TYSONS, Va., April 30, 2024 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. ("Park" or the "Company") (NYSE:PK) today announced results for the first quarter ended March 31, 2024 and provided an operational update. Selected Statistical and Financial Information (unaudited, amounts in millions, except RevPAR, ADR, Total RevPAR and per share data)   Three Months Ended March 31,   2024   2023   Change(1) Comparable RevPAR $ 175.65     $ 162.91     7.8 % Comparable Occupancy   70.9 %     67.4 %   3.5 % pts Comparable ADR $ 247.91     $ 241.96     2.5 %               Comparable Total RevPAR $ 289.68     $ 271.73     6.6 %               Net income(2) $ 29     $ 33     (12.1 )% Net income attributable to stockholders(2) $ 28     $ 33     (15.2 )%               Operating income $ 92     $ 80     15.1 % Operating income margin   14.5 %     12.4 %   210  bps               Comparable Hotel Adjusted EBITDA(2) $ 168     $ 145     16.0 % Comparable Hotel Adjusted EBITDA margin(2)   27.3 %     25.4 %   190  bps               Adjusted EBITDA(2) $ 162     $ 146     11.0 % Adjusted FFO attributable to stockholders $ 111     $ 92     20.7 %               Earnings per share - Diluted(1) $ 0.13     $ 0.15     (13.3 )% Adjusted FFO per share – Diluted(1) $ 0.52     $ 0.42     23.8 % Weighted average shares outstanding – Diluted   211       221     (10 )                       ____________________________ (1) Amounts are calculated based on unrounded numbers. (2) In Q1 2024, Park recognized a $5 million benefit resulting from grant money received from the Massachusetts Growth Capital Corporation's Hotel & Motel Relief Grant Program, and Park's Hawaii hotels benefited from a state unemployment tax refund of approximately $4 million. Excluding these items, Comparable Hotel Adjusted EBITDA would have increased 40 bps compared to the prior year.     Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, "I am incredibly pleased with our first quarter results as demand trends accelerated across all segments, fueled by the strategic investments we have made in Hawaii, Key West and Orlando that we believe will continue to drive performance in 2024 and beyond. Sector-leading Comparable RevPAR increased nearly 8% compared to the first quarter of 2023, exceeding overall upper upscale hotel performance by nearly 500 basis points as reported by Smith Travel Research. This is exceptionally strong performance given a tough year-over-year comparison, with Comparable RevPAR for the first quarter of 2023 increasing 28% over the first quarter of 2022. Performance at our resort and urban hotels continues to accelerate, each with Comparable RevPAR growth of 8% compared to the first quarter of 2023. Combined RevPAR at our Hawaii hotels increased nearly 7% compared to the first quarter of 2023 due to an increase in both group and transient demand, primarily at the Hilton Hawaiian Village resort where RevPAR increased nearly 8%. Following transformative renovation projects in 2023, the Casa Marina resort in Key West experienced RevPAR gains in excess of 34% driven by a 24% increase in rate compared to the first quarter of 2023, while RevPAR at the Bonnet Creek Orlando complex increased nearly 9%, led by an increase in RevPAR at the Signia Bonnet Creek hotel of over 16%. Group demand continues to improve with 2024 Comparable Group Revenue Pace up nearly 11% compared to the same time last year, driven by accelerated business demand, an increase in citywide events and strong convention calendars at our New York, New Orleans and Chicago hotels. With current liquidity of over $1.3 billion, we remain laser-focused on executing on our strategic objectives in 2024 to create long-term shareholder value, including reshaping our portfolio through investing in value-enhancing ROI projects, disposing of non-core assets and strengthening our balance sheet by extending maturities." Additional Highlights In March 2024, Park received the 2024 ENERGY STAR Partner of the Year Award for Energy Management for the second consecutive year, the only hotel company to once again earn this recognition for its energy management program; In April 2024, Park paid its first quarter 2024 cash dividend of $0.25 per share to stockholders of record as of March 29, 2024, an increase of 67% to Park's 2023 recurring quarterly dividend of $0.15 per share; and In April 2024, Park declared its second quarter 2024 cash dividend of $0.25 per share to stockholders of record as of June 28, 2024, to be paid on July 15, 2024. Operational Update Changes in Park's 2024 Comparable ADR, Occupancy and RevPAR compared to the same period in 2023, and 2024 Comparable Occupancy were as follows:   Comparable ADR   Comparable Occupancy   Comparable RevPAR     Comparable Occupancy   2024 vs 2023   2024 vs 2023   2024 vs 2023     2024 Jan 2024 4.1 %   5.3 % pts   13.4 %     65.0 % Feb 2024 3.4     3.5     8.7       70.8   Mar 2024 0.7     1.8     3.1       76.7   Q1 2024 2.5     3.5     7.8       70.9                     Preliminary Apr 2024 0.5     (1.1 )   (1.0 )     74.8                     Preliminary YTD Apr 2024 1.9     2.4     5.4       71.8                             Changes in Park's 2024 Comparable ADR, Occupancy and RevPAR for the three months ended March 31, 2024 compared to the same period in 2023, and 2024 Comparable Occupancy for the three months