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 Parks 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
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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. Parks 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 Parks 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 Parks 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 Parks 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 Parks periodic reports or other filings with the SEC, which are accessible on the SECs 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
Senior Vice President, Corporate Strategy