Form 4: Park Hotels & Resorts Director Acquires Shares in Lieu of Cash Fees

Director Christie B. Kelly acquired 1,853 shares of Park Hotels & Resorts Inc. common stock in lieu of cash fees for board service during the third quarter of 2024.

Summary

• Christie B. Kelly, a director of Park Hotels & Resorts Inc., acquired 1,853 shares of common stock on September 23, 2024.
• The shares were received in lieu of cash fees for her service on the board of directors during the third quarter of 2024.
• The acquisition was made under the Park Hotels & Resorts Inc. 2017 Stock Plan for Non-Employee Directors, as amended.
• The shares vested immediately upon grant.
• Following the transaction, Kelly directly owns 119,455 shares of Park Hotels & Resorts Inc. common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. A director taking stock in lieu of cash is generally seen as a good sign, indicating confidence in the company's prospects. However, it's a routine transaction.

Positives

• The director's decision to take shares in lieu of cash demonstrates confidence in the company's future.
• The immediate vesting of the shares aligns the director's interests with those of the shareholders.

Industry Context

Directors receiving stock in lieu of cash compensation is a common practice to align their interests with shareholders and conserve company cash.

Comparison to Industry Standards

• Many REITs (Real Estate Investment Trusts) like Park Hotels & Resorts use stock-based compensation for directors.
• Comparing the amount of stock granted to directors with peers such as Host Hotels & Resorts or Pebblebrook Hotel Trust would provide context on the magnitude of this grant.
• The immediate vesting is fairly standard for director stock grants.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns the director's interests with theirs.
• The company conserves a small amount of cash by issuing stock instead of paying cash fees.

Key Dates