PK

Interested in Park Hotels & Resorts Inc.? Here are five stocks we like better. Park Hotels & Resorts exceeded second-quarter expectations, with comparable RevPAR up nearly 7% year over year, hotel adjusted EBITDA rising nearly 9% to $204 million, and adjusted FFO reaching $0.70 per share. Strong group and leisure demand, especially in Hawaii, Florida and Key West, drove the performance. The company raised its full-year outlook, now expecting RevPAR growth of 3% to 4.5%, adjusted EBITDA of $617 million to $637 million, and adjusted FFO of $1.90 to $2.00 per share. July RevPAR increased 8.5%, supporting expectations for third-quarter growth near the upper end of guidance. Park reopened the redeveloped Royal Palm South Beach and expects its EBITDA to potentially double after stabilization, while continuing to sell non-core assets. The company has disposed of 10 of 19 targeted hotels for nearly $200 million and plans to refinance major debt, including the $1.27 billion Hilton Hawaiian Village mortgage. 3 Hotel REITs Poised to Benefit from the World Cup Park Hotels & Resorts (NYSE:PK) reported second-quarter results that exceeded its expectations, driven by stronger group and leisure demand, particularly at resort properties in Hawaii, Florida and Key West. The company raised its full-year RevPAR, adjusted EBITDA and adjusted funds from operations guidance following the performance and a strong start to the third quarter. Chairman and Chief Executive Officer Thomas Baltimore said comparable RevPAR rose nearly 7% year over year excluding the Royal Palm South Beach, which was under redevelopment for much of the period. Growth accelerated through the quarter, from about 4% in April to 5% in May and more than 11% in June, he said. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling 3 Dividend Leaders Set for Strong Growth in 2025 Resort RevPAR increased more than 9% excluding Royal Palm, while the urban portfolio posted nearly 4% growth. Baltimore attributed the results to group demand, higher-rated leisure travel and the company's investments in renovating and repositioning assets. Hawaii RevPAR rose about 9% year over year, supported by leisure demand and in-house group activity. Hilton Hawaiian Village was a standout, with RevPAR increasing nearly 12% and EBITDA rising more than 13%. The property ended June with a RevPAR index of 117, a four-point improvement from June 2024, Baltimore said. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Top 3 REIT Picks for 2025: High Yields and Rising Earnings Ahead Hilton Hawaiian Village recorded 98% occupancy in July, nearly 700 basis points above the prior year, while preliminary July RevPAR rose more than 6%. Baltimore said recently renovated Rainbow and Palace Towers have generated stronger guest demand and rate premiums. The company plans to begin a roughly $100 million renovation of the 348-room Ali'i Tower at Hilton Hawaiian Village during August, with completion expected early next year. In Florida, RevPAR rose 13% at the Bonnet Creek complex and 10% at the company’s Key West properties. The Waldorf Astoria Orlando and Signia by Hilton Orlando Bonnet Creek posted RevPAR growth of nearly 15% and 12%, respectively. Waldorf Astoria Orlando food-and-beverage revenue exceeded the prior year’s record by 24%, according to Baltimore. → No Hangover: Revisiting Microsoft One Week After Earnings Casa Marina in Key West led its market with RevPAR growth of more than 14%, while food-and-beverage revenue increased 36%. Baltimore said the property’s repositioning and restaurant enhancements helped lift its RevPAR index by more than eight points to above 120. Among urban hotels, Washington, D.C., posted nearly 17% RevPAR growth on higher government-related demand. Chicago RevPAR increased nearly 12% on group and transient demand, while Hyatt Regency Boston recorded nearly 9% RevPAR growth, aided by group, citywide, Boston Marathon and World Cup-related demand. Group rooms revenue increased 9.5% year over year in the second quarter, including nearly 23% growth in June. Baltimore said full-year 2026 group revenue pace was up nearly 6% from the same point last year, while third-quarter group pace was more than 15% higher. Group revenue pace for the core portfolio in 2027 was up more than 6%, with double-digit gains in Hawaii, New York, Key West and San Francisco. Chief Financial Officer and Chief Operating Officer Sean Dell'Orto said total portfolio RevPAR increased nearly 6% to $217 in the second quarter. Total hotel revenue rose 6%, hotel adjusted EBITDA increased nearly 9% to $204 million, and hotel adjusted EBITDA margin expanded 80 basis points to nearly 32%. Adjusted EBITDA totaled $198 million and adjusted FFO was $0.70 per share. Dell'Orto said group revenue exceeded expectations by 700 basis points, while leisure transient revenue grew more than 13% and exceeded internal expectations by nearly 500 basis points. The company said FIFA World Cup-related demand in New York, Boston and San Francisco delivered a modest benefit, contributing roughly 30 basis points to full-year portfolio RevPAR growth. That contribution largely offset the expected 30-basis-point drag from Royal Palm during 2026. Park reopened the Royal Palm South Beach on July 22 after completing a redevelopment that took 15 months. The project involved more than $100 million of investment, including renovations to 393 guest rooms, the addition of 11 rooms, redesigned public areas, four food-and-beverage concepts and upgrades to meeting facilities. Baltimore said the company expects the hotel’s EBITDA could double upon stabilization over the next two years. Dell'Orto said early bookings showed group and transient average daily rates for the remainder of 2026 up 21% and 53%, respectively, from pre-renovation levels. The company expects only a modest earnings contribution from Royal Palm in the second half, with more substantial growth anticipated in 2027 and 2028. Park also completed three additional non-core dispositions: its interest in the Embassy Suites Old Town Alexandria joint venture for $29 million in gross proceeds, the exit of Embassy Suites Austin for about $6 million, and the sale of Hilton Short Hills for $12 million. Since announcing its non-core exit plan in early 2025, the company has sold or disposed of 10 of 19 identified hotels, generating nearly $200 million of proceeds at an average multiple of about 12.5 times EBITDA. The remaining non-core hotels account for less than 5% of portfolio value, Baltimore said. The company aims to materially reduce its exposure by year-end. Park raised its full-year RevPAR outlook to a range of 3% to 4.5%, an increase of about 225 basis points at the midpoint. The company also lifted adjusted EBITDA guidance by about $25 million at the midpoint to $617 million to $637 million, and increased adjusted FFO guidance to $1.90 to $2.00 per share. July RevPAR increased 8.5%, Dell'Orto said, led by Hawaii, Key West, Boston, Santa Barbara and Washington, D.C. The company expects third-quarter RevPAR growth to trend toward the upper end of its updated range. Second-quarter capital spending totaled $64 million, with full-year capital expenditures expected to range from $230 million to $260 million. Dell'Orto said maintenance capital spending could fall below $200 million on a run-rate basis absent major return-on-investment projects. Park ended the quarter with approximately $3.7 billion of net debt and net debt to EBITDA of 6.1 times. The company plans to use remaining delayed-draw loan capacity and Bonnet Creek financing proceeds to repay the $1.27 billion Hilton Hawaiian Village mortgage in September, and plans to refinance the Hilton Santa Barbara mortgage later this year. The board approved a third-quarter cash dividend of $0.25 per share, payable Oct. 15 to shareholders of record as of Sept. 30. Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company's primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services. Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Park Hotels & Resorts Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Park Hotels & Resorts (PK) moved back into the spotlight after its latest quarterly report showed revenue ahead of Wall Street expectations, stronger funds from operations, and a shift to profitability versus the prior year. See our latest analysis for Park Hotels & Resorts. Park Hotels & Resorts’ latest earnings beat and return to profitability have come alongside a clear shift in market perception, with the 90 day share price return of 30.39% and 1 year total shareholder return of 58.27% pointing to building momentum around the US$14.76 stock. If you are looking beyond Park Hotels & Resorts for other ideas in a market that rewards clear earnings stories, it can be worth scanning 20 top founder-led companies After Park Hotels & Resorts’ sharp share price move and return to profit, the stock now sits close to analyst targets, yet still screens at a large modeled discount to fair value. Is the market’s caution still warranted as you weigh the valuation set up next? The most followed narrative pegs Park Hotels & Resorts’ fair value at $19.39, which sits well above the latest $14.76 close, and leans heavily on a long runway for earnings and margin improvement. Read the complete narrative. Want to see what sits behind that valuation gap? The narrative leans on shifting margins, heavier free cash flow and a richer multiple on future earnings. The exact revenue, profit and discount rate assumptions are all laid out. The question is whether you agree with how much improvement is built in. Result: Fair Value of $19.39 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, investors still need to factor in risks for Park Hotels & Resorts, including ongoing renovation and capital expenditure demands, as well as pressure from higher labor costs on margins. Find out about the key risks to this Park Hotels & Resorts narrative. With both risks and potential rewards now on the table for Park Hotels & Resorts, it makes sense to move quickly and weigh the evidence yourself. To see how the positives and concerns stack up side by side, take a closer look at the 3 key rewards and 2 important warning signs. If you stop with Park Hotels & Resorts, you may miss other opportunities that fit your style. Use these tailored stock ideas to pressure test and strengthen your portfolio decisions. Target high income potential by scanning for companies in the 8 dividend fortresses that might suit a yield focused approach. Hunt for mispriced quality by reviewing the screener containing 19 high quality undiscovered gems before the crowd focuses on them. Prioritise resilience by checking stocks in the 78 resilient stocks with low risk scores that align with a more defensive mindset. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PK. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Total Portfolio RevPAR: Increased nearly 6% to $217; up nearly 7% year over year excluding Royal Palm South Beach. Total Hotel Revenue: Increased 6% during the quarter. Hotel Adjusted EBITDA: Increased nearly 9% to $204 million, with a margin of nearly 32%, up 80 basis points year over year. Adjusted EBITDA: Totaled $198 million. Adjusted FFO per Share: $0.70. Group Rooms Revenue: Increased 9.5% year over year, with June group revenue up nearly 23%. Leisure Transient Segment: Grew by over 13%. Resort RevPAR: Increased more than 9% excluding Royal Palm; urban portfolio delivered nearly 4% RevPAR growth. Hawaii RevPAR: Increased approximately 9% year over year; Hilton Hawaiian Village RevPAR up nearly 12% with EBITDA growth of more than 13%. Bonnet Creek Complex RevPAR: Increased 13%; Waldorf Astoria Orlando up nearly 15% and Signia by Hilton Orlando Bonnet Creek up 12%. Key West RevPAR: Increased 10%; Casa Marina RevPAR up more than 14%. Washington DC RevPAR: Increased nearly 17%. Chicago RevPAR: Increased nearly 12%. Hyatt Regency Boston RevPAR: Increased nearly 9%. Capital Expenditures: $64 million invested in Q2; full-year CapEx expected between $230 million and $260 million. Net Debt: Approximately $3.7 billion, with a net debt-to-EBITDA ratio of 6.1 times. Liquidity: $2.6 billion, including $260 million in cash. Dividend: Q3 cash dividend of $0.25 per share, annualized yield of approximately 6.5%. Full-Year RevPAR Guidance: Raised to 3% to 4.5% growth. Full-Year Adjusted EBITDA Guidance: Raised to $617 million to $637 million. Full-Year Adjusted FFO Guidance: Raised to $1.90 to $2.00 per share. Warning! GuruFocus has detected 7 Warning Sign with PK. Is PK fairly valued? Test your thesis with our free DCF calculator. Release Date: August 07, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Park Hotels & Resorts Inc (NYSE:PK) delivered strong Q2 2026 results with RevPAR up nearly 7% year-over-year, exceeding expectations and driven by robust group and leisure demand. The company's strategic capital investments are yielding significant returns, with renovated properties like Hilton Hawaiian Village, Bonnet Creek, and Casa Marina posting double-digit RevPAR growth and market share gains. Park Hotels & Resorts Inc (NYSE:PK) successfully completed the transformative redevelopment of Royal Palm South Beach on time and on budget, with early booking trends showing ADR increases of 21% for group and 53% for transient, positioning the asset for substantial EBITDA growth. The company is making solid progress on its capital recycling program, having sold or disposed of 10 of 19 non-core assets since early 2025, generating nearly $200 million in proceeds and simplifying its portfolio. Park Hotels & Resorts Inc (NYSE:PK) raised its full-year 2026 guidance for RevPAR and earnings, reflecting strong Q2 performance and a positive outlook for the remainder of the year, with group pace up 6% for 2027. The company's balance sheet is improving, with net debt-to-EBITDA declining to 6.1 times, and it plans to repay the $1.27 billion Hilton Hawaiian Village mortgage in September, enhancing financial flexibility. Park Hotels & Resorts Inc (NYSE:PK) faces ongoing uncertainty from geopolitical and macroeconomic headwinds, which could impact consumer demand and travel trends. The company's portfolio remains heavily concentrated in a few key markets, with Hawaii and Florida accounting for a significant portion of EBITDA, increasing vulnerability to regional downturns. The renovation of the Ali'i Tower at Hilton Hawaiian Village will temporarily take 348 rooms out of service, potentially impacting near-term performance in Hawaii. Park Hotels & Resorts Inc (NYSE:PK) expects elevated operating expenses in the back half of 2026, with labor and utility costs rising due to higher occupancy, partially offsetting revenue gains. The company's non-core asset dispositions are expected to reduce second-half EBITDA by approximately $3.5 million, and the remaining non-core assets still pose a drag on overall portfolio performance. The Royal Palm South Beach is expected to contribute only modestly to earnings in 2026, with full stabilization not expected until 2028, limiting near-term upside from this key investment. Q: Can you provide a bridge to 2027, highlighting the key building blocks between Royal Palm, Hawaii, the non-core dispositions, and property tax impacts? A: Sean Dell'Orto (CFO & COO) outlined that 2027 group pace is up 6% for the core portfolio, providing a solid foundation. The Royal Palm ramp is expected to be a significant tailwind, potentially contributing 150-200 basis points to portfolio growth based on its 2024 performance. In Hawaii, group pace is up 12.5% combined, with Waikoloa up over 20%, benefiting from the Palace Tower renovation. The Ali'i Tower renovation at Hilton Hawaiian Village will be completed in early 2027, with benefits expected to be seen in the back half of the year. Q: What was the biggest surprise in your 2Q results relative to internal expectations, and what is embedded in the second-half guidance? A: Sean Dell'Orto (CFO & COO) noted the outperformance was broad-based, driven by consumer resilience and strong "in the quarter for the quarter" group pickup, which beat expectations by 700 basis points. Leisure transient growth also exceeded expectations by nearly 500 basis points. The company saw a strong start to Q3 with July RevPAR up 8.5%, but remains cautious in guidance. Tom Baltimore (CEO) added that the FIFA World Cup contributed as expected, setting up easier comps for 2027. Q: Given the strong results and portfolio reshaping, can you discuss the longer-term trajectory of capital spending? A: Sean Dell'Orto (CFO & COO) stated that capital spending should come down from