Yahoo Finance

• RevPAR: Flat compared to last year, with nearly 8% growth compared to Q1 2023.

• Bonnet Creek RevPAR: Increased by 32% at Waldorf Astoria, driven by a 65% surge in transient revenues.

• Casa Marina RevPAR: Increased by 12%, with a 680 basis point increase in occupancy.

• Hilton Hawaiian Village RevPAR: Declined by 15% due to recovery from a labor strike.

• Total Hotel Revenues: $608 million for the quarter.

• Hotel Adjusted EBITDA: $151 million, with a nearly 25% margin.

• Total Expenses: Increased by 3.3% during the quarter.

• Adjusted EBITDA: $144 million for the quarter.

• Adjusted FFO per Share: $0.46 for the quarter.

• Dividend: $0.25 per share, translating to an annualized yield of approximately 10%.

• Full Year RevPAR Growth Forecast: Revised to a range of -1% to +2%.

• Full Year Adjusted EBITDA Forecast: Revised to a range of $590 million to $650 million.

• Adjusted FFO per Share Forecast: Revised to a range of $1.79 to $2.09 per share.

• Warning! GuruFocus has detected 4 Warning Sign with PK.

Release Date: May 05, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Park Hotels & Resorts Inc (NYSE:PK) reported better than expected performance in the first quarter with RevPAR essentially flat despite tough comparisons to the previous year.

• The Bonnet Creek complex in Orlando and Casa Marina resort in Key West led the portfolio with significant RevPAR increases of 14% and 12%, respectively.

• The company initiated over $80 million of capital improvements during the quarter and plans further renovations, including a $100 million transformative renovation of the Royal Palm South Beach, Miami.

• Park Hotels & Resorts Inc (NYSE:PK) achieved a major milestone in the entitlements process for the planned 515-room tower at Hilton Hawaiian Village, with expected final administrative approval by the end of the year.

• The company repurchased approximately 3.5 million shares during the quarter at a material discount to net asset value, reflecting active capital management.

Negative Points

• The Hilton Hawaiian Village Hotel's recovery from a labor strike caused a 420 basis point drag on first quarter results, with RevPAR across Hawaii properties declining by 15%.

• The company revised its full-year outlook to reflect a modest slowdown in demand, lowering RevPAR growth forecast by 100 basis points at the midpoint.

• Park Hotels & Resorts Inc (NYSE:PK) faces ongoing macroeconomic uncertainty, including geopolitical tensions and a global trade war, impacting booking windows and cross-border leisure travel.

• The transaction market remains challenging, with uncertainty around the timing and pricing of planned asset sales.

• The company reported a $70 million impairment related to an undisclosed asset, reflecting adjustments in asset valuation.