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Park Hotels & Resorts CEOI says ‘we exceeded expectations’ in Q1
The Fly

Park Hotels & Resorts CEOI says ‘we exceeded expectations’ in Q1

Thomas Baltimore, Jr., Chairman and CEO, stated, "I am pleased to report another very strong quarter where we exceeded expectations and continued to execute against our strategic priorities. Results were driven by on-going improvements at our urban hotels and sustained strength in our resort markets, while an acceleration in group trends helped to drive healthy margin gains during the quarter. As we anticipated, the rebound at our urban hotels was very robust, with RevPAR for the first quarter of 2023 increasing 81% compared to the first quarter of 2022, while RevPAR at our resort hotels increased 13% compared to the first quarter of 2022. Hawaii continues to outperform despite the absence of notable Japanese demand with RevPAR up 26% during the first quarter of 2023 over the first quarter of 2022. Group performance was also better than expected and is forecasted to be one of the main drivers of Park’s outsized growth this year, with quarterly group revenues exceeding our forecast by 15%, while 2023 Group Revenue Pace now stands at 82% of 2019. Additionally, we made significant progress during the quarter on the capital allocation front, repurchasing approximately 8.8 million shares of our common stock at a significant discount to Net Asset Value and increasing our recurring quarterly dividend to $0.15 per share. Finally, we remain laser-focused on continuing to reshape and improve our portfolio through value-enhancing ROI projects with more than $300 million of projects currently underway. Despite increased macroeconomic uncertainty, Park remains very well-positioned to execute on our strategic initiatives and create long-term value for shareholders with approximately $1.8 billion of liquidity."

Published first on TheFly

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