operating-trends\/5729\/","title":{"rendered":"Park Hotels &amp; Resorts Reinstates Dividend and Provides Brief Update on Operating Trends"},"content":{"rendered":"<div>  <\/p>\n<p><strong><u>Recent Highlights<\/u><\/strong><\/p>\n<ul type=\"disc\">\n<li>On March 1, 2022, Park reopened the 314-room Hilton Short Hills, NJ, leaving just one hotel, the Parc 55 San Francisco &#8211; a Hilton Hotel, suspended;<\/li>\n<li>On March 7, 2022, Moody\u2019s Investors Service (\u201cMoody\u2019s\u201d) upgraded Park\u2019s outlook to Stable from Negative; and<\/li>\n<li>On March 9, 2022, Park declared a first quarter 2022 cash dividend of $0.01 per share to be paid on April 15, 2022 to stockholders of record as of March 31, 2022.<\/li>\n<\/ul>\n<p>\u201cI am very pleased with the broad-based recovery in demand that we witnessed in February and expect to continue into March,\u201d said Thomas J. Baltimore, Jr., Chairman and CEO of Park. \u201cStrong leisure demand in Hawaii, Miami and Key West helped to drive overall performance and occupancy continued to build across our urban portfolio of hotels, improving sequentially by 15 percentage points to 40%, while average rate increased nearly 20% during the month of February \u2013 further signs of a business recovery beginning to take shape. With these positive trends and the path to recovery increasingly clearer, I am pleased to report that Moody\u2019s recently upgraded Park\u2019s outlook from Negative to Stable, and the Board of Directors reinstated Park\u2019s quarterly dividend, approving a $0.01 per share payout for the first quarter 2022.\u201d<\/p>\n<p><strong><u>Operational Highlights<\/u><\/strong><\/p>\n<ul type=\"disc\">\n<li>Pro-forma Occupancy, ADR and RevPAR for February 2022 and comparisons to January 2022, February 2021 and February 2019 for Park\u2019s 48 consolidated hotels were as follows:<\/li>\n<\/ul>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Preliminary<\/strong><br \/><strong> February 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>vs. January 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>vs. February 2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>vs. February 2019<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:43%;width:43%;min-width:43%\">Pro-forma Occupancy<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:10%;width:10%;min-width:10%\">52.8<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:10%;width:10%;min-width:10%\">12.8<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\">pts<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:10%;width:10%;min-width:10%\">27.5<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\">pts<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:10%;width:10%;min-width:10%\">(25.1<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\">pts<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Pro-forma ADR<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">223.63<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">9.2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">45.7<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1.9<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Pro-forma RevPAR<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">118.07<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">44.3<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">204.3<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(30.9<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<ul type=\"disc\">\n<li>Pro-forma Occupancy, ADR and RevPAR for February 2022 and comparisons to January 2022, February 2021 and February 2019 for Park\u2019s 46 consolidated hotels open during the entirety of February 2022 were as follows:\n<\/li>\n<\/ul>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Preliminary<\/strong><br \/><strong> February 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>vs. January 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>vs. February 2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>vs. February 2019<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:43%;width:43%;min-width:43%\">Pro-forma Occupancy<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:10%;width:10%;min-width:10%\">55.5<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:10%;width:10%;min-width:10%\">13.5<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\">pts<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:10%;width:10%;min-width:10%\">28.9<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\">pts<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:10%;width:10%;min-width:10%\">(22.2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\">pts<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Pro-forma ADR<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">223.63<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">9.2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">45.7<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">3.4<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Pro-forma RevPAR<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">124.02<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">44.3<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">204.3<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(26.1<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<ul type=\"disc\">\n<li>Occupancy forecasted to be 60.5% in March 2022 for Park\u2019s 48 consolidated hotels and 62.8% for Park\u2019s 47 consolidated hotels open during the entirety of March 2022;<\/li>\n<li>Generated Hotel Revenues of $116 million and positive Hotel Adjusted EBITDA of $3 million in January 2022, with 18 of 46 consolidated hotels that were open during January 2022 generating positive Hotel Adjusted EBITDA;<\/li>\n<li>As of January 31, 2022, group bookings for Q2 \u2013 Q4 2022 are 64% of what 2019 group bookings were as of January 2019, with average group rates approximating 2019 levels for the same time period; while group bookings for 2023 are 68% of what 2019 group bookings were as of January 2018, with average group rates exceeding 2019 group levels for the same time period; and<\/li>\n<li>Recovery in all segments anticipated to strengthen throughout 2022 with positive momentum expected to continue for Park\u2019s leisure focused hotels, while both group and business transient demand is expected to accelerate starting in the second quarter.