PK - Earnings call transcript Q4 2020 | Park Hotels & Resorts Inc.

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Operator

Greetings and welcome to Park Hotels & Resorts Inc. Fourth Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. pleasure Corporate your Strategy. my Senior Ian now President Vice is to host introduce Weissman, It Thank you.

begin. may You

Ian Weissman

Thank you earnings operator & and welcome everyone to quarter full Resorts the and year XXXX call. fourth Park Hotels

would like made laws. comments considered Before we are begin, to everyone of today federal that under statements remind forward-looking the many securities I

and obligated in described numerous the to and publicly that uncertainties with from risks statements. revise future differ statements these results not these As SEC, filings we those or update expressed could to our to are are cause forward-looking subject

on In non-GAAP as call, addition information EBITDA. today's certain we may adjusted financial discuss such

with on this time. find quarter our provide Officer sheet full the Sean SEC balance supplemental guidance also our Executive and the this Dell'Orto, can directly release brief at we well view as will liquidity. as well Financial and as on of will XXXX pandemic comparable full reconciliations devastating recovers be financial website information You the provide and year from company's the not filed providing morning views to He as provide morning's a the in effects the our review this most as will although fourth a our Chief the at Officer pkhotelsandresorts.com. the will together of Chairman of our results and detailed quarter with as a performance. on industry global more year Tom industry information as review financial in fourth in available measure well Baltimore, GAAP X-K Chief an of overview This Park's our

call like I call turn Following over to our to the for With questions. that, remarks would prepared will we the Tom. open

Tom Baltimore

a no my compassionate importantly, genuinely true want our with and husband welcome was to more longer loving industry in being. a Arne and profound us. we is many. Sorenson everyone. human expressing a friend kind have Ian you, that and was father Arne giant my and to Thank a friend sadness He by start I lost

with to richer because enough of For their a those were his paths of our condolences us missed. are I lives sincere greatly children. lucky Ruth and cross will wife Arne, it. be Arne send my to who lot

reflect most there year the through Park period has last ever our back doubt how And managed As met not of head is no on on. adversity was I be XXXX, the the challenges difficult that faced. and I could the prouder team industry

ahead. our began the pandemic members took for we to to protect and preserve plan the long steps As road take quickly team liquidity position hold, our

XX to just to monthly by significantly Our operating costs reduce cutting suspending our the $XX of XX% quarter. efforts during million to operations meaningfully hotels dividend suspending fourth our cash burn reduce our helped budget at our CapEx XX by rate

balance with strengthen in and nearly XXXX, sheet strides capital facilities. our we highly our corporate launch bank In two of to the raising liquidity amending $X.X credit of great And position. addition successful made and bond offerings billion

the improvement, portfolio. across permanent Finally, $XX with and of showing prudently and including operating stabilized hotels we responsibly while of began additional removal demand costs signs the business trends reopen the efficiencies identifying to of million

core challenges approximately continue potential are hotels other need we current optimistic markets operations up our that XX% of XX some to based on our will we opened We to some are our our at hotels. room across at of XX actively cost not we total savings outlook. accounting operations pursue as Despite count. Today re-suspend ramp hotels any for of our

billion available currently have we through position just XXXX. to us maturing $X.X liquidity our of million of Regarding $XXX with liquidity debt

as RevPAR, trends improvement effects remained during by we group expected, quarter the the our fourth XX% pandemic. down the impaired of to saw business Turning as both performance with quarter and results, little

our continued leisure down West Casa XXX basis South The was to business especially Marina our the solid a XX% XX% to a December markets, of our hotel relative an with quarter, Key our the for and remains this iconic its outperform stronger witnessed to Florida. one milestone drive the to two to Casa results quarter. celebrated relatively point XXXth share quarter, for drive pleased over occupancy I'm important this over past of properties quarter. portfolio across outperform Occupancy continue resort that leisure during hotels leisure at averaging several the Our averaged on XX% during improvement basis. anniversary property. submarket, Reach the at also Marina overall third the We

properties levels. Palm lift in results pre-pandemic expect expected XX% performance on Royal witnessed XXXX, region. to increased to to capacity, airlift averaging pace XX% January Miami, XX%. our to to was well the while aided relatively with sustained the solid as restrictions In enjoyed February the daily has leisure leisure West is for help The South year be Hotel Royal rate and for hit good Palm's demand Miami occupancy should quarter average properties XX%, strong, positive we and Looking at aided fourth line decision to Day's with off in Beach to October. momentum, January February at in Key pent-up remain by the with support start occupancy is our we to a is ahead two across XX% which by increased above the

results season. the popping opening December Village, to with of XX%. that enough December, weeks and initial the hotel five At open Hilton was partial proof Turning in by XXX-room on bypass demand reopened negative Hilton New COVID XX to towers level our range Hotel hotel officially XX within mandatory -- mid-November, in encouraging two XXX-room of hours with two Hawaiian the reopening for of on was during Year's This Hilton departure. quarantine can test week were state's Hawaiian warrant XX% our during Christmas business Village the occupancy Village XX. of the October and visitors the of high reopened The first Waikoloa islands a XX-day XX followed We holiday the now Hawaii. in

In both throughout RevPAR addition, Hawaiian respectively. of Hawaii most to being concept the double by situation the the the nearly of holiday materially been size seems season comp and XX% Village properties although its set nation, the be states occupancy restrictive Throughout the outperformed XX% property has in turning corner. pandemic, and nearest despite the Hilton one on a

fully up With those the March rollout for and count, drop potential in travel to back year, States as of case the X, half travel that are while of Hawaii. easing the This state over to interisland have is Trans-Pacific the demand May with XX% X. for trends the unrestricted inbound restrictions, the good of COVID-XX of Continental United close vaccines for making for by allowing travel officials news been vaccinated individuals very travel the

given for challenging We expect of quarter travel first restrictions. the to global of XXXX continuation the remain Hawaii

over group hosted as to occupied funneling achieving already the are in a Waikoloa to are Village Hilton bookings pickup channels Hawaiian are Rates bookings through signs over the February with and half noticeable rooms OTAs. we However, weekend the of higher-rated see XXX hold. increased more continue starting improving a reduced of year Day the Valentine the with in occupied rooms. The with on combo. demand back reliance market XXX that President's

the look and have main moving it carriers several bookings focus demand If park restrictions right increased for months, more of and have priorities setting to will islands. success. in airline we the direction next a tone Overall, much over position the XXXX. transient positive we long-term to which we several for we believe efficiencies, travel XX key a the like are theme trends, Our out heard all we airlift looks consistent from cost intend on help

to EBITDA. the deleveraging long-term on five a laser-focused debt goal to remain range our balance net we three foremost, to stated sheet get and back to First with of times adjusted

hope will operating initiate process the the as hotels bid-ask hotels the will to we primary improvement While with $XXX $XXX in driver, Overall marketing continues million for during fundamentals. spread to XXXX. sell in be of organic million several upwards non-core to narrow the we growth

