Park Hotels & Resorts reports Q4 adjusted FFO 45c, consensus 41c

Reports Q4 revenue $665M, consensus $649.79M. Reports Q4 Comparable RevPAR $162.81 vs. $111.02 a year ago. Thomas Baltimore, Jr., Chairman and CEO, stated, "I am extremely pleased by our Q4 results, which exceeded our expectations and guidance that we provided mid-December, and am encouraged by the positive trends continuing into early 2023. Group business continued to accelerate in the Q4, with group revenue approximately 83% of the Q4 of 2019. Business transient demand continues to grow, and despite some seasonal moderation, leisure demand continued to improve at our urban markets. During the Q4 average rates at our resort and airport hotels exceeded 2019 levels by 21% and 8%, respectively, while rate at our urban and suburban hotels exceeded 2019 levels by approximately 2%. Additionally, Park executed on its capital allocation priorities over the past year by completing $435M of non-core asset sales and recycling this capital into repurchases of nearly $260M of our common stock and repayments of over $100M of debt, while also amending and extending our Revolver, further improving the Company’s financial flexibility. Looking ahead into 2023, I am excited by the continued positive momentum across our portfolio, with improving city-wide calendars and the return of international travel. We currently do not see recession concerns making a significant impact on our business, and we remain well positioned with approximately $1.9B of liquidity to ramp up our dividend distributions and ROI capex spend this year while prudently making opportunistic investments, whether it be additional share repurchases or acquisitions."