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• Q4 RevPAR: $179, a decline of 1.4%; excluding strike impact, increased 3.1% year over year.

• Q4 Occupancy: 69.9%.

• Q4 ADR: $256.

• Q4 Hotel Revenue: $600 million.

• Q4 Hotel Adjusted EBITDA: $147 million; margin of 24.6% or 28.1% excluding strike impact.

• Q4 Adjusted EBITDA: $138 million.

• Q4 Adjusted FFO per Share: $0.39.

• Full Year RevPAR: Up 2.9% versus 2024; adjusted for strike disruption, increased 4.2%.

• Full Year Hotel Adjusted EBITDA Margin: 27.5%, down 70 basis points; improved by 30 basis points excluding strike impact.

• Full Year Adjusted EBITDA: $652 million, inclusive of $32 million strike impact.

• Full Year Adjusted FFO per Share: $2.06.

• 2024 CapEx: Approximately $230 million.

• 2025 RevPAR Guidance: $187 to $192, growth of 0% to 3%.

• 2025 Hotel Adjusted EBITDA Margin Guidance: 26.1% to 27.7%.

• 2025 Adjusted EBITDA Guidance: $610 million to $670 million.

• 2025 Adjusted FFO per Share Guidance: $1.90 to $2.20.

• 2025 Expected EBITDA Displacement: $17 million due to Royal Palm renovation.

• 2025 Expense Growth Guidance: 3% to 4% increase in comparable hotel operating expenses.

• Warning! GuruFocus has detected 6 Warning Signs with PK.

Release Date: February 20, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Park Hotels & Resorts Inc (NYSE:PK) achieved sector-leading results in 2024, exceeding expectations for both top-line and bottom-line performance.

• The company strategically divested non-core hotels, improving RevPAR by $3 and increasing EBITDA margin by over 30 basis points.

• Recent redevelopments at Bonnet Creek and Casa Marina resorts delivered exceptional performance, with significant increases in RevPAR and EBITDA.

• Plans to reposition the Royal Palm resort in South Beach with a $100 million investment are expected to significantly elevate the property's quality and guest experience.

• The company has a robust ROI pipeline exceeding $1 billion, with an estimated incremental value creation potential of over $300 million.

Negative Points

• The Hilton Hawaiian Village hotel was negatively impacted by a 45-day labor strike and renovation disruptions, affecting overall portfolio RevPAR.

• The company expects a challenging first quarter in 2025, with RevPAR anticipated to be slightly negative due to tough year-over-year comparisons.

• There is uncertainty regarding the impact of the new administration's policies on business momentum and the broader economic environment.

• The Royal Palm renovation will require the hotel to suspend operations into Q2 of 2026, resulting in expected EBITDA displacement.

• The company faces a wide range of adjusted EBITDA guidance for 2025, reflecting operational uncertainties and potential market fluctuations.