current elevated levels, which included large ROI projects like Royal Palm. On a run-rate basis, maintenance CapEx is expected to be south of $200 million. However, if new ROI projects make sense, spending could increase from that baseline. Q: Can you discuss the potential for the $200 million of EBITDA upside you've previously outlined, and the timing of when it could hit the bottom line? A: Tom Baltimore (CEO) clarified that the $200 million figure might be overstated, anchoring instead on approximately $100 million of upside. This includes a $60-70 million recovery in Hawaii and about $28 million from Royal Palm upon stabilization. He emphasized the company's focus on reshaping the portfolio, having sold 55 assets for over $3 billion, and highlighted the outsized returns from transformative renovations in markets like Orlando, Key West, and Hawaii. Q: Can you elaborate on the group pace for 2027 and the current booking levels? A: Tom Baltimore (CEO) reported that group revenue pace for the core portfolio is up over 6% for 2027, with double-digit increases in Hawaii, New York, Key West, and San Francisco. For 2026, group pace is up 5.5-6%, with Q3 pace up 15%. Approximately 96% of business is on the books. Sean Dell'Orto (CFO & COO) added that 2026 group pace is more occupancy-driven, while 2027 is balanced between occupancy and rate. Q: What percentage of your hotels would qualify for Hilton's new RISE program or Marriott's equivalent? A: Sean Dell'Orto (CFO & COO) noted that 85-90% of Park's business comes from Hilton, making the RISE program most relevant. He stated the immediate benefits are helpful but marginal, and franchisees need to evaluate feasibility and timing to meet gating criteria. Tom Baltimore (CEO) added that it's positive that brands are engaging with owners to reshape the operating model and improve economics, which is crucial for a successful owner community. Q: Given the stock's strong performance, are you considering using the improved equity value to play offense or reduce leverage? A: Tom Baltimore (CEO) stated the company has been playing defense effectively by reshaping the portfolio and shrinking to core assets. The hope is that as the company rerates and cost of capital decreases, they can pursue unique acquisition opportunities. He emphasized that proceeds from non-core sales are prioritized for transformative ROI projects, with excess proceeds used to pay down debt, and noted that growing EBITDA is another way to reduce net debt-to-EBITDA. Q: Can you discuss the operating expense expectations and the expense controls that led to the guidance increase? A: Sean Dell'Orto (CFO & COO) explained that the expense increase is driven by occupancy gains, which accounted for at least 2/3 of RevPAR growth. Flow-through was strong, with rooms flow-through greater than 70% and F&B at 65%. Year-to-date expenses are at the midpoint of the 3-4% guidance range. The back half includes about 120 basis points contribution from Royal Palm's ramp-up, and labor costs are expected to grow 4-5%. Q: Are there any external factors, such as competitive supply, that might weigh on near-term growth at Bonnet Creek? A: Tom Baltimore (CEO) stated there are no known external factors weighing on growth. He highlighted Orlando's status as the most visited destination in the country, with 77-79 million visitors expected this year. Despite significant market share gains, Bonnet Creek is still not at fair share, indicating additional upside potential. The $220 million invested in the complex has driven EBITDA from $62 million to a projected $105-110 million this year. Q: Is there any structural impediment to monetizing core hotels given the strong private market bid for luxury and leisure assets? A: Tom Baltimore (CEO) stated the team is not entrenched and will act in shareholders' best interests. While there are occasional calls about Hawaii, a joint venture would be complicated. He noted the company is watching the marketing of a former strategic portfolio to gauge pricing and price discovery, which could lead to other deals in the sector. Park is not directly participating at this time. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance outperformance was driven by a significant acceleration in RevPAR growth from 4% in April to over 11% in June, fueled by resilient group demand and high-rated leisure travel. The Hawaii portfolio, specifically Hilton Hawaiian Village, demonstrated exceptional strength with nearly 12% RevPAR growth, successfully offsetting the partial closure of the Honolulu Convention Center through strong in-house group activity. Management attributes outsized returns in Florida and Hawaii to targeted capital investments, noting that renovated assets like the Rainbow and Palace Towers are generating meaningful rate premiums and market share gains. The company is aggressively executing its capital recycling strategy, having disposed of 10 of 19 identified non-core assets since early 2025 to simplify the portfolio and concentrate on higher-quality, durable earnings. Operational efficiency improved through disciplined cost management, including successful property tax appeals in Chicago and a 20% reduction in property insurance premiums during the June renewal. The reopening of Royal Palm South Beach after a 15-month redevelopment marks a strategic pivot toward the upper upscale and luxury segments in the high-growth South Florida market. Full-year 2026 RevPAR guidance was raised by 225 basis points at the midpoint to 3% to 4.5%, reflecting strong Q2 momentum and an 8.5% RevPAR increase in July. Management expects the Hawaii portfolio to eventually close a $60 million to $70 million EBITDA gap relative to 2023 peak levels as renovations stabilize and market recovery continues. Group revenue pace for 2027 is up over 6% for the core portfolio, with double-digit increases in Hawaii, New York, and San Francisco providing high visibility into future demand. The Royal Palm South Beach is projected to contribute approximately $28 million in EBITDA upon stabilization, effectively doubling its pre-renovation earnings over the next two years. Capital expenditure is expected to trend downward toward a maintenance level below $200 million annually following the completion of major ROI projects in 2027. The company completed three non-core dispositions in Q2 and early Q3 (Alexandria, Austin, and Short Hills), which are expected to reduce second-half EBITDA by approximately $3.5 million. A $100 million renovation of the Ali'i Tower at Hilton Hawaiian Village is set to commence, which will temporarily take 348 premium keys out of inventory until early 2027. The Honolulu Convention Center is expected to remain partially closed through 2027, representing a persistent headwind for citywide business that the company must mitigate through in-house group bookings. Management noted that while the U.S. economy remains resilient, they are monitoring geopolitical and macroeconomic headwinds that could impact future leisure and business travel. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified the primary upside target is approximately $100 million, comprised of a $60 million to $70 million recovery in Hawaii and $28 million from Royal Palm stabilization. The recovery is expected to be driven by organic growth and the completion of transformative renovations rather than external acquisitions. Beyond the Ali'i Tower, management is evaluating a comprehensive renovation for Hilton Santa Barbara to drive outsized returns. The company has decided not to move forward with the AMB Tower development in Hawaii in the near future, focusing instead on entitlements and existing tower performance. Management views the program as a positive step toward addressing owner profitability but noted that immediate benefits may be marginal. They emphasized that the broader goal is for brands to reshape the operating model to improve margins through AI and other efficiency initiatives. Management stated they are not entrenched and would consider a sale of the company or specific assets if it maximized shareholder value, though Hawaii joint ventures are complex due to fee-simple ownership. They are closely watching the private market for luxury and leisure assets to gauge price discovery and potential rerating of their own portfolio.

