Park Hotels & Resorts Inc. (NYSE:PK) Q2 2023 Earnings Conference Call August 3, 2023 11:00 AM ET

Company Participants

Ian Weissman - SVP, Corporate Strategy

Tom Baltimore - Chairman and CEO

Sean Dell'Orto - CFO

Conference Call Participants

Floris Van Dijkum - Compass Point

Smedes Rose - Citi

Ari Klein - BMO Capital Markets

Anthony Powell - Barclays

Chris Woronka - Deutsche Bank

Duane Pfennigwerth - Evercore ISI

Bill Crow - Raymond James

Dori Kesten - Wells Fargo

Robin Farley - UBS

David Katz - Jefferies

Gregory Miller - Truist Securities

Chris Darling - Green Street

Operator

Greetings and welcome to the Park Hotels & Resorts Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to your host Ian Weissman, Senior Vice President, Corporate Strategy. Thank you. You may begin.

Ian Weissman

Thank you, operator, and welcome, everyone to the Park Hotels & Resorts second quarter 2023 earnings call. Before we begin, I would like to remind everyone that many of the comments made today are considered forward-looking statements under federal securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed and we are not obligated to publicly update or revise these forward-looking statements. Actual future performance, outcomes, and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Park with the SEC, specifically the most recent reports on Form 10-K and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.

In addition, on today's call, we will discuss certain non-GAAP financial information, such as FFO and adjusted EBITDA. You can find this information together with reconciliations to the most directly comparable GAAP financial measure in yesterday's earnings release as well as in our 8-K filed with the SEC and the supplemental financial information available on our website at pkhotelsandresorts.com.

Additionally, unless otherwise stated, all operating results were presented on a current basis and include all 41 consolidated hotels. In some instances, however, we will be discussing results on a comparable hotel basis with comparable view excluding the two Hilton San Francisco hotels that we anticipate will be removed from our portfolio as previously announced in early June.

This morning, Tom Baltimore, our Chairman and Chief Executive Officer, will provide a review of Park's second quarter performance and highlight our strategic initiatives. Sean Dell'Orto, our Chief Financial Officer, will provide additional color on second quarter results and forward-looking guidance as well as an update on our balance sheet and liquidity. Following our prepared remarks, we will open the call for questions.