Park Hotels And Resorts Inc's Comment on Supply Chain
The company depends on third-party suppliers, distributors, contractors, and other external partners for certain functions supporting key operations. These third parties are exposed to risks including cybersecurity threats, privacy violations, business interruptions, and system or employee failures, which could materially affect the company if they occur. Although the company has encountered cybersecurity threats, these have not materially impacted its business in the past three years. The company maintains cybersecurity insurance; however, the adequacy of this coverage is not assured. Compliance with franchise and brand management agreements requires adherence to specified operating standards, which may involve significant costs. Failure to maintain these standards or comply with agreement terms could lead to franchise license cancellation, costly property improvements, termination payments, and impairment of hotel value. Additionally, losing franchise licenses could damage relationships with franchisors or brand managers and increase expenses associated with securing new agreements, potentially materially affecting the company's results of operations and profitability.
Park Hotels And Resorts Inc's Comment on Supply Chain
The company depends on third-party suppliers, distributors, contractors, and other external partners for certain functions supporting key operations. These third parties are exposed to risks including cybersecurity threats, privacy violations, business interruptions, and system or employee failures, which could materially affect the company if they occur. Although the company has encountered cybersecurity threats, these have not materially impacted its business in the past three years. The company maintains cybersecurity insurance; however, the adequacy of this coverage is not assured. Compliance with franchise and brand management agreements requires adherence to specified operating standards, which may involve significant costs. Failure to maintain these standards or comply with agreement terms could lead to franchise license cancellation, costly property improvements, termination payments, and impairment of hotel value. Additionally, losing franchise licenses could damage relationships with franchisors or brand managers and increase expenses associated with securing new agreements, potentially materially affecting the company's results of operations and profitability.
Sources:
Park Hotels and Resorts Inc 's official press releases and regulatory filings; CSIMarket.com's supply-chain research; and the financial filings and press releases of other companies cited in this report.
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