Park Hotels & Resorts Inc. · NYSE:PK
Park Hotels & Resorts — Q2 2025 Earnings Presentation
44 slides from Park Hotels & Resorts's earnings presentation, Aug 1, 2025
Slide 1: Second Quarter 2025 Supplemental Data
SECOND QUARTER 2025 SUPPLEMENTAL DATA JUNE 30, 2025
Slide 2: About Park and Safe Harbor Disclosure
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 p
Slide 3: Table of Contents
TABLE OF CONTENTS Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Supplementary Financial Information . . . . . . . . . . . . . . . . . . . . 7 Outlook and Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Portfolio and Operating Me
Slide 4: Financial Statements
FINANCIAL STATEMENTS 4 WALDORF ASTORIA ORLANDO
Slide 5: Condensed Consolidated Balance Sheets
FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except share and per share data) June 30, 2025 December 31, 2024 (unaudited) ASSETS Property and equipment, net $ 7,176 $ 7,398 Contract asset 852 820 Intangibles, net 41 41 Cash and cash equivalents 319 402 Restricted cash 28
Slide 6: Condensed Consolidated Statements of Operations
FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues Rooms $ 401 $ 416 $ 764 $ 790 Food and beverage 180 182 362 364 Ancillary hotel 68 66 131 128 Other
Slide 7: Supplementary Financial Information
SUPPLEMENTARY FINANCIAL INFORMATION 7 NEW YORK HILTON MIDTOWN
Slide 8: EBITDA and Adjusted EBITDA
SUPPLEMENTARY FINANCIAL INFORMATION EBITDA AND ADJUSTED EBITDA (unaudited, in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net (loss) income $ (2) $ 67 $ (59) $ 96 Depreciation and amortization expense 122 64 191 129 Interest income (2) (5) (5) (10) Interest ex
Slide 9: Comparable Hotel Adjusted EBITDA and Margin
SUPPLEMENTARY FINANCIAL INFORMATION COMPARABLE HOTEL ADJUSTED EBITDA AND COMPARABLE HOTEL ADJUSTED EBITDA MARGIN (unaudited, dollars in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Adjusted EBITDA $ 183 $ 193 $ 327 $ 355 Less: Adjusted EBITDA from investments i
Slide 10: Nareit FFO and Adjusted FFO
SUPPLEMENTARY FINANCIAL INFORMATION NAREIT FFO AND ADJUSTED FFO (unaudited, in millions, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net (loss) income attributable to stockholders $ (5) $ 64 $ (62) $ 92 Depreciation and amortization expense 122 64
Slide 11: General and Administrative Expenses
SUPPLEMENTARY FINANCIAL INFORMATION GENERAL AND ADMINISTRATIVE EXPENSES (unaudited, in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Corporate general and administrative expenses $ 19 $ 18 $ 37 $ 35 Less: Share-based compensation expense 5 5 9 9 Other corporate
Slide 12: Net Debt and Net Debt to Comparable Adjusted EBITDA Ratio
SUPPLEMENTARY FINANCIAL INFORMATION NET DEBT AND NET DEBT TO COMPARABLE ADJUSTED EBITDA RATIO (unaudited, in millions) June 30, 2025 December 31, 2024 Debt $ 3,840 $ 3,841 Add: unamortized deferred financing costs and discount 21 24 Debt, excluding unamortized deferred financing cost, premiums and d
Slide 13: Outlook and Assumptions
OUTLOOK AND ASSUMPTIONS 13 CASA MARINA KEY WEST, CURIO COLLECTION
Slide 14: Full-Year 2025 Outlook
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 Full-Year 2025 Outlook as of July 31, 2025 as of June 2, 2025 Change at Metric Low High Low High
Slide 15: EBITDA, Adjusted EBITDA, Comparable Hotel Adjusted EBITDA Outlook
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 $ (53) $ (3) Depreciation and amortization expense 325 325 Interest income (9) (9)
