Q2 2024 Park Hotels & Resorts Inc Earnings Call Transcript
Key Points
- Park Hotels & Resorts Inc (PK) successfully refinanced $650 million of senior notes, extending debt maturities and leaving no material maturities until Q4 2026.
- The company repurchased nearly 1.7 million shares of common stock for $25 million at a significant discount to net asset value.
- RevPAR at Casa Marina resort increased by nearly 215% over the same period last year, with the hotel on track to generate hotel adjusted EBITDA in excess of $31 million in 2024.
- The Bonnet Creek complex in Orlando reported strong performance, with the Waldorf Astoria achieving RevPAR growth of 11% and the Signia Bonnet Creek achieving RevPAR growth of 9%.
- Park Hotels & Resorts Inc (PK) achieved an 8% year-over-year decrease in property insurance premiums, resulting in estimated annualized savings of nearly $3 million.
- RevPAR at the two hotels in Hawaii decreased by approximately 5.5% during the quarter, with occupancy falling by 620 basis points.
- Transient revenues at Hilton Hawaiian Village decreased by 14%, resulting in a 4% year-over-year decrease in RevPAR during the quarter.
- The company expects a $9 million drag on earnings for the full year due to renovation disruptions at multiple properties.
- Full-year 2024 RevPAR growth forecast was lowered by 75 basis points at the midpoint due to moderating performance at Hilton Hawaiian Village and weaker-than-expected inbound travel from Japan.
- Hilton Waikoloa Village Hotel reported a 12% decrease in RevPAR during the quarter, with group revenue down 48% year over year.
Greetings, and welcome to Park Hotels & Resorts Inc., second-quarter 2024 earnings conference call. (Operator Instructions). As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Ian Weissman. Thank you. You may begin.
Thank you, operator, and welcome, everyone, to the Park Hotels & Resorts second-quarter 2024 earnings call. Before we begin, I would like to remind everyone that many of the comments made today are considered forward-looking statements under federal securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed, and we are not obligated to publicly update or revise those forward-looking statements.
Actual future performance, outcomes, and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by
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