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Dan Politzer

Research Analyst at J.P. Morgan Chase & Co

Dan Politzer is an Executive Director and Senior Equity Research Analyst at J.P. Morgan Chase & Co., specializing in gaming, lodging, and leisure sectors within consumer discretionary. He covers 22 companies including Boyd Gaming, Wyndham Hotels & Resorts, Host Hotels & Resorts, Hilton Worldwide, Choice Hotels International, PENN Entertainment, Wynn Resorts, MGM Resorts International, and Churchill Downs, with a strong track record of 54.14% success rate, 6.08% average return, and 255 total ratings where 60.8% are Buy recommendations. Politzer joined J.P. Morgan from prior roles at Wells Fargo and Deutsche Bank, with his current position noted from 2025, and holds FINRA broker registration (CRD# 6097361).

Dan Politzer's questions to Park Hotels & Resorts (PK) leadership

Question · Q4 2025

Dan Politzer asked about the specific areas of conservatism embedded in the flat to +2% RevPAR guidance, particularly concerning properties or markets the company is excited about. He also inquired about the capital allocation strategy, including project investments, share repurchases, and the dividend, in the context of the 5x leverage target.

Answer

Sean Dell'Orto, COO and CFO, identified Q4's group pace, down 8% overall (with Hilton Hawaiian Village down 50% and Midtown down 6% for the year), as a key area of conservatism. Tom Baltimore, Chairman and CEO, elaborated on the cautious approach, balancing encouraging tailwinds (Fed, major events, fiscal stimulus) with existing headwinds (geopolitical, inflation, international travel, cautious consumer). Regarding capital allocation, Sean Dell'Orto stated that proceeds from non-core asset sales are primarily focused on deleveraging to achieve the 5x target. He added that project investments and organic growth from Hawaii's recovery are expected to contribute to this goal.

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