SYgle>Industry Information>Park Hotels & Resorts Inc. Reports Third Quarter 2017 Results

Park Hotels & Resorts Inc. Reports Third Quarter 2017 Results

Column: industry Tag: Park Hotels,Third Quarter,Park Hotels & Resorts Published: 2017-11-07 09:30 Source: Author:

Park Hotels & Resorts Inc. (NYSE: PK) yesterday?announced results for the third quarter ended September?30, 2017. Highlights include:

Third Quarter 2017 Highlights

·Comparable RevPAR was $166.66, a decrease of 0.1% on a Pro-forma basis from the same period in 2016; excluding impact from hurricanes, Comparable RevPAR remained flat from the same period in 2016;

·Net income was $105 million and net income attributable to stockholders was $103 million;

·Adjusted EBITDA was $183 million;

·Adjusted FFO attributable to stockholders was $141 million;

·Diluted earnings per share was $0.48;

·Diluted Adjusted FFO per share was $0.66;

·Comparable Hotel Adjusted EBITDA margin was 27.0%, a decrease of 120 bps on a Pro-forma basis from the same period in 2016; and

·Caribe Hilton was removed from comparable results following damage sustained from Hurricane Maria.

Thomas J. Baltimore, Jr., Chairman, President and Chief Executive Officer, stated, “Our team responded exceptionally well to the challenging environment caused by the devastating hurricanes across Key West and Puerto Rico. I am incredibly proud of the efforts made by all hotel staff, first responders and Park employees to ensure our guests were safe and that our hotels were ultimately secure, stabilized, and in the case of our two hotels in Key West, up and running within five weeks. Despite these challenges, our hotels in San Francisco, Orlando and Hawaii helped to more than offset the disruption we faced from the hurricanes, thus continuing to demonstrate the benefits of owning a high-quality, diverse portfolio. Specifically, in San Francisco, despite the continued challenges amid on-going renovations at the Moscone Convention Center, our team and operating partners did an impressive job securing a significant amount of in-house group business during the quarter, helping to drive 4.4% RevPAR growth across our two Union Square hotels.”

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