Park Hotels & Resorts Inc. (NYSE:PK) Files An 8-K Other Events

ME Staff 8-k
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Park Hotels & Resorts Inc. (NYSE:PK) Files An 8-K Other Events

Item 8.01. Other Events.

Park Hotels Resorts Inc. (the Company) has filed this Current
Report on Form 8-K to revise the Companys consolidated financial
statements as of December 31, 2016 and 2015 and for the years
ended December 31, 2016, 2015 and 2014 and the related notes,
which were included in its 2016 Annual Report on Form 10-K filed
with the Securities and Exchange Commission (the SEC) on March 2,
2017 (the 2016 Form 10-K), to reflect changes in the Companys
reportable segments that took effect during the first quarter of
2017, which was the Companys first fiscal quarter as an
independent public company following its spin-off from Hilton
Worldwide Holdings Inc.

As previously reported in the Companys Quarterly Report on Form
10-Q for the quarter ended March 31, 2017 filed with the SEC on
May 4, 2017, the Company determined in the first quarter of 2017
that it had two operating segments, its consolidated hotels and
its unconsolidated hotels. The unconsolidated hotels operating
segment does not meet the definition of a reportable segment,
thus the consolidated hotels are the Companys only reportable
segment. The Companys reportable segments reflect how its chief
operating decision maker, as defined under U.S. generally
accepted accounting principles, assesses the performance of the
Companys operating segments and makes decisions about resource
allocation. The change in the Companys reportable segments
described above had no impact on the Companys historical
consolidated financial position, equity, results of operations or
cash flows as disclosed in the 2016 Form 10-K.

The revision of the consolidated financial statements and related
notes that were included in the 2016 Form 10-K affects the
following items from the 2016 Form 10-K, which have been
retrospectively revised to reflect the consolidated hotels as the
Companys only reportable segment that had previously been
included as part of the ownership segment in the 2016 Form 10-K
and which have been included, as so revised, as exhibits to this
Current Report on Form 8-K as indicated below:

Item 7. Management’s Discussion and Analysis of
Financial Condition and Results of Operations (included,
as revised, as Exhibit 99.1 to this Current Report on
Form 8-K); and

Item 8. Financial Statements and Supplementary Data
(included, as revised, as Exhibit 99.2 to this Current
Report on Form 8-K).

The Company is filing this Current Report on Form 8-K to reflect
the change in the Companys reportable segments described above,
and the information included in this Current Report on Form 8-K
does not reflect events occurring after March 2, 2017, the date
the Company filed the 2016 Form 10-K. Information regarding
events and developments subsequent to the filing of the 2016 Form
10-K are included in the Companys other SEC filings since that
date. This Current Report on Form 8-K, including the exhibits,
should be read in conjunction with the 2016 Form 10-K and with
the Companys other reports filed with the SEC after March 2,
2017. The Company is filing this Current Report on Form 8-K so
that the Companys annual financial statement information
incorporated by reference in any registration statement filed
with the SEC would reflect the Companys current reportable
segments.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

23.1

Consent of Ernst Young LLP.

99.1

Updated 2016 Form 10-K Item 7. Managements Discussion and
Analysis of Financial Condition and Results of Operations
disclosure.

99.2

Updated 2016 Form 10-K Item 8. Financial Statements and
Supplementary Data disclosure.


About Park Hotels & Resorts Inc. (NYSE:PK)

Park Hotels & Resorts Inc., formerly Hilton Worldwide, Inc., is lodging real estate company. The Company has a portfolio of hotels and resorts. The Company operates through ownership segment. The Company’s portfolio consists of approximately 70 hotels and resorts with approximately 36,000 rooms located in the United States and international markets. The Company’s brand affiliations include Conrad Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hampton by Hilton, Hilton Hotels & Resorts, Hilaton Garden Inn, Curio – A Collection by Hilton, and Waldorf Astoria Hotels & Resorts. The Company’s hotels include Pointe Hilton Squaw Peak Resort, Hilton San Francisco Union Square, Capital Hilton, Hilton Orlando Bonnet Creek, Hilton Atlanta Airport, Hilton Hawaiian Village Beach Resort, Hilton Chicago, Hilton Blackpool, Hilton Belfast and Hilton London Islington.

Park Hotels & Resorts Inc. (NYSE:PK) Recent Trading Information

Park Hotels & Resorts Inc. (NYSE:PK) closed its last trading session up +0.13 at 26.17 with 1,320,390 shares trading hands.