TYSONS, Va., Nov. 16, 2023 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (NYSE: PK) ("Park" or the "Company") announced today that it has been named the 2023 Leader in the Light recipient in recognition of its sustainability practices within the lodging and resorts sector by the National Association of Real Estate Investment Trusts ("Nareit"). This is the second consecutive year that Park has received this honor.
Nareit's annual Leader in the Light Award honors Nareit member companies that have demonstrated outstanding sustainability practices throughout the year. Now in their 18th year, the 2023 Leader in the Light Awards were presented to REITs in nine property sectors during Nareit's REITworld: 2023 Annual Conference.
"We are honored to be recognized by Nareit for our steadfast commitment to corporate responsibility," said Thomas J. Baltimore, Jr., Chairman and CEO of Park. "Our team works tirelessly to improve efficiencies, reduce emissions and implement sustainability best practices through our Green Park program, enhance the resilience of our overall portfolio through our best-in-class risk management program, and foster a culture of inclusivity and transparency through our Diversity & Inclusion Steering Committee all under the oversight of strong governance practices and policies. I am very proud that Park's efforts continue to be recognized as industry-leading for the impact that we are making, not only for our stakeholders but also the broader REIT and lodging community."
The 2023 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 an interdisciplinary panel of judges. Park participated in the 2023 GRESB assessment for the fourth consecutive year, ranking in the top third of all publicly listed GRESB participant companies in the Americas and registering a three-point increase over 2022, continuing the Company's trend of enhancing its overall ESG program and making meaningful improvements toward decarbonization.
"The sustainable, socially responsible and transparent steps that REITs have taken, combined with new initiatives underway, are impressive and vital to REITs and their investors," said Nareit President & CEO, Steven A. Wechsler. "We are proud of our industry's continued commitment toward looking at business strategies through a sustainability lens and implementing practices to execute those strategies."
About Park Hotels & Resorts
Park is one of the largest publicly-traded lodging REITs with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.
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Senior Vice President, Corporate Strategy
Source: Park Hotels & Resorts Inc.