Park Hotels & Resorts Inc. (PK) in Tysons, Va., is the second largest publicly listed lodging REIT, with a diversified portfolio of market-leading hotels and resorts and substantial underlying real estate assets. PK's portfolio currently includes 60 premium-branded hotels and resorts totaling more than 33,000 rooms, the majority of which are located in city center and resort areas.
PK reinstated its dividend after the hotel and resort real estate investment trust reported a "broad-based recovery" in demand in February. The company announced that a quarterly dividend of one cent per share would be paid on April 15 to shareholders of record on March 31. The REIT reported that pro forma revenue per available room (RevPAR) in February was $118.07, up 204.3% from the previous year and 44.3% higher than January 2022, while the $223.63 average daily rate was up 45.7% from the prior year and 9.2% higher than the January ADR. However, the stock is down 18% in price over the past year and 12.3% year-to-date to close yesterday's trading session at $16.56.
