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Park Hotels & Resorts (PK) investor relations material
Park Hotels & Resorts Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved significant progress on strategic priorities in 2025, focusing on reshaping the portfolio, reinvesting in high-quality hotels, and appointing a new COO.
Portfolio comprised 34 hotels (23,000 rooms), with 20–21 core hotels and ongoing non-core disposition initiatives.
Sold or disposed of 13 hotels since 2023, increasing portfolio-wide nominal RevPAR by nearly 8% and hotel-adjusted EBITDA margins by over 275 basis points.
Major capital improvements and redevelopments launched or completed in Miami, Hawaii, and New Orleans.
Full-year results pressured by impairments and select market headwinds, with net loss driven by non-core asset charges.
Financial highlights
Full-year 2025 total revenues were $2,541 million, down from $2,599 million in 2024.
Net loss attributable to stockholders for 2025 was $(283) million, including $318 million in impairments.
Adjusted EBITDA for 2025 was $609 million, down from $652 million in 2024.
Comparable hotel adjusted EBITDA margin for 2025 was 26.5%, down from 27.8% in 2024.
Returned $245 million of capital in 2025 ($200 million dividends, $45 million share repurchases); $1.3 billion returned over three years.
Outlook and guidance
2026 RevPAR expected at $190–$194, flat to +2% year-over-year.
Adjusted EBITDA forecasted at $580 million–$610 million; adjusted FFO per share at $1.73–$1.89.
2026 net income guidance: $62–$99 million; Q1 expected to be the most challenging quarter due to tough comps and renovation impacts.
Guidance includes $9–$20 million incremental interest expense from refinancing $1.4 billion of debt and assumes 2–3% increase in hotel operating expenses.
Guidance excludes impact from potential non-core dispositions in 2026 outside of already closed deals.
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