Park Hotels & Resorts Inc. said Tuesday it has increased the number of its hotels that are open to 55, or 93% of its total of 59 hotels, and 86% of its total room count. The hotel operator’s stock was still inactive in premarket trading. As of May 2021, occupancy was 40.7% at its 52 hotels, up from 37.0% in April, but down 20.1% from May 2019. Revenue per available room (RevPAR) in May was up 1,325.3% from a year ago, but down 61.7% from two years ago, after April RevPAR was up 1,305.3% from a year ago but down 65.9% from April 2019. “Leisure demand trends continue to accelerate at a faster pace than we had initially anticipated, with impressive pricing power seen in most of our resort assets, while early indications of group booking activity and business transient travel should translate to a broader based recovery across all demand segments over the back half of 2021 and well into 2022,” said Chief Executive Thomas Baltimore. Park’s stock has rallied 26.4% year to date while the S&P 500 has gained 12.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.