Park Hotels & Resorts (NYSE: PK) reported Q1 EPS of ($0.81), $0.04 better than the analyst estimate of ($0.85).

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, “I am very encouraged by the momentum of improvement in our portfolio during the first quarter. Our hotels in drive-to markets continue to outperform and now our fly-to leisure hotels in Hawaii and Puerto Rico are exceeding our expectations, helping to drive consecutive monthly increases in occupancy through the first quarter and positive Hotel Adjusted EBITDA in March. Looking forward, we are confident that the continued distribution of the COVID-19 vaccines, forecasts for robust economic growth and fiscal stimulus, and significant pent-up traveler demand will translate into a strong recovery for our portfolio over the back half of the year and into 2022 and beyond. Additionally, as evidenced by the recent sale of the W New Orleans – French Quarter in April 2021, our team continues to execute on our near-term priorities to return to profitability in 2021 and to de-leverage our balance sheet, push out maturities and improve financial flexibility to position Park for long-term success. We are excited about our outlook for the balance of the year, and we look forward to welcoming more of our guests back to our hotels and resorts.”

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