Park Hotels & Resorts Reopens Caribe Hilton in San Juan Following $150 Million Restoration

USA, Tysons, Virginia. June 25, 2019

Park Hotels & Resorts Inc. ("Park") (NYSE:PK) announced that the Caribe Hilton ("the Resort") in San Juan, Puerto Rico reopened today following a $150-million restoration. The 652-room resort was impaired for 20 months after sustaining significant damage from Hurricane Maria in September 2017.

"We are thrilled to re-introduce the iconic Caribe Hilton to guests and locals alike," said Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park Hotels & Resorts. "We have worked tirelessly to restore, reimagine and enhance the hotel, and we are confident that the finished product is worthy of the hotel's legendary history. We look forward to welcoming everyone to the Resort and to the wonderful island of Puerto Rico."

The Resort, which was the first Hilton property to open outside the continental United States in 1949, underwent extensive restoration, renovation and transformation that touched nearly all aspects of the property. The scope of the work included a comprehensive renovation of all 652 guestrooms and public spaces as well as upgrades to all building systems and building envelopes to better fortify the exterior against future storms.

Of particular note, the Resort's fitness and spa building was also completely rebuilt and transformed, featuring oceanfront views from floor-to-ceiling glass windows, all-new fitness equipment and a state-of-the-art spa. The Resort's sense of arrival has been greatly enhanced, with the landscaping meticulously restored to evoke the Resort's 1940s heritage. The open-air lobby was redesigned to highlight the expansive ocean views, while the color scheme has been tailored to reflect the vibrancy of the island. The Resort's 11 food and beverage outlets were renovated and transformed to better serve customer preferences, including the introduction of a swim-up bar. The Resort's 65,000 square feet of meeting space was also renovated and modernized, including new audio-visual equipment as well as activated indoor/outdoor spaces and breakout areas.

The Resort's soft opening will be punctuated by weekend festivities featuring local artists and performers. A grand opening celebration is scheduled to take place on June 18, 2019, highlighting 70 years of hospitality in Puerto Rico.

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Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.