TYSONS, Va., August 06, 2026--(BUSINESS WIRE)--Park Hotels & Resorts Inc. ("Park" or the "Company") (NYSE: PK) today announced results for the second quarter ended June 30, 2026 and provided an operational update and an update on its Non-Core hotel disposition initiative. Second Quarter Highlights Include: Comparable RevPAR was $216.87, an increase of 5.8% compared to the same period in 2025, or a 6.8% increase when excluding the Royal Palm South Beach Miami, a Tribute Portfolio Resort ("Royal Palm"), which suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026; Core RevPAR was $233.49, an increase of 6.0% compared to the same period in 2025, or a 7.1% increase when excluding the Royal Palm; Net income and net income attributable to stockholders were $50 million and $47 million, respectively; Adjusted EBITDA was $198 million, an increase of 8.6% compared to the same period in 2025; Diluted earnings per share was $0.24; and Diluted Adjusted FFO per share was $0.70. Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, "I am incredibly pleased with our second quarter results, with broad-based demand driving Core RevPAR growth (excluding Royal Palm) of over 7% year-over-year, exceeding our expectations. Strong group demand yielding a 9.5% increase in group rooms revenue year-over-year and higher-rated leisure travel across our portfolio drove performance during the quarter. RevPAR at the Hilton Hawaiian Village Waikiki Beach Resort increased 12% year-over-year, and the hotel continues to gain market share, benefiting from guestroom renovations at the Rainbow and Tapa Towers. We continued to see the benefits of our transformative ROI projects at the Bonnet Creek resort complex and the Casa Marina Key West, Curio Collection, where RevPAR increased 13% and 14%, respectively, and group demand increased 11% and 44%, respectively, year-over-year. Other Core hotels across several markets further contributed to our results, including the Hilton Chicago where RevPAR increased 14% year-over-year. As we begin the third quarter, I am encouraged by our July results, with July Comparable RevPAR projected to increase 8.5% year-over-year and third quarter Comparable Group Revenue Pace currently over 15% compared to the same time last year." Additional Highlights Include: Reopened the Royal Palm in July 2026, following the completion of its more than $100 million transformative renovation; Exited four Non-Core hotels since the first quarter of 2026 for gross proceeds of approximately $65 million. Altogether, these hotels contributed approximately $9 million of Hotel Adjusted EBITDA during 2025. The total gross proceeds for these dispositions represents 13.7x 2025 EBITDA, including $59 million in anticipated capital expenditures; In April 2026, entered into a new $700 million delayed draw loan facility ("Bonnet Creek Mortgage Loan"), which is expected to be utilized in September 2026 to address upcoming debt maturities, while also extending Park’s overall maturity profile; In June 2026, drew $200 million from Park’s $800 million senior unsecured delayed draw term loan facility ("2025 Delayed Draw Term Loan") to, in part, fully repay the $120 million mortgage loan encumbering the Hyatt Regency Boston; and In July 2026, paid its second quarter cash dividend of $0.25 per share to stockholders of record as of June 30, 2026 and declared its third quarter cash dividend of $0.25 per share to stockholders of record as of September 30, 2026, to be paid on October 15, 2026. Non-Core Hotel Dispositions: In April 2026, sold the 396-room Hilton Seattle Airport & Conference Center, which was subject to a short-term ground lease and had anticipated capital expenditures of over $25 million, for gross proceeds of $18 million; In May 2026, sold Park’s ownership interest in the unconsolidated joint venture that owns and operates the 288-room Embassy Suites by Hilton Alexandria Old Town, which had anticipated capital expenditures of over $4 million, for gross proceeds of $29 million, which was reduced by $25 million for Park’s share of the mortgage debt of the joint venture; In June 2026, the short-term ground lease for the 262-room Embassy Suites by Hilton Austin Downtown South Congress was terminated pursuant to an agreement, and the property reverted to the ground lessor. Park received an early termination fee of approximately $6 million and sold all personal property and business assets of the hotel to the ground lessor. The hotel had anticipated capital expenditures of approximately $3 million; and In July 2026, sold the 314-room Hilton Short Hills for gross proceeds of $12 million, which had anticipated capital expenditures of approximately $27 million. Mr. Baltimore added, "We continued to execute against our strategic priorities during the quarter by advancing the disposition of our remaining Non-Core assets while investing in the long-term growth of our Core portfolio. Since the end of the first quarter, we have exited an additional four Non-Core hotels and invested $64 million in capital improvements, including completing the comprehensive renovation and repositioning of the Royal Palm in Miami, which reopened in July 2026 as planned. Looking ahead, we are excited to begin the approximately $100 million full-scale renovation of the Ali’i Tower at Hilton Hawaiian Village Waikiki Beach Resort during the third quarter, further enhancing one of the premier destinations in Hawaii. Additionally, we remain laser-focused on our strategic objective to maintain a flexible balance sheet. With the successful completion of the Bonnet Creek Mortgage Loan during the quarter, together with the previously announced 2025 Delayed Draw Term Loan, we are well positioned with $2.6 billion of liquidity to repay $1.3 billion of maturing debt during the third quarter, significantly extending our debt maturity profile." Selected Statistical and Financial Information (unaudited, amounts in millions, except RevPAR, ADR, Total RevPAR and per share data) ______________________________________________ Operational Update on Core Hotels Results for Park’s Core hotels and Core hotels by type are as follows: ______________________________________________ For the three months ended June 30, 2026, Park’s resort hotels continued to drive the performance of its portfolio. The Hilton Hawaiian Village Waikiki Beach Resort benefited from the completion of the final phase of guestroom renovations at the Rainbow Tower, helping to drive an over 13% increase in group revenue and an approximately 10% increase in transient revenue, resulting in an increase in RevPAR of 12% for the three months ended June 30, 2026 compared to the same period in 2025. Additionally, the Hilton Hawaiian Village Waikiki Beach Resort benefited from an increase in food and beverage revenue of 29%, or approximately $6 million, compared to the same period in 2025. The Waldorf Astoria Orlando and Signia by Hilton Orlando Bonnet Creek continued to benefit from the comprehensive renovation and expansion projects completed in early 2024, with combined RevPAR at the Bonnet Creek complex increasing 13%, resulting from an increase in transient revenue of 40% at the Waldorf Astoria Orlando and an increase in group revenue of approximately 20% at the Signia by Hilton Orlando Bonnet Creek, while combined food and beverage revenue increased 10%, or over $3 million for the three months ended June 30, 2026 compared to the same period in 2025, altogether helping the complex to exceed $107 million in EBITDA for the trailing twelve-month period. The Casa Marina Key West, Curio Collection, benefited from a 44% increase in group revenue and a 10% increase in transient revenue, resulting in an increase in RevPAR of over 14% and an increase in food and beverage revenue of 36% for the three months ended June 30, 2026 compared to the same period in 2025. Group and transient revenues at the Hilton Santa Barbara Beachfront Resort increased 36% and 20%, respectively, driving an increase in RevPAR of nearly 28% and an increase in food and beverage revenue of 20% for the three months ended June 30, 2026 compared to the same period in 2025. Additionally, Park’s hotels in Washington D.C. benefited from strong group demand, with group revenue increasing over 56%, resulting in an increase in combined RevPAR of 17%, while transient demand increased nearly 25% at the Hilton Chicago, where RevPAR increased 14% for three months ended June 30, 2026 compared to the same period in 2025. These increases were offset by the Royal Palm, which suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026, impacting Core RevPAR by 110 basis points for the three months ended June 30, 2026 