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PK Park Hotels & Resorts

Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 60 premium-branded hotels and resorts with over 33,000 rooms primarily located in prime city center and resort locations.

Company profile

Ticker
PK
Exchange
CEO
Thomas Baltimore
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
Hilton Worldwide, Inc.
SEC CIK
Subsidiaries
American Plaza Parking LLC • A-R HHC Orlando Convention Hotel Member, LLC • A-R HHC Orlando Convention Hotel Mezz, LLC • A-R HHC Orlando Convention Hotel, LLC • A-R HHC Orlando New Parcel Owner, LLC • Ashford HHC Partners III LP • Atlanta Airport Lessee LLC • Austin Lessee LLC • Bonnet Creek Equity Holdings LLC • Bonnet Creek Hilton Lessee LLC ...

PK stock data

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Calendar

6 Aug 21
28 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 944M 944M 944M 944M 944M 944M
Cash burn (monthly) (positive/no burn) 30.42M 38M 68.08M 30M 36.75M
Cash used (since last report) n/a 119.91M 149.8M 268.4M 118.27M 144.88M
Cash remaining n/a 824.09M 794.2M 675.6M 825.73M 799.12M
Runway (months of cash) n/a 27.1 20.9 9.9 27.5 21.7

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
23 Sep 21 Kelly Christie B. Common Stock Grant Acquire A No No 0 1,405 0 67,519
23 Sep 21 Stephen I Sadove Common Stock Grant Acquire A No No 0 1,343 0 49,760
23 Sep 21 Thomas A Natelli Common Stock Grant Acquire A No No 0 1,187 0 135,697
23 Sep 21 Timothy J Naughton Common Stock Grant Acquire A No No 0 1,343 0 66,310
23 Sep 21 Bedient Patricia M Common Stock Grant Acquire A No No 0 1,187 0 63,293

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

91.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 276 283 -2.5%
Opened positions 34 47 -27.7%
Closed positions 41 45 -8.9%
Increased positions 89 90 -1.1%
Reduced positions 98 99 -1.0%
13F shares
Current Prev Q Change
Total value 4.45B 5.59B -20.3%
Total shares 216.01M 212.82M +1.5%
Total puts 653.8K 645.3K +1.3%
Total calls 2.85M 3.22M -11.5%
Total put/call ratio 0.2 0.2 +14.5%
Largest owners
Shares Value Change
Vanguard 32.98M $679.67M -0.8%
BLK Blackrock 26.75M $551.28M -3.1%
PGGM Investments 20.62M $425.08M +4.5%
CNS Cohen & Steers 12.5M $257.69M +2.7%
STT State Street 10.93M $225.27M +2.9%
PFG Principal Financial Group Inc - Registered Shares 7.83M $161.47M +1.0%
BAM Brookfield Asset Management 6.13M $126.44M NEW
Capital International Investors 4.85M $100.02M -24.7%
GS Goldman Sachs 4.61M $95.07M -0.6%
JPM JPMorgan Chase & Co. 3.95M $81.36M -10.3%
Largest transactions
Shares Bought/sold Change
BAM Brookfield Asset Management 6.13M +6.13M NEW
DB Deutsche Bank AG - Registered Shares 3.49M -3.69M -51.4%
Centersquare Investment Management 3.51M +3.13M +834.0%
TROW T. Rowe Price 105.71K -2.45M -95.9%
PRU Prudential Financial 1.75M +1.68M +2372.2%
Capital International Investors 4.85M -1.59M -24.7%
Amundi Pioneer Asset Management 0 -1.46M EXIT
APG Asset Management US 2.45M +1.26M +106.8%
Russell Investments 2.09M -1.23M -37.0%
Amundi 1.18M +1.18M NEW

