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Park Hotels & Resorts Inc . (NYSE:PK) stock has touched a 52-week low, dipping to $13.19 amidst a challenging year for the hospitality sector. The company, which has grappled with the lingering effects of the pandemic on travel and tourism, has seen its stock price fluctuate significantly over the past year. This latest price level reflects a notable decline of 11.31% from the stock’s value one year ago, underscoring the ongoing hurdles faced by the industry and the investor skepticism that has shadowed Park Hotels & Resorts during this period.
In other recent news, Park Hotels & Resorts has reported a Q4 dividend of $0.65 per share, reflecting its 2024 operating results. The company has also returned roughly $375 million to its shareholders throughout 2024, comprising nearly $290 million in cumulative dividend payments and over $85 million in share repurchases. Furthermore, Citi analysts maintained their Buy rating and $18.00 price target for Park Hotels & Resorts, adjusting their financial expectations based on revised Revenue Per Available Room (RevPAR) and margin expectations, among other factors.
UBS analyst Chris Woronka upgraded the financial model for Park Hotels & Resorts, raising the price target to $15.00 from $14.00, while maintaining a neutral rating on the stock. However, the firm’s Q4 RevPAR forecast was decreased to -5% year-over-year, indicating a reduction in the Q4 EBITDA estimate to $128 million from $150 million.
Park Hotels & Resorts has also announced significant investments in property renovations, with over $200 million expected to be completed by early 2025. Despite challenges such as labor strikes and Hurricane Helene, analysts have noted strong RevPAR growth in urban markets like Chicago, New Orleans, and Boston, and resort markets, particularly Orlando and Miami. These are recent developments in the ongoing story of Park Hotels & Resorts.
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