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Park Hotels revises FY'19 AFFO-per-share outlook, details Conrad Dublin sale

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Park Hotels revises FY'19 AFFO-per-share outlook, details Conrad Dublin sale

Park Hotels & Resorts Inc. revised its full-year 2019 outlook for adjusted funds from operations per share to a range of $2.86 to $2.98 from its prior guidance range of $2.93 to $3.07.

The S&P Global Market Intelligence consensus estimate for 2019 FFO per share is $2.96.

The lodging real estate investment trust said it and other joint venture partners agreed to sell their stakes in Conrad Dublin for a gross sales price of approximately $130 million, subject to customary pro rations and adjustments. Park will use its pro rata share of the gross proceeds of approximately $62 million for general corporate purposes, including a potential distribution to stockholders, subject to declaration by the company's board of directors. The sale is expected to close in the fourth quarter, subject to customary closing conditions and required regulatory approvals.