TYSONS, Va., Feb. 22, 2023 (GLOBE NEWSWIRE) — Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the fourth quarter and full year ended December 31, 2022 and provided an operational update.
Selected Statistical and Financial Information
(unaudited, amounts in millions, except RevPAR, ADR, Total RevPAR and per share data)
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Three Months Ended December 31, |
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Year Ended December 31, |
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2022 |
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2021 |
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Change(1) |
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2022 |
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2021 |
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Change(1) |
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Comparable RevPAR |
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$ |
162.81 |
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$ |
111.02 |
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46.7 |
% |
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$ |
156.38 |
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$ |
84.54 |
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85.0 |
% |
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Comparable Occupancy |
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67.7 |
% |
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52.1 |
% |
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15.6 |
% |
pts |
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65.5 |
% |
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42.7 |
% |
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22.8 |
% |
pts |
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Comparable ADR |
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$ |
240.57 |
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$ |
213.37 |
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12.7 |
% |
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$ |
238.79 |
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$ |
197.91 |
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20.7 |
% |
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Comparable Total RevPAR |
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$ |
258.41 |
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$ |
171.66 |
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50.5 |
% |
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$ |
243.87 |
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$ |
128.57 |
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89.7 |
% |
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Net income (loss) |
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$ |
35 |
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$ |
(65 |
) |
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153.8 |
% |
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$ |
173 |
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$ |
(452 |
) |
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138.3 |
% |
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Net income (loss) attributable to |
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$ |
34 |
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$ |
(67 |
) |
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150.7 |
% |
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$ |
162 |
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$ |
(459 |
) |
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135.3 |
% |
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Operating income (loss) |
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$ |
84 |
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$ |
2 |
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3,238.1 |
% |
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$ |
296 |
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$ |
(179 |
) |
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265.6 |
% |
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Operating income (loss) margin |
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12.6 |
% |
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0.6 |
% |
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1,200 bps |
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11.8 |
% |
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(13.1 |
)% |
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2,490 bps |
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Comparable Hotel Adjusted EBITDA |
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$ |
166 |
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$ |
85 |
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98.4 |
% |
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$ |
626 |
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$ |
175 |
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258.8 |
% |
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Comparable Hotel Adjusted EBITDA margin |
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25.8 |
% |
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19.6 |
% |
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620 bps |
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26.0 |
% |
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13.7 |
% |
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1,230 bps |
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Adjusted EBITDA |
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$ |
159 |
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$ |
81 |
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96.3 |
% |
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$ |
606 |
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$ |
142 |
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326.8 |
% |
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Adjusted FFO attributable to stockholders |
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$ |
101 |
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$ |
10 |
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910.0 |
% |
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$ |
352 |
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$ |
(136 |
) |
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358.8 |
% |
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Earnings (loss) per share – Diluted(1) |
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$ |
0.15 |
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$ |
(0.28 |
) |
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153.6 |
% |
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$ |
0.71 |
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$ |
(1.95 |
) |
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136.4 |
% |
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Adjusted FFO per share – Diluted(1) |
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$ | |||||||||||||||||||||||