Park Hotels & Resorts REIT reinstates dividend amid ‘broad-based recovery’ in demand

Park Hotels & Resorts Inc. said Friday it was reinstating a dividend, as the real estate investment trust focusing on hotels and resorts said it has seen a “broad-based recovery” in demand in February. The company said it will pay a quarterly dividend of 1 cent a share on April 15 to shareholders of record on March 31. The REIT said pro forma revenue per available room (RevPAR) in February was $118.07, up 204.3% from a year ago and 44.3% higher than January 2022, while the average daily rate of $223.63 was 45.7% higher than a year ago and 9.2% above the January ADR. “Strong leisure demand in Hawaii, Miami and Key West helped to drive overall performance and occupancy continued to build across our urban portfolio of hotels, improving sequentially by 15 percentage points to 40%, while average rate increased nearly 20% during the month of February — further signs of a business recovery beginning to take shape,” said Park Chief Executive Thomas Baltimore. The stock, which was still inactive in premarket trading, has gained 1.9% over the past three months while the S&P 500 has lost 9.6%.

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