Park Hotels & Resorts Inc. (NYSE: PK) reported its financial and operational results for the fourth quarter and full year of 2024, highlighting resilience despite strike-related disruptions and ongoing property renovations.

For the fourth quarter, Park posted a comparable revenue per available room (RevPAR) of $179.02, down 1.4% from the prior year, while full-year comparable RevPAR increased by 2.9% to $186.78. Net income for the quarter fell to $73 million from $188 million in Q4 2023 due to labor-related disruptions and renovation impacts. Full-year net income, however, more than doubled to $226 million from $106 million in 2023.

CEO Thomas J. Baltimore, Jr. emphasized that, when adjusted for strike impacts, Q4 comparable RevPAR would have increased over 3%, with full-year growth reaching 4.2%. Strong performance at the Bonnet Creek and Key West properties contributed significantly to results, while group demand remains strong for 2025, with group revenue pace up nearly 6% year-over-year.

Park continued its strategic repositioning, selling three non-core assets, including two joint venture hotels for a combined $200 million, bringing total dispositions since 2017 to over $3 billion. The company returned over $400 million to shareholders, including repurchasing 8 million shares for $116 million and paying $1.40 per share in dividends during 2024.

Major capital investments included a $100 million renovation at the Royal Palm South Beach Miami, set to begin in late spring, and continued guestroom renovations in Hawaii and New Orleans. Despite anticipated disruption from the Royal Palm project, Park expects comparable RevPAR growth of 0.0% to 3.0% in 2025.

Other notable highlights include recognition as one of America’s Most Responsible and Most Trustworthy Companies by Newsweek, as well as earning the ENERGY STAR Partner of the Year Award for Energy Management. Additionally, the Waldorf Astoria Orlando ranked 9th in Condé Nast Traveler’s 2024 Readers’ Choice Awards for Best Resorts in the World, following its $220 million expansion and renovation.

Park also executed key financial moves, including issuing $550 million in 7.0% senior notes due 2030 and securing a new $200 million unsecured term loan, using proceeds to repurchase or redeem its 2025 senior notes. With a strong balance sheet and continued portfolio optimization, Park remains focused on long-term shareholder value creation.