- Pro-forma Occupancy for May 2022 for Park’s 46 consolidated hotels was 67.9%, with occupancy forecasted to be 76.3% in June 2022;
- Updated Q2 2022 outlook based upon improving demand to increase the outlook for RevPAR by $9 at the midpoint to $171, while Adjusted EBITDA guidance increased by 9% (or $15 million) at the midpoint to a new range of $175 million to $195 million from the Q2 2022 outlook Park provided in May 2022;
- Repurchased 8.5 million shares of common stock in May 2022 at an average price of $18.33 per share, or $157 million. 12.0 million shares have been repurchased year-to-date at an average price of $18.23 per share, or $218 million;
- All of Park’s hotels are now open following the reopening of the 1,024-room Parc 55 San Francisco – a Hilton Hotel, on May 19, 2022;
- Sold the 211- room Hilton Chicago/Oakbrook Suites in May 2022 for gross proceeds of $10.3 million and under contract to the sell the 128-room Hilton Garden Inn Chicago/Oakbrook Terrace for $9.4 million;
- Entered into a definitive agreement to sell Park’s 25% interest in the joint venture that owns the 1,190-room Hilton San Diego Bayfront for gross proceeds of $157 million, which includes $55 million of Park’s interest in the debt in the joint venture, with net proceeds anticipated to be approximately $102 million;
- Entered into a definitive agreement to sell the 195-room Homewood Suites by Hilton Seattle Convention Center for $80 million; and
- Year-to-date, Park has sold or is under contract to sell its interests in five non-core hotels for total gross proceeds of approximately $268 million, or 14.0x the hotels’ combined 2019 Adjusted EBITDA (or 13.1x when excluding anticipated capital expenditures), and at an average capitalization rate of 6.7% on the hotels’ 2019 net operating income (excluding anticipated maintenance capital expenditures).
Accenture Bags $112M Task Order For Federal Cyberattack Protection
Accenture PLC’s (NYSE:ACN) Accenture Federal Services (AFS) subsidiary won a $112 million prime task order from the Department of Homeland Security’s…
