Park Hotels & Resorts Inc. (NYSE:PK) Q3 2023 Earnings Call Transcript

They just lived off of the larger groups and now they’re finding better balance. And so, we’re trying to read through that to understand okay, is this kind of really just permanent secular kind of shift of this type of demand? Or is this more of a strategic move to kind of balance out those segments. So, I think in the end we’re still seeing good travel going and ultimately I think we see it through the rest of the quarter as well.

Q – Chris Darling: Okay. That’s very helpful. And then maybe switching gears. Just curious, what’s the appetite to use seller financing to effectuate any incremental asset sales?

Tom Baltimore: Look, it’s not ideal, but in the right situation we’d certainly be open to it. Look there’s plenty of debt capital out there. Could be a little pricey. Obviously, the banks are going to probably have more regulatory pressure on them. But if you look at the private credit market, it’s continues to accelerate and grow and we don’t expect that’s going to change. We haven’t had any problem of getting deals done and our buyers have been able to find certainly, that were necessary and most have the ability to be able to over equitize if necessary. But it’s a fair point, particularly, if we were going to try to move a larger asset. But even the recent deal that got done in Boston, you find the right buyer who has that capacity. They certainly have the ability to take it down all cash or put more equity and if necessary.

Tom Baltimore: Thank you, Chris

Q – Chris Darling: I appreciate the time. Thank you.

Operator: Thank you. We have no further questions, at this time. So I’d like to pass the floor back over to Tom Baltimore for closing remarks.

Tom Baltimore: Well, thank you all for taking time today. And I hope that we can changed the narrative regarding Park. We are excited to have the noise of San Francisco behind us. We’re excited about the future. There is a strong growth profile for Park, as we move forward and look forward to seeing many of you, if not all of you out in Maui.

Operator: Thank you. Ladies and gentlemen, this does conclude today’s teleconference. We thank you for your participation and you may disconnect your lines at this time.