Park Hotels & Resorts Inc. Announces Fourth Quarter Dividend of $0.93 Per Share
01 Dicembre 2023 - 12:42AM
Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”)
announced today that the Company has declared a fourth quarter
dividend of $0.93 per share of common stock which includes Park’s
regular quarterly dividend of $0.15 coupled with a $0.78 top off
dividend based on 2023 operating results. The dividend, as well as
the previously announced special cash dividend of $0.77 per share
of common stock, will be paid in cash on January 16, 2024 to
stockholders of record as of December 29, 2023.
The fourth quarter dividend, together with the regular cash
dividends declared for the first three quarters of 2023,
represent an annual yield of 9.3% based on the closing stock price
as of November 30, 2023.
In total, Park will have returned nearly $635 million of capital
to shareholders in 2023 when considering the $455 million in
cumulative dividend payments, and $180 million of share repurchases
for nearly 15 million shares executed throughout the year.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include, but are not limited
to, statements related to the anticipated effects of Park’s
decision to cease payments on its $725 million CMBS loan, as well
as Park’s current expectations regarding the performance of its
business, financial results, liquidity and capital resources, the
payment of dividends, the impact to its business and financial
condition and that of its hotel management companies from
macroeconomic factors (including inflation, increases in interest
rates, potential economic slowdown or a recession and geopolitical
conflicts), the effects of competition and the effects of future
legislation or regulations, and other non-historical statements.
Forward-looking statements include all statements that are not
historical facts, and in some cases, can be identified by the use
of forward-looking terminology such as the words “outlook,”
“believes,” “expects,” “potential,” “continues,” “may,” “will,”
“should,” “could,” “seeks,” “projects,” “predicts,” “intends,”
“plans,” “estimates,” “anticipates” or the negative version of
these words or other comparable words.
Forward-looking statements involve risks, uncertainties and
assumptions. Actual results may differ materially from those
expressed in these forward-looking statements. You should not put
undue reliance on any forward-looking statements and Park urges
investors to carefully review the disclosures Park makes concerning
risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual
Report on Form 10-K for the year ended December 31, 2022, as such
factors may be updated from time to time in Park’s filings with the
SEC, which are accessible on the SEC’s website at www.sec.gov.
Except as required by law, Park undertakes no obligation to update
or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise.
About Park Hotels &
ResortsPark is one of the largest publicly-traded
lodging REITs with a diverse portfolio of iconic and market-leading
hotels and resorts with significant underlying real estate value.
Park's portfolio currently consists of 43 premium-branded hotels
and resorts with over 26,000 rooms primarily located in prime city
center and resort locations. Visit www.pkhotelsandresorts.com for
more information
For more information, contact:Ian
WeissmanSenior Vice President, Corporate
Strategy571-302-5591iweissman@pkhotelsandresorts.com
For additional information or to receive press
releases via e-mail, please visit our website
at www.pkhotelsandresorts.com
Grafico Azioni Park Hotels and Resorts (NYSE:PK)
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