Park Hotels & Resorts Inc. Announces Second Quarter Dividend of $0.25 Per Share
19 April 2024 - 10:15PM
Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”)
announced today that the Company has declared a second quarter cash
dividend of $0.25 per share of common stock. The dividend will be
paid in cash on July 15, 2024 to stockholders of record as of June
28, 2024.
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 effects of Park's decision to cease
payments on its $725 million non-recourse CMBS loan secured by the
1,921-room Hilton San Francisco Union Square and the 1,024-room
Parc 55 San Francisco – a Hilton Hotel, and the lender's exercise
of its remedies, including placing such hotels into receivership,
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 and payment 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.
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 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, 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 & 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
atwww.pkhotelsandresorts.com
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