Park Hotels Beats First-Quarter Estimates
Skift Take
Park Hotels exceeded adjusted EBITDA and AFFO estimates and raised their financial guidance, citing optimism in their group and leisure outlook, likely due to recently renovated properties.
Investors were whipsawed today with a massive rally mid-afternoon after the Fed’s comments sounded better than feared, only to have the rug taken out from under them by the end of the day. The DJIA only managed an 87 point rise while Nasdaq was down 52, the S&P 500 fell 17 points and the 10 year treasury yield was down .09 to 4.60%. Lodging stocks were mixed. SVC traded down to a new low, SOND was down -5% but SOHO was up 5% on the day.
Park Hotels and Marriott International reported 1Q24 results with both raising 2024 estimates. PK had a beat and raise while MAR’s results were a bit noisy but were in line. MAR raised 2024 EBITDA estimates by $80 million at the midpoint, which appears to be all second half 2024 related as 1Q was in line and they maintained 2Q guidance. Net rooms growth for MAR was 7.1% in 1Q driven mostly by the MGM deal. MAR&nbs
