Park Hotels & Resorts (PK) Company Report

Park Hotels & Resorts completed the sale of the Hilton San Francisco Union Square and Parc 55 San Francisco for $725 million, concluding a receivership process that began in October 2023.
This transaction allowed Park to eliminate the associated $725 million non-recourse CMBS Loan and related accrued interest and fees, totaling $874 million as of late October 2025, from its balance sheet.
The sale supports Park's strategic plan to divest non-core assets and focus on high-quality properties in key U.S. markets, while strengthening its financial position.
Park maintains a strong liquidity position with a current ratio and quick ratio both at 2.5 and operates a portfolio of approximately 22,395 rooms across 36 hotels in the United States, primarily under Hilton brands.

Nov 24, 2025, 11:41 AM

Morningstar

PK Reports Q3 2025 Financials, Updates Outlook, and Details Debt Management Actions

Earnings

Guidance Update

Debt Issuance

Park reported a net loss attributable to stockholders of $(16) million and diluted loss per share of $(0.08) on $610 million in total revenues for Q3 2025.
For the full-year 2025, the company projects a net loss attributable to stockholders between $(66) million and $(41) million, and diluted loss per share between $(0.33) and $(0.21).
The full-year 2025 Adjusted EBITDA outlook is between $595 million and $620 million, with Comparable RevPAR expected to decline between (2.5)% and (1.8)% compared to 2024.
As of September 30, 2025, Net Debt stood at $3,706 million, resulting in a Net Debt to TTM Comparable Adjusted EBITDA ratio of 6.23x.
In September 2025, Park amended its credit agreement, upsizing its revolver to $1 billion and adding a new $800 million delayed draw term loan to address upcoming mortgage loan maturities.

Oct 31, 2025, 3:00 PM

Presentation

Park Hotels & Resorts Inc. Reports Q3 2025 Results and Updates Full-Year Guidance

Earnings

Guidance Update

Dividends

Park Hotels & Resorts Inc. (PK) reported Q3 2025 RevPAR declined 6% to $181, with total hotel revenues of $585 million, adjusted EBITDA of $130 million, and adjusted FFO per share of $0.35.
The company updated its full-year 2025 guidance, expecting RevPAR growth to be down around 2% at the midpoint, adjusted EBITDA of $608 million, and adjusted FFO per share of $1.91 at the midpoint, reflecting weaker Q3 results and continued softness in leisure demand, compounded by the government shutdown.
PK declared a Q4 cash dividend of $0.25 per share, translating to an annualized yield of approximately 9%, but will not declare a top-off dividend for 2025, preserving over $50 million for strategic initiatives and debt reduction.
Strategic initiatives include increasing total liquidity to $2.1 billion through an upsized corporate credit facility , deploying over $325 million in high-ROI reinvestments with returns approaching 20% , and continuing efforts to divest its remaining 15 non-core hotels.

Oct 31, 2025, 3:00 PM

Transcript

Park Hotels & Resorts Inc. Reports Q3 2025 Results and Updates Full-Year Outlook

Earnings

Guidance Update

Debt Issuance

Park Hotels & Resorts Inc. reported a net loss of $(14) million and diluted loss per share of $(0.08) for Q3 2025, with Adjusted EBITDA of $130 million.
Comparable RevPAR for Q3 2025 was $180.93, a (6.1)% decrease compared to the same period in 2024, or a (4.9)% decrease when excluding the Royal Palm South Beach Miami due to renovation.
The company significantly increased its liquidity to approximately $2.1 billion as of September 30, 2025, by upsizing its Revolver to $1 billion and obtaining an $800 million senior unsecured delayed draw term loan facility.
For the full-year 2025, Park Hotels & Resorts Inc. expects a net loss between $(60) million and $(35) million, and Adjusted EBITDA between $595 million and $620 million. Diluted Adjusted FFO per share is projected to be between $1.85 and $1.97.

Oct 30, 2025, 8:16 PM

8-K

Park Hotels & Resorts Inc. Recasts $2 Billion Credit Facilities

Debt Issuance

Park Hotels & Resorts Inc. (PK) successfully amended and restated its existing credit agreement on September 17, 2025, increasing the aggregate capacity under its Credit Facilities to $2 billion.
The senior secured revolving credit facility (Revolving Facility) was increased from $950 million to $1 billion, and its termination date was extended from December 1, 2026, to September 17, 2029.
A new senior unsecured delayed draw term loan facility (2025 Term Facility) of up to $800 million was added, available for up to one year after closing, with a scheduled maturity date of January 2, 2030.
Park intends to draw from the 2025 Term Facility in 2026 to fully repay a $123 million secured mortgage loan maturing in July 2026, and, with a subsequent financing, fully repay a $1.275 billion secured mortgage loan maturing in November 2026.
Borrowings under the Credit Facilities will bear interest at a SOFR rate plus a margin, and the Credit Agreement includes financial maintenance covenants, such as a Leverage Ratio of not more than 7.25 to 1.00.

Sep 17, 2025, 8:19 PM

8-K

Park Hotels & Resorts Outlines Q1 2025 Investment Strategy

New Projects/Investments

Dividends

Share Buyback

The presentation details Park Hotels & Resorts Inc.'s strategy to be a leading lodging REIT with a portfolio of 39 hotels, approximately 25K rooms, a $5.8B enterprise value, and a 9.2x EBITDA multiple.
It highlights capital allocation activities including the acquisition of Chesapeake Lodging Trust for $2.5B, disposal of 46 hotels for over $3B, and a robust $1B ROI pipeline aimed at enhancing value.
The document emphasizes strong financial flexibility with $1.2B liquidity, an attractive 9.7% dividend yield, and significant renovation projects like a $103M Royal Palm South Beach transformation.

Jun 2, 2025, 12:00 AM

8-K

Park Hotels & Resorts Reports Q1 2025 Performance

Earnings

Dividends

New Projects/Investments

Reported Q1 2025 performance with a Comparable RevPAR of approximately $178, hotel revenues of $608 million, $151 million in hotel adjusted EBITDA (~25% margin), and a net loss of $57 million .
Invested nearly $80 million in capital improvements and announced a $100 million renovation at Royal Palm South Beach Miami, with total 2025 capital expenditures expected around $310–330 million .
Revised full-year guidance reflects caution amid global economic uncertainties and a 100 basis point reduction in the RevPAR growth forecast, influenced by a slower recovery at Hilton Hawaiian Village .
Strategic actions include a share repurchase of approximately 3.5 million shares and a dividend payment of $0.25 per share .
Confirmed a strong liquidity position with approximately $1.2 billion available, along with investor contact details at 1775 Tysons Boulevard, 7th Floor .

May 5, 2025, 2:01 PM

Transcript 8-K

Earnings Transcripts

Quarterly earnings call transcripts for Park Hotels & Resorts.

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