Park Hotels Reveals Impact of Labor and Weather Events
Skift Take
Park Hotels reinstated 2024 earnings guidance noting labor strikes and hurricanes disrupting operations, and announced a 4Q dividend of $0.60-$0.66 per share, yielding about 9.6%.
The DJIA was up another 304 points while Nasdaq rose 12 and the S&P 500 was up 6 points. The 10-year treasury yield was flat at 4.31%. Lodging stocks had a good day with new highs scored by HLT, MAR, WH, IHG, TNL, and PLYA. VCSA was up 17% while SOND gave back -9% on the day.
Needham cut their price target on Vacasa to $3.25 from $5. They maintained their Buy rating on VCSA.
Playa Hotels price target was raised to $12 from $10 by Oppenheimer. They maintained their Outperform rating on the stock.
Park Hotels reinstated their 2024 earnings guidance following operators and the labor unions entering into new agreements. PK said the strikes took their toll as October 2024 comparable RevPAR is expected to be -1.3% lower than last year. If you back out the four hotels where the unions had the workers holding them hostage, RevPAR would have been up by 480 basis points. For 4Q24, PK expe
