NYSE$PK
Park Hotels & Resorts Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Park Hotels & Resorts Inc. reported strong first quarter results, exceeding expectations with urban hotel rebound and sustained resort market strength.
Park Hotels & Resorts Inc. reported a strong first quarter, exceeding expectations due to improvements in urban hotels and sustained resort market strength. Group trends accelerated, driving healthy margin gains. The company repurchased 8.8 million shares, increased the quarterly dividend to $0.15 per share, and continued to reshape its portfolio through value-enhancing ROI projects.
- Comparable RevPAR increased by 36.5% compared to Q1 2022, driven by strong urban and resort performance.
- Urban hotels experienced a robust rebound, with RevPAR increasing 81% compared to Q1 2022.
- Group revenues exceeded forecast by 15%, with 2023 Group Revenue Pace now at 82% of 2019 levels.
- The company repurchased 8.8 million shares and increased the recurring quarterly dividend to $0.15 per share.
Headline financials
Revenue & EPS history
Park Hotels · Revenue · Quarterly
$648M
Revenue by segment
Park Hotels · $628M total across 3 segments · Q1 2023
- Rooms$382M+30.8%60.8%
- Food & Beverage$181M+64.5%28.8%
- Ancillary Hotel$65M+6.6%10.4%
Forward guidance
Park Hotels & Resorts expects full-year 2023 operating results with RevPAR between $167 and $179, net income between $113 and $191 million, operating income between $324 and $404 million, and Adjusted EBITDA between $624 and $704 million.
Tailwinds
- Fully diluted weighted average shares are expected to be 216 million.
- RevPAR growth for the second quarter of 2023 is expected to be between 7% to 11% as compared to the second quarter of 2022.
- The repayment of the $75 million mortgage loan secured by the W Chicago – City Center.
- The mortgage loan secured by the Hilton Denver City Center is not called by the lender during 2023.
- Current portfolio as of May 1, 2023 and does not take into account potential future acquisitions and dispositions, which could result in a material change to Park’s outlook.
Headwinds
- Uncertainty surrounding macro-economic factors, including inflation
- Increases in interest rates
- Supply chain disruptions
- The possibility of an economic recession or slowdown
- Includes $14 million of Hotel Adjusted EBITDA disruption from a full-scale renovation at the Casa Marina Key West, Curio Collection, which is expected to be completed in the fourth quarter of 2023
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
-1.5%
Avg return
Earnings day
+0.1%
Avg return
5 days after
+1.8%
Avg return
30 days after
37%
15 / 41 earnings
Positive
+11.8%
Q3 2023
Best reaction
-16.4%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.6% | +0.3% | +7.1% | |
| Q4 2025 | -1.3% | -1.4% | -10.1% | |
| Q3 2025 | -4.8% | -6.0% | +0.8% | |
| Q1 2025 | -1.2% | +1.2% | -1.9% | |
| Q4 2024 | -0.5% | -5.7% | -14.7% | |
| Q3 2024 | +0.7% | -0.9% | +11.5% | |
| Q2 2024 | -2.5% | -9.8% | +1.0% | |
| Q1 2024 | -4.2% | -3.5% | -6.7% | |
| Q4 2023 | +6.0% | +9.4% | +9.8% | |
| Q3 2023 | +11.8% | +16.7% | +29.6% | |
| Q2 2023 | -5.3% | -1.8% | -5.2% | |
| Q1 2023 | +1.9% | +7.4% | +7.4% | |
| Q4 2022 | +3.3% | +3.9% | -16.6% | |
| Q3 2022 | -9.0% | -9.4% | -4.1% | |
| Q2 2022 | -1.0% | -0.5% | -8.3% | |
| Q1 2022 | -1.1% | -2.1% | -5.6% | |
| Q4 2021 | -4.1% | -7.2% | -5.8% | |
| Q3 2021 | +0.7% | +6.7% | -14.2% | |
| Q2 2021 | +7.7% | +6.9% | +7.2% | |
| Q1 2021 | +1.2% | -1.5% | -7.1% | |
| Q4 2020 | -3.1% | -7.1% | -2.6% | |
| Q3 2020 | -1.7% | +37.2% | +73.1% | |
| Q2 2020 | -3.7% | +13.6% | +22.1% | |
| Q1 2020 | -16.4% | -16.2% | +46.8% | |
| Q4 2019 | -9.0% | -9.3% | -57.7% | |
| Q3 2019 | -3.5% | -6.5% | +0.9% | |
| Q2 2019 | -5.0% | -9.5% | -12.3% | |
| Q1 2019 | -5.4% | -6.8% | -16.8% | |
| Q4 2018 | -0.4% | +1.3% | -0.9% | |
| Q3 2018 | +1.2% | +2.0% | +6.0% | |
| Q2 2018 | +4.2% | +3.7% | +6.9% | |
| Q1 2018 | +2.6% | +4.3% | +13.5% | |
| Q4 2017 | -6.0% | +0.6% | +4.0% | |
| Q4 2015 | -6.0% | +0.6% | +4.0% | |
| Q3 2016 | +0.7% | +0.8% | -0.8% | |
| Q3 2017 | +0.5% | +1.1% | -0.4% | |
| Q2 2016 | -0.7% | -1.4% | +1.0% | |
| Q2 2017 | -3.9% | -1.5% | -0.7% | |
| Q4 2016 | +0.2% | -1.8% | +4.4% | |
| Q1 2016 | +0.2% | -1.8% | +4.4% | |
| Q1 2017 | -0.6% | -3.4% | +4.1% | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — |
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