Park Hotels and Resorts Sees Stock Price Jump on Update
Park Hotels and Resorts (NYSE: PK) saw its stock price jump almost 9% on Monday after the hotel real estate investment trust (REIT) issued a business update that showed some positive momentum. The REIT, which owns 60 hotels, reported that 46, or 77% of its hotels, are now open along with 59% of its rooms.
For the company's 37 hotels that were open for all of August, the occupancy rate was 38.8%. The break-even occupancy level is between 35% to 40%.
Park Hotels and Resorts has undergone significant permanent staff reductions through the pandemic, which will result in annual savings of $50 million to $70 million compared to the previous year.
Source Fool.com
