Park Hotels & Resorts Inc. (NYSE:PK) Q4 2022 Earnings Call Transcript

Jay Kornreich: Hi, thanks. Good morning, guys. Hi, good morning. Just one for me on the group side. It looks like T plus one group bookings at the end of the year were 74% of what they were in 2018. So clearly picking up and I’m sure a good portion of that is coming from San Francisco. But can you break down at all if you’re seeing the same type of group’s return and similar sizes and markets or if there’s a different type of group customer that’s showing up currently stronger than what you saw before the pandemic.

Sean Dell’Orto: I wouldn’t say it looks drastically different. I mean, certainly, we’re starting out with smaller groups on peak than we have had in the past and haven’t really gotten to one where we got those it’s 800,000 room on peak behemoths, but that’s growing. And ultimately, the booking window is lengthening here as we’ve seen plenty of activity booking for €˜24 in December and January as well. So clearly, while it remains in the quarter for the quarter, I’d say that’s a big difference, clearly, it’s a lot of short-term in smaller groups, but you’re starting to see through the pipeline, some of the larger groups coming through, planning ahead, a group that might have done something last year is coming back and ultimately being bigger. But I wouldn’t say the demographics of that group or the breakdown of those groups look much different. Just kind of the sizing of it is they’re starting smaller, but we really expect them to get bigger as we go along.

Jay Kornreich: Okay. Appreciate it. Thanks for all the color, guys.

Operator: And we have reached the end of the question-and-answer session. And I’ll turn the call back over to Tom Baltimore for closing remarks.

Tom Baltimore: Really appreciate everybody taking time today. We look forward to seeing you in the coming weeks and perhaps many of you at the Citi Conference. So have a great day.

Operator: And this concludes today’s conference, and you may disconnect your lines at this time. Thank you for your participation.