We on as details occur. sales will provide further they asset

safely cash over of to away portfolio to breakeven a returning reopen back the and rate our and with goal our look of the efficiently the year. of we monthly to burn balance continue half chip at Second,

continue of by by early partners have with to the million fully focus pace the doses is been encouraged we time. as of Overall, recovery, will already efficiencies recovers past estimated hotel the nearly continue vaccinated. operating the model. with the remain to that noted the on several we the realize year Finally, the XX% over incremental has At daily US. vaccine to operating XX administered made respect the of broader the have front that on already calls, in work summer upwards fall implemented that we that and sector we enhance we over continue believe improvement the work have progress to and current our potential we it could as on sustainable late to US -- margin past With population to vaccinations, lodging be on are

We US be healthy by accommodative in plan follow put the well. stimulus billion recently continue infrastructure fit to $X.X by of including amounts lodging as the expect a possibility as the recovery spending Congress President the further support and bill economy will December $XXX trillion with forth bolstered that of additional fiscal significant massive passed and a economy to an

we for growth the XXXX personal which is second US is beginning reclaim equating demand, saved while to in that business pent-up of to months, over believe to near should seek lead leisure lost almost in to last backdrop, X% accelerated $X has XX% XXXX. as Against the growth the both this XXXX. over soared savings Additionally, GDP half trillion be was forecasted significant travelers there rate XX to and all

rooms the eased, follow positioned beginning the lead the in since demand trends travel continuing early the this undoubtedly the portfolio-wide leisure located expected during year successfully recovery. We've over last recovery, believe with restrictions the large, through the improve phases over in is reopen, for XX% our to with several lead with of been will positioned well phase of to recent sequentially Park believe with to Park is this incredibly drive the of very industry of we recovery we population phase. and markets, more and By is to very well demand occupancy early weeks. drive remains offices is vaccinated, of projected improving As recovery improvement demand our encouraged trends to corporate

reopen. is of recovery, disproportionately including several Francisco Orlando, Key including Hawaii, begin to particularly may savings leisure our Miami, across high shape which witnessed Miami, Southern rate and of at attractions have travel during be XXXX pent phase results up several fourth of San and we even demand to strong should and key Seattle California The West, next support markets, leisure desire Southern New to California. third help a US take drive Orleans, anticipate quarter the We markets restaurants for trends expected to fly our to and and of as local and the

office the lack to side, focused in limited there more corporate when this companies impacted back very the to less and at the group with however, the bring expected side by focus near similarly term. workers booking remains visibility on The is point. to On full-time travel corporate many be travel remaining on of

However, seen for we booking definite in year since volume and vaccines after November leads shortly for increasing bookings by With were activities group fivefold encouraged the are January. the the lead and XXXX doubling of announced. news

out In at up rates firm XXXX XXXX, with largely over addition, X% is holding point the pace to looking levels. group this

I'm the entire the industry this Sean very who over that will year. more their we am hard emerge and with color stronger thanks the call than that, incredibly on position. optimistic And a ever. team, will I'm results to on ahead, about balance crisis confident like Park's and has I'd still sheet tirelessly the long relative of and proud lodging which liquidity. provide update an to more road work worked I dedication all our And some Park turn and to recovery and resilient from While our

Sean Dell'Orto

in year fourth a the losses associated and Thanks the were approximately quarter the year. addition a attrition cancellation quarter Tom. were XX% by full respectively, offset RevPAR million during fourth to successful income with with in in XX% line recognized results while $X and EBITDA million full loss fourth appeals we the property with and of quarter. Chicago, tax for for adjusted million tax positive in million for $XXX and in down $X our Operating Overall, operating loss $XX expectations quarter adjustment a our hotels

in D.C. to market hotels were leisure from restrictions an and XX,XXX more to backup the performance our And positive ongoing Crystal we results noted, XX% quarter business Hilton as support anticipate provide January in exceptions McLean such quarter reached incremental National Tom Troops hotel the of over benefited in fourth challenges and As authorities. month. expect some XXXX on DoubleTree XXXX where McLean the to markets our million two in first West of this trend impact corporate and continue Hilton side, from negatively demand. largely Miami. revenues demand exceeded while mirror Crystal D.C. at like to Occupancy do for We $X.X also given travel to at the that the than called City Guard local for City Key accounting XX%

Turning hotels portfolio. our to within that the XX remain suspended

are As of the New Francisco, in located a areas reminder, York, and hotels Chicago. metropolitan almost all the San

strength shaping for pandemic to positive XXXX. JP worth cities there Morgan's are While demand for example, occurs In January up data which is muted, three trends some across to conference remain return San all Healthcare pre points Francisco noting. in

vast For XXXX rates Park's at have been transferred for contracts of year. XXXX Francisco majority the to portfolio flat group hotels, to of successfully this San

already the benefit $X larger we are doors group see especially all groups permanently the Complex in has New and closures into XX% including over Union Hilton boxes the Our year. hotel Hilton of XXXX into which of York, Square year commitments some their the million shut next year's moved the Grand to the JW around of contracted In next date. Roosevelt, Square from Times and has its XX starting last city, worth Hyatt, Marriott

two pipeline hotels Roosevelt, the corporate from a booking displaced had other York groups while Hilton significant. that the With the relationship is long-standing with clients New The of

year. of continue in markets will half and these in pickup summer. the for portfolio by and we several situation back achieving of have monitor in the urban these the most hotels anticipate Overall, encouraged this open hope markets before our to We hotel the to breakeven of are demand key the across

billion through quarter million XXXX over maturity our debt net nearly totaled Turning total to than including debt liquidity billion the of our of $X.X just than balance as end less years. on $X.X at maturing sheet, our of X% a less stood $XXX or million And five average with available $XXX weighted revolver. outstanding with

remain opportunities. of constructive level to with on last XXXX the the via along while covenant cash public balance and sales our for evaluate maturities and beyond and debt as on focus for the strategic year The capital flexibility include our and capital reducing the reducing we extending sheet the bank strengthen further to liquidity, asset further financial and While and was raises maintaining relief additional leverage our potential raises will capitalize exposure potential growth balance plans needed. markets corporate enhance debt open to quality overall sheet hand

to we late we in maintenance project including program million slowly approximately XXXX. our fully the Bonnet Creek, restart $XX with $XX additional complete platform CapEx Finally, to million meeting to maintenance a plan CapEx, expect projects we and Overall at and respect which to Creek. an up ramp select XXXX, ROI on million Bonnet at expect $XX spend CapEx by

our remarks. As updated will you on concludes keep That prepared we progress. our always,

