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PK

Park Hotels & Resorts

$27.47

-0.73 (-2.59%)

16:58
06/24/19
06/24
16:58
06/24/19
16:58

Park Hotels & Resorts announces sale of three non-core assets for $166M

Park Hotels & Resorts announced that it closed on the sales of three non-core domestic assets for combined gross proceeds of $166M, or $151,000 per key. The three hotels, the 507-room Hilton Atlanta Airport in Atlanta, Georgia; the 317-room Hilton New Orleans Airport in New Orleans, Louisiana; and the 274-room Embassy Suites Parsippany in Parsippany, New Jersey, are located in non-core airport and suburban markets and had a combined 2018 RevPAR of $109, or approximately 37% below Park's 2018 portfolio average. When adjusted for Park's anticipated capital expenditures of $50.5M, or $46,000 per key, the combined sale price represents a 6.9% capitalization rate on the three hotels' 2018 net operating income, or 12.6x the hotels' 2018 EBITDA.

PK Park Hotels & Resorts
$27.47

-0.73 (-2.59%)

08/20/18
EVER
08/20/18
DOWNGRADE
EVER
In Line
Park Hotels & Resorts downgraded to In Line from Outperform at Evercore ISI
08/20/18
08/20/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Constellation Brands (STZ, STZ.B) downgraded to Negative from Neutral at Susquehanna with analyst Pablo Zuanic citing valuation. 2. Infosys (INFY) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Parag Gupta citing a belief that concerns around senior management exits will remain an overhang on the stock. 3. YogaWorks (YOGA) downgraded to Market Perform from Outperform at Cowen with analyst Oliver Chen saying he sees risk to visitation and revenue trends with the company's medium-term priorities of pulling back on promotions and marketing. 4. News Corp. (NWSA) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Andrew McLeod saying its Australian payTV unit, Foxtel, will launch a new OTT sports service by the end of 2018, which presents the "obvious risk" that its existing subscriber base and high ARPU will come under pressure. 5. Park Hotels & Resorts (PK) downgraded to In Line from Outperform at Evercore ISI. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/10/19
GSCO
01/10/19
UPGRADE
Target $27
GSCO
Neutral
Park Hotels & Resorts upgraded to Neutral from Sell at Goldman Sachs
Goldman Sachs analyst Stephen Grambling upgraded Park Hotels & Resorts to Neutral while lowering his price target for the shares to $27 from $31. The analyst sees 4% downside upside to his 12-month price target, coupled with an 8% dividend yield. Lower competitive supply growth in the company's markets coupled with the company's "idiosyncratic opportunities" to drive growth creates less downside risk, Grambling tells investors in a research note.
03/14/19
NOMU
03/14/19
NO CHANGE
Target $36
NOMU
Buy
Park Hotels & Resorts RevPAR to outperform peers, says Nomura Instinet
Nomura Instinet analyst Brian Dobson expects Park Hotels & Resorts' RevPAR and margin growth to outperform those of its peers through 2020, as the company increases its group mix and engages in property-level enhancements. In addition, addition,Park's exposure to low supply growth cities should bolster the portfolio's pricing power, Dobson tells investors in a research note. He keeps a Buy rating on the shares with a $36 price target.

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