PARK HOTELS & RESORTS $29 (New York symbol PK; Consumer Sector; Shares outstanding: 214.8 million; Market cap: $6.2 billion; Takeover Target Rating: Medium; Dividend yield 6.1%; TSINetwork Rating: Average; www.pkhotelsandresorts.com) owns 67 premium-branded Hilton hotels with more than 35,000 rooms. Almost 90% of the hotels are in the U.S., and 85% are in the luxury and upper-upscale segments.
In the three months ended September 30, 2017, Park Hotels’ cash flow rose 6.8%, to $141 million from $132 million. Cash flow per share was unchanged at $0.66, on more shares outstanding.
Now that it’s a separate company, Park Hotels plans to steadily sell off less profitable hotels. It will replace them with new ones in what it sees as top markets and premium resort destinations. While it will likely focus on Hilton-branded hotels, it may also rebrand some of its existing or new hotels under competing networks if they offer better profit opportunities.
The REIT yields a high 6.1%, and its distribution appears safe.
Park…
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