Park Hotels & Resorts raises Q4 adjusted FFO view to 38c-45c from 35c-43c

Consensus for Q4 FFO is 41c. Updated Q4 outlook reflects slightly lower than expected RevPAR performance but better than expected Hotel Adjusted EBITDA margin, Adjusted EBITDA and djusted FFO per share as a result of higher than expected group business yielding additional incremental food & beverage revenue, offset by weaker than expected leisure demand in certain resort markets. CEO Thomas Baltimore, Jr. stated, "As we approach the end of the year, I am incredibly pleased with the recovery of our business and the progress we have made against our 2022 priorities. Operationally, despite the macro headwinds, Q4 is generally in line with our overall expectations thanks to our diversified portfolio, and while we are adjusting our Q4 outlook down slightly on the top-line, we are raising margin and earnings guidance given outperformance in out-of-room spend and cost savings…markets such as Hawaii, New York and New Orleans have shown solid outperformance throughout the quarter with additional tailwinds anticipated next year from incremental international inbound and convention demand, which should help offset slower growth this quarter in markets like Key West and a still lagging recovery in San Francisco, which is now expected to drag the portfolio fourth quarter RevPAR growth relative to 2019 by over 900 basis points".