[Operator now Q&A. line have please? the will we the open Operator Instructions] We question may first for

Operator

Thank question you. David Katz question. of Please first with Jefferies. the from [Operator with proceed Our comes Instructions] line your

David Katz

everyone. Good Hi. morning

Tom Baltimore

morning. Good

David Katz

to by Good of with number be notion morning talk this say access, air entirely in right, commentary and us know specifically Francisco. all ourselves endeavors not afternoon. out the And going I far balanced is or about you continue to markets. bookings? from is respect too of we're Hawaii could you've progress. consumer with about Presumably, wanted and two week far taking activities different just and Hawaii, But around that are the given help to of of those getting bookings be San to I some what travel and get ahead XXXX? us are Hawaii there leisure directions sort commentary with a How leisure

Tom Baltimore

it's Dave, great question. a

try me - Let to

David Katz

Talk me off ledge. the

Tom Baltimore

Okay. of a Yeah. Hawaii little kind for could I just If frame you bit.

– really had deaths. cases Alaska, other cases fewer fewer has keep mind Let's that, and had than Vermont and Hawaii than fewer in they've

the we think But deaths. know. level XX,XXX this all of of restrictions arriving, as obviously is negative is Tier test how X. put in XX-day were to unrestricted. to morning you X – that's set about the from when horrible about they the certainly place, Any Tier as they XX-hour So life cases the now before is state quarantine completely about loss onerous moving test XXX

that's again, about Hawaii, think then when start So encouraging. those the March here been vaccinated. the population fully in that vaccinations X royal most of XX% Interisland is vaccinated, to going people. have And as travel including already of of been you has for

that administration So think it being concerns one may his there, and mitigated. facilities stress from the are I all governor the of the that put the

And so as patterns. demand really Hawaii. encouraging short There think pent-up got really backdrop, is booking we that's that. historical you've significant a One, about in

just in Airlines if ramping we've three Hawaiian the the weeks You've fourth and XX% XX% about seeing look January United XX% believe into the high December. as airlines, of as got last to you what and quarter six we're at, so think I up running all of XX% and mid-February Southwest, XXXX levels, occupancy And Hawaiian up, I in they gone Airlines from at were to Hawaii, XX%. for alone on

vaccinations that And and given reclaim we that continue we the lives. very, surprise second We and accelerate underestimate and all the traveled forward. move upside the to bullish of the so XXXX in we very we could let's out of have to a the need recapture Hawaii. XX%, think as US are year historically, bullish or Continental and the very again, Islands and are here to have the half on Hawaiian US, And beyond setting the that backdrop not really our on as really fact the mainland to

David Katz

because I data the business business little this Morgan around a have more come the does more – particular is think Francisco, point, complex. but a aspect San you do right, what range bit it. I in San travel to complicated, bit travel demand generate Francisco strategies, in we're little a in general just slower? you a Got is go that of JP assuming bit bit heard, further? of Can

Tom Baltimore

had let's sort had got Hotels only. fair and of essential right? hotels We've quarantine to hotels governor anybody level a February And about or the for look that there for at September Game The half to running And in second Dreamforce orders. of for Conference slated the continue. Francisco. nights look that to are we even to the XX%, of and slated And citywide in to believe stay-at-home room six them ramping X, essentially as you've were think about XX% XX aren't both at QX, you set, and in occupancy, restricted is even first two you XXX,XXX of XX% adopted Yeah. open, low are late events half, December aggressive you obviously, QX the probably CBD in probably continue. XX% if XX-day here to mayor another XX%, XX% There's the business closed. generally relaxed, in the that to is probably -- and the second You've traveling half four those range. up properties still very occupancy, about question. It's if February, but we if still remain until you expect in February. July of were about in January But about – book. pretty year, there the little And a returning continue Developers XX% Conference San travelers again we were think be through going

we million challenging was write of San There record know of the doesn't to written recognizing one such health And XXXX a again, think eds Now op some nights. that about look, It to great that's jobs an about safety continue ordinance. world. Francisco the But two tourism by great or of prepared that a some the and I've out important bill. are X.X in off. the cities challenging But It's issues a We're our room the environment. we bill. encouraged still of XXXX, a it is compare is of nation with is local are we what we that there. bill just discussions it part buildings economy recent healthy favorably not don't

the to the so XXXX that be over very long-term. there. optimistic remain within softer there a are clearly certainly long-term, certainly think over and intermediate our intermediate to we little going to so slower portfolio within is Francisco And industry. that little on a opportunities and the and and We the bullish be ramp-up San going continue But

David Katz

those. Thank you for Appreciate.

Tom Baltimore

My pleasure.

Operator

the proceed Please comes of line Rose your question next Smedes with with Our question. from Citi.

Tom Baltimore

Hey, Smedes.

Smedes Rose

Hi. Thanks.

markets, the you New there where benefit You that in are permanent to or some you from mentioned starting contract? in I starting are just wanting to closures. think -- supply see of any York, you're could that you other see markets other

Tom Baltimore

the that limited right-size We've large service own a believe so naturally York group to share we've our more that a It got that to natural our believed strength. And you be a brought or only who that permanent We are here hotels. part It's fair we to to hotels there's going about business. those There happened are us that and think Hilton on has if on and that some of of and has XXX,XXX Yes. gave as to play the will York that on of look, meeting that problem remain onset a either shutdowns. minus, the has help permanently three right-size color business of we the seven as Sean five sort rooms great One And than certainly those We and candidly to the in that respectfully we York. hotels platform. over New have depending you by supply New been years accrue the question. and best great believe will house. New always really of opportunity really that closing see are submit half last that. we converting closed is many as of think or plus as York today, New would

