Park Hotels & Resorts Announces Fourth Quarter Dividend of $0.65 per Share
26 Novembre 2024 - 12:00PM
Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”)
announced today that the Company has declared a fourth quarter
dividend of $0.65 per share of common stock which includes Park’s
regular quarterly dividend of $0.25 coupled with a $0.40 top off
dividend based on 2024 operating results. The dividend will be paid
in cash on January 15, 2025 to stockholders of record as of
December 31, 2024.
The fourth quarter dividend, together with the regular cash
dividends declared for the first three quarters of 2024, represent
an annual yield of 9.0% based on the closing stock price as of
November 25, 2024.
In total, Park will have returned $375 million of capital to
shareholders in 2024 when considering the approximately $290
million in cumulative dividend payments, and over $85 million of
share repurchases for nearly 6 million shares executed throughout
the year including approximately $26 million of stock repurchased
quarter-to-date.
Forward-Looking StatementsThis 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 effects of Park's decision to cease payments on its $725
million SF Mortgage Loan secured by the Hilton San Francisco Hotels
and the lender's exercise of its remedies, including placing such
hotels into receivership, the ultimate impact of recent labor
activity on Park (including the potential that group events that
have been cancelled will be rebooked for a future period) or any
future labor activity, as well as Park’s current expectations
regarding the performance of its business, financial results,
liquidity and capital resources, including anticipated repayment of
certain of Park's indebtedness, the completion of capital
allocation priorities, the expected repurchase of Park's stock, the
impact from macroeconomic factors (including inflation, elevated
interest rates, potential economic slowdown or a recession and
geopolitical conflicts), the effects of competition and the effects
of future legislation or regulations, the expected completion of
anticipated dispositions, the declaration, payment and any change
in amounts of future dividends 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,” “hopes” or the negative
version of these words or other comparable words. You should not
rely on forward-looking statements since they involve known and
unknown risks, uncertainties and other factors which are, in some
cases, beyond Park’s control and which could materially affect its
results of operations, financial condition, cash flows, performance
or future achievements or events. All such forward-looking
statements are based on current expectations of management and
therefore involve estimates and assumptions that are subject to
risks, uncertainties and other factors that could cause actual
results to differ materially from the results 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, 2023, 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 &
Resorts
Park 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 41 premium-branded hotels and resorts with
over 25,000 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
atwww.pkhotelsandresorts.com
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