Park Hotels & Resorts (PK) Q1 2026 earnings summary

Executive summary

• Portfolio consists of 33 premium-branded hotels and resorts with over 22,000 rooms, primarily in prime city center and resort locations, with a strategic focus on Core hotels and ongoing divestiture of Non-Core assets.

• Q1 2026 delivered better-than-expected performance, with comparable RevPAR up 2.2% to $191.05, or 5.5% excluding Royal Palm South Beach, which was closed for renovation.

• Net income attributable to stockholders was $12 million, reversing a net loss of $57 million in Q1 2025, with adjusted EBITDA at $143 million and diluted EPS of $0.05.

• Resort hotels, especially Bonnet Creek, Hawaii, Santa Barbara, and Puerto Rico, drove portfolio performance, with Bonnet Creek RevPAR up 16%.

• Management remains cautiously optimistic for 2026, citing benefits from renovations, asset sales, and upcoming major events.

Financial highlights

• Total revenues for Q1 2026 were $622 million, down slightly from $630 million in Q1 2025, while comparable hotel revenues were $591 million, up 1.8% year-over-year.

• Hotel adjusted EBITDA was $151–$152 million, with a margin of approximately 25.8%.

• Adjusted EBITDA for Q1 2026 was $143 million, nearly flat year-over-year.

• Adjusted FFO per share was $0.45, slightly down from $0.46 in Q1 2025.

• Net income attributable to stockholders was $11–$12 million, a turnaround from a $57 million loss in Q1 2025.

Outlook and guidance

• Full-year 2026 RevPAR expected between $192–$196, up 0.5%–2.5% from 2025.

• Adjusted EBITDA guidance raised to $587–$617 million; adjusted FFO per share forecasted at $1.74–$1.90.

• Net income guidance for 2026 is $58–$96 million.

• Guidance includes $13 million incremental interest expense from refinancing and 2.4%–3.4% increase in hotel operating expenses.

• Management anticipates benefits from major events and property renovations, but macroeconomic and geopolitical risks persist.