Slide 16: Outlook EBITDA and Margin (Continued)
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 $ 2,531 $ 2,590 Less: Other revenue (92) (92) Hotel Revenues 2,439 2,498 Less: Revenues from hotel
Slide 17: Nareit FFO and Adjusted FFO Outlook
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 $ (60) $ (10) Depreciation and amortization expense 325 325 Depreciation and amortization expense attribu
Slide 18: Portfolio and Operating Metrics
PORTFOLIO AND OPERATING METRICS 18 HILTON WAIKOLOA VILLAGE
Slide 19: Hotel Portfolio as of July 1, 2025
PORTFOLIO AND OPERATING METRICS HOTEL PORTFOLIO AS OF JULY 31, 2025 Meeting Space Equity Debt Hotel Name Total Rooms Market (square feet) Ownership Ownership (in millions) Comparable Portfolio Hilton Hawaiian Village Waikiki Beach Resort 2,872 Hawaii 150,000 Fee Simple 100% $ 1,275 New York Hilton M
Slide 20: Hotel Portfolio as of July 1, 2025 (Continued)
PORTFOLIO AND OPERATING METRICS HOTEL PORTFOLIO AS OF JULY 31, 2025 (CONTINUED) Meeting Space Equity Debt(1) Hotel Name Total Rooms Market (square feet) Ownership Ownership (in millions) Comparable Portfolio (continued) DoubleTree Hotel San Diego – Mission Valley 300 Southern California 35,000 Lease
Slide 21: Comparable Hotels by Market: Q2 2025 vs Q2 2024
PORTFOLIO AND OPERATING METRICS COMPARABLE HOTELS BY MARKET: Q2 2025 VS Q2 2024 (unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR Comparable Total RevPAR Hotels Rooms 2Q25 2Q24 Change(1) 2Q25 2Q24 Change 2Q25 2Q24 Change(1) 2Q25 2Q24 Change(1) Hawaii 2 3,525 $ 297.44 $304.25 (2.2)% 7
Slide 22: Comparable Hotels by Market: Q2 2025 vs Q2 2024 (Continued)
PORTFOLIO AND OPERATING METRICS COMPARABLE HOTELS BY MARKET: Q2 2025 VS Q2 2024 (CONTINUED) (unaudited, dollars in millions) Comparable Hotel Adjusted EBITDA Comparable Hotel Revenue Comparable Hotel Adjusted EBITDA Margin Hotels Rooms 2Q25 2Q24 Change(1) 2Q25 2Q24 Change(1) 2Q25 2Q24 Change Hawaii
Slide 23: Comparable Hotels by Market: YTD Q2 2025 vs YTD Q2 2024
PORTFOLIO AND OPERATING METRICS COMPARABLE HOTELS BY MARKET: YTD Q2 2025 VS YTD Q2 2024 (unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR Comparable Total RevPAR Hotels Rooms 2025 2024 Change(1) 2025 2024 Change 2025 2024 Change(1) 2025 2024 Change(1) Hawaii 2 3,525 $ 300.53 $ 307.75
Slide 24: Comparable Hotels by Market: YTD (Continued)
PORTFOLIO AND OPERATING METRICS COMPARABLE HOTELS BY MARKET: YTD Q2 2025 VS YTD Q2 2024 (CONTINUED) (unaudited, dollars in millions) Comparable Hotel Adjusted EBITDA Comparable Hotel Revenue Comparable Hotel Adjusted EBITDA Margin Hotels Rooms 2025 2024 Change(1) 2025 2024 Change(1) 2025 2024 Change
Slide 25: Core Hotels: Q2 2025 vs Q2 2024
PORTFOLIO AND OPERATING METRICS CORE HOTELS: Q2 2025 VS Q2 2024 (unaudited) ADR Occupancy RevPAR Total RevPAR 2Q25 2Q24 Change(1) 2Q25 2Q24 Change 2Q25 2Q24 Change(1) 2Q25 2Q24 Change(1) Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 297.43 $ 303.17 (1.9)% 79.2 % 89.4 % (10.2) % pts $
Slide 26: Core Hotels: Q2 2025 vs Q2 2024 (Continued)
PORTFOLIO AND OPERATING METRICS CORE HOTELS: Q2 2025 VS Q2 2024 (CONTINUED) (unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin 2Q25 2Q24 Change(1) 2Q25 2Q24 Change(1) 2Q25 2Q24 Change Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 36 $ 46
Slide 27: Core Hotels: YTD Q2 2025 vs YTD Q2 2024
