Sean M. Dell’Orto
About Sean M. Dell’Orto
Executive Vice President, Chief Financial Officer and Treasurer of Park Hotels & Resorts Inc. since December 2016; age 50; previously Treasurer from December 2016–February 2020 and again starting January 2022 . Prior experience includes Senior Vice President, Treasurer at Hilton Worldwide (NYSE: HLT) from September 2012–December 2016 and Vice President, Corporate Finance at Hilton from February 2010–September 2012, leading corporate forecasting, capital markets, debt fundraising/refinancing, loan workouts, strategic planning, and debt compliance . Education: B.S. from University of Virginia and MBA from The Wharton School, University of Pennsylvania; current board service on the University of Virginia Foundation (Audit & Finance and Hospitality Committees) . Company performance metrics tied to his incentive pay in 2024 included RevPAR, Adjusted EBITDA, EBITDA margin, and net leverage; aggregate corporate performance achieved 141.4% of target, and his total STIP paid was $919,879 (153% of target) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Park Hotels & Resorts Inc. | EVP, Chief Financial Officer; Treasurer | CFO since Dec 2016; Treasurer Dec 2016–Feb 2020; Jan 2022–present | Finance leadership; treasury; capital allocation; board service pre-Spin until Jan 3, 2017 |
| Hilton Worldwide Holdings Inc. (NYSE: HLT) | Senior Vice President, Treasurer | Sep 2012–Dec 2016 | Led capital markets activities including debt fundraising/refinancing |
| Hilton Worldwide | Vice President, Corporate Finance | Feb 2010–Sep 2012 | Led corporate forecasting and capital markets; loan workouts; strategic planning; debt compliance |
| Barceló Crestline Corporation | Management roles | Not disclosed | Similar management roles (finance/operations) |
| Highland Hospitality Corporation | Management roles | Not disclosed | Similar management roles (finance/operations) |
| Park Hotels & Resorts (pre-Spin Board) | Director | Dec 2016–Jan 3, 2017 | Transitional governance pre-Spin |
External Roles
| Organization | Role | Committees | Years |
|---|---|---|---|
| University of Virginia Foundation | Director | Audit & Finance; Hospitality Committees | Not disclosed |
Fixed Compensation
| Year | Base Salary ($) | All Other Compensation ($) |
|---|---|---|
| 2024 | 600,600 | 14,760 |
| 2023 | 572,000 | 18,029 |
| 2022 | 550,000 | 18,160 |
- 2024 base salary set at $600,600 (5% increase vs. 2023); in February 2025, base increased to $621,621 .
Performance Compensation
Short-Term Incentive Program (STIP) Structure and 2024 Outcomes
| Item | Details |
|---|---|
| Target STIP opportunity | 100% of base salary; target $600,600 |
| Weighting | 80% Company performance; 20% Individual performance (EVP level) |
| Corporate objectives design | Split into Phase I (H1) and Phase II (H2), each weighted 50% |
| Corporate achievement | Phase I: 154.0% ; Phase II: 128.9%; Aggregate corporate performance: 141.4% |
| ESG/Corporate Responsibility scorecard | Total achievement 21.3/24 points; evaluated as part of individual component |
| 2024 STIP payout | Corporate $679,639; Individual $240,240; Total $919,879 (153% of target) |
Detailed 2024 corporate metrics:
| Metric | Weight | Threshold | Target | High | Actual |
|---|---|---|---|---|---|
| Phase I: Consolidated Portfolio RevPAR ($) | 20% | 178.75 | 185.62 | 192.25 | 185.28 |
| Phase I: Consolidated Hotel Adjusted EBITDA Margin (%) | 30% | 26.1 | 27.4 | 28.6 | 28.6 |
| Phase I: Adjusted EBITDA ($MM) | 30% | 308.1 | 338.1 | 368.1 | 355.4 |
| Phase I: Net Debt / TTM Adjusted EBITDA (x) | 20% | 5.77 | 5.38 | 5.00 | 5.25 |
| Phase II: Comparable Portfolio RevPAR ($) | 20% | 174.07 | 181.07 | 188.07 | 183.38 |
| Phase II: Comparable Hotel Adjusted EBITDA Margin (%) | 30% | 25.2 | 26.2 | 27.2 | 26.1 |
| Phase II: Adjusted EBITDA ($MM) | 30% | 240.3 | 270.3 | 300.3 | 279.6 |
| Phase II: Net Debt / TTM Adjusted EBITDA (x) | 20% | 6.26 | 5.91 | 5.56 | 5.67 |
Long-Term Incentive Plan (LTIP)
2024 target LTIP award design (granted February 22, 2024):
| Component | Threshold ($) | Target ($) | High ($) | Metric | Vesting |
|---|---|---|---|---|---|
| PSUs | 247,748 | 990,990 | 1,981,980 | Total Stockholder Return (multi-year) | 3-year performance period from Jan 1, 2024 |
| RSAs | — | 660,660 | — | Time-based | Ratably over 3 years |
| Aggregate Target Value | — | 1,651,650 | — | — | — |
2024 grants and values (Dell’Orto):
| Award | Grant Date | Units/Shares (#) | Grant-Date Fair Value ($) | Vesting / Performance Notes |
|---|---|---|---|---|
| RSAs | 2/22/2024 | 40,681 | 660,659 | Ratable vest over 3 years |
| PSUs (threshold/target/max) | 2/22/2024 | 15,255 / 61,021 / 122,042 | 1,042,849 (at target) | TSR metric; 3-year performance from Jan 1, 2024; projecting slightly > target as of 12/31/2024 |
| 2023 RSAs (outstanding) | 2/16/2023 | 30,264 (unvested) | N/A | Ratable over 3 years |
| 2023 PSUs (outstanding) | 2/16/2023 | 136,190 (max scenario) | N/A | TSR metric; projecting maximum as of 12/31/2024 |
| 2022 RSAs (outstanding) | 2/24/2022 | 10,889 (unvested) | N/A | Ratable over 3 years |
Policy notes:
- PSU metric is relative TSR with a modifier limiting payout if TSR is negative for the performance period .