compared to the same period in 2025. At the end of June 2026, Core Group Revenue Pace and room night bookings for 2027 increased over 6% and approximately 3%, respectively, as compared to what bookings were for 2026 at the end of June 2025, with average Core group rates for 2027 projected to increase approximately 4% for the same time period. Non-Core Disposition Initiative The status of Park’s Non-Core dispositions since January 1, 2026 is as follows: ______________________________________________ Balance Sheet and Liquidity As of June 30, 2026, Park’s liquidity was approximately $2.6 billion, including $1 billion of available capacity under the senior unsecured revolving credit facility ("Revolver"), $600 million available under the 2025 Delayed Draw Term Loan and the undrawn $700 million Bonnet Creek Mortgage Loan, which will be secured by the 1,009-room Signia by Hilton Orlando Bonnet Creek and the 502-room Waldorf Astoria Orlando and associated golf course when drawn upon. In June 2026, Park drew $200 million from the 2025 Delayed Draw Term Loan to fully repay the $120 million mortgage loan encumbering the Hyatt Regency Boston, which was scheduled to mature on July 1, 2026, with the remaining proceeds used for general corporate purposes. Park intends to further draw upon the 2025 Delayed Draw Term Loan as well as the Bonnet Creek Mortgage Loan to fully prepay, without penalty, the $1.275 billion secured mortgage loan encumbering the Hilton Hawaiian Village Waikiki Beach Resort during the third quarter. Park also intends to refinance the $151 million secured mortgage loan encumbering the Hilton Santa Barbara Beachfront Resort during the fourth quarter. As of June 30, 2026, Park’s Net Debt was approximately $3.7 billion, and the weighted average maturity of Park’s consolidated debt is 1.8 years. Park had the following debt outstanding as of June 30, 2026: _____________________________________________ Capital Investments During the second quarter of 2026, Park spent $64 million on capital improvements at its hotels and expects to spend between $230 million to $260 million in capital expenditures during 2026. Park reopened the Royal Palm in July 2026, following the completion of its more than $100 million comprehensive renovation, which began in mid-May 2025. All 393 guestrooms at the oceanfront hotel were renovated, along with the addition of 11 new guestrooms. The renovation also expanded available meeting space, including the addition of a new event terrace, and enhanced all public spaces, including a redesigned lobby, four new food and beverage concepts and an upgraded pool. Park expects the comprehensive renovation will generate a 15% to 20% return on investment. Additionally, Park expects to begin approximately $100 million of renovations at the 348-room Ali’i Tower at the Hilton Hawaiian Village Waikiki Beach Resort, along with the addition of three new guestrooms at the premium oceanfront tower, during the third quarter of 2026, continuing its upgrades of the iconic hotel, and expects to complete the third and final phase of the main tower at the Hilton New Orleans Riverside during the fourth quarter of 2026. Dividends Park declared a second quarter 2026 cash dividend of $0.25 per share to stockholders of record as of June 30, 2026. The second quarter dividend was paid on July 15, 2026. On July 31, 2026, Park declared a third quarter 2026 cash dividend of $0.25 per share to be paid on October 15, 2026 to stockholders of record as of September 30, 2026. The declared dividends translate to an annualized yield of approximately 6.5% based on Park’s recent trading levels. Full-Year 2026 Outlook Park is increasing its full-year 2026 outlook to reflect second-quarter outperformance and a strong start to the third quarter as demand trends continue to exceed expectations across its portfolio. Park expects a modest positive impact from the 2026 World Cup of 30 basis points, in line with its prior guidance, offsetting the negative impact of 30 basis points from the renovations of the Royal Palm. Park’s updated guidance also reflects an assumed increase in expenses due to a stronger demand environment and higher occupancy expectations across the portfolio, driving increases in variable costs such as labor and utilities, partially offset by reductions in fixed costs, with $11 million of benefits achieved from property tax appeals in the second quarter and a 20% reduction in property insurance premiums achieved during Park’s June 1st program renewal. Park expects full-year 2026 operating results to be as follows: ______________________________________________ Park’s outlook is based in part on the following assumptions: Operating expenses for Park’s hotels are expected to increase 3% to 4%; Excludes $3.5 million of projected Hotel Adjusted EBITDA for the second half of 2026 from the three additional Non-Core hotels disposed since April 2026; Includes approximately $13 million of incremental interest expense from $1.4 billion of refinancing activity in 2026, most of which is expected during the fourth quarter; Fully diluted weighted average shares for the full-year 2026 of 200 million; and Park’s current portfolio as of August 6, 2026 and does not take into account potential future acquisitions, dispositions or any financing transactions, except as noted above, which could result in a material change to Park’s outlook. Park’s full-year 2026 outlook is based on several factors, many of which are outside the Company’s control, including uncertainty surrounding macroeconomic factors, such as inflation, changes in interest rates and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of which are subject to change. Additionally, Park’s full-year 2026 outlook does not include assumptions around the incremental impact of tariff announcements (including any foreign tariffs announced in response to changes in U.S. trade policy), changes in travel patterns to or in the U.S. as a result of foreign conflicts, disapproval of U.S. foreign or domestic policy, or government or agency shutdowns as the net effect of such announcements or events cannot be ascertained or quantified at this time. Supplemental Disclosures In conjunction with this release, Park has furnished a financial supplement with additional disclosures on its website. Visit www.pkhotelsandresorts.com for more information. Park has no obligation to update any of the information provided to conform to actual results or changes in Park’s portfolio, capital structure or future expectations. Conference Call Park will host a conference call for investors and other interested parties to discuss second quarter 2026 results on August 7, 2026 beginning at 11 a.m. Eastern Time. Participants may listen to the live webcast by logging onto the Investors section of the website at www.pkhotelsandresorts.com. Alternatively, participants may listen to the live call by dialing (877) 451-6152 in the United States or (201) 389-0879 internationally and requesting Park Hotels & Resorts’ Second Quarter 2026 Earnings Conference Call. Participants are encouraged to dial into the call or link to the webcast at least ten minutes prior to the scheduled start time. A replay of the webcast will be available within 24 hours after the live event on the Investors section of Park’s website. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including the use of the remaining $600 million under Park’s 2025 Delayed Draw Term Loan and its Bonnet Creek Mortgage Loan, and the anticipated repayment and refinancing of certain of Park’s indebtedness, the completion of capital allocation priorities and expected returns on such projects, the expected repurchase of Park’s stock, the impact from macroeconomic factors (including elevated inflation and interest rates, potential economic slowdown or a recession and geopolitical conflicts or trends, including trade policy, travel barriers or changes in travel preferences for U.S. destinations, including as a result of another government or agency shutdown), the effects of competition, the effects of future legislation, executive action or regulations, tariffs, the expected completion of anticipated dispositions, including of Park’s Non-Core hotels (as defined below), the declaration, payment and any change in amounts of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," "hopes" or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Park’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events. All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: "Risk Factors" in Park’s Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in Park’s filings with the Securities and Exchange Commission ("SEC"), which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Non-GAAP Financial Measures Park presents certain non-GAAP financial measures in this press release, including Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, FFO per share, Adjusted FFO per share, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin and Net Debt. