Park Hotels & Resorts (PK) Q4 2025 earnings summary

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 21 core hotels and ongoing non-core disposition initiatives.

• Core portfolio outperformed non-core assets, with strong RevPAR and EBITDA margin growth, especially in Hawaii, Orlando, and New York.

• Major redevelopments launched, including the $108 million Royal Palm South Beach project, and extensive renovations in Hawaii and New Orleans.

• Maintained disciplined capital allocation, returning $245 million to shareholders in 2025 through dividends and share repurchases.

Financial highlights

• Full-year 2025 total revenues were $2,541M, down from $2,599M in 2024; net loss attributable to stockholders was $(283)M, including $318M in impairments.

• Adjusted EBITDA for 2025 was $609M, down from $652M in 2024; comparable hotel adjusted EBITDA margin was 26.5%, down from 27.8%.

• Q4 RevPAR was $182, up 0.8% year-over-year; core portfolio Q4 RevPAR rose 3.2% to $210.15.

• Adjusted FFO attributable to stockholders for 2025 was $394M, or $1.97 per diluted share.

• Returned $1.3 billion to shareholders over three years, including 12% of shares repurchased.

Outlook and guidance

• 2026 RevPAR expected at $190–$194, flat to +2% YoY; expense growth expected in low single digits.

• 2026 Adjusted EBITDA forecasted at $580M–$610M; adjusted FFO per share at $1.73–$1.89.

• Q1 expected to be the most challenging, with New Orleans and Miami dragging RevPAR by 450 bps.

• Outlook includes $9M incremental interest expense from refinancing $1.4B of maturing mortgage debt and assumes 2–3% increase in hotel operating expenses.

• Guidance remains cautious due to macroeconomic and geopolitical risks, with major events expected to boost demand in core markets.