Park Hotels & Resorts reports Q4 adjusted FFO 39c, consensus 40c

Reports Q4 Nareit FFO per share 54c. Reports Q4 revenue $625M, consensus $603.83M. Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, “I am extremely pleased with our fourth quarter and full-year performance, which exceeded expectations despite the impact of renovations and strike activity in the second half of the year. When adjusting for the impact of strike activity, fourth quarter Comparable RevPAR would have increased more than 3%, while full-year Comparable RevPAR would have grown by a sector-leading 4.2%. Exceptional performance at our Bonnet Creek and Key West hotels drove our 2024 results, underscoring the success of our transformative renovations at these properties. Looking ahead, we anticipate continued strength in group demand, with Comparable Group Revenue Pace for 2025 up nearly 6% year-over-year, driven by increased corporate demand, with active citywide convention calendars in many of our markets and more in-house group events in our Florida and Hawaii hotels, including the Hilton Waikoloa Village where 2025 Group Revenue Pace has surged nearly 70% compared to the same time last year.”