- Company does not grant option-like awards as part of current program design and does not time grants around MNPI; no hedging/pledging; clawback compliant with SEC/NYSE .
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Beneficial ownership | 458,516 shares; <1% of outstanding (201,864,175 shares as of Mar 3, 2025) |
| Stock ownership guideline | 3x base salary for executive officers |
| Compliance status | Value counted toward guideline $7,038,221; actual multiple 14.1x (exceeds requirement) |
| Hedging/Pledging | Prohibited for executives/directors |
Outstanding equity and options (as of 12/31/2024):
| Instrument | Quantity | Exercise Price ($) | Expiration | Notes |
|---|---|---|---|---|
| Unvested RSAs (2024 grant) | 40,681 | — | — | 3-year ratable vest |
| Unvested RSAs (2023 grant) | 30,264 | — | — | 3-year ratable vest |
| Unvested RSAs (2022 grant) | 10,889 | — | — | 3-year ratable vest |
| PSUs (2024; max) | 122,042 | — | — | 3-year TSR; > target projection |
| PSUs (2023; max) | 136,190 | — | — | 3-year TSR; max projection |
| Options (exercisable) | 14,079 | 18.91 | 2/18/2026 | Year-end stock $14.07; option OTM |
| Options (exercisable) | 8,911 | 26.49 | 2/10/2025 | Year-end stock $14.07; option OTM |
2024 equity realized:
| Item | Shares Vested (#) | Value Realized ($) |
|---|---|---|
| RSAs + PSUs vested in 2024 | 85,854 | 1,254,083 |
Employment Terms
Executive Severance Plan (non-CEO):
- Cash severance: 2.0x the sum of base salary and average annual bonus (last two fiscal years) for EVPs, payable lump sum; good reason treated as no-cause termination; prorated STIP in death/disability .
- Equity: RSAs vest fully after first anniversary if terminated without cause or due to retirement; RSAs fully vest upon termination without cause within 12 months following a change in control (CIC); RSAs prorate for death/disability. PSUs prorate for termination without cause/retirement/death/disability based on service days and actual performance; PSUs are not prorated if terminated without cause within 12 months after CIC; if not assumed/substituted on CIC, PSUs vest based on actual performance immediately prior to CIC .
- Benefits: COBRA differential for 12 months .
- Restrictive covenants: Non-compete and non-solicitation for 12 months post-termination; release required; payments begin within ~10 days after effective release .
Potential payments (assumed event on 12/31/2024):
| Scenario | Cash Severance ($) | Equity Acceleration ($) | Continuation of Benefits ($) | Total ($) |
|---|---|---|---|---|
| Termination without cause / good reason | 2,957,320 | 1,423,800 | 27,210 | 4,408,330 |
| Termination within 12 months following CIC | 2,957,320 | 2,968,067 | 27,210 | 5,952,597 |
| Death or disability | 600,600 | 1,420,535 | — | 2,021,135 |
Policy highlights:
- Clawback updated October 2023 to comply with SEC Rule 10D-1 and NYSE standards .
- No tax gross-ups upon change in control; no hedging/pledging; independent comp consultant; performance-oriented design .
Compensation Structure Analysis
- Cash vs. equity mix: 2024 compensation totaled $3,238,747 with $600,600 salary, $919,879 STIP, and $1,703,508 stock awards; year-over-year mix shifts reflect higher equity in 2023 vs. 2024; base raised 5% in 2024 and again in 2025 .
- Shift to PSUs: 60% of executive LTIP target is PSUs with sole TSR metric and negative TSR modifier—heightened performance linkage and risk vs. pure RSUs .
- Rigor in STIP: Phase-based corporate objectives with measurable thresholds/targets/highs across RevPAR, margins, Adjusted EBITDA, and leverage; aggregate corporate achievement 141.4% supported above-target outcomes .
