Park Hotels & Resorts Inc. (PK) announced its reinstated and updated full-year 2024 earnings guidance, following the recent ratification of labor agreements between operators and labor unions at four of Park's hotels in Hawaii, Seattle, and Boston.
The company now expects adjusted funds from operations per share for fiscal year 2024 to be in the range of 2.00 to $2.10 compared to the prior outlook of $2.10 to $2.26.
Annual earnings per share is now expected to be in the range of $0.68 to $0.77 compared to the prior outlook of $0.69to $0.83. Analysts polled by Thomson Reuters expect the company to report earnings of $0.74 per share for fiscal year 2024. Analysts' estimates typically exclude special items.
The company's preliminary October 2024 Comparable RevPAR is expected to be 1.3% lower compared to October 2023. Excluding Park's four hotels impacted by labor activity, preliminary October 2024 Comparable RevPAR would have improved by approximately 480 basis points to an increase of 3.5% compared to October 2023.
For the fourth quarter of 2024, the company expects these four hotels to negatively impact the portfolio's year-over-year Comparable RevPAR growth by 600 to 700 basis points as the properties recover from the lingering business disruption in November and December.
Park plans to declare its fourth quarter dividend before the end of 2024 and currently expects such dividend to be within a range of $0.60 to $0.66 per share, subject to approval by its Board of Directors, which is expected to be comprised of a quarterly cash dividend of $0.25 per share, coupled with an annual top-off dividend of between $0.35 to $0.41 per share.
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