York no of of you can in middle there's are But great right at that and doubt But again year and another of we some going group the with contract. it the as on is beginning think the a the one probably New yield And in what chin this anchor all is to transient. sort And now. still obviously, the we of of -- world, demand You year I obviously, then a seeing back shoots going taking pandemic. those epi-center patterns. of is come look York layer the we saw then and green cities to that. Again, evidence out we we bit be of and opening at some probably look at the earliest New

we continue and closed We carefully once it's we then and a Sean challenges gradually we reopened of to all the management I asset we've remind reopen will that, in but track portfolio. XX% not of slightly situation, of in as to not in our almost to re-suspend once re-suspend. we us. how done credit And across operations. listeners real we had hotels the our reduced our Limit that address every team have front

some So bode the that's we start there I looking in we what business be York. given green New think we contraction for to XXXX group going as in And out intermediate supply, in in over to there well York expect for there are long-term. shoots the suspect New

Smedes Rose

you point Are in sort all later bigger recovery at of of the initially year. gets little as Thanks. picture expectations the of terms some thinking you And about this then, kind at differently just Park's a guess to hopefully strategy leisure maybe given underway portfolio, of I resilience, to or you up, could drives think few next guess I thinking more sort there resort maybe the years? about group of do focus or its and be are historical how the on a over just

Tom Baltimore

right upscale that we top that, Smedes, upper focusing question. confident, we repeat, the growth. Yes. markets demand the on said a I population will is patterns, Look, of it's confident Having follow great and luxury very assembling resort XX our in will portfolio, premium really strategy and or assets destinations are positioning. a follow we the of

that footprint. at will transient we You don't that markets respectfully to but we having that leisure Austin certainly well. strong submit it's leisure, Phoenix, in time. presence XX% the business addition legs transient Clearly about and to that fairly sense a it's Obviously you what of can evaluate our would a we've XX% well Nashville obviously, to in know XX% multiple California expect mind in make strong in our in over think our believe to looking our in sources we're Denver that life. natural fly in market markets have slowed, from that to of leisure a opportunities Northern that really their to you California, are South three even my drive about keep expand past leisure certainly demand. strong got about seeing I why and to of Orleans a XX in Florida, or look we you to stool, you about look suburban and Florida, -- We have that about parts it San and Diego, think portfolio, XX, When going it's to Southern of South a hotels, hotels. what just areas but strong think clearly think a group of to we today, as may And but more if New seeing, what and those we would to not particularly for are we're grow bent XX begin we non-top have continue obviously, the that continue to southeast call prepared

trading have going about think replacement XX% cost any most barriers to replacement believe would and continue rash cost. of you to you today abandon markets entry we're where of we geographic well-positioned portfolio will our make decisions impossible this footprint. to It we're and So not to that adjust as really really be at we strong those alter but that that, and near even to replicate probably we're high today huge

Smedes Rose

you. Thank

Operator

Our next Please question. line Asad with with Bank of of America. the your from Dany question proceed comes

Dany Asad

afternoon good Hey, everybody.

Tom Baltimore

you? are How Danny. afternoon, Good

Dany Asad

I’m doing great. Thanks.

of you've are as major should and have up? commendable that's guys projects there a ahead with it either deferred be as we maintenance addressed? need then thinking been looking you possibly that are last year or is on this pretty looking to nimble that we'll kind been then about about so the XXXX front, deployment. job XX coming think or in But to ROI So done there call And being that needs months to your anything just delayed the CapEx either at or be

Tom Baltimore

experienced that as We and of and to have credit we And finance the two and some lot and men panic. are. by maturities commend compliment. wrote year I what think out Dany, we deals with operations, you CapEx knew out the But dividend, were for our crisis would cash and And Sean suspended there to our the do. think women off made the and dead. actions, exactly focused shown question went faced nearly this that we team it's team. you not rate. on bond of a us that first immediately push team great we and our And secure candidly think we've Obviously for I Park ago, burn I to this any about didn't were again we of want a worst and we steady. we liquidity. our did XX%, very clear liquidity crisis. thank We out seen. just Park to how we I is what decisive there was us A When suspended were a experienced capable reduced submit

it's because to I important. state think that So really I want

and the over the Sean mentioned are by brand Creek the expand intermediate is As we our positioning that long-term brand to the think to facility as restart, we obviously, Bonnet We Signia Hilton. and world-class to about the upgrade resort. think going CapEx for

really that. So excited we're about

Orleans ramp that mention adjacent the feet When all Village, there's you to just allow five of probably look an would opportunities acres square the million Riverside tower. to of embedded really Hawaiian do our FAR. has at a they Hilton the are portfolio see within getting whale outparcel, You'll six eight convention equivalent center and lot there hotel New that and our working which us on few up. the I'll Hilton we're a

think have also treat about an Waldorf that we Reach in last that the double that upgrade Barbara we're Key The making Marina run of huge a optionality. converted as San karaoke has the been a that we continued there Casa slating that adjacent Jose, huge And to Hilton gives Santa is you two from us Hilton have for a If West completed and The DoubleTree brand. course The we collection we Resort success. year sites a well. home

that continue really more in information want next significant this realize our we'll We'll great on have to some existing within there footprint years through. to ROI. to our comb the focus continue that few So upside. in upside as embedded here portfolio we to is of to But

Dany Asad

you it. very much. Got Thank

Tom Baltimore

Thank you.

Operator

Please of the your with Rich from Evercore. Hightower Our comes question next line proceed question. with

Rich Hightower

taking here. Hey, good for questions my Thanks everybody. afternoon

Tom Baltimore

Hi, Rich.

Rich Hightower

Tom. Hey.

on really follow-up to like quickly. York the I'd So Hilton New

get over had So we sort to all surrounded that sort the a with more profitability of various rate an know hurdle It issues that occupancy. of perhaps of for pre-COVID we really and that overall reasons. asset was never

us moving As help us business? understand the take through of would parts hotels the maybe that closing future in the there other be steal And that the you and higher-rated structure cost forward? then, maybe are that permanently down from given some share presence going regard? union So

Tom Baltimore

-- me is of appreciate chase given so because that you Yeah. question the A one -- to the onerous. a that. would think I lot cut operating and in just Look, there. lot Rich, just environment current the CBA let

margin New let to is given our go it do want hotels know We on waste. I any think the And the crisis anybody And you the crisis. to -- end owns And lower York. think in clearly of we think EBITDA for portfolio. that don't I all the that. who lower

the that's first markets know. best best land working with working the duty as guaranteed. a with been looking operating natural with in fact do think working have the was But at also hard tour benefit. hotel that and or talking XX partners I've union XX% our We York investment, with history that opportunities XX-plus among to the model. the is the nothing years of certainly a Nothing given my is of XX% supply years easy, hotel got we and to Hilton you're all ago, about New ago. right-size market I