PORTFOLIO AND OPERATING METRICS CORE HOTELS: YTD Q2 2025 VS YTD Q2 2024 (unaudited) ADR Occupancy RevPAR Total RevPAR 2025 2024 Change(1) 2025 2024 Change 2025 2024 Change(1) 2025 2024 Change(1) Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 295.84 $ 303.45 (2.5)% 78.3 % 90.5 % (12.2)
Slide 28: Core Hotels: YTD Q2 2025 vs YTD Q2 2024 (Continued)
PORTFOLIO AND OPERATING METRICS CORE HOTELS: YTD Q2 2025 VS YTD Q2 2024 (CONTINUED) (unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin 2025 2024 Change(1) 2025 2024 Change(1) 2025 2024 Change Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort(2)
Slide 29: Properties Acquired and Sold
PROPERTIES ACQUIRED AND SOLD 29 HILTON DENVER CITY CENTER
Slide 30: Properties Acquired and Sold
PROPERTIES ACQUIRED AND SOLD TOTAL ACQUISITIONS Year Number of Hotels Room Count Total Consideration (in millions) 2019 18 5,981 $ 2,500.0 18 5,981 $ 2,500.0 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
Slide 31: Comparable Supplementary Financial Information
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION 31 SIGNIA BY HILTON ORLANDO BONNET CREEK
Slide 32: Historical Comparable TTM Hotel Metrics
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE TTM HOTEL METRICS (unaudited, dollars in millions) Three Months Ended TTM September 30, December 31, March 31, June 30, June 30, 2024 2024 2025 2025 2025 Comparable RevPAR $ 191.32 $ 179.81 $ 178.24 $ 195.68 $ 186.28 Comparable Occ
Slide 33: Historical Comparable Hotel Adjusted EBITDA – TTM 2025
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – TTM 2025 Three Months Ended TTM (unaudited, in millions) September 30, December 31, March 31, June 30, June 30, 2024 2024 2025 2025 2025 Net income (loss) $ 57 $ 73 $ (57) $ (2) $ 71 Depreciation and amortiz
Slide 34: Historical Comparable Hotel Adjusted EBITDA – Full-Year 2024
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 $ 29 $ 67 $ 57 $ 73 $ 226 Depreciation and
Slide 35: Historical Comparable TTM Hotel Revenues – 2025 and 2024
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE TTM HOTEL REVENUES – 2025 AND 2024 Three Months Ended TTM (unaudited, in millions) September 30, December 31, March 31, June 30, June 30, 2024 2024 2025 2025 2025 Total Revenues $ 649 $ 625 $ 630 $ 672 $ 2,576 Less: Other revenue (
Slide 36: Capital Structure
CAPITAL STRUCTURE 36 ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO
Slide 37: Fixed and Variable Rate Debt
CAPITAL STRUCTURE FIXED AND VARIABLE RATE DEBT (unaudited, dollars in millions) Debt(1) Collateral Interest Rate Maturity Date As of June 30, 2025 Fixed Rate Debt Mortgage loan Hilton Denver City Center 4.90% December 2025(2) $ 52 Mortgage loan Hyatt Regency Boston 4.25% July 2026 123 Mortgage loan
Slide 38: Definitions
DEFINITIONS 38 HYATT REGENCY BOSTON
Slide 39: Definitions
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 Comparable Hotel Adjusted EBI
Slide 40: Definitions (Continued)
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) EBITDA, Adjusted EBITDA, Ho
Slide 41: Definitions (Continued)
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 supplemental information to invest
Slide 42: Definitions (Continued)
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 and the nature of the cust
Slide 43: Analyst Coverage
ANALYST COVERAGE 43 HILTON SANTA BARBARA BEACHFRONT RESORT
Slide 44: Analyst Coverage
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 Ken Billingsley Compass Point (202) 534-1393 kbillingsley@compasspoint
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