Financial report summary

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Risks
  • We face various risks posed by our acquisition activities.
  • We may continue to seek to sell certain hotels as we seek to pursue growth and diversification through prudent capital allocation. However, investments in real estate are illiquid, and it may not be possible to dispose of assets in a timely manner or on favorable terms, which could adversely affect our financial condition, operation results and cash flows.
  • We are subject to risks associated with the concentration of our portfolio in the Hilton family of brands. Any deterioration in the quality or reputation of the Hilton brands could have an adverse effect on our reputation, business, financial condition or results of operations.
  • Contractual and other disagreements with or involving our current and future third-party hotel managers and franchisors could make us liable to them or result in litigation costs or other expenses.
  • We are dependent on the performance of our managers and could be materially and adversely affected if our managers do not properly manage our hotels or otherwise act in our best interests or if we are unable to maintain a good relationship with our third-party hotel managers.
  • Cyber threats and the risk of data breaches or disruptions of our hotel managers’ or our own information technology systems could materially adversely affect our business.
  • Costs associated with, or failure to maintain, brand operating standards may materially and adversely affect our results of operations and profitability.
  • Our efforts to develop, redevelop or renovate our properties, in connection with our active asset management strategy, could be delayed or become more expensive, which could reduce revenues or impair our ability to compete effectively.
  • Our hotels are geographically concentrated in a limited number of markets and, accordingly, we could be disproportionately harmed by adverse changes to these markets, natural disasters or terrorist attacks.
  • If the insurance that we carry does not sufficiently cover damage or other potential losses or liabilities involving our properties, including as a result of terrorism, our profits could be reduced.
  • We have investments in joint venture projects, which limit our ability to manage third-party risks associated with these projects.
  • We depend on external sources of capital for future growth. Any disruption to our ability to access capital at times and on terms reasonably acceptable to us may affect adversely our business and results of operations.
  • We are subject to risks associated with the employment of hotel personnel, particularly with hotels that employ unionized labor, which could increase our operating costs, reduce the flexibility of our hotel managers to adjust the size of the workforce at our hotels and could materially and adversely affect our revenues and profitability.
  • We could be materially and adversely affected if we are found to be in breach of a ground lease or are unable to renew a ground lease.
  • We operate in a highly competitive industry.
  • The lodging industry is subject to seasonal volatility, which is expected to contribute to fluctuations in our financial condition and results of operations.
  • Governmental regulation may adversely affect the operation of our properties and our Company as a whole.
  • Our indebtedness and other contractual obligations could adversely affect our financial condition, our ability to raise additional capital to fund our operations, our ability to operate our business, our ability to react to changes in the economy or our industry and our ability to pay our debts and could divert our cash flow from operations for debt payments.
  • Certain of our debt agreements impose significant operating and financial restrictions on us and our subsidiaries, which may prevent us from capitalizing on business opportunities or could result in foreclosure of our hotels.
  • We may be able to incur substantially more debt and enter into other transactions, which could further exacerbate the risks to our financial condition described above. The use of debt to finance future acquisitions could restrict operations, inhibit our ability to grow our business and revenues, and negatively affect our business and financial results.
  • We may be adversely affected by changes in LIBOR reporting practices, the method in which LIBOR is determined or the use of alternative reference rates.
  • We may be responsible for U.S. federal income tax liabilities that relate to the spin-off.
  • In connection with the spin-offs, Hilton and HGV indemnified us for certain liabilities. These indemnities may not be sufficient to insure us against the full amount of the liabilities assumed by Hilton and HGV, and Hilton and HGV may be unable to satisfy their indemnification obligations to us in the future.
  • If we do not maintain our qualification as a REIT, we will be subject to tax as a C corporation and could face a substantial tax liability.
  • Park would incur adverse tax consequences if Chesapeake or any of Park or Chesapeake’s subsidiary REITs failed to qualify as a REIT for U.S. federal income tax purposes.
  • We may face other tax liabilities that reduce our cash flows.
  • Complying with REIT requirements may force us to borrow to make distributions to stockholders.
  • Our transactions with our TRSs may cause us to be subject to a 100% penalty tax on certain income or deductions if those transactions are not conducted on arm’s-length terms.
  • If the leases of our hotels to our TRS lessees are not respected as true leases for U.S. federal income tax purposes, we will fail to qualify as a REIT.
  • If any third-party hotel managers do not qualify as “eligible independent contractors” or if our hotels are not “qualified lodging facilities,” we will fail to qualify as a REIT.
  • Even if we continue to qualify to be a REIT, we could be subject to tax on any recognized net built-in gains in our assets held before electing to be treated as a REIT.
  • Anti-takeover provisions in our organizational documents and Delaware law might discourage or delay acquisition attempts for us that stockholders might consider favorable.
  • The stock ownership limits imposed by the Code for REITs and our amended and restated certificate of incorporation restrict stock transfers and/or business combination opportunities.
Management Discussion
  • During the year ended December 31, 2020, we permanently closed operations at all three of our laundry facilities resulting in a decrease in both laundry revenue and laundry expense.  The decreases in support services revenue and expense are due to reductions in expenses as well as lower cost reimbursements as a result of operations being suspended at most hotels that have a service arrangement with Hilton Grand Vacations (“HGV”).
  • During the year ended December 31, 2020, we incurred $10 million of acquisition costs, primarily as a result of $9 million of transfer tax in connection with the Merger with Chesapeake based on new information received during the year. Acquisition costs of $70 million for the year ended December 31, 2019 related to costs incurred in connection with the Merger.
  • During the year ended December 31, 2020, we recognized a net loss of $696 million primarily as a result of $607 million of impairment losses related to our goodwill and $90 million of impairment losses primarily related to one of our hotels, and our inability to recover the carrying value because of COVID-19.
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