We that it group that transient. well. for got the that believe the that group of meeting know still are think onslaught the anchor then to in layer was the we can think we've footprint do businesses erosion. I yield with best with only that again, And that footprint. if we history comes service allows rate supply back contract in that us business. So, limited there And that Clearly meeting hotels have we there three

restrictions, anybody also there's so mandates dining that in intermediate dealing a today, closed XX no team how limited New of capital are optimistic It's will closed. we for are management we're we're I travel future. York fault perform the with are And in we but mean government gatherings at city. or been flight. dealing people know over So people and else long-term. the looking it's by there indoor remember that, to the limitations, with year again, And the

had of I to move have be remember New would I super mistake XX% I think wrong we in lost. as XXXX, a XXX York and that think again, significant about would the a think before. sort And bet you be was write you pricing forward. tried days, market over it People huge compression think York well a that And had I about When power. New you when year off.

and probably super can't you in XXXX fast And you if in If about of to think than zero, probably XX we less forward I compression created you XXXX, were were XXXX. imagine XXXX. days XXXX days

owners, there. opportunity to the there's partnering cost reset right-size that's a and other with combination whether about we think XXXX as for is ways and in there operations So job that's

doubt, asset, that All component is given there no value. we And continue topics mean of on explore. there that today. And have nature those the timeshare significant do a table. won't But doesn't iconic are we it We to of embedded look. the also

degree of asset the continue of lots explore to for we'll optionality have and value with shareholders. that We

Rich Hightower

topic, as thoughts, normal trade-off how the think via to another we switch about Okay. gears in asset speak, the to issuance issuance, equity for sales do I is one, so asset increasing manner that appreciate where the but to pre-COVID Maybe Tom. those in terms equity of sales. share compare on if we is non-core the and count? million see can to versus discount, of trading maybe there $XXX-or-so with the a whole, obviously And implied Park,

the cost through and the those the forms benefit So the between context ultimate deleveraging? think two help of us the of trade-offs maybe of goal of equity in

Tom Baltimore

Yes.

simple pretty I it's pretty clear, Rich. think and

I still been dilutive see a this NAV. see replacement about our a if cost. where discount The We still trading internal to a do at think is many We're trading significant you trading trade. benefit thing no to I've And today, you that. discount last equity of we're you'll management steadfast for months. at many, XX% team know think we're XX%, own

being is a for more see do prudent on out decision to we shareholders, today. middle other a last do don't anything intentionally us we based seller XX%. go made. the So last at assets. We was discount the think have for move non-core capital beginning as sell prudent to of at XX%, and that moves XX%, year, the didn't the of to offering continue COVID the and that year an wise smart We We to allocation were equity

these that in and the optimistic. are we've decided We is travel. underway. and So our got conditions saying We cautiously favorable, get move more already it to begin as And shots restored be are we're improve will back. that more arms to will XXXX. And believe we we came assets particularly those believe make targets people and confidence vaccines activities in we've the publicly, and and more sense

We to delever. will also to proceeds we them continue to use organically. will delever take those And

the But equity, perhaps an no stock equity need see go growth over-equitize do this time. to offering and little to recover. at use use a time. continues will We'll we We as for again, opportunities and that at that

the got In And we of -- we at stock have it based trading we've bankers. When vaccine, And still but also on fact, XX calls that’s make how were sense about We it, particularly make prudently than I XX we has any and undervalued. stock sense we've of doesn't didn't or certainly got of passed fair or those. performed, were significant ATM regretted, as now. calls I'd certainly would lot trading have share good. any XX, all it say, programs. then, is on a a more discount the We're the from after think, still of we

Rich Hightower

it. Thank you. Got

Tom Baltimore

Thank you.

Operator

Barclays. Powell Our Please next proceed with Anthony question comes from your the line question. with of

Anthony Powell

everyone. afternoon, Good Hi.

Tom Baltimore

Hey, Anthony.

Anthony Powell

CapEx. competitive question How’s it going? Just a on I CapEx, guess,

back a properties you expect saying, they're Do large market buy spending several peers the Orlando, markets of argument? York, you? lot New various And next are going maintenance to kind kind any Boston do in order over on of any share your comes markets gain Francisco, that like San of regular to those years. that with they is business hotels in as just and of hotels One CapEx to in your your way compete needing with be refreshed competing

Tom Baltimore

consistent Blackstone with our of would mean, One, Hilton been that our Obviously, we continuing been year down the We've had level were button on revenue. with CapEx Anthony. could pretty rate dollars of proceeded for significant fifth a run wiser X% question, was liquidity in fair portfolio which Bonnet now. make -- prior a It's have thought comments. we're the The the that I Creek, sure we about I couple spin, the at Yes. X% we make we spent overall enterprise. to and maintain. decision but our hatches we the have wish to

embedded ramp mentioned, We I up. a that have will as of And ROI lot opportunities. we

continue maintenance us deferred -- this of there But is forward. study portfolio. prioritize in see in those near are move a not lot as to and You'll evaluate we'll future we the we

to as thoughtful look invest we're careful So where and future. and in are be we confident the we'll we

Anthony Powell

markets And, the your in evolve over risk that EBITDA of I'm at any And portfolio? it. non-core market those XX% look aren't as higher having some selling exposure or one Francisco. you two view you earning I market guess, of concentration XX% in assets. how or you Got those you're Hawaii the on guessing do in Hawaii? to How San just

Tom Baltimore

It's Yes. question. a fair

It acquisition. diversification. operating D.C. Miami in I more and obviously, It Chesapeake Boston confident. think additional expanded us We were Denver strategic the our gave very look picked Los improved earlier in our and Francisco confident I the in strategy. also Angeles. the rationale -- geographic Diego for We we in upgraded as said some and We portfolio. San confident brand gave We remain San It us and in are footprint diversification. you'll overall

think a if you're that pure growth it's one sense Hawaii. to going XX% have pleased and I to profile. having But I a we portfolio we truly really in would really market think in what over market over have have a to improved iconic like any not Look XX%. So with our particularly, really

never have time certainly And the generations our one in that wouldn't that to believe get confidence it's back time belief generations that as go we could should grow given from will there to a us normalized be a It no markets When inconceivable exposure we slightly continuing to -- back take Francisco be in lighten that that see but the opportunities. been long-term. over more San is that reduce the by the a market weighting in standpoint, indication other that. for and just of load replicate over that You to keep. one we can we the

as growth as lot said growth. obviously I people about think the also interested the a clearly natural. there And markets that think are in the of we world, of So Phoenixes I markets And are the the Austins, about think think, just opportunities should you continue markets Southeast, have to to Florida that continue I Central other we'll even to population also is Florida, going South explode. area that Nashvilles, in

follow will We the demand.

population anchored multiple most sources the We prudent those the decision. have will being historically markets in demand follow of is that

Anthony Powell

it. Got Thank you.

