Park Hotels & Resorts
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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.
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Q4 2025 earnings summary20 Feb, 2026

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.

What is the EBITDA impact of remaining Non-Core hotels?
What is Royal Palm's expected EBITDA post-stabilization?
How will 2026 debt maturities be financed?
Non-Core sales: impact on portfolio margin?
Implied rate hike on 2026 maturing debt?
Royal Palm renovation: expected return to operations?
Confidence in 2026 Non-Core disposition goal?
Hawaii's EBITDA contribution post-Ali'i renovation?
What specific factors could exceed 2026 guidance?
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Frequently asked questions

Park Hotels & Resorts Inc is a real estate investment trust that owns and operates a portfolio of premium-branded hotels and resorts. The company’s properties are located in major urban, resort, and convention markets across the United States and are managed under well-known hospitality brands. The company is headquartered in Tysons, Virginia, and its shares are listed on the NYSE.

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