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Park Hotels & Resorts (PK) investor relations material
Park Hotels & Resorts Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Portfolio includes 38 premium-branded hotels with over 24,000 rooms, primarily in major U.S. city centers and resort destinations, focusing on asset management, capital recycling, and operational excellence.
Q3 2025 operations were impacted by macroeconomic headwinds, inflation, higher interest rates, and a government shutdown through October 2025.
Strategic investments in high-ROI renovations and repositionings, with $325M deployed at returns near 20%.
Portfolio reshaping continued with the closure of Embassy Suites Kansas City Plaza and ongoing major renovations at key properties.
Liquidity increased to $2.1B, supported by an upsized $1B revolver and $800M delayed draw term loan.
Financial highlights
Q3 2025 Comparable RevPAR was $180.93, down 6.1% year-over-year; total revenues were $610M, and net loss attributable to stockholders was $16M.
Adjusted EBITDA for Q3 2025 was $130M, down from $159M in Q3 2024; Adjusted FFO per share was $0.35.
Comparable Hotel Adjusted EBITDA margin for Q3 2025 was 24.1%, down 330 bps year-over-year.
Cash and cash equivalents at September 30, 2025, were $278M, with $31M in restricted cash.
Expense growth held flat for the third consecutive quarter, aided by cost discipline.
Outlook and guidance
Full-year 2025 Comparable RevPAR expected to decline 2.0% at midpoint, or 1.0% excluding Royal Palm; Adjusted EBITDA guidance is $595–$620M, margin 26.3%–26.9%.
Adjusted FFO per share (diluted) guidance is $1.85–$1.97.
Q4 2025 Comparable Group Revenue Pace projected to rise over 12% year-over-year, with double-digit increases at several key hotels.
Full-year 2025 net loss attributable to stockholders expected between $66M and $41M.
Guidance excludes $58M in default interest and fees related to the SF Mortgage Loan.
SF Hotels sale: What is the financial impact?
Q4 group pace: How does it offset Q3 RevPAR decline?
Why no 2025 top-off dividend given ROI projects?
Non-core asset sales completion timeline?
Source of ongoing expense reductions?
Hawaii market recovery trajectory?
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Next Park Hotels & Resorts earnings date
Q4 202519 Feb, 2026
Next Park Hotels & Resorts earnings date
Q4 202519 Feb, 2026
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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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