Park Hotels & Resorts sees Q4 adjusted FFO 53c, consensus 50c

Sees Q4 comparable RevPAR up 4.1% vs, 4Q22 to $178.25. Comparable total RevPAR for Q4 is expected to be $287.21, up 4.9 % year-over-year. “I am incredibly pleased with our preliminary fourth quarter and year-end results, with both preliminary Comparable RevPAR and Adjusted EBITDA exceeding the midpoint of our previously announced 2023 guidance ranges. Our portfolio continued to deliver impressive results, as business travel accelerated in Boston, Chicago and New York, which helped to drive a near 8% year-over-year preliminary Comparable RevPAR increase for the quarter in our urban portfolio, while leisure demand trends remained strong at our Hawaii hotels, with combined fourth quarter preliminary RevPAR for those two resorts up over 8% versus prior year. As we look ahead to 2024, we are excited about our expectations for ongoing strength across our portfolio and anticipate that the transformative renovation projects at both the Bonnet Creek Orlando complex and the Casa Marina Key West hotel will create significant long-term value for shareholders…,” said Thomas J. Baltimore, Jr., CEO.