{"id":6002,"date":"2022-05-03T02:18:50","date_gmt":"2022-05-03T07:18:50","guid":{"rendered":"https:\/\/1reason.com\/re\/park-hotels-resorts-provides-update-on-operating-trends\/6002\/"},"modified":"2022-05-03T21:18:50","modified_gmt":"2022-05-04T02:18:50","slug":"park-hotels-resorts-provides-update-on-operating-trends","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/park-hotels-resorts-provides-update-on-operating-trends\/6002\/","title":{"rendered":"Park Hotels &amp; Resorts Provides Update on Operating Trends"},"content":{"rendered":"<div>              <\/p>\n<p>\u201cI am incredibly pleased with the broad-based recovery taking shape across our portfolio,\u201d said Thomas J. Baltimore, Jr., Chairman and CEO of Park. \u201cWhile leisure demand remains robust in our Hawaii, Florida and Puerto Rico markets, business transient and group demand strengthened throughout March, especially across our urban portfolio including San Francisco, New York, Boston, Washington, D.C. and Chicago, with the pace of improvement expected to accelerate over the balance of the year. We currently expect April 2022 occupancy at our open hotels to improve sequentially by over 600 basis points, to the low 70% range, while average daily rate is forecasted to exceed 2019 by approximately 8%, leading to RevPAR that is just 7% shy of 2019. Overall, we are incredibly encouraged by the pace of recovery across all demand segments, with Park\u2019s portfolio on track to fully recover by 2023.\u201d<\/p>\n<p><strong><u>Operational Highlights<\/u><\/strong><\/p>\n<ul type=\"disc\">\n<li>Pro-forma Occupancy, ADR and RevPAR for March 2022 and comparisons to February 2022, March 2021 and March 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> March 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 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. March 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. March 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:32%;width:32%;min-width:32%\">Pro-forma Occupancy<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">63.0<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\">10.1<\/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:2%;width:2%;min-width:2%\">pts<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\">30.1<\/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:2%;width:2%;min-width:2%\">pts<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\">(19.3<\/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:2%;width:2%;min-width:2%\">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\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">236.08<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">5.5<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">39.5<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">5.4<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Pro-forma RevPAR<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">148.67<\/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\">25.7<\/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\">167.1<\/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\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(19.3<\/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\" \/><\/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 March 2022 and comparisons to February 2022, March 2021 and March 2019 for Park\u2019s 47 consolidated hotels open during the entirety of March 2022 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> March 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 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. March 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. March 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:32%;width:32%;min-width:32%\">Pro-forma Occupancy<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">65.4<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\">10.5<\/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:2%;width:2%;min-width:2%\">pts<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\">31.2<\/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:2%;width:2%;min-width:2%\">pts<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\">(16.6<\/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:2%;width:2%;min-width:2%\">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\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">236.08<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">5.5<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">39.5<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">6.5<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Pro-forma RevPAR<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">154.34<\/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\">25.7<\/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\">167.1<\/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\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(15.1<\/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 69.4% in April 2022 for Park\u2019s 48 consolidated hotels and 72.0% for Park\u2019s 47 consolidated hotels open during the entirety of April 2022;<\/li>\n<li>Generated Hotel Revenues of $145 million and positive Hotel Adjusted EBITDA of $27 million in February 2022 (compared to $116 million and $3 million, respectively, for January 2022), with 27 of 46 consolidated hotels that were open during February 2022 generating positive Hotel Adjusted EBITDA;<\/li>\n<li>In March of 2022, group bookings for the remainder of 2022 and 2023 tripled, an increase of approximately 200,000 room nights, up from approximately 65,000 room nights in February 2022;<\/li>\n<li>As of the end of March, group bookings for the remainder of 2022 are 66% of what 2019 group bookings were as of March 2019, an improvement of 400 bps from December 2021, with average group rate in line with 2019 levels for the same time period; while group bookings for 2023 are 73% of what 2019 group bookings were as of March 2018, with average group rate exceeding 2019 group levels by 2.5% for the same time period;<\/li>\n<li>Group lead volumes continue to increase, with March 2022 lead demand up over 30% compared to January 2022, representing approximately 90% of 2019 levels; and<\/li>\n<li>Mid-week occupancies, excluding resort hotels, more than doubled to 54% in March of 2022 compared to the end of January 2022, signaling continued recovery of business transient demand.<\/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=5BQqZtVYbT5HZw4dEfXoKdVyosEHTYIAQMHiSWqbCibBBjc14lxYx8jY_MNYis34Ispu6VtkktZ_ZimQO1hygDa6Ve4HkITavJ_bNM894i5kYayTw8fJqY2yurhlQiuf\" 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_bottom\"><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>February 28, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:77%;width:77%;min-width:77%\"><strong>Hotel net income<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\"><strong \/><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:15%;width:15%;min-width:15%\">(5<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">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_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">23<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">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_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">8<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Hotel EBITDA <\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">26<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Other<\/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_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Hotel Adjusted EBITDA<\/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_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">27<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><em>(unaudited, in millions)<\/em><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Month Ended<\/strong><br \/><strong>February 28, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:77%;width:77%;min-width:77%\"><strong>Total Revenues<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\"><strong \/><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:15%;width:15%;min-width:15%\">150<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">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_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(5<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><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_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">145<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><em>(unaudited, in millions)<\/em><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Month Ended<\/strong><br \/><strong>January 31, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:77%;width:77%;min-width:77%\"><strong>Hotel net income<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\"><strong \/><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" 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_bottom\" style=\"max-width:3%;width:3%;min-width:3%\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">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_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">23<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">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_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">9<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><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_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">3<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><em>(unaudited, in millions)<\/em><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Month Ended<\/strong><br \/><strong>January 31, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:77%;width:77%;min-width:77%\"><strong>Total Revenues<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\"><strong \/><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" 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_bottom\" style=\"max-width:3%;width:3%;min-width:3%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">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_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(6<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><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_bottom\">$<\/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_bottom\">116<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong><br \/>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 April 12, 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=12IAMxA93nLZ5opsqnQMS9Vtme6Y2m_86EsfWvC4zURK5E7zM34uyHdouq_MyIZUC2kEEfxAHe5Jb__zUsQ2G03FPQ0i3IqeEjSsKn8gN4Lr2hVs6vlLQIPEF0RVPy4H\" 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>www.pkhotelsandresorts.com<\/em><\/p>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/NDQ1ZGFiNTAtMjkwNC00ODhhLWEzMGItZDU0YjAyZWRiOWI5LTEyMDA0NzA=\/tiny\/Park-Intermediate-Holdings-LLC.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p align=\"left\">TYSONS, Va., April 13, 2022 (GLOBE NEWSWIRE) &#8212; Park Hotels &amp; Resorts Inc. (\u201cPark\u201d or the \u201cCompany\u201d) (NYSE:PK) today provided an operational update.<\/p>\n<p>Recent Highlights<\/p>\n<p> Occupancy for March 2022 for Park\u2019s 48 consolidated hotels was 63.0%, a sequential improvement of over 10 percentage points from February 2022;Repurchased 3.4 million shares of common stock at an average price of $17.99 per share, or $61 million, during the first quarter of 2022; andAccelerated plans to reopen Park\u2019s remaining suspended hotel, the 1,024-room Parc 55 San Francisco \u2013 a Hilton Hotel, with a target reopening date of May 19, 2022, based on improving demand trends in the San Francisco market.<\/p><\/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\/6002"}],"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=6002"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6002\/revisions"}],"predecessor-version":[{"id":6009,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6002\/revisions\/6009"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=6002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=6002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=6002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}