Park Hotels & Resorts (PK) Q3 2025 earnings summary

Executive summary

• Portfolio consists of 38 premium-branded hotels with over 24,000 rooms, primarily in major U.S. city centers and resort destinations, focusing on operational excellence, asset management, and portfolio quality.

• Third quarter 2025 was impacted by macroeconomic headwinds, inflation, higher interest rates, and a government shutdown through October 2025.

• Liquidity increased to $2.1 billion with an amended and upsized credit facility, including a $1B revolver and $800M delayed draw term loan.

• Portfolio reshaping continued with strategic divestitures, including the closure of Embassy Suites Kansas City Plaza and ongoing major renovations at key properties.

• Cautious optimism for improved group demand and benefits from recent renovations in the remainder of 2025.

Financial highlights

• Q3 2025 total revenues were $610 million, down 6.1% year-over-year; nine-month revenues were $1.91 billion, down 3.1%.

• Comparable RevPAR for Q3 2025 was $180.93, down 6.1% year-over-year; occupancy was 74.7%, ADR was $242.25.

• Net loss attributable to stockholders was $16 million (EPS: -$0.08), compared to net income of $54 million in Q3 2024.

• Adjusted EBITDA for Q3 2025 was $130 million, down from $159 million 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.

Outlook and guidance

• Full-year 2025 Comparable RevPAR expected to decline 2.0% at midpoint; excluding Royal Palm, decline is 1.0%.

• Full-year 2025 Adjusted EBITDA guidance is $595–$620 million; Comparable Hotel Adjusted EBITDA margin expected at 26.3–26.9%.

• Adjusted FFO per share (diluted) guidance is $1.85–$1.97.

• Sufficient liquidity is expected to cover debt maturities and obligations over the next 12 months and beyond.

• Guidance excludes $58 million in default interest and fees related to the SF Mortgage Loan.