From GlobeNewswire:

Park Hotels & Resorts Inc. reported their fourth-quarter and full-year 2023 results, showing strong performance with Net income of $188 million, up 437.1% from the previous year. Operating income margin increased to 42.0% in 2023. Adjusted FFO attributable to stockholders rose to $110 million, an increase of 8.9% from 2022.

In 2023, Park Hotels & Resorts executed strategic objectives, exceeded operational goals, and strengthened the balance sheet. The company returned over $630 million to shareholders, repurchased 14.6 million shares of common stock, and reinvested nearly $300 million back into its portfolio. Park was named one of America’s Most Trustworthy Companies and one of America’s Most Responsible Companies.

Park Hotels & Resorts completed several renovation projects, including Tapa Tower at the Hilton Hawaiian Village, Waldorf Astoria Orlando, and Casa Marina Key West resort. The company declared dividends totaling $2.15 per share in 2023. Park’s credit rating was upgraded to BB- by S&P Global due to improved leverage.

During 2023, Park Hotels & Resorts sold the Hilton Miami Airport hotel for $118.25 million, repaid a $75 million mortgage loan, and purchased land adjacent to the Hilton Hawaiian Village. The company was recognized with the 2023 Nareit Leader in the Light Award and has been included in Newsweek’s list of America’s Most Trustworthy Companies multiple times.

Park Hotels & Resorts saw improvements in demand, with Comparable group revenues increasing by nearly 9% in the fourth quarter of 2023. Comparable RevPAR growth was driven by urban markets, with a nearly 8% increase year-over-year for the urban portfolio. The company is optimistic for strong performance in 2024 based on positive early-year trends.



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