Tom Baltimore

you. Thank

Operator

Bill comes question question. James. the Crow your next of proceed line Raymond Our Please with with from

Bill Crow

Tom. Hey, morning. Good

didn't editorial issues. I stopped from making labor that like written the them market all the you've knew you about Should sold know that -- future and have on payments begin you your an to of as that's the What's with Chicago Chicago? So and mean W well particularly of service a in are assets kind The Chesapeake those with. footprint Street I debt

something gotten maybe? have sooner that is So out you should

Tom Baltimore

special put asteroid of you all of back always same by I Chicago by hit asteroid the hit of Francisco. about Bill. XXXX got Clearly and September of close would in easy look right think to challenged in I the we COVID then it's mean San course the bucket or as called all But New Well, great reasons when York of getting is say, a servicer. written like look I that us issue understand it. have would would really will The unique I you cities the the as for also related anybody as discussion the because one Chicago come asset to we'd with you've about write-off to not now it that another well back. and is

You while can't have and paying. you're discussion a --

than significant we liquidity So we optionality. X.X have more and years have tremendous

anything in look As we're than excellent you a a with have realistic that. optionality Ws. we know, made operations there's you lot read that's both also there. to wouldn't of know and and the moves And And more that cases just I the dialogue to two at combine we've Marriott think working to

Bill Crow

back. just you bit challenge about Tom talked But a the to coming markets little you

relocating York were -- companies profitability? and think New look come the workforce other was so markets down mean XXXX, these now NOI right. And you're before some we've feels they into spiraling But of and Hilton at happened. positive everything or XXXX example do in I markets even dispersed already for or it back I it got reach they in like if

Tom Baltimore

Yes.

rejoined dating so was in portfolio But out, bit, and spin higher the I and Bill, of to in when myself of back you EBITDA. I've asset I a in top asset business, still generating historically a remember this seven been flow. little amount long I've got cash was five, If think can relationship long when it that terms top even how Hilton given but margins the a significant

have always are think an and working veterans not We continue margins last Lower year, It And there. in obviously is costs exist the been assets that in positive. cost it's is And -- closed this -- NOI fooling doubt We're to it portfolio. other here. reset. the a So it. for I'm still was there's because there that was there's opportunities the We're no not to of we ourselves. out take through. that we're opportunity underlying

Manhattan, $XX taken XXX mean, is asset. our whole York The points we've are can continue everybody and relocating. It's in about have only we but sources opportunities basis to portfolio off and a also question, capital replicate that York and for asset we flight, more there's to the of couldn't million up obviously working do and challenge. New You we're as greater over optionality out find other we is people of of down yes, that the in work and it We're tails to revenue. we big in New There's through. you time saw things that costs I look

look risky up, of we're New is exist. are all think I deficits to the I new a theater to the leaders. security restaurants, leaders I think There's be, There when I people one some business that pandemic. in shopping, writing step back. bet. abyss, I'd that's part, would the but the the know a great that's yearning those mayor and mean, middle of because governor concerns and say, enjoy scene, -- great more York an world. whoever I and little again I about I gets some -- just I'd to be safety cities going have And I the off got the that careful, think we the get the are of

not. it I will in come I I Do think think be do New York will back. XXXX?

Bill Crow

All Thank time. you. right. the I appreciate

Tom Baltimore

No, thank you.

Operator

One Securities. line Our Please with Malkin your proceed of comes question question. next with from Neil the Capital

Neil Malkin

Hello everyone. Good afternoon.

Tom Baltimore

Neil. Hi, are you? How

Neil Malkin

pretty so earning, thing. end bad you good know, a never Hey, of

same sure I'm that you way. feel -- Just

time of at to ridiculous I push I legislation. a the terms you it a mean standpoint, markets? your And that be don't around those back fair paradigm from about or of because clear being you maybe core mixed market, commentary the want to Prop from guess, an cities, of with off to bit kind in mean, do confident piggybacking I same of that matter in the a a just in of say? things again, I sort -- sort you're true. like top way seems it's to you're following And going taxes. I only away Just suppose same, messaging but Bill's a doubt operating there But want of from are standpoint that XX continues get travel, to you California it sort to forward but little the of of get want American comments. before don't pre-COVID the demand. great people may again, line to EBITDA mentioned time safety those is go mean major -- labor you're is I maybe legislation you're with I to kind

Tom Baltimore

closed completely is that sort messages. in York those think cities. going been you to three mandate say in To of think investments still San of to across that. capital significant flight. the some near you're be a that and largely Chicago we nation markets, the I those pandemic government there this are they're them Look hope invested which we're will off, term, and great cite It giving can Yes. we see coming out and going bit that fact we're by have understand New not I'm that mixed fair premature. write here Francisco, to obviously, now relocate, given is And all But to I

not have in into incredible You're Florida probably whether think whether Diego, diversified also so that from is we think reasonable we're see I that more and now. point. real it's at to we suburban lag whether say but those abandon completely San of little, also top probably the migration, market rightsize. a we think Remember, all that top three for think an But New York on it's top our assets part know. and them to it's estate strategy XX. it a markets. parts, and out going I off to Orleans, reasons chasing going then sort premature it's XX abandon be to Hawaii, creates that coming certainly this this of would opportunity of South XX Florida, Those iconic so D.C., we portfolio write sort markets Boston, should And that just that right other may in is more would dependent I pivot, New not some them of

You're not have the to to entry. going barriers

but that to that going would add want We sources as very the to have demand. be everybody, also not You're a more exist will given of opportunities footprint. competitive certainly resorts the

ROI prudent We exist. careful. be amount of investment really to got footprint existing there also the ideas think that within You've are our opportunities given

Neil Malkin

Okay. you. I always for appreciate one Thank me. Last that.

but I relatively quiet. ahead same the job think you more Tom you for Sean, just guys and guess think But terms this sort getting now coupon been parts you at well, time, to sheet, have more actually done I growth, in about progression liquidity I balance issues. a have your good who's stack. take how of maturity But as capital of also of leverage maybe guess, in versus higher

things seems before you companies talk So acquire, a it capacity, other kind bit a sort your being guys to like you'd to of the opportunistic having of start ability little maybe acquisitive. sort on of of lot being about work have

those in early weigh industry kind an your things being just sort it's talk can given Tom, very you're about maybe of but on I thinking So kind just you of Thanks. of recovery how understand about consolidator? outspoken in you that? early nature

