Park Hotels & Resorts Inc PK

Park Hotels and Resorts (PK) is a real estate investment trust (REIT) established in 2017 as a sister company of the Hilton Worldwide hotel chain. Park Hotels is the second-largest publicly traded REIT in the hotel sector, with 67 properties on its books that are managed from the company’s Tysons, Virginia, headquarters. The portfolio includes Hilton hotels and those franchised from Marriott and Hyatt in the US. The REIT also completed the acquisition of the Chesapeake Lodging Trust for $1bn in 2019.

The effects of the coronavirus pandemic hit the PK share price hard. The stock had traded in the $26–$32 range consistently between January 2017 and the first quarter of 2020. However, COVID-19 saw the PK price chart tumble by 74.9% in the lows of March 2020. The adjusted EBITDA for the second quarter was $(122)m, and the net loss stood at $261m.

Park Hotels and Resorts has attempted to consolidate its position by selling several properties. That move increased earnings by some $688m in 2019–20. As of August 2020, the firm still operates some Hilton Worldwide, DoubleTree and Embassy Suites properties, including New York Hilton Midtown, Hilton Hawaiian Village and Hilton Orlando Lake Buena Vista.

Invest in this property trust and be sure to stay in the loop of all the latest Park Hotels and Resorts developments with the PK ticker.