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of its operating performance. Please see the schedules included in this press release including the "Definitions" section for additional information and reconciliations of such non-GAAP financial measures. About Park Park is one of the largest publicly-traded lodging real estate investment trusts ("REIT") with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 30 premium-branded hotels and resorts with over 21,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information. ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________ PARK HOTELS & RESORTS INC.DEFINITIONS Comparable The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s Comparable hotel financial data includes results from Park’s consolidated hotels and property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable hotel financial data excludes results from property dispositions that have occurred prior to August 6, 2026. Core/Non-Core The Company’s Core portfolio includes 20 of Park’s consolidated hotels and one unconsolidated hotel and consists primarily of hotels and resorts that cater to group and leisure demand. As of June 30, 2026, Park’s Non-Core portfolio included 10 consolidated hotels. As of August 6, 2026, Park had 9 hotels remaining in its Non-Core portfolio. Financial data presented for Park’s Core and Non-Core hotels are based on its consolidated hotels only. EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin Earnings before interest expense, taxes and depreciation and amortization ("EBITDA"), presented herein, reflects net income (loss) excluding depreciation and amortization, interest income, interest expense, income taxes and also interest income and expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates. Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude the following items that are not reflective of Park’s ongoing operating performance or incurred in the normal course of business, and thus, excluded from management’s analysis in making day-to-day operating decisions and evaluations of Park’s operating performance against other companies within its industry: Gains or losses on sales of assets for both consolidated and unconsolidated investments; Costs associated with hotel acquisitions or dispositions expensed during the period; Severance expense; Share-based compensation expense; Impairment losses and casualty gains or losses; and Other items that management believes are not representative of the Company’s current or future operating performance. Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company’s consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company’s profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company’s consolidated hotels. Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue. EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States ("U.S.") GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, the Company’s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company’s management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by removing the effect of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results; and (ii) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in the industry. EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company’s operating performance and results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available to the Company to meet its obligations. Further, the Company does not use or present EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin as measures of liquidity or cash flows. Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – diluted and Adjusted FFO per share – diluted Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP measures of the Company’s performance. The Company calculates funds from (used in) operations ("FFO") attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts ("Nareit"), as net income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect the Company’s pro rata share of the FFO of those entities on the same basis. As noted by Nareit in its December 2018 "Nareit Funds from Operations White Paper – 2018 Restatement," since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company’s presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period. The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding the Company’s ongoing operating performance. Management historically has made the adjustments detailed below in evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful supplemental information that is beneficial to an investor’s complete understanding of operating performance. The Company adjusts Nareit FFO attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO attributable to stockholders: Costs associated with hotel acquisitions or dispositions expensed during the period; Severance expense; Share-based compensation expense; Casualty gains or losses; and Other items that management believes are not representative of the Company’s current or future operating performance. Net Debt Net Debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net Debt is calculated as (i) debt excluding unamortized deferred financing costs; and (ii) the Company’s share of investments in affiliate debt, excluding unamortized deferred financing costs; reduced by (a) cash and cash equivalents; and (b) restricted cash and cash equivalents. The Company believes Net Debt provides useful information about its indebtedness to investors as it is frequently used by securities analysts, investors and other interested parties to compare the indebtedness of companies. Net Debt should not be considered as a substitute to debt presented in accordance with U.S. GAAP. Net Debt may not be comparable to a similarly titled measure of other companies. Occupancy Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. Occupancy measures the utilization of the Company’s hotels’ available capacity. Management uses Occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help management determine achievable Average Daily Rate ("ADR") levels as demand for rooms increases or decreases. Average Daily Rate ADR (or rate) represents rooms revenue divided by total number of room nights sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in the hotel industry, and management uses ADR to assess pricing levels that the Company is able to generate by type of customer, as changes in rates have a more pronounced effect on overall revenues and incremental profitability than changes in Occupancy, as described above. Revenue per Available Room Revenue per Available Room ("RevPAR") represents rooms revenue divided by the total number of room nights available to guests for a given period. Management considers RevPAR to be a meaningful indicator of the Company’s performance as it provides a metric correlated to two primary and key factors of operations at a hotel or group of hotels: Occupancy and ADR. RevPAR is also a useful indicator in measuring performance over comparable periods. Total RevPAR Total RevPAR represents rooms, food and beverage and other hotel revenues divided by the total number of room nights available to guests for a given period. Management considers Total RevPAR to be a meaningful indicator of the Company’s performance as approximately one-third of revenues are earned from food and beverage and other hotel revenues. Total RevPAR is also a useful indicator in measuring performance over comparable periods. Group Revenue Pace Group Revenue Pace represents bookings for future business and is calculated as group room nights multiplied by the contracted room rate expressed as a percentage of a prior period relative to a prior point in time. View source version on businesswire.com: https://www.businesswire.com/news/home/20260806422824/en/ Contacts Investor Contact Ian Weissman+ 1 571 302 5591www.pkhotelsandresorts.com

