Park Hotels & Resorts Inc. Issues Annual Corporate Responsibility Report and Announces Recent ESG Recognitions
Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”) today announced that the Company has issued its annual Corporate Responsibility (“CR”) Report, which details Park’s environmental, social and governance (“ESG”) performance and initiatives during 2021 as well as the Company’s ESG strategies and approach to risk management. In addition, Park announced the receipt of the 2022 Nareit Leader in the Light Award for the hospitality sector in recognition of Park’s superior and sustained sustainability practices and five property ENERGY STAR certifications for superior energy performance during 2022.
“I am pleased to share Park’s latest corporate responsibility report for our stakeholders as part of our commitment to transparency and corporate citizenship,” said Thomas J. Baltimore, Jr., Chairman and CEO of Park. “Throughout 2021, we continued to make progress toward reducing our environmental footprint through targeted efficiency investments and upgrades, and on the social side we methodically analyzed Park’s diversity, equity and inclusion practices and policies, including Park’s compensation practices. I am thrilled to share that we achieved a 28% reduction in greenhouse gas emissions in 2021 over our 2017 base year on a like-for-like basis, and I am very pleased that our DEI audit revealed no measurable pay disparity based on gender or race. On the governance side, we continue to engage with our stakeholders to align our priorities, while our ESG program continues to mature as evidenced by the renaming of two of our Board-level committees to reflect how Park embeds ESG into all levels of its governance structure. I am also very proud that Park’s efforts to improve efficiencies and implement sustainability best practices have been recognized by Nareit as a Leader in the Light sector winner, and our 5 hotels that achieved 2022 ENERGY STAR certifications accounted for over 10% of the 49 hotels that achieved this certification nationwide. As we look ahead, we are committed to maintaining transparency and engagement, and we look forward to sharing more information about our ESG program with you.”
Park’s 2022 CR Report is the Company’s fifth annual corporate responsibility report. The CR Report aligns with globally utilized frameworks including the Task Force on Climate-Related Financial Disclosures (“TCFD”), Sustainability Accounting Standards Board (“SASB”), United Nations Sustainable Development Goals (“UN SDGs”) and Global Reporting Initiative (“GRI”).
The Nareit Leader in the Light Award is given to REITs that have demonstrated outstanding sustainability practices throughout the year. The 2022 Leader in the Light Awards are based on the results of the Global Real Estate Sustainability Benchmark (GRESB) Annual Survey, as well as scored responses to supplemental questions by outside judges.
The Environmental Protection Agency’s ENERGY STAR certified buildings and plants are verified to perform in the top 25% of buildings nationwide, based on weather-normalized source energy use that considers occupancy, hours of operation and other key metrics. ENERGY STAR is the only energy efficiency certification in the United States that is based on actual, verified energy performance. Park’s five hotels that earned 2022 certifications are as follows: the 2,860-room Hilton Hawaiian Village Waikiki Beach Resort in Honolulu, HI; the 502-room Hyatt Regency Boston in Boston, MA; the 311-room Casa Marina Key West, Curio Collection in Key West, FL; the 300-room DoubleTree Hotel San Diego – Mission Valley in San Diego, CA; and the 245-room DoubleTree Hotel Sonoma Wine Country in Rohnert Park, CA.
The CR Report is available for download on the Responsibility tab of Park’s website: https://www.pkhotelsandresorts.com/responsibility.