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Thursday, August 06, 2020 12:13:37 AM
August 05, 2020 04:15 PM Eastern Daylight Time
TYSONS, Va.--(BUSINESS WIRE)--
Park Hotels & Resorts Inc. NYSE: $PK today announced results for the second quarter ended June 30, 2020 and provides an operational update on COVID-19.
Second quarter financial highlights include:
~ Pro-forma RevPAR was $7.85 a decrease of 95.9% from the same period in 2019;
~ Occupancy for Park’s 18 consolidated hotels open during the entirety of the second quarter was 20.8%;
~ Net loss was $(261) million and net loss attributable to stockholders was $(259) million;
~ Adjusted EBITDA was $(122) million;
~ Adjusted FFO attributable to stockholders was $(175) million;
~ Diluted loss per share was $(1.10); and
~ Diluted Adjusted FFO per share was $(0.75).
Additional highlights include:
~ Issued an aggregate $650 million of senior secured notes (“Senior Secured Notes”) and utilized the net proceeds to repay $219 million of the Company’s revolving credit facility (“Revolver”) and $69 million of the term loan the Company entered into in 2016 (“2016 Term Loan”). Park also repaid $100 million of the Revolver with existing cash;
~ Increased total liquidity by $300 million, from $1.3 billion as of March 31, 2020 to $1.6 billion as of June 30, 2020;
~ Amended the Company’s credit and term loan facilities to suspend all financial covenants through March 31, 2021 and exercised options to extend the Revolver maturity date to December 2021;
~ Amended certain mortgage loan agreements to defer interest and principal payments for three to six months and obtain temporary suspensions from required cash reserves;
~ Commenced the phased reopening of 20 of our previously suspended hotels, increasing the total number of hotels open to 42, or 53% of total room count; and
~ Continued to take proactive measures to preserve cash and improved Park’s baseline cash burn rate to approximately $65 million from its original estimate in March of $85 million per month assuming all hotels have suspended operations.
Thomas J. Baltimore, Jr., Chairman, President and Chief Executive Officer, stated, “Without a doubt, the last five months have been the most challenging period our industry has ever faced as we continue to deal with widespread fear and uncertainty over COVID-19. Despite these headwinds, I am incredibly proud of the team’s proactive efforts, as we worked diligently alongside our partners to dramatically reduce operating expenses, while having the unwavering support from our lenders to help shore up our balance sheet. The focus has since shifted to the recovery phase, as we thoughtfully and methodically work to safely reopen hotels. While we cannot predict the path of the recovery, with $1.6 billion of liquidity available, Park remains well positioned to navigate the disruption from the COVID-19 pandemic.”
Want to learn more?: https://www.businesswire.com/news/home/20200805005923/en/Park-Hotels-Resorts-Reports-Quarter-2020-Results
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