Adjusted earnings before insurance, taxes, depreciation and amortisation (EBITDA) for the full year saw an increase to $659m from $606m in 2022. Credit: Sutthiphong Chandaeng/Shutterstock.com.

Park Hotels & Resorts has reported net income of $188m in Q4 2023, marking a 437.1% increase from $35m in the same period of 2022.  

For the quarter ending 31 December 2023, total revenue stood at $657m compared with $665m in the previous year’s corresponding quarter. 

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Net income attributable to shareholders also saw a rise to $187m in Q4 2023, up from $34m in Q4 2022.  

Basic earnings per share (EPS) reached $0.89 from $0.15, and diluted EPS stood at $0.88 against $0.15 in the same quarter of the previous year. 

The company’s total expenses for Q4 2023 were $602m, marking an increase from $581m in Q4 2022. 

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Adjusted EBITDA for the quarter also rose, reaching $163m from $159m.  

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Comparable total revenue per available room (RevPAR) for Q4 was $287.21m, an increase from $273.91m in Q4 2022. 

Park Hotels & Resorts chairman and CEO Thomas Baltimore Jr said: “As we previously reported, our portfolio’s performance was strong during the fourth quarter, with Comparable RevPAR increasing over 4% compared to the fourth quarter of 2022, or over 6% if excluding disruption from renovations, primarily at the Casa Marina Key West resort, where operations were largely suspended during the quarter, and the Bonnet Creek Orlando complex.  

“For the full year, both comparable RevPAR and adjusted EBITDA increased by nearly 9% from the prior year and exceeded the midpoint of our full-year guidance.” 

Park Hotels recorded a net income of $106m for the entire year of 2023, a decrease from $173m in the previous year.  

Total revenue for 2023 stood at $2.69bn versus $2.50bn in 2022, while total expenses for the year were $2.59bn, up from $2.21bn in the prior year.  

Adjusted EBITDA for the full year saw an increase to $659m from $606m in 2022.  

EPS for the full year 2023, both basic and diluted, was reported at $0.44, down from $0.71 in 2022.  

Comparable total RevPAR for the full year 2023 was $285.50m, an improvement from $259.19m in 2022. 

For the full year 2024, Park Hotels & Resorts anticipates net income to be in the range of $146–186m, and adjusted EBITDA to be between $645m and $685m.