Park Hotels & Resorts Inc. · NYSE:PK
Park Hotels & Resorts — Q1 2025 Earnings Presentation
41 slides from Park Hotels & Resorts's earnings presentation, May 5, 2025
Slide 1: First Quarter 2025 Supplemental Data
Exhibit 99.2 FIRST QUARTER 2025 SUPPLEMENTAL DATA MARCH 31, 2025
Slide 2: About Park and Safe Harbor Disclosure
2 ABOUT PARK AND SAFE HARBOR DISCLOSURE About Park Hotels & Resorts Inc. Park (NYSE: PK) is one of the largest publicly-traded lodging real estate investment trusts (“REIT”) with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park’s
Slide 3: Table of Contents
3 HILTON NEW ORLEANS RIVERSIDE TABLE OF CONTENTS Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Supplementary Financial Information . . . . . . . . . . . . . . . . . . . . 7 Outlook and Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Slide 4: Financial Statements
4 WALDORF ASTORIA ORLANDO FINANCIAL STATEMENTS
Slide 5: Condensed Consolidated Balance Sheets
5 HILTON WAIKOLOA VILLAGE FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except share and per share data) March 31, 2025 December 31, 2024 (unaudited) ASSETS Property and equipment, net $ 7,317 $ 7,398 Contract asset 836 820 Intangibles, net 41 41 Cash and cash equivalents
Slide 6: Condensed Consolidated Statements of Operations
6 HILTON WAIKOLOA VILLAGE FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except per share data) Three Months Ended March 31, 2025 2024 Revenues Rooms $ 363 $ 374 Food and beverage 182 182 Ancillary hotel 63 62 Other 22 21 Total revenues 630 639 Operatin
Slide 7: Supplementary Financial Information
7 NEW YORK HILTON MIDTOWN SUPPLEMENTARY FINANCIAL INFORMATION
Slide 8: EBITDA and Adjusted EBITDA
8 NEW YORK HILTON MIDTOWN SUPPLEMENTARY FINANCIAL INFORMATION EBITDA AND ADJUSTED EBITDA (unaudited, in millions) Three Months Ended March 31, 2025 2024 Net (loss) income $ (57) $ 29 Depreciation and amortization expense 69 65 Interest income (3) (5) Interest expense 52 53 Interest expense associate
Slide 9: Comparable Hotel Adjusted EBITDA and Margin
9 NEW YORK HILTON MIDTOWN SUPPLEMENTARY FINANCIAL INFORMATION COMPARABLE HOTEL ADJUSTED EBITDA AND COMPARABLE HOTEL ADJUSTED EBITDA MARGIN (unaudited, dollars in millions) Three Months Ended March 31, 2025 2024 Adjusted EBITDA $ 144 $ 162 Less: Adjusted EBITDA from investments in affiliates (8) (8)
Slide 10: Nareit FFO and Adjusted FFO
10 NEW YORK HILTON MIDTOWN SUPPLEMENTARY FINANCIAL INFORMATION NAREIT FFO AND ADJUSTED FFO (unaudited, in millions, except per share data) Three Months Ended March 31, 2025 2024 Net (loss) income attributable to stockholders $ (57) $ 28 Depreciation and amortization expense 69 65 Depreciation and am
Slide 11: General and Administrative Expenses
11 NEW YORK HILTON MIDTOWN SUPPLEMENTARY FINANCIAL INFORMATION GENERAL AND ADMINISTRATIVE EXPENSES (unaudited, in millions) Three Months Ended March 31, 2025 2024 Corporate general and administrative expenses $ 18 $ 17 Less: Share-based compensation expense 4 4 Other corporate expenses 1 — G&A, excl
Slide 12: Net Debt and Net Debt to Comparable Adjusted EBITDA Ratio
12 NEW YORK HILTON MIDTOWN SUPPLEMENTARY FINANCIAL INFORMATION NET DEBT AND NET DEBT TO COMPARABLE ADJUSTED EBITDA RATIO (unaudited, in millions) March 31, 2025 December 31, 2024 Debt $ 3,841 $ 3,841 Add: unamortized deferred financing costs and discount 22 24 Debt, excluding unamortized deferred fi
Slide 13: Outlook and Assumptions
13 CASA MARINA KEY WEST, CURIO COLLECTION OUTLOOK AND ASSUMPTIONS
Slide 14: Full-Year 2025 Outlook
14 CASA MARINA KEY WEST, CURIO COLLECTION OUTLOOK AND ASSUMPTIONS FULL-YEAR 2025 OUTLOOK Park expects full-year 2025 operating results to be as follows: (unaudited, dollars in millions, except per share amounts and RevPAR) Full-Year 2025 Outlook as of May 5, 2025 Full-Year 2025 Outlook as of Februar
