S&P pumps up Park Hotels & Resorts

S&P said it raised its ratings on Park Hotels & Resorts Inc. to BB- from B+ and its senior unsecured notes to BB from B+. The 2 recovery rating on the notes is unchanged.

“The upgrade to BB- reflects our forecast for increased international visitation to Hawaii and strong group and business travel in 2024, resulting in leverage of 5x-5.5x through 2024. We believe Park's portfolio of primarily upper-upscale hotels will benefit from tailwinds at its leisure-oriented properties (primarily Hilton Hawaiian Village and Hilton Waikoloa Village), continued recovery in business and group travel across its urban and airport hotels, and less disruption from capital projects across its portfolio of core hotels in 2024,” S&P said in a press release.

The agency said it also projects consolidated RevPAR growth of about 5% in 2024.

The outlook is stable.

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