Park Hotels and Resorts owns a number of high-end and luxury properties, as the name suggests.
At the beginning of 2017, the company broke away from the Hilton hotel chain and set up its headquarters in Virginia. It bought the Chesapeake Lodging Trust in September 2019 to add a different type of investment to its portfolio.
With this purchase, Park Hotels and Resorts got more high-end hotels in important cities like Boston, San Francisco, Los Angeles, and Miami. More than 88% of its 47 hotels are in the luxury range, and 80% of them are in business centers or prime resort areas.
Park Hotels and Resorts has about 30,000 rooms for people to stay in all over the United States. The company puts money back into the hotels it already owns to make them more valuable while also looking for new hotels to buy.
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With a market cap of $2.82 billion, this hotel REIT has a lot of cash on hand, and it continues to keep a strong and flexible balance sheet. The company made more money than expected in the second quarter, and numbers from the past show that this is a common pattern for Park Hotels and Resorts.
Even though the price of shares has gone down, investors are still optimistic about the company’s chances of making money. Getting a dividend yield of 0.32% is just the cherry on top.