ended March 31, 2024 by hotel type were as follows:   Three Months Ended March 31,   Comparable ADR   Comparable Occupancy   Comparable RevPAR     Comparable Occupancy   2024 vs 2023   2024 vs 2023   2024 vs 2023     2024 Resort 5.1 %   2.2 % pts   8.0 %     82.4 % Urban 0.1     4.7     8.1       63.0   Airport 0.9     3.1     5.5       70.7   Suburban 1.1     4.4     9.2       59.6   All Types 2.5     3.5     7.8       70.9                             The Comparable Rooms Revenue mix for the three months ended March 31, 2024 and 2023 were as follows:   Three Months Ended March 31,   2024   2023   Change Group 32.9 %   31.1 %   1.8 % Transient 59.5     62.2     (2.7 ) Contract 5.5     4.5     1.0   Other 2.1     2.2     (0.1 )                   Park continued to see improvements in demand as business travel accelerated and group demand continued to witness ongoing strength at both its urban and resort hotels, increasing Comparable group revenues for the first quarter of 2024 by over 15% year-over-year. Comparable RevPAR growth for the first quarter was driven by increases in Comparable RevPAR at both its resort and urban hotels of 8% year-over-year. The growth in Comparable RevPAR at Park's urban portfolio resulted from the continued acceleration of group business in New York, New Orleans and Chicago where RevPAR at the New York Hilton Midtown and the Hilton New Orleans Riverside increased over 11% and 13%, respectively, while combined RevPAR at its Chicago hotels increased nearly 11% led by an increase in RevPAR at the Hilton Chicago of nearly 18%. At Park's resort hotels, group demand at its Hawaii hotels continued to improve, increasing combined RevPAR by nearly 7% versus prior year, which was primarily driven by the Hilton Hawaiian Village resort where group rooms revenue increased nearly 41% versus prior year, while the Bonnet Creek Orlando complex saw the highest combined group rooms revenue quarter in the property's history, increasing nearly 38% versus prior year. During the first quarter of 2024, projected Comparable group revenues for 2024 increased by nearly $56 million or approximately 240,000 Comparable group room nights. At the end of March 2024, Comparable Group Revenue Pace and room night bookings for 2024 increased approximately 11% and 6% as compared to what 2023 group bookings were at the end of March 2023, respectively, with 2024 average Comparable group rates projected to exceed 2023 average group rates by 4% for the same time period. Results for Park's Comparable hotels in each of the Company's key markets are as follows: (unaudited)         Comparable ADR   Comparable Occupancy   Comparable RevPAR   Hotels   Rooms   1Q24   1Q23   Change(1)   1Q24   1Q23   Change   1Q24   1Q23   Change(1) Hawaii 2   3,507   $ 311.13   $ 298.27   4.3 %   90.2 %   88.1 %   2.1 % pts   $ 280.53   $ 262.80   6.7 % Orlando 3   2,325     283.63     274.48   3.3     74.2     72.3     1.9       210.46     198.43   6.1   New York 1   1,878     254.83     247.85   2.8     74.7     69.0     5.7       190.37     170.94   11.4   New Orleans 1   1,622     227.65     229.38   (0.8 )   75.0     65.6     9.4       170.75     150.51   13.4   Boston 3   1,536     191.00     186.11   2.6     74.3     70.5     3.8       141.85     131.17   8.1   Southern California 5   1,773     199.19     208.91   (4.7 )   74.6     73.3     1.3       148.65     153.13   (2.9 ) Key West 2   461     671.01     575.05   16.7     84.1     79.1     5.0       564.62     454.92   24.1   Chicago 3   2,467     166.20     161.20   3.1     41.8     38.9     2.9       69.45     62.66   10.8   Puerto Rico 1   652     347.89     310.15   12.2     83.7     85.6     (1.9 )     291.32     265.53   9.7   Washington, D.C. 2   1,085     181.36     168.96   7.3     66.9     64.5     2.4       121.32     109.01   11.3   Denver 1   613     170.58     167.16   2.0     63.5     60.5     3.0       108.28     101.06   7.1   Miami 1   393     350.53     336.76   4.1     86.5     87.8     (1.3 )     303.19     295.51   2.6   Seattle 2   1,246     134.63     146.22   (7.9 )   67.7     58.2     9.5       91.14     85.03   7.2   San Francisco 2   660     313.07     324.80   (3.6 )   65.1     61.5     3.6       203.85     199.72   2.1   Other 10   3,210     175.28     176.68   (0.8 )   60.3     57.1     3.2       105.69     100.90   4.8   All Markets 39   23,428   $ 247.91   $ 241.96   2.5 %   70.9 %   67.4 %   3.5 % pts   $ 175.65   $ 162.91   7.8 %                                                             ____________________________ (1) Calculated based on unrounded numbers.     Balance Sheet and Liquidity Park's current liquidity is over $1.3 billion, including approximately $950 million of available capacity under the Company's revolving credit facility ("Revolver"). As of March 31, 2024, Park's Comparable Net Debt was approximately $3.5 billion, which excludes the $725 million non-recourse CMBS Loan ("SF Mortgage Loan") secured by 1,921-room Hilton San Francisco Union Square and 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the "Hilton San Francisco Hotels"). As of March 31, 2024, the weighted average maturity of Park's consolidated debt, excluding the SF Mortgage Loan, is 3.2 years. Park had the following debt outstanding as of March 31, 2024: (unaudited, dollars in millions)         Debt   Collateral   Interest Rate