Park Hotels & Resorts reports Q2 adjusted FFO 65c, consensus 63c

Reports Q2 revenue $686M, consensus $694.94M. Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, “I am pleased with our second quarter results as the strategic investments we made in Key West and Orlando continued to bolster our performance, coupled with strong group and leisure demand trends at our hotels in Boston, Miami and New York, resulting in Comparable RevPAR growth of 2% compared to the second quarter of 2023. Group demand continues to improve with 2024 Comparable Group Revenue Pace up nearly 10% compared to the same time last year, driven by accelerated business demand, an increase in citywide events and strong convention calendars at our Boston, Chicago and New York hotels, especially in the third quarter where Comparable Group Revenue Pace is up nearly 13% and is expected to drive increased Comparable RevPAR growth relative to the second quarter.”