Park Hotels & Resorts Inc. (NYSE:PK) Q3 2019 Earnings Conference Call - Final Transcript
Nov 07, 2019 • 10:00 am ET
Greetings and welcome to the Park Hotels & Resorts Third Quarter 2019 Earnings Conference Call. [Operator Instructions] It is now my pleasure to introduce your host; Ian Weissman, Senior Vice President, Corporate Strategy. Thank you Mr. Weisman you may begin.
Ian C. Weissman
Thank you operator and welcome everyone to the Park Hotels & Resorts Third Quarter 2019 Earnings Call. Before we begin, I would like to remind everyone that many of the comments made today are considered forward-looking statements under Federal Securities law. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed and we are not obligated to publicly update or revise these forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Park with the SEC, specifically the most recent reports on Form 10-K and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.
In addition, on today's call, we will discuss certain non-GAAP financial information such as FFO and adjusted EBITDA. You can find this information together with reconciliations to the most directly comparable GAAP financial measure in yesterday' s earnings release as well as in our 8-K file with the SEC and the supplemental financial information available on our website at pkhotelsandresorts.com. This morning, Tom Baltimore, our Chairman and Chief Executive Officer will provide an update on the Chesapeake acquisition and integration review of our third quarter 2019 operating results, a summary of our capital recycling efforts; and finally an update on 2019 earnings guidance. Sean Dell'Orto, our Chief Financial Officer will provide further detail on our third quarter financial results, an additional color on our earnings guidance. Rob Tanenbaum, our Executive Vice President of Asset Management will be joining for Q&A. Following our prepared remarks, we will open the call up for questions.
Please note that most operational results focus on the legacy Park portfolio due to the fact that we only owned the Chesapeake assets for 13 days in the quarter. With that I would like to turn the call over to Tom.
Thomas J. Baltimore
been laser-focused on our legacy portfolio throughout the Chesapeake Thank you Ian. And welcome everyone. The third quarter was a transformative quarter for Park. Less than three years after launching the company, we successfully executed on our long-term strategic plan by completing the acquisition of Chesapeake Lodging Trust, a $2.5 billion transaction that accelerates our progress towards achieving several long-term goals.First, bolting on Chesapeake to the Park platform provides instant brand, operator and geographic diversity. Second, it improves the overall quality of our portfolio. Third, it enhances our scale providing us with a larger platform to enact asset management initiatives and best practices, while also diversifying our earnings base. And fourth, the acquisition helps to increase our portfolio-wide growth rate, giving us more levers to pull for asset-specific growth strategies. Overall when