Tom Baltimore

I'll been when how some or think way. lodging RLJ, well we the here that fact of of deals it incredibly players. got saying capital REITs to and But that mean, by none, us that makes been efficient two it Yes. we've or them other be fewer sort received north investors. remember, Pebblebrook sense. I I have buying consolidation. a look, I've about and REITs a XX more with about we use Chesapeake take decade along now one you of a We're acknowledge I XX, XX, more industry XX, XX, many Look or have certainly for can't LaSalle, also are the – the have The baby – of comment FelCor

clearly don't to near And see in we continue consolidation is so term. we'll monitor. the But that here that something

reduce reopen – non-core use point hotels, continuing our we We don't with on assets, as leverage cash given to proceeds we are disagree to focused, debt, of those optionality. debt. I to sell excess have your would articulated plus reduce continue

optionality, We given have the plenty within framework. covenant of

balance sheet see a you're We we'll and occurring those continue also would transactions of as noted, I have at to don't With ability, say maturities. push out to look but I see those I also don't year. this Sean more the continue the going to think strategic, lot bigger.

visibility. recovery get the to better work we as those think through continue I

rest be to able of at can XXXX think beyond, that assure to being I those in the Park appropriate you will position and compete be time.

Sean Dell'Orto

But the things I'd those advantage continue monitor I too just a think I about to overexposed And just the have bank the last sector think lot you it. well. real and took to add in depends certainly some address, think, our debt, of go just of of and different think of We'll said, Tom the been our to entire too for to us certainly do I on cycle kind after. we've access cost markets. of is maturities sheet scale, to that balance as of opportunity it and And quick the it's been what debt has accessed kind we one as

to of the certainly some things of with reduce drive So, have is and like far bonds forward. that more exposure our flexibility kind going

Neil Malkin

Okay. Appreciate you guys Thank thought. you.

Operator

Our your line with next Montour question. question from Brandt the of proceed comes JPMorgan. with Please

Brandt Montour

everyone. for question. Thanks afternoon, Good taking my

just where soon. initiating you So million of labor expense enhancements the are permanent on guys model from and the operating $XX

related, or would is follow-up Just being I mostly on it more in of your curious are across portfolio, be jobs cut? it is or a is heavier then And what the certain uniform services? removal of assets? it a larger Is types of guess it redundancy tactical

Sean Dell'Orto

yes. -- It's

or have the across position you where would might desk manager throughout pretty manager say So it's of captain positions of well kind a type it's a captain management that. of like It's -- -- a I portfolio. front banquet or lot something

rethink through So and some it were wouldn't the go property means ultimately that opportunity one, you're can where customers of when on bigger we're your book basically have that back to you just employees. a the chance getting and a adds properties in folks more where in business clearly, XXXX zero, from reducing bigger say you to a let any measures. unfortunately you're you from number to revenues going But We this situation had see extreme by about things reduce when you services I end square process. up level to some the take just

confident we're more about time. been cuts efficient recovery has just these So pretty this operation here being permanent over have as

Brandt Montour

answer Thanks maybe flow for top out? maybe another able measure as and could Okay. certain are a your were can peers if to and that could maybe you sensitivity of you or I measure sort one but range? that. give us that of Sean growth through for build you a RevPAR to able maybe don't it, that line help as you anything demand us back us could how in know give play to you understand EBITDA But

Sean Dell'Orto

think if so back flow-through occupancy hurt that. be I you build Well, your is through going to

over back -- be some to to we're going amenities beverage. food, You're time bringing at going

you're to going XX% you as the going it dollar XX% more the back, it's pure you're flow then -- that rate XX% certainly through depending. to going have from in anywhere don't profile be rate you're to going with the be through profile right? start comes to flow So see to So

here, that's kind in think for we us through go generally the of past. been I as what So it's

a certainly probably better it's bit on that side. the think than little I occupancy

stay, goes we've in the of the clean the and the slightly been that positive seen put additional but just generally certainly used labor DPD the we overcoming, is place of cost slightly extra the the things cost that have being which As noticed, incremental overcoming some on positive. back or embedded It's like costs given side. materials

a little of kind across portfolio. length the longer stays back and So as bit both that the get comes of

gradual other when that from that benefit offset some to on see we'll early you some the costs come think F&B. I of services of online kind bring like back

Brandt Montour

guys. Excellent. the comment, Thanks for

Sean Dell'Orto

Yes.

Operator

comes proceed Sachs. Goldman the question of next Please line Our your from Grambling with question. with Stephen

Stephen Grambling

permanent there. And distribution Does labor follow-ups. or guess less million or Brandt's think I few the could margins consider mentioned Thanks. starting questions any a taxes, offsets $XX whether you And should with $XX there from Hi. million any is be we are to changes as about and models in benefits that the that mix? you number? in insurance our think it's I OTA that

Sean Dell'Orto

I million just type strictly $XX reduction force The in mean a of exercise.

related with like. -- not sure I'm the I'm So to and taxes following concern to

Stephen Grambling

also Yes. cost-outs permanently a gave -- the then on I be thinking in you but or the permanent I you've that seen I on about now, like any is considering other think and be OTAs recovery, that could what as guess mean we guess the creep back? lower -- should that you should business just something that based sensitivity

Sean Dell'Orto

bigger obviously little a now has right bit OTAs it think been now where historically. think I is I portion a right versus --

certainly some and taxes. to for where today being come in sources actually back a little we approach to drivers we're the drops the we come property seeing the than based also happened we'll discount So of is see have certainly themselves. assessments. time. savings already see more in channels kind do those jurisdictions seeing assessments on lot up. I in think see you OTAs a Certainly near-term, some as income brand We're starting where bills bigger more leisure back other over that we ramp We're expect the

the onetime reductions to year for another jurisdictions waiting this I the equivalent, seeing a we'll to in but them just its it up we're tri-annual make and build we certain we assessment. not from rate of think which get decrease So had kind expect in Chicago actually decrease appeal jack for

benefits So challenged still remains softening I pretty some going think somewhat. but property I On we'll market forward. do a see it's insurance, on it tailwinds up taxes think some

not values lower insurable some. offsets because levels only one but a reduced to get that we'll maybe rate increase rate June going of -- renewal in of being income. a see get to a levels and we're we'll It's the So given slight hope some BI

and years ensure couple So of last to see of break the pause maybe a the will that a market increases has over of seen these some there. think of get kind us I the

