Park Hotels & Resorts narrows FY24 FFO view to $2.10-$2.26 from $2.07-$2.27

Consensus $2.19. Sees FY24 operating margin 15.6%-16.5%. The company said, “Additionally, during the second quarter, we continued to execute our capital allocation strategies by extending our debt maturities by refinancing our $650 million of senior notes that were due in June 2025, advancing our efforts to dispose of non-core assets, and repurchasing nearly 1.7 million shares of our common stock for $25 million at a significant discount to our estimated net asset value. With current liquidity of nearly $1.4 billion, we remain laser-focused on creating long-term shareholder value by further strengthening our balance sheet, while reshaping our portfolio through non-core asset sales and investments back in our core portfolio with value-enhancing ROI projects and leverage-neutral share repurchases.”