Every material Form 8-K Park Hotels & Resorts filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Park Hotels & Resorts reinstated its full-year 2024 guidance on November 11, 2024, after labor agreements were ratified at four hotels in Hawaii, Seattle and Boston. The new outlook is lower than the July 31, 2024 outlook on every headline measure shown, including adjusted EBITDA, net income, diluted EPS and adjusted FFO per share. Shareholders face a lower earnings range for 2024, along with a fourth-quarter dividend expected to be $0.60 to $0.66 per share.
Adjusted EBITDA outlook is $635 million to $655 million, versus $660 million to $690 million on July 31, 2024.
Diluted EPS outlook is $0.68 to $0.77, versus $0.69 to $0.83 previously; adjusted FFO per share is $2.00 to $2.10, versus $2.10 to $2.26.
Preliminary October 2024 Comparable RevPAR fell 1.3% from October 2023; excluding the four affected hotels it rose 3.5%.
Park Hotels & Resorts reported third quarter 2024 total revenues of $649 million, down from $679 million a year earlier, and adjusted FFO attributable to stockholders of $102 million, down from $108 million. GAAP diluted EPS rose to $0.26 from $0.13, helped by gains on asset sales and derecognition, and the company said it will not update its full-year 2024 outlook until labor agreement negotiations are resolved.
Total revenues were $649 million versus $679 million, a decline of 4.4%; Comparable RevPAR rose 3.3% to $189.73.
Diluted EPS was $0.26 versus $0.13, while Adjusted FFO per diluted share was $0.49 versus $0.51.
Full-year 2024 outlook was not updated due to uncertainty over labor union negotiations at operator hotels.
The quarterly dividend remained $0.25 per share, paid October 15, 2024.
Park Hotels & Resorts reported second-quarter 2024 net income of $67 million, compared with a net loss of $146 million a year earlier, when results included a $203 million impairment and casualty loss. Total revenues fell 4.0% to $686 million, and the company lowered the midpoint of its full-year 2024 Comparable RevPAR growth outlook, while its diluted EPS outlook midpoint rose slightly.
Q2 2024 diluted EPS was $0.30, versus a loss of $0.70 in Q2 2023; Q2 total revenues fell 4.0% to $686 million.
Comparable RevPAR rose 2.0% to $194.90 in Q2 2024.
Full-year 2024 Comparable RevPAR change outlook is now 3.5% to 4.5%, down from 4.0% to 5.5%; diluted EPS outlook is $0.69 to $0.83, versus $0.66 to $0.85 previously.
Board declared a $0.25 per share Q3 2024 dividend payable October 15, 2024; the company repurchased about 1.7 million shares for $25 million in June 2024.
Park Hotels & Resorts' subsidiaries issued $550 million of 7.000% senior notes due 2030 and a new $200 million unsecured term loan, using the proceeds to buy back $311,473,000 of its 7.500% notes due 2025 through a tender offer. The company said it will redeem the remaining 2025 notes on about June 1, 2024, replacing debt maturing in 2025 with debt maturing in 2027 and 2030 at a 7.000% fixed rate on the new notes. The filing does not report earnings or guidance, and it also notes that the company has ceased payments on a $725 million CMBS loan on two San Francisco hotels, with the lender exercising remedies.
$550 million 7.000% senior notes due February 1, 2030, issued May 16, 2024
$200 million unsecured term loan maturing May 14, 2027, fully funded May 16, 2024
$311,473,000 of the $650 million 7.500% notes due 2025 accepted in the tender offer; remaining notes to be redeemed at 100% on about June 1, 2024
Filing states Park ceased payments on a $725 million non-recourse CMBS loan on Hilton San Francisco Union Square and Parc 55 San Francisco
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Park Hotels & Resorts filing is on SEC EDGAR ↗. 8-K briefs of other companies →