TYSONS, Va.--(BUSINESS WIRE)--
Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”)
announced today that the Company has declared a fourth quarter cash
dividend of $1.00 per share of common stock. The dividend will be paid
on January 15, 2019 to holders of record as of December 31, 2018.
Of the full $1.00 per share dividend, $0.70 per share represents the
fourth quarter payment based on 2018 results of operations. The
remaining $0.30 per share is attributable to gains from the sale of
Park’s assets during 2018.
The $0.70 per share portion representing the fourth quarter payment
based on 2018 results of operations, together with the regular cash
dividends paid with respect to the first three quarters of 2018, in the
aggregate represent an annual yield of 6.8% based on the closing stock
price as of December 12, 2018.
About Park Hotels & Resorts
Park Hotels & Resorts Inc. (NYSE: PK) is the second largest publicly
traded lodging real estate investment trust with a diverse portfolio of
market-leading hotels and resorts with significant underlying real
estate value. Park’s portfolio currently consists of 54 premium-branded
hotels and resorts with over 32,000 rooms located in prime U.S. markets
with high barriers to entry. For additional information, please visit
Park'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.
Forward-looking statements include, but are not limited to, statements
related to Park’s current expectations regarding the performance of its
business, financial results, liquidity and capital resources, the
effects of competition and other non-historical statements.
Forward-looking statements include all statements that are not
historical facts and, in some cases, can be identified by the use of
forward-looking terminology such as the words “outlook,” “believes,”
“expects,” “potential,” “continues,” “may,” “will,” “should,” “could,”
“seeks,” “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. Additional
factors that could cause Park’s results to differ materially from those
described in the forward-looking statements can be found under the
sections entitled “Forward-Looking Statements,” “Risk Factors” and
“Management's Discussion and Analysis of Financial Condition and Results
of Operations” (or similar captions) in Park’s Annual Report on Form
10-K for the year ended December 31, 2017, filed with the SEC, as such
factors may be updated from time to time in Park’s periodic reports or
other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.
Forward-looking statements speak only as of the date on which they are
made and Park undertakes no obligation to update or revise publicly any
guidance or other forward-looking statement, whether as a result of new
information, future developments or otherwise, except as required by law.
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: https://www.businesswire.com/news/home/20181212005892/en/
Ian Weissman
Senior Vice President, Corporate Strategy
571-302-5591
[email protected]
Source: Park Hotels & Resorts Inc.