<\/li>\n<\/ul>\n<p><strong><u>Forward-Looking Statements<\/u><\/strong><\/p>\n<p>This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park\u2019s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including expected dates that its hotels will break even or achieve positive Hotel Adjusted EBITDA, the impact to the Company&#8217;s business and financial condition and that of its hotel management companies, measures being taken in response to COVID-19, the impact from macroeconomic factors (including inflation and geopolitical conflicts), the effects of competition and the effects of future legislation or regulations, the expected completion of anticipated dispositions, the declaration and payment of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words \u201coutlook,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201cpotential,\u201d \u201ccontinues,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cseeks,\u201d \u201cprojects,\u201d \u201cpredicts,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cestimates,\u201d \u201canticipates,\u201d \u201chopes\u201d or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company\u2019s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors continues to be the adverse effect of COVID-19, including actions taken to contain the pandemic or mitigate its effects, the emergences of virus variants and resurgences, on the Company\u2019s financial condition, results of operations, cash flows and performance, its hotel management companies and its hotels\u2019 tenants, and the global economy and financial markets. Investors are cautioned to interpret many of the risks identified in the risk factors included in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2021 as being heightened as a result of the ongoing and numerous adverse effects of COVID-19.<\/p>\n<p>Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: \u201cRisk Factors\u201d in Park\u2019s Annual Report on Form 10-K for the year ended December 31, 2021, as such factors may be updated from time to time in Park\u2019s filings with the SEC, which are accessible on the SEC\u2019s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.<\/p>\n<p><strong><strong><u>About Park Hotels &amp; Resorts<\/u><\/strong><\/strong><br \/>Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park\u2019s portfolio currently consists of 54 premium-branded hotels and resorts with approximately 32,000 rooms primarily located in prime city center and resort locations. Visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=v_I9BnVMH3Emxxia2Drpne9o289sDJFp__lihcIYdvxpdy5Yc1dHPm9q-zIwogV06raZ1qtS5-iU0Oqo1TMPptZONh7-SwoRDq0BnLQg4ilgGAyMuYEWoXzOE5NkhhbS\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.pkhotelsandresorts.com\">www.pkhotelsandresorts.com<\/a> for more information.<\/p>\n<p align=\"center\"><strong>PARK HOTELS &amp; RESORTS INC.<\/strong><br \/><strong>NON-GAAP FINANCIAL MEASURES RECONCILIATIONS<\/strong><br \/><strong>HOTEL EBITDA, HOTEL ADJUSTED EBITDA AND<\/strong><br \/><strong>HOTEL REVENUES<\/strong><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><em>(unaudited, in millions)<\/em><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Month Ended<\/strong><br \/><strong>January 31, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" style=\"max-width:82%;width:82%;min-width:82%\"><strong>Hotel net income<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong \/><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:15%;width:15%;min-width:15%\">(29<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_top\">Depreciation and amortization expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">23<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_top\">Interest expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">9<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Hotel EBITDA and Hotel Adjusted EBITDA<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">3<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><em>(unaudited, in millions)<\/em><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Month Ended<\/strong><br \/><strong>January 31, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" style=\"max-width:82%;width:82%;min-width:82%\"><strong>Total Revenues<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong \/><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:15%;width:15%;min-width:15%\">122<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_top\">Less: Other revenue<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">(6<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Hotel Revenues<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">116<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong>PARK HOTELS &amp; RESORTS INC.