Q3 2024 Park Hotels & Resorts Inc Earnings Call Transcript
Key Points
- Park Hotels & Resorts Inc (PK) reported a 3.3% RevPAR growth in the third quarter, despite disruptions in certain markets.
- The company experienced strong group and business transient demand, offsetting moderating leisure trends.
- Recent redevelopment projects in Orlando and Key West have shown positive results, with the Waldorf Astoria, Orlando receiving high accolades.
- Park Hotels & Resorts Inc (PK) is actively exploring additional development opportunities in key markets like Hawaii and Miami, aiming for attractive returns.
- The company has successfully disposed of non-core assets, improving its balance sheet and focusing on core portfolio investments.
- RevPAR in Hawaii declined by 8% due to labor strikes, tough year-over-year comparisons, and weather disruptions.
- Inbound travel from Japan was negatively impacted by severe weather, leading to a 17% decline in August.
- The company is unable to update full-year 2024 RevPAR and EBITDA guidance due to ongoing labor negotiations.
- October RevPAR growth was disrupted by Hurricane Milton, with expectations of flat growth for the month.
- The Hilton Oakland Airport Hotel closure resulted in a $3 million loss over the trailing 12 months.
Ladies and gentlemen, good morning and welcome to the Park Hotels and Resorts third quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Ian Weissman, Senior VP Corporate Strategy. Please go ahead sir.
Thank you operator and welcome everyone to the Park Hotels and Resorts third 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 to publicly update or revise these forward-looking statements.
Actual future performance outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the
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