Park Hotels & Resorts affirms FY23 outlook for RevPAR, EBITDA

The company states: “Park’s Hawaii hotels continue to experience solid performance with RevPAR increasing 9.3% over prior year in October, followed by RevPAR growth of 14.5% in November; Park’s urban portfolio continues its strong recovery with October Comparable RevPAR increasing 9.1%, followed by November Comparable RevPAR increasing 11.2% versus prior year, with New York and Chicago among Park’s top performing urban markets in November, reporting year-over-year RevPAR gains of 15.1%, and 14.4%, respectively, followed by Boston, Denver, San Francisco, and Washington, D.C., each increasing over 10% versus the prior year on a Comparable basis; Hotel net income for October 2023 and November 2023 was $39 million and $17 million, respectively; Comparable Hotel Adjusted EBITDA margin for October 2023 was 2.6%, a 35 basis point decline year-over-year, while Comparable Hotel Adjusted EBITDA margin improved 53 basis points year-over-year in November 2023 to 25.0%; Park reaffirms its full-year 2023 outlook for Comparable RevPAR, Comparable Hotel Adjusted EBITDA margin, Adjusted EBITDA and Adjusted FFO per diluted share provided in its November 1, 2023 earnings press release.”