Park Hotels & Resorts Inc. (NYSE: PK) is one of the largest publicly traded lodging real estate investment trusts (REITs) in the United States. The company owns and operates a diverse portfolio of premium-branded hotels and resorts, primarily located in prime city center and resort destinations across the U.S. Its properties are concentrated in high-barrier-to-entry markets and are predominantly classified as luxury and upper-upscale accommodations, catering to both leisure and business travelers.
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Consolidated Hotels - Operates a portfolio of premium-branded hotels and resorts, contributing the majority of the company's revenue. These properties are strategically located in prime U.S. markets and focus on delivering luxury and upper-upscale experiences.
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Unconsolidated Hotels - Includes a smaller subset of hotels that do not meet the criteria for a reportable segment. These properties are managed separately and contribute less significantly to the overall business.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Thomas J. Baltimore, Jr. ExecutiveBoard | Chairman, President, and CEO | Board Member at American Express (AXP) and Comcast (CMCSA); Co-Chair of Nareit DEI CEO Council | Joined PK in May 2016 as President and CEO; became Chairman in Dec 2016. Led acquisitions, dispositions, and ESG initiatives. Former CEO of RLJ Lodging Trust. | |
Carl A. Mayfield Executive | EVP, Design and Construction | Board Member at American Red Cross (National Capital Region) and Montgomery County Boys & Girls Club | Joined PK in Sep 2018. Former SVP of Design & Construction at RLJ Lodging Trust. Oversees design and construction projects. | |
Jill C. Olander Executive | EVP, Human Resources | None | Joined PK in Jan 2017. Former HR leader at Hilton and Allied Capital. Oversees human resources strategy and operations. | |
Joseph M. Piantedosi Executive | EVP, Asset Management | None | Joined PK in Apr 2017. Former VP at DiamondRock Hospitality. Oversees asset management and operational oversight. | |
Nancy M. Vu Executive | EVP, General Counsel, and Secretary | None | Joined PK in Oct 2016. Formerly held legal roles at Choice Hotels and RLJ Lodging Trust. Oversees legal and compliance matters. | |
Sean M. Dell’Orto Executive | EVP, CFO, and Treasurer | Board Member at University of Virginia Foundation | Joined PK in Dec 2016. Previously held senior finance roles at Hilton Worldwide. Oversees financial strategy, capital markets, and treasury functions. | |
Thomas C. Morey Executive | EVP and Chief Investment Officer (CIO) | None | Joined PK in Aug 2016. Previously served as General Counsel and Interim General Counsel. Oversees investment strategy and portfolio management. | |
Christie B. Kelly Board | Independent Director | Board Member at Kite Realty Group Trust (KRG) and Gilbane, Inc. | Independent Director since Dec 2016. Former CFO of Realty Income and Jones Lang LaSalle. Serves on PK's Audit and Compensation Committees. | |
Geoffrey M. Garrett Board | Independent Director | Dean of the Marshall School of Business, University of Southern California | Independent Director since Jun 2017. Former Dean of Wharton School. Brings academic and leadership expertise. | |
Patricia M. Bedient Board | Independent Director | Non-Executive Chair at Alaska Air Group (ALK); Chair of Audit Committee at Suncor Energy (SU) | Independent Director since Jan 2017. Former CFO of Weyerhaeuser Company. Serves on PK's Audit and Governance Committees. | |
Stephen I. Sadove Board | Independent Director | Board Member at Colgate-Palmolive (CL), Aramark (ARMK), and Movado Group (MOV); Chair at Waterloo Sparkling Water | Independent Director since Jan 2017. Former CEO of Saks Incorporated. Brings retail and governance expertise. | |
Thomas A. Natelli Board | Independent Director | CEO of Natelli Communities; Board Member at Quantum Loophole, Inc.; Trustee at Duke University | Independent Director since Sep 2019. Real estate developer and former board member of Chesapeake Lodging Trust. | |
Timothy J. Naughton Board | Independent Director | Non-Executive Chairman of AvalonBay Communities (AVB); Board Member at Jefferson Scholars Foundation | Independent Director since Jan 2017. Former CEO of AvalonBay Communities. Brings extensive real estate expertise. |
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Can you provide more detail on the expected $17 million EBITDA disruption related to the Royal Palm renovation, given that the hotel generated about $14 million in 2024 EBITDA and will be open until May of this year?
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With your operating cost growth assumptions for this year being at the low end despite labor cost headwinds, can you explain whether this assumes fewer FTEs or highlights some lower growth markets or lower insurance cost assumptions?
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Given your disposition target of $300 million to $400 million only covers a portion of your non-core assets, can you walk us through how you plan to deploy that capital, and what percentage might be spent on ROI projects versus potential share buybacks?
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Considering the tough year-over-year comparisons in Hawaii and other key markets, what specific strategies are you implementing to improve RevPAR performance and offset these challenging comps in the first quarter?
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With the transition of operators at six of your hotels, including rebranding initiatives, how do you anticipate these changes will impact your operating expenses and margins in the short term, and what are the associated risks?
Research analysts who have asked questions during Park Hotels & Resorts earnings calls.
Chris Woronka
Deutsche Bank AG
4 questions for PK
David Katz
Jefferies Financial Group Inc.
4 questions for PK
Duane Pfennigwerth
Evercore ISI
4 questions for PK
Chris Darling
Green Street
3 questions for PK
Floris Gerbrand van Dijkum
Compass Point Research & Trading, LLC
3 questions for PK
Jay Kornreich
Wedbush Securities
3 questions for PK
Robin Farley
UBS
3 questions for PK
Aryeh Klein
BMO Capital Markets
2 questions for PK
Bennett Rose
Citigroup
2 questions for PK
Dany Asad
Bank of America
2 questions for PK
Dori Kesten
Wells Fargo & Company
2 questions for PK
Patrick Scholes
Truist Financial Corporation
2 questions for PK
Smedes Rose
Citigroup
2 questions for PK
Charles Scholes
Not Disclosed
1 question for PK
Cooper Clark
Wells Fargo
1 question for PK
Daniel Politzer
Wells Fargo
1 question for PK
David Hargreaves
Barclays
1 question for PK
Floris van Dijkum
Compass Point Research & Trading
1 question for PK
Kenneth Billingsley
Compass Point Research & Trading LLC
1 question for PK
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Chesapeake Lodging Trust | 2019 |
Recent press releases and 8-K filings for PK.
- 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.
- 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.
- 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 .