Slide 15: EBITDA, Adjusted EBITDA, Comparable Hotel Adjusted EBITDA Outlook
15 CASA MARINA KEY WEST, CURIO COLLECTION OUTLOOK AND ASSUMPTIONS EBITDA, ADJUSTED EBITDA, COMPARABLE HOTEL ADJUSTED EBITDA AND COMPARABLE HOTEL ADJUSTED EBITDA MARGIN Year Ending (unaudited, in millions) December 31, 2025 Low Case High Case Net (loss) income $ (8) $ 52 Depreciation and amortization
Slide 16: Outlook Continued: Revenues and Margins
16 CASA MARINA KEY WEST, CURIO COLLECTION OUTLOOK AND ASSUMPTIONS EBITDA, ADJUSTED EBITDA, COMPARABLE HOTEL ADJUSTED EBITDA AND COMPARABLE HOTEL ADJUSTED EBITDA MARGIN (CONTINUED) Year Ending December 31, 2025 Low Case High Case Total Revenues $ 2,569 $ 2,643 Less: Other revenue (93) (93) Comparable
Slide 17: Nareit FFO and Adjusted FFO Outlook
17 CASA MARINA KEY WEST, CURIO COLLECTION OUTLOOK AND ASSUMPTIONS NAREIT FFO AND ADJUSTED FFO Year Ending (unaudited, in millions except per share data) December 31, 2025 Low Case High Case Net (loss) income attributable to stockholders $ (16) $ 44 Depreciation and amortization expense 272 272 Depre
Slide 18: Portfolio and Operating Metrics
18 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS
Slide 19: Hotel Portfolio as of May 5, 2025
19 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS HOTEL PORTFOLIO AS OF MAY 5, 2025 Hotel Name Total Rooms Market Meeting Space (square feet) Ownership Equity Ownership Debt (in millions) Comparable Portfolio Hilton Hawaiian Village Waikiki Beach Resort 2,872 Hawaii 150,000 Fee Simple 100%
Slide 20: Hotel Portfolio as of May 5, 2025 (Continued)
20 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS HOTEL PORTFOLIO AS OF MAY 5, 2025 (CONTINUED) Hotel Name Total Rooms Market Meeting Space (square feet) Ownership Equity Ownership Debt (1) (in millions) Comparable Portfolio (continued) DoubleTree Hotel San Diego – Mission Valley 300 Southe
Slide 21: Comparable Hotels by Market: Q1 2025 vs Q1 2024
21 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS COMPARABLE HOTELS BY MARKET: Q1 2025 VS Q1 2024 (unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR Comparable Total RevPAR Hotels Rooms 1Q25 1Q24 Change (1) 1Q25 1Q24 Change 1Q25 1Q24 Change (1) 1Q25 1Q24 Change (1) Hawaii 2 3
Slide 22: Comparable Hotels by Market (Continued)
22 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS COMPARABLE HOTELS BY MARKET: Q1 2025 VS Q1 2024 (CONTINUED) (unaudited, dollars in millions) Comparable Hotel Adjusted EBITDA Comparable Hotel Revenue Comparable Hotel Adjusted EBITDA Margin Hotels Rooms 1Q25 1Q24 Change (1) 1Q25 1Q24 Change
Slide 23: Core Hotels: Q1 2025 vs Q1 2024
23 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS CORE HOTELS: Q1 2025 VS Q1 2024 (unaudited) ADR Occupancy RevPAR Total RevPAR 1Q25 1Q24 Change (1) 1Q25 1Q24 Change 1Q25 1Q24 Change (1) 1Q25 1Q24 Change (1) Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 294.20 $ 303.73 (3.1)
Slide 24: Core Hotels (Continued)
24 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS CORE HOTELS: Q1 2025 VS Q1 2024 (CONTINUED) (unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin 1Q25 1Q24 Change (1) 1Q25 1Q24 Change (1) 1Q25 1Q24 Change Core Hotels 1 Hilton Hawaiian Village Wa
Slide 25: Properties Acquired and Sold
25 HILTON DENVER CITY CENTER PROPERTIES ACQUIRED AND SOLD
Slide 26: Properties Acquired
26 HILTON DENVER CITY CENTER PROPERTIES ACQUIRED AND SOLD PROPERTIES ACQUIRED Hotel Location Room Count 2019 Acquisitions: Chesapeake Lodging Trust Acquisition (1) Hilton Denver City Center Denver, CO 613 The Wade (2) Chicago, IL 520 Hyatt Regency Boston Boston, MA 502 Hyatt Regency Mission Bay Spa
