MCLEAN, Va.--(BUSINESS WIRE)--
Park Hotels & Resorts Inc. (the “Company”) (NYSE: PK) today announced
payment of the previously announced special dividend of $2.79 per share
(the “E&P Dividend”), or approximately $551.3 million in cash and shares
of the Company’s common stock, payable to stockholders of record as of
January 19, 2017 (the “Record Date”). The E&P Dividend represents the
Company’s estimated share of C-corporation earnings and profits
attributable to the period prior to January 4, 2017, which the Company
is required to pay to its stockholders in connection with its election
to be treated as a real estate investment trust.
The aggregate dividend to be paid to stockholders consists of
approximately $110.3 million in cash and approximately 16.6 million
shares of common stock, which was calculated based on the average
closing price of the Company’s common stock of $26.613333 during the
three consecutive trading day period ended on March 3, 2017.
Stockholders who elected to receive the special dividend in cash will
receive approximately $0.607293 cash and approximately 0.082015 shares
of common stock for each share of common stock held as of the Record
Date. Those stockholders electing to receive the dividend in stock, and
those who did not make an election, will receive approximately 0.104830
shares of common stock for each share of common stock held as of the
Record Date. The Company has made available an Explanation of the March
9, 2017 E&P Dividend, including an example demonstrating the payment
calculation for stock and cash elections, on its website at http://www.pkhotelsandresorts.com/financial-information/dividend-tax-info.
After paying the dividend, the Company will have approximately 214.3
million shares of common stock outstanding.
The E&P Dividend will be paid to holders of record of the Company’s
common stock on or as soon as practicable after March 9, 2017.
Stockholders holding shares of the Company’s common stock through a
broker, dealer, commercial bank, trust company or other nominee will
receive their E&P Dividend in accordance with the policies of their
broker, dealer, commercial bank, trust company or other nominee.
About Park Hotels & Resorts
Park Hotels & Resorts Inc. (NYSE: PK) is one of the largest publicly
traded lodging real estate investment trusts with a diverse portfolio of
market-leading hotels and resorts with significant underlying real
estate value. The Company’s portfolio currently consists of 67
premium-branded hotels and resorts with over 35,000 rooms located in
prime U.S. and international markets with high barriers to entry. For
additional information, please visit the Company’s website at www.pkhotelsandresorts.com.
Special Note About Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, that are
based on the beliefs and assumptions of management of the Company and on
information currently available to the Company’s management.
Forward-looking statements include, but are not limited to, statements
related to the Company’s payment of the E&P Dividend. Forward-looking
statements include all statements that are not historical facts and can
be identified by the use of forward-looking terminology such as the
words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,”
“will,” “should,” “could,” “seeks,” “approximately,” “projects,”
“predicts,” “intends,” “plans,” “estimates,” “anticipates” or the
negative version of these words or other comparable words.
Forward-looking statements involve risks, uncertainties and assumptions.
Actual results may differ materially from those expressed in these
forward-looking statements. You should not put undue reliance on any
forward-looking statements in this press release. The Company does not
have any intention or obligation to update any forward-looking
statements contained in this press release.
Factors that could cause the Company’s results to differ materially from
those expressed in forward-looking statements are included in the
section entitled “Risk Factors” of the Company’s Annual Report on Form
10-K for the year ended December 31, 2016, filed with the Securities and
Exchange Commission on March 2, 2017. There may be other risks and
uncertainties that the Company is unable to predict at this time or that
the Company currently does not expect to have a material adverse effect
on the Company’s business. Any such risks could cause the Company’s
results to differ materially from those expressed in forward-looking
For additional information or to receive press releases via e-mail,
please visit our website at www.pkhotelsandresorts.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170309006360/en/
Park Hotels & Resorts
Vice President, Corporate Strategy
Source: Park Hotels & Resorts