Professional
Added to YB: 2024-06-11
Pitch date: 2024-06-06
PK [bullish]
Park Hotels & Resorts Inc.
-9.96%
current return
Author Info
No bio for this author
Company Info
Park is one of the largest publicly-traded lodging real estate investment trusts (“REIT”) with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value.
Market Cap
$2.2B
Pitch Price
$12.68
Price Target
25.00 (+119%)
Dividend
8.93%
EV/EBITDA
11.35
P/E
-167.25
EV/Sales
2.63
Sector
Hotel and Resort REITs
Category
turnaround
Park Hotels & Resorts Inc.: Despite Flat Occupancy Growth Over Past Two Years, Hotel REITs Should See Better Years Ahead
PK: Sluggish hotel growth past 2yrs but should improve. Renos complete, PK to see 4% revPAR vs 3% industry. No moat due to low switching costs & new supply, ROIC<WACC. $25 FVE, 7.5% cap rate. Risks: Airbnb shadow supply, Hilton reliance. Exemplary mgmt capital allocation, leveraging RLJ Lodging turnaround playbook to drive margin expansion and growth.
Read full article (11 min)