Stephen Grambling

rates another enterprise right on metrics for with in out? then That's have I flexibility watching debt-to-EBITDA And follow-up from color. leverage looking are what the on evolve? at how most sheet, but you're important is on are the here helpful folks think the interest historically perspective that and balance been the as where covenants, net And the just your your ratios

Sean Dell'Orto

still kind we so on to to range. pre-pandemic obviously that about with or so X I of to range the XXXX a we'll graduate part net levels We've about lower we'll kind always of of I of hovering based of leverage get mean We've think EBITDA. hold up Xx by the burn, wanted been turn to Xx leverage. the see to

debt right I So talked think fine with as about we've to popping up at to get think the think closer Xx. interest you flow But we'll have work assets, reduce the even X I rates target as forward that selling some go some at and that's target. you lower about that's cash -- utilizing if we're

Stephen Grambling

Got it. Thanks so much.

Operator

Chris Bank. your Our with next the question. proceed line of question Woronka with from comes Deutsche Please

Chris Woronka

Hey of Tom and A be opportunities or you up, hanging of the see evolve good further of of progress policies how you for we coming great? well quickly. out lot Thanks. But us, this? for a how do might kind kind pretty pass is, the you change been And thank Tom. question afternoon guys things doing have obviously Do it see cancellation And do come and out that there Yes, new there over this? think out around as then you you of yield any any would to thanks evolving thoughts with come years? your of just hour.

Tom Baltimore

get a to that It's we the post-COVID would kind back we of era lot made where Chris -- get we know and that would you hope great because as all to as progress Yes. really question were. we pre-pandemic of a I we

and to sort services were it bottom. really impact race minimize the the of hotels side the of think to other the started that I the

hard between really through working we and say out. I'm old trying workforce And near-term become would working And owners the seen clearly So that the a to I and still business. optimistic as Hilton don't force efficient. statement get to to to this more that think both to companies I and communication in crisis, continue made cautiously and through way to and as the we're pandemic and that that global cost that more their to now We collaboration won't I just the take about the happen. to business. get think I've accelerate. it and tough of happening ways can and go to continue differently. out in more side. still I right-size think operators advances us other technology see the I right never all reduce know doing only And going will We really decisions Marriott think to cost that's sort of of back about brand

Chris Woronka

helpful. Very Thanks. me. all That’s Okay. for

Tom Baltimore

you. Thank

Operator

from proceed question line Robin your the with next question. comes of UBS. Please Farley with Our

Robin Farley

Great, thanks.

of try. I that more markets kind Can Just have then that the know Because and think comment asset would Can for sort you talked to long-term I about as us a the right? a idea sales. that assets still what characterize over that bit may value the maybe one of of characterize you you growing take lot means kind sell about had you in back. what of see clarification to see little you a you take on good non-core? the markets longer you I we assets. of that get

million to characterize think $XXX that million? $XXX So, how would you about you the noncore when

Tom Baltimore

billion. Robin XX about assets sold you we've of In about may $X.X historically international. -- they you think Well, as every what if done case, those we've for recall XX were

sell growth you So through the the smaller functionally slower CapEx analysis don't an properties clearly, were the could as or as flag either same unencumbered better or to X are to we an the intermediate be just this rightsize they lower It of of opportunity our sort we obsolete right in there candidly, from more well. And markets, they use standpoint. were really some management. at RevPAR, there assets the made that over really as want. but appropriate and is a about for were they strategy other some assets think would owner-operator require part little by decision and be that here There term. other fit our as excessive be I that and our concentration markets plus ability we a have bit recalibrate we'll long time, than go be could XX that play and where could into

for be shareholders. the into as value that how maximize of fit all wanted We will to really we can So to thoughtful. calculus

had capital pricing of those that's we year, here think as we the And get with in weren't middle it be where able optimistic at visibility is pandemic that allocation to coming we sell again we attractive the While using but decision proceeds, comfortable the right improved pricing leverage. right reasonably discussions reduce will last obviously to primarily we we're the now.

Robin Farley

what mentioned Thank sheet And wanting you'd wait willing that before balance something? Great. Okay. I to of added would grade, to or investment until you is for your you that you color. buy resorts. add And for is be kind your guess target

Tom Baltimore

and a into And little to above And certainly for investment-grade low need be the off. today. ways We that mentioned, to that Sean going as believe would we obviously wait clearly Yes. Xs. we're aren't investment-grade we get

significant expect more hold XXXX it's don't year I recovery types assets into part to And latter also those I be would as amount that for the activity could fair the competition of beyond. it's for the pretty a it inconceivable clearly, particularly buy and side. think obvious You snapback reason. on expect the the on and here of think be going a leisure also this side I of would takes

led to to. going to drive both that leisure I this be by think recovery is we and know all fly

Robin Farley

Okay. Great. Thank much. you, very

Operator

from line comes question with Green Lukas Please question. with Hartwich next proceed your the of Our Street.

Lukas Hartwich

Tom. Hi

between one just the I'm do going question some me. recovery progress -- think you recovery Oahu In do So island? Hawaii and the a expect left to you or similar how just big is for divergence Do curious you there?

Tom Baltimore

Sean obviously a end Oahu and If to two work really a what synergy it's at and was continue hotel place having just at the efficient saving you on a think was happens look right for too is That's a track them to over in XXX of always costs begin the of Waikoloa right that that positive. probably footprint,t visit think those on think now team that typically now, up it's commentary lot in together is of all credit getting -- and done really, properties we rightsized X,XXX sort the rooms very and to just I rooms meeting it a lot pre-spin the of that across not ways the between that and to island. then common of big we I as and large

very we're assets. bullish both So on

Lukas Hartwich

Great. Thank you.

Tom Baltimore

Thank you.

Operator

questions. I'd remarks. call hand further the no are back There to like management to for closing

Tom Baltimore

discussions and to you James forward appreciate many safe Raymond everybody summer this you the We and today look forward we time you. and Citi conferences taking really seeing of hopefully stay be over fall. We look all well. early to sometime and Thank person or in with

Operator

this for gentlemen, Thank Ladies teleconference. your you does participation. and conclude today's

You may disconnect your have lines at a this time wonderful and day.

Park Hotels & Resorts (PK) 26 Feb 212020 Q4 Earnings call transcript