Park Hotels & Resorts (PK) reported $680 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 1.2%. EPS of $0.70 for the same period compares to -$0.02 a year ago. The reported revenue represents a surprise of +2.48% over the Zacks Consensus Estimate of $663.52 million. With the consensus EPS estimate being $0.62, the EPS surprise was +12.9%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Park Hotels & Resorts performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Comparable RevPAR Growth: 5.8% versus 3% estimated by three analysts on average. Total Number of rooms: 19,902 versus 20,467 estimated by two analysts on average. Comparable RevPAR: $216.87 million compared to the $210.72 million average estimate based on two analysts. Revenues- Rooms: $401 million versus the three-analyst average estimate of $394.94 million. The reported number represents a year-over-year change of 0%. Revenues- Ancillary hotel: $67 million versus the two-analyst average estimate of $66.62 million. The reported number represents a year-over-year change of -1.5%. Revenues- Food and beverage: $188 million versus $176.98 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +4.4% change. Revenues- Other: $24 million versus $23.12 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +4.4% change. Earnings per share - Diluted: $0.24 versus the three-analyst average estimate of $0.22. View all Key Company Metrics for Park Hotels & Resorts here>>> Shares of Park Hotels & Resorts have returned +8.6% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Park Hotels & Resorts Inc. (PK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Q1 results came in ahead of expectations with comparable hotel RevPAR up about 5.5% year‑over‑year excluding the Royal Palm and resort RevPAR up 7.6%, and management raised full‑year RevPAR and profitability guidance (adjusted EBITDA to $587–$617M and AFFO to $1.74–$1.90 per share). Major renovation projects are central to the recovery: the Royal Palm South Beach is on track to reopen in early June with expected returns of 15–20% and EBITDA to more than double to ~$28M at stabilization, while 2026 capital spending is guided to $230–$260M including a ~$96M Ali’i Tower renovation in Hawaii (Royal Palm will modestly drag Q2 by nearly $3M). Park is recycling capital and shoring up the balance sheet with ~$2 billion liquidity at quarter‑end and $31M of YTD non‑core sales, plus planned financings (a ~$700M delayed‑draw mortgage and an $800M term loan) to address maturities that will increase annualized interest expense by about $28M; the company reiterated its quarterly dividend of $0.25 per share. Interested in Park Hotels & Resorts Inc.? Here are five stocks we like better. 3 Dividend Leaders Set for Strong Growth in 2025 Park Hotels & Resorts (NYSE:PK) reported first-quarter 2026 results that management said came in ahead of expectations, supported by strong leisure demand at resorts and healthy corporate group trends. On the call, Chairman and CEO Tom Baltimore said comparable hotel RevPAR rose 5.5% year-over-year excluding the Royal Palm South Beach Hotel, which suspended operations in mid-May 2025 for a comprehensive renovation. Baltimore highlighted strength across the quarter, with RevPAR growth excluding Royal Palm of “over 6.5% in January, approximately 3.5% in February, and nearly 6.5% in March.” He said results were led by Park’s resort portfolio, where RevPAR increased 7.6% excluding Royal Palm, while urban hotels produced “over 2% RevPAR growth” on the back of corporate group demand. → Meta Posted Its Best Sales Growth Since 2021—So Why Did Shares Fall? Top 3 REIT Picks for 2025: High Yields and Rising Earnings Ahead CFO and COO Sean Dell’Orto said first-quarter RevPAR exceeded $191, up about 2% year-over-year, or about 5.5% excluding Miami. He added that RevPAR growth was “over 6.2%” when also adjusting for storm disruption in Hawaii. Total hotel revenues were $591 million, up nearly 2%, and hotel adjusted EBITDA was $152 million, implying a hotel adjusted EBITDA margin of roughly 26%. Dell’Orto said adjusted EBITDA was $143 million and adjusted FFO per share was $0.45. Dell’Orto noted several comparability headwinds within the core portfolio, including typical comparisons at Park’s Washington, D.C.-area hotels following last year’s presidential inauguration, plus a drag as the Hilton New Orleans Riverside lapped last year’s Super Bowl. → Verizon’s Signal Strength: The Turnaround Call Is Loud and Clear Packaging Corporation of America: Buy The Dip Baltimore pointed to outsized gains at several assets: Orlando (Bonnet Creek complex): RevPAR grew about 16% and hotel adjusted EBITDA increased 20% year-over-year, driven by a 10% increase in transient revenues and a 19% rise in group production. Baltimore said trailing 12-month EBITDA exceeded $103 million, nearly 60% above pre-renovation levels and $20 million (24%) above Park’s projections. Key West (Casa Marina and The Reach): RevPAR rose nearly 9%, helped by transient demand and holiday calendar shifts. Baltimore said Casa Marina’s trailing 12-month EBITDA was nearly $36 million, exceeding Park’s projections by more than $4 million (about 14%). Southern California: The Hilton Santa Barbara posted nearly 23% RevPAR growth, driven by a roughly 13 percentage point occupancy increase and a 3% ADR gain. The Hyatt Regency Mission Bay produced 12% RevPAR growth on “continued strength in drive to leisure demand,” Baltimore said. Hawaii: Across Hilton Hawaiian Village and Waikoloa Village, Baltimore said RevPAR increased 2% combined, or about 5.4% when accounting for a 340 basis point drag from storms. Waikoloa Village delivered 6% growth, while Hilton Hawaiian Village RevPAR rose 1% (or “over 4%” when adjusting for storms), aided by higher-rated transient demand in the renovated Rainbow Tower. In response to analyst questions, Baltimore framed Hawaii’s longer-term recovery around limited supply growth through 2030, continued capital investment, and mix shift away from Japanese visitation. He said Japanese traveler demand is about 750,000 visits versus roughly 1.5 million historically, and that Japanese travelers now account for about 3% of Park’s business in Hawaii versus the “high teens” pre-pandemic. → 5 Stocks to Buy in May Before the Next AI Surge Hits On market share, Dell’Orto said the Hilton Hawaiian Village RevPAR index is currently tracking “in that 95-100” range, with a longer-term target of returning to “that historical levels of 110-115 range” as renovations are completed and rate profile improves. Management provided updates on major projects, led by the Royal Palm South Beach repositioning. Baltimore said Park remains on track for completion by early June and noted early traction in group demand, with the hotel securing $1.4 million of group business as of the end of the first quarter for 2027 at an average rate of $460. He said this was up 108 rooms, or 31%, versus the pace for 2024 at the same point pre-renovation. Baltimore reiterated Park’s return expectations for Royal Palm of 15% to 20% and said Park expects EBITDA to more than double from about $14 million to $28 million at stabilization. Dell’Orto said Park expects Royal Palm to remain a drag in the second quarter as staffing ramps ahead of reopening and demand rebuilds through the third quarter. He said the company is forecasting “a nearly $3 million loss for Q2” at the property, but expects a quicker ramp in the back half of the year. In Hawaii, Dell’Orto said Park completed the second and final phase of renovations at the Rainbow Tower and Palace Tower, with phase-two investment totaling about $85 million. Looking to the rest of 2026, Park guided to a lower overall level of capital investment, with planned spend of $230 million to $260 million, including Royal Palm completion and the start of the Ali’i Tower renovation at Hilton Hawaiian Village. The Ali’i project is expected to cost about $96 million and cover 351 rooms, the tower lobby, a private pool, and three new keys. Dell’Orto said the tower closure should have a “modest impact” in 2026, with less than $2 million of hotel adjusted EBITDA impact and about a 10 basis point effect on portfolio RevPAR. Park continued its capital recycling efforts during the quarter. Baltimore said the company sold the 396-room Hilton Seattle Airport Hotel—located on a short-term ground lease—for $18 million, following the January disposition of the Hilton Checkers in downtown Los Angeles. Combined, he said year-to-date non-core asset sales totaled $31 million, or 16x 2025 EBITDA when accounting for nearly $36 million of expected CapEx for the two properties. Addressing questions about remaining non-core assets, Baltimore said Park has 12 hotels it defines as non-core within a 33-asset portfolio. He noted that three of the non-core hotels are tied to a dispute with Safehold, and that the remaining nine assets account for about $41 million in EBITDA, with roughly 45% of that tied to one Florida asset. He said Park has active workstreams and marketing efforts underway and is not “holding out for the last dollar,” but remains focused on