Park Hotels & Resorts shares up 3.3% in pre-conference trading as real estate investment company (REIT) raises second-quarter earnings estimates as “strong” leisure demand leads to higher occupancy rates .
The company raised earnings per share estimates to 13-22 cents from the previous 5-14 cents and adjusted operating capital to 47-56 cents from 40-49 cents, compared with convergent estimates of 44 cents.
Revenue outlook per available room increased to $ 169-173 million compared to previous estimates of $ 160-164 million.
The occupancy rate for the 46 hotels is expected to increase to 76.3% in June from 67.9% in May.
The company stressed that it can not provide financial prospects for the whole year, given the uncertainty about the global economy, as it recovers from the pandemic.
Source: Capital
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