<\/strong><br \/><strong>DEFINITIONS<\/strong><\/p>\n<p><u>EBITDA and Hotel Adjusted EBITDA<\/u><\/p>\n<p>Hotel earnings before interest expense, taxes and depreciation and amortization (\u201cHotel EBITDA\u201d), presented herein, reflects net income excluding depreciation and amortization, interest income, interest expense and income taxes of the Company\u2019s consolidated hotels. Hotel Adjusted EBITDA is Hotel EBITDA further adjusted to exclude items that management believes are not representative of the Company\u2019s consolidated hotels current or future operating performance and is a key measure of the Company\u2019s consolidated hotels profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company\u2019s consolidated hotels.<\/p>\n<p>Hotel EBITDA and Hotel Adjusted EBITDA are not recognized terms under United States (\u201cU.S.\u201d) GAAP and should not be considered as an alternative to net income or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, the Company\u2019s definition of Hotel EBITDA and Hotel Adjusted EBITDA may not be comparable to similarly titled measures of other companies.<\/p>\n<p>The Company believes that Hotel EBITDA and Hotel Adjusted EBITDA provides useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) Hotel EBITDA and Hotel Adjusted EBITDA are among the measures used by the Company\u2019s management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by removing the effect of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results\u037e and (ii) Hotel EBITDA and Hotel Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties as common performance measures to compare results or estimate valuations across companies in the industry.<\/p>\n<p>Hotel EBITDA and Hotel Adjusted EBITDA have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company\u2019s operating performance and results as reported under U.S. GAAP.<\/p>\n<p><u>Occupancy<\/u><\/p>\n<p>Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. Room nights available to guests have not been adjusted for suspended or reduced operations at certain of Park\u2019s hotels as a result of COVID-19. Occupancy measures the utilization of the Company\u2019s hotels\u2019 available capacity. Management uses occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help management determine achievable Average Daily Rate (\u201cADR\u201d) levels as demand for rooms increases or decreases.<\/p>\n<p><u>Average Daily Rate<\/u><\/p>\n<p>ADR (or rate) represents rooms revenue divided by total number of room nights sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in the hotel industry, and management uses ADR to assess pricing levels that the Company is able to generate by type of customer, as changes in rates have a more pronounced effect on overall revenues and incremental profitability than changes in occupancy, as described above.<\/p>\n<p><u>Revenue per Available Room<\/u><\/p>\n<p>Revenue per Available Room (\u201cRevPAR\u201d) represents rooms revenue divided by the total number of room nights available to guests for a given period. Room nights available to guests have not been adjusted for suspended or reduced operations at certain of Park\u2019s hotels as a result of COVID-19. Management considers RevPAR to be a meaningful indicator of the Company\u2019s performance as it provides a metric correlated to two primary and key factors of operations at a hotel or group of hotels: occupancy and ADR. RevPAR is also a useful indicator in measuring performance over comparable periods.<\/p>\n<p><u>Pro-forma <\/u><\/p>\n<p>The Company presents certain data for its consolidated hotels on a pro-forma hotel basis as supplemental information for investors: Pro-forma Hotel Revenues, Pro-forma RevPAR, Pro-forma Total RevPAR, Pro-forma Occupancy, Pro-forma ADR, Pro-forma Hotel Adjusted EBITDA and Pro-forma Hotel Adjusted EBITDA Margin. The Company presents pro-forma hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company\u2019s pro-forma metrics exclude results from property dispositions that have occurred through March 11, 2022 and include results from property acquisitions as though such acquisitions occurred on the earliest period presented.<\/p>\n<p><strong>For more information, contact:<\/strong><br \/>Ian Weissman<br \/>Senior Vice President, Corporate Strategy<br \/>571-302-5591<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=7Tqhoso6BAKPAZPu5LCLAt0XiWsaSxRY13cxb_Hg6_f40J-hmRyANXwraPlNmr_RfpjI8qphF-7TvmCzAMdp5A69mIakKk-MsDaEO4-YFun5Z03tuX6BlUBRfiuw7kQn\" rel=\"nofollow noopener\" target=\"_blank\" title=\"iweissman@pkhotelsandresorts.com\">iweissman@pkhotelsandresorts.com<\/a><\/p>\n<p align=\"center\"><em>For additional information or to receive press releases via e-mail, please visit our website at<\/em><br \/><em><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=v_I9BnVMH3Emxxia2Drpne9o289sDJFp__lihcIYdvy_VOcL2_pXNPXoGN0byPiYePptMb2g9IU5AFtLbUhdeDeKmb7JGuL2-VWH0oBZzWFlkVNg64Eua0mKEDjyawvr\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.pkhotelsandresorts.com\">www.pkhotelsandresorts.com<\/a><\/em><\/p>\n<p><\/p>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/ZTBlZDljNTYtYTNmMi00OTNiLTkwODItYmMxMmRmNzNlZDQ1LTEyMDA0NzA=\/tiny\/Park-Intermediate-Holdings-LLC.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p align=\"left\">TYSONS, Va., March 11, 2022 (GLOBE NEWSWIRE) &#8212; Park Hotels &amp; Resorts Inc. (\u201cPark\u201d or the \u201cCompany\u201d) (NYSE:PK) today provided an operational update and announced the reinstatement of its dividend.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/5729"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=5729"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/5729\/revisions"}],"predecessor-version":[{"id":5743,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/5729\/revisions\/5743"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=5729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=5729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=5729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}