Park Hotels Can Drive Internal and External Growth Despite Challenging Hotel Environment
Hotel fundamentals for Park Hotels & Resorts exceeded our expectations for the fourth quarter. Management's top-line guidance is ahead of its peers but in line with our estimates after adjusting for a few moving parts. The strength of Park's portfolio gives us confidence in our $31 fair value estimate for the no-moat-rated company.Revenue per available room for the same-store portfolio was up 3.6%, well ahead of our 2.5% assumption, as Park was able to push both rate and occupancy. Park was...
Park Hotels & Resorts is a lodging real estate investment trust with a portfolio of hotels and resorts. The company's portfolio includes hotels in primary urban and convention areas, such as New York City, Washington, D.C., Chicago, San Francisco, Boston, New Orleans and Denver; resorts in key leisure destinations, including Hawaii, Orlando, Key West and Miami Beach; and hotels adjacent to primary gateway airports, such as Los Angeles International, Boston Logan International and Miami International, as well as hotels in select suburban locations. The company operates its business through two operating segments: consolidated hotels; and unconsolidated hotels.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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