- Shareholder support: Say-on-pay approval ~94% at 2024 annual meeting; program maintained due to strong investor feedback alignment .
Equity Ownership & Alignment
| Requirement | Actual |
|---|---|
| 3x base salary ownership guideline for executives | Dell’Orto at 14.1x; value toward guideline $7,038,221 (avg 2024 price $15.35) |
| Beneficial ownership | 458,516 shares; <1% of outstanding |
| Hedging/pledging | Prohibited for executives/directors |
Employment Terms
See “Employment Terms” section above for severance multiples, vesting treatment, COBRA and covenants .
Investment Implications
- Alignment and incentive quality: High ownership (14.1x guideline) and PSU-heavy LTIP tied to relative TSR with a negative TSR modifier indicate strong pay-for-performance alignment and reduced agency risk .
- Near-term selling pressure: 2024 vesting realized $1.25M; however, outstanding options carry exercise prices ($18.91 and $26.49) above year-end stock ($14.07), limiting in-the-money option exercise-driven selling pressure .
- Retention risk: Executive Severance Plan provides 2.0x salary+avg bonus and favorable equity vesting mechanics (especially under CIC); combined with competitive STIP payouts (153% of target in 2024), retention risk appears contained but increases under potential strategic transactions given CIC terms .
- Governance/comp feedback: Strong say-on-pay (94%) and robust clawback, no hedging/pledging, and no tax gross-ups underpin investor confidence and limit governance red flags .
Citations:
**[1617406_0001617406-25-000013_pk-20250312.htm:58]** PK 2025 Proxy – Executive officer biography and roles
**[1617406_0001617406-25-000013_pk-20250312.htm:81]** PK 2025 Proxy – Phase I STIP corporate objectives and achievement
**[1617406_0001617406-25-000013_pk-20250312.htm:82]** PK 2025 Proxy – Phase II STIP corporate objectives and achievement; aggregate performance
**[1617406_0001617406-25-000013_pk-20250312.htm:86]** PK 2025 Proxy – 2024 actual STIP awards and ESG scorecard
**[1617406_0001617406-25-000013_pk-20250312.htm:80]** PK 2025 Proxy – STIP target bonus; termination treatment; weighting
**[1617406_0001617406-25-000013_pk-20250312.htm:97]** PK 2025 Proxy – 2024 grants of plan-based awards (RSAs/PSUs counts and values)
**[1617406_0001617406-25-000013_pk-20250312.htm:101]** PK 2025 Proxy – Outstanding equity awards and vesting schedules; stock price $14.07; PSU projection
**[1617406_0001617406-25-000013_pk-20250312.htm:96]** PK 2025 Proxy – Summary Compensation Table (salary, stock awards, STIP, all other)
**[1617406_0001617406-25-000013_pk-20250312.htm:89]** PK 2025 Proxy – 2024 Target LTIP awards (PSU/RSAs target values)
**[1617406_0001617406-25-000013_pk-20250312.htm:75]** PK 2025 Proxy – Compensation program attributes (TSR metric; no tax gross-ups; no hedging/pledging)
**[1617406_0001617406-25-000013_pk-20250312.htm:94]** PK 2025 Proxy – No hedging policy; timing of equity awards
**[1617406_0001617406-25-000013_pk-20250312.htm:93]** PK 2025 Proxy – Stock ownership guidelines; clawback; no pledging
**[1617406_0001617406-25-000013_pk-20250312.htm:92]** PK 2025 Proxy – Executive Severance Plan terms (multiples; COBRA; covenants)
**[1617406_0001617406-25-000013_pk-20250312.htm:104]** PK 2025 Proxy – Severance footnotes (multiples; STIP proration)
**[1617406_0001617406-25-000013_pk-20250312.htm:105]** PK 2025 Proxy – Equity vesting treatment under various termination/CIC scenarios
**[1617406_0001617406-25-000013_pk-20250312.htm:103]** PK 2025 Proxy – Potential payments table (Dell’Orto severance scenarios)
**[1617406_0001617406-25-000013_pk-20250312.htm:102]** PK 2025 Proxy – 2024 option exercises and stock vested (Dell’Orto)
**[1617406_0001617406-25-000013_pk-20250312.htm:112]** PK 2025 Proxy – Beneficial ownership table (Dell’Orto shares; % outstanding)
**[1617406_0001617406-25-000013_pk-20250312.htm:79]** PK 2025 Proxy – Base salaries 2024 and 2025 (EVPs)
**[1617406_0001617406-25-000013_pk-20250312.htm:74]** PK 2025 Proxy – Stockholder engagement themes; PSU modifier and performance portion
**[1617406_0001617406-25-000013_pk-20250312.htm:73]** PK 2025 Proxy – Say-on-pay approval ~94% in 2024
**[1617406_0001617406-24-000026_pk-20240307.htm:76]** PK 2024 Proxy – Clawback and hedging/pledging policy details
**[1617406_0001617406-24-000026_pk-20240307.htm:89]** PK 2024 Proxy – Equity vesting treatment details and assumptions