Slide 27: Properties Sold
27 HILTON DENVER CITY CENTER PROPERTIES ACQUIRED AND SOLD PROPERTIES SOLD TOTAL SALES Year Number of Hotels Room Count Gross Proceeds (1) (in millions) 2018 13 3,193 $ 519.0 2019 8 2,597 496.9 2020 2 700 207.9 2021 5 1,042 476.6 2022 7 2,207 316.9 2023 1 508 118.3 2024 2 769 76.3 38 (2) 11,016 $ 2,2
Slide 28: Comparable Supplementary Financial Information
28 SIGNIA BY HILTON ORLANDO BONNET CREEK COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
Slide 29: Historical Comparable TTM Hotel Metrics
29 SIGNIA BY HILTON ORLANDO BONNET CREEK COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE TTM HOTEL METRICS (unaudited, dollars in millions) Three Months Ended TTM June 30, September 30, December 31, March 31, March 31, 2024 2024 2024 2025 2025 Comparable RevPAR $ 198.26 $ 190.94
Slide 30: Historical Comparable Hotel Adjusted EBITDA – TTM 2025
30 SIGNIA BY HILTON ORLANDO BONNET CREEK COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – TTM 2025 Three Months Ended TTM (unaudited, in millions) June 30, September 30, December 31, March 31, March 31, 2024 2024 2024 2025 2025 Net income (loss) $ 67 $ 57
Slide 31: Historical Comparable Hotel Adjusted EBITDA – Full-Year 2024
31 SIGNIA BY HILTON ORLANDO BONNET CREEK COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – FULL-YEAR 2024 Three Months Ended Full-Year (unaudited, in millions) March 31, June 30, September 30, December 31, December 31, 2024 2024 2024 2024 2024 Net income $
Slide 32: Historical Comparable TTM Hotel Revenues
32 SIGNIA BY HILTON ORLANDO BONNET CREEK COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE TTM HOTEL REVENUES – 2025 AND 2024 Three Months Ended TTM (unaudited, in millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 March 31, 2025 Total Revenues $ 686 $ 649
Slide 33: Capital Structure
33 ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO CAPITAL STRUCTURE
Slide 34: Fixed and Variable Rate Debt
34 ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO CAPITAL STRUCTURE FIXED AND VARIABLE RATE DEBT (unaudited, dollars in millions) As of March 31, 2025 Debt (1) Collateral Interest Rate Maturity Date Fixed Rate Debt Mortgage loan Hilton Denver City Center 4.90% September 2025 (2) $ 52 Mortgage loa
Slide 35: Definitions
35 HYATT REGENCY BOSTON DEFINITIONS
Slide 36: Definitions: Comparable
36 HYATT REGENCY BOSTON DEFINITIONS Comparable The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Compa
Slide 37: Definitions (Continued)
37 HYATT REGENCY BOSTON DEFINITIONS (CONTINUED) The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBI
Slide 38: Definitions (Continued): Adjusted FFO
38 HYATT REGENCY BOSTON DEFINITIONS (CONTINUED) The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance because management believes that the exclusion of certain additional items described below provides useful supplement
Slide 39: Definitions (Continued): ADR and RevPAR
39 HYATT REGENCY BOSTON DEFINITIONS (CONTINUED) Average Daily Rate ADR (or rate) represents rooms revenue divided by total number of room nights sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment an
Slide 40: Analyst Coverage
40 HILTON SANTA BARBARA BEACHFRONT RESORT ANALYST COVERAGE
Slide 41: Analyst Coverage
41 HILTON SANTA BARBARA BEACHFRONT RESORT ANALYST COVERAGE Analyst Company Phone Email Dany Asad Bank of America (646) 855-5238 dany.asad@bofa.com Ari Klein BMO Capital Markets (212) 885-4103 ari.klein@bmo.com Smedes Rose Citi Research (212) 816-6243 smedes.rose@citi.com Floris Van Dijkum Compass Po
Park Hotels & Resorts — Q1 2025 Earnings Presentation on 6ix