Park Hotels & Resorts Inc. is one of the largest publicly-traded lodging real estate investment trusts (REIT) comprised of a geographically diverse portfolio of hotels and resorts with significant underlying real estate value. Our portfolio consists of 60 premium-branded hotels and resorts with over 33,000 rooms located in prime U.S. markets with high barriers to entry. Over 85% of our portfolio is in the luxury or upper upscale segment and 100% is located in the U.S., including locations in 14 of the top 25 markets. Nearly 80% of our portfolio is located in the central business districts of major cities or resort or conference destinations. We affiliate with leading brands such as Hilton, Marriott and Hyatt, and we partner with both brand and third-party operators.
Park was established as an independent company on January 3, 2017, following its spin-off from Hilton. On September 18, 2019, Park acquired Chesapeake Lodging Trust, adding premium-branded hotels and resorts located in prime markets such as San Francisco, Boston, Miami and Los Angeles. Our headquarters are located in Tysons, Virginia and our ticker symbol on the New York Stock Exchange is “PK.”
Our Guiding Principles
We strive to be the preeminent lodging REIT, focused on consistently delivering superior, risk-adjusted returns to stockholders through active asset management and a thoughtful external growth strategy while maintaining a strong and flexible balance sheet. These form the three key pillars of our corporate strategy:
Operational Excellence – Active Asset Management
- Continually improve property level operating performance
- Consistently implement revenue management initiatives to optimize market pricing and segment mix
Prudent Capital Allocation
- Allocate capital effectively by leveraging scale, liquidity and M&A expertise to create value throughout all phases of the lodging cycle
- Employ an active capital recycling program – expanding our presence in target markets with a focus on brand and operator diversification, while reducing exposure to slower growth assets and markets
- Target value enhancement projects with strong unlevered ROI yields
Strong and Flexible Balance Sheet
- Preserve a strong and flexible balance sheet with a targeted leverage ratio of 3x to 5x
- Maintain strong liquidity across the lodging cycle and access to multiple types of financing
- Work to achieve investment grade rating