counterparties that can execute. On the balance sheet, Dell’Orto said liquidity at quarter-end was about $2 billion, including $156 million of cash and available capacity under a revolving credit facility and a delayed draw term loan. He also detailed progress on addressing 2026 maturities, including a $700 million floating-rate delayed draw mortgage on Bonnet Creek expected to close imminently at SOFR plus 225 basis points, combined with an $800 million delayed draw term loan. Dell’Orto said the plan includes repaying the $121 million Hyatt Regency Boston mortgage (maturing in July) and the $1.275 billion CMBS loan on Hilton Hawaiian Village (maturing in early November). He said the transactions are expected to increase annualized interest expense by about $28 million, with roughly $13 million included in 2026 AFFO guidance based on timing. Park also reiterated its quarterly dividend of $0.25 per share, with Dell’Orto noting the second-quarter cash dividend was approved to be paid July 15 to stockholders of record as of June 30. Management raised full-year guidance following the first-quarter outperformance. Dell’Orto said Park increased its full-year RevPAR growth outlook by 50 basis points at the midpoint to a range of 0.5% to 2.5%, and lifted adjusted EBITDA guidance by $7 million at the midpoint to $587 million to $617 million. AFFO guidance increased by $0.01 at the midpoint to $1.74 to $1.90 per share. Dell’Orto also noted the sold Hilton Seattle Airport Hotel had been expected to contribute about $3 million in EBITDA for the remainder of the year. For the second quarter, Dell’Orto said April RevPAR was expected to be flat (up 3% excluding Miami), May was the “weakest” setup with group pace down slightly, and June looked strong with group demand up nearly 10% and favorable comparisons across several markets. Overall, he said second-quarter RevPAR should come in around the midpoint of guidance, with about a 100 basis point drag from Miami. On group demand, Baltimore said second-quarter group revenue pace was up about 4%, and full-year pace improved to about 3% growth excluding Royal Palm and Hilton Hawaiian Village (which is affected by a partial closure of the Honolulu Convention Center). In Q&A, Dell’Orto added that fourth-quarter group pace improved sequentially to about down 4% from down 8% previously. Management also discussed potential demand catalysts and uncertainties. Baltimore cited anticipated “macro and lodging centric tailwinds” including fiscal stimulus, favorable tax policy, deregulation, possible rate cuts, and demand generators such as the World Cup and America’s 250th anniversary celebrations, while cautioning that geopolitical tensions and potential oil price impacts could pressure travel demand. On World Cup-related impacts, Dell’Orto said Park’s biggest portfolio exposure is in New York and Boston and characterized the event as a rate opportunity, though he added the impact “might come off a little bit” from earlier expectations. Closing the call, Baltimore said the first quarter was “an encouraging start to the year,” and reiterated Park’s focus on renovating core assets, disposing of non-core hotels, and strengthening the balance sheet through maturity extensions and leverage reduction over time. Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company's primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services. Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties. The article "Park Hotels & Resorts Q1 Earnings Call Highlights" was originally published by MarketBeat.

This article first appeared on GuruFocus. RevPAR Growth: Increased 5.5% year-over-year, excluding Royal Palm South Beach Hotel. Resort Properties RevPAR: Increased 7.6%, excluding Royal Palm. Urban Hotels RevPAR: Generated over 2% growth during the quarter. Total Hotel Revenues: $591 million, up nearly 2%. Hotel Adjusted EBITDA: $152 million, with a margin of approximately 26%. Adjusted EBITDA: $143 million. Adjusted FFO per Share: $0.45. Core Portfolio RevPAR: Increased 5.4% to nearly $216, excluding Royal Palm. Bonnet Creek RevPAR Growth: Approximately 16% with a 20% increase in hotel adjusted EBITDA. Trailing 12-Month EBITDA for Bonnet Creek: Exceeded $103 million. Casa Marina RevPAR Growth: Nearly 9%. Hilton Santa Barbara RevPAR Growth: Nearly 23%. Hyatt Regency Mission Bay RevPAR Growth: 12%. Hawaii Resorts Combined RevPAR Increase: 2%, or approximately 5.4% when accounting for storm impact. Group Revenue Growth: Increased 5% year-over-year, excluding Royal Palm. Liquidity: Approximately $2 billion, including $156 million of cash. Dividend: $0.25 per share, translating to an annualized yield of approximately 9%. 2026 RevPAR Growth Guidance: Increased by 50 basis points to a range of 0.5% to 2.5%. Adjusted EBITDA Guidance: Increased by $7 million to a range of $587 million to $617 million. AFFO Guidance: Increased by $0.01 to a range of $1.74 to $1.90 per share. Warning! GuruFocus has detected 5 Warning Sign with PK. Is PK fairly valued? Test your thesis with our free DCF calculator. Release Date: May 01, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Park Hotels & Resorts Inc (NYSE:PK) reported better-than-expected performance in the first quarter with RevPAR increasing 5.5% year-over-year, excluding the Royal Palm South Beach Hotel. The company successfully executed its capital recycling strategy by selling non-core assets, including the Hilton Seattle Airport Hotel, for a total of $31 million. Significant progress was made on the comprehensive repositioning of the Royal Palm in Miami, with completion expected by early June. Core portfolio performance remained strong, with notable RevPAR growth in Bonnet Creek, Key West, and Hawaii. Park Hotels & Resorts Inc (NYSE:PK) increased its RevPAR growth guidance by 50 basis points at the midpoint, reflecting confidence in continued demand strength. The Royal Palm South Beach Hotel's renovation caused a drag on first-quarter results and is expected to result in a $3 million loss for Q2. The transaction market remains challenging, impacting the disposition of non-core assets. Growing geopolitical tensions in the Middle East pose potential risks to consumer discretionary spending and business investment sentiment. Higher oil prices could impact both business and leisure travel, particularly affecting long-haul destinations like Hawaii. The company faces increased interest expenses due to refinancing activities, expected to add approximately $28 million annually. Q: Can you provide an update on the disposition of non-core assets and the challenges faced in the market? A: Thomas Baltimore, CEO, explained that Park Hotels & Resorts has 12 non-core assets remaining, with active marketing campaigns underway. The company is focused on reducing non-core exposure by year-end, despite challenges such as short-term ground leases and joint ventures. They are not holding out for the last dollar but are prioritizing transactions that improve the portfolio's growth profile. Q: How is the Royal Palm renovation progressing, and what impact do you expect from the World Cup? A: Thomas Baltimore, CEO, stated that the Royal Palm renovation is on track for completion by early June. The hotel is expected to open in time for the World Cup games in Miami, but no contribution from the World Cup is included in current guidance. The company is cautiously optimistic about the hotel's performance during the event. Q: What factors contributed to the increase in expense expectations in your guidance? A: Sean Dell'Orto, CFO, noted that the increase in expenses is due to higher occupancy-related costs and wage growth. The company expects labor and wage growth to be around 5% for the year, with insurance premiums expected to decrease, providing some offset. Q: Can you elaborate on the recovery trajectory for your Hawaii assets and the factors influencing it? A: Thomas Baltimore, CEO, highlighted that Hawaii's RevPAR growth historically outpaces the U.S. The company is repositioning its business to account for shifts in Japanese travel and expects favorable comps and renovations to drive performance. They remain bullish on Hawaii's long-term prospects. Q: How has the buyer pool for asset sales evolved, and what types of buyers are you seeing? A: Thomas Baltimore, CEO, mentioned that the buyer pool for non-core assets consists mainly of owner-operators, small private equity firms, and entrepreneurial buyers. The company is focused on executing transactions despite challenges in certain markets like Los Angeles and Chicago. For the complete transcript of the earnings call, please refer to the full earnings call transcript.