Form 4: Park Hotels & Resorts Executive Thomas Morey Reports Stock Award and Tax Withholding

EVP and Chief Investment Officer of Park Hotels & Resorts, Thomas Morey, reports acquisition of shares from vested performance stock units and shares withheld for tax obligations.

Summary

• Thomas Morey, EVP & Chief Investment Officer of Park Hotels & Resorts, reported a transaction involving the company's common stock on January 24, 2025.
• He acquired 38,808 shares of common stock related to a vested performance stock unit award granted on February 24, 2022.
• These performance stock units were earned based on the company's total shareholder return (TSR) relative to a peer group between January 1, 2022, and December 31, 2024, achieving 99% of the target.
• Additionally, 13,244 shares were withheld by the issuer to cover tax obligations associated with the stock award at a price of $13.78 per share.
• Following these transactions, Morey directly owns 289,752 shares of Park Hotels & Resorts common stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The document simply reports a transaction related to executive compensation. The vesting of performance stock units suggests the company met some performance targets, but the document itself doesn't provide enough information to gauge overall sentiment.

Positives

• The vesting of performance stock units suggests that Park Hotels & Resorts achieved a significant portion (99%) of its TSR targets relative to its peer group.

Industry Context

Executive compensation through stock awards is a common practice in the hotel and resorts industry to align management's interests with those of shareholders.

Comparison to Industry Standards

• Performance-based equity compensation is a standard practice among publicly traded companies, including hotel REITs like Host Hotels & Resorts (HST) and Pebblebrook Hotel Trust (PEB).
• These companies often use metrics like TSR, RevPAR (Revenue Per Available Room), and EBITDA growth to determine vesting of performance shares.
• The specific TSR target and peer group comparison would need to be benchmarked against industry norms to assess the rigor of the performance criteria.

Stakeholder Impact

• The vesting of performance stock units aligns management's interests with shareholders by rewarding performance that increases shareholder value.
• The tax withholding impacts the executive's net compensation.

Key Dates