Park Hotels & Resorts Inc. · NYSE:PK
Park Hotels & Resorts — Q1 2026 Earnings Presentation
61 slides from Park Hotels & Resorts's earnings presentation, Apr 30, 2026
Slide 1: Form 8-K: Park Hotels & Resorts Inc.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________________________________________________________ FORM 8-K ______________________________________________________________________________________ CURRENT REPORT Pursuant to Section 13 or 15(d
Slide 2: Item 2.02 Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition. On April 30, 2026, Park Hotels & Resorts Inc. (the “Company”) issued a press release announcing its results of operations for the first quarter ended March 31, 2026 and made available certain supplemental information concerning the portfolio
Slide 3: Signatures
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Park Hotels & Resorts Inc. Date: April 30, 2026 By: /s/ Sean M. Dell’Orto Sean M. Dell’Orto Executive Vi
Slide 4: Park Hotels & Resorts Inc. Reports First Quarter 2026 Results
Exhibit 99.1 Investor Contact 1775 Tysons Boulevard, 7th Floor Ian Weissman Tysons, VA 22102 + 1 571 302 5591 www.pkhotelsandresorts.com Park Hotels & Resorts Inc. Reports First Quarter 2026 Results TYSONS, VA (April 30, 2026) – Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today a
Slide 5: Dividend and Non-Core Hotel Dispositions
• In April 2026, paid its first quarter cash dividend of $0.25 per share to stockholders of record as of March 31, 2026 and declared its second quarter dividend of $0.25 per share to stockholders of record as of June 30, 2026, to be paid on July 15, 2026. Non-Core Hotel Dispositions: • In April 2026
Slide 6: Operational Update on Core Hotels
Operational Update on Core Hotels Results for Park’s Core hotels and Core hotels by type are as follows: (unaudited, dollars in millions) RevPAR Hotel Revenue Hotel Adjusted EBITDA Rooms 1Q26 1Q25 Change(1) 1Q26 1Q25 Change 1Q26 1Q25 Change(1) Hilton Hawaiian Village Waikiki Beach Resort 2,886 $ 230
Slide 7: Core RevPAR drivers and hotel commentary
These increases were offset by the Royal Palm, which suspended operations in mid-May 2025 for a comprehensive renovation, impacting Core RevPAR by over 390 basis points for the three months ended March 31, 2026 compared to the same period in 2025, as well as the decrease in group and transient deman
Slide 8: Debt Outstanding and Capital Investments
Park had the following debt outstanding as of March 31, 2026: (unaudited, dollars in millions) As of Debt Collateral Interest Rate Maturity Date March 31, 2026 Fixed Rate Debt Mortgage loan Hilton Denver City Center 4.90% September 2026(1) $ 50 Mortgage loan Hyatt Regency Boston 4.25% July 2026 121
Slide 9: Full-Year 2026 Outlook
Full-Year 2026 Outlook Park expects full-year 2026 operating results to be as follows: (unaudited, dollars in millions, except per share amounts and RevPAR) Full-Year 2026 Outlook Full-Year 2026 Outlook as of April 30, 2026 as of February 19, 2026 Change at Metric Low High Low High Midpoint RevPAR $
Slide 10: Forward-Looking Statements
Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements re
Slide 11: Condensed Consolidated Balance Sheets
PARK HOTELS & RESORTS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except share and per share data) March 31, 2026 December 31, 2025 ASSETS (unaudited) Property and equipment, net $ 6,976 $ 6,955 Assets held for sale, net — 14 Intangibles, net 41 41 Cash and cash equivalents 156 232 Rest
Slide 12: Condensed Consolidated Statements of Operations
PARK HOTELS & RESORTS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except per share data) Three Months Ended March 31, 2026 2025 Revenues Rooms $ 356 $ 363 Food and beverage 182 182 Ancillary hotel 60 63 Other 24 22 Total revenues 622 630 Operating expenses Rooms 97
Slide 13: EBITDA and Adjusted EBITDA Reconciliation
PARK HOTELS & RESORTS INC. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS EBITDA AND ADJUSTED EBITDA Three Months Ended (unaudited, in millions) March 31, 2026 2025 Net income (loss) $ 12 $ (57) Depreciation and amortization expense 64 69 Interest income (1) (3) Interest expense 51 52 Interest expense
Slide 14: Hotel Adjusted EBITDA and Margin, Comparable and Core
PARK HOTELS & RESORTS INC. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS HOTEL ADJUSTED EBITDA AND HOTEL ADJUSTED EBITDA MARGIN COMPARABLE AND CORE HOTELS (unaudited, dollars in millions) Three Months Ended March 31, 2026 2025 Adjusted EBITDA $ 143 $ 144 Less: Adjusted EBITDA from investments in affil
Slide 15: Hotel Adjusted EBITDA: Comparable, Core and Non-Core
PARK HOTELS & RESORTS INC. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS HOTEL ADJUSTED EBITDA COMPARABLE, CORE AND NON-CORE HOTELS (unaudited, in millions) Three Months Ended March 31, 2026 Non-Core Total Core Hotels Hotels Rooms $ 356 $ 299 $ 57 Food and beverage 182 157 25 Ancillary hotel 60 54 6 T
Slide 16: Nareit FFO and Adjusted FFO
PARK HOTELS & RESORTS INC. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS NAREIT FFO AND ADJUSTED FFO (unaudited, in millions, except per share data) Three Months Ended March 31, 2026 2025 Net income (loss) attributable to stockholders $ 11 $ (57) Depreciation and amortization expense 64 69 Depreciatio
Slide 17: Net Debt
PARK HOTELS & RESORTS INC. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS NET DEBT (unaudited, in millions) March 31, 2026 Debt $ 3,838 Add: unamortized deferred financing costs and discount 16 Debt, excluding unamortized deferred financing cost, premiums and discounts 3,854 Add: Park’s share of uncons
Slide 18: Outlook – EBITDA and Adjusted EBITDA
PARK HOTELS & RESORTS INC. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS OUTLOOK – EBITDA AND ADJUSTED EBITDA (unaudited, in millions) Year Ending December 31, 2026 Low Case High Case Net income $ 66 $ 96 Depreciation and amortization expense 252 252 Interest income (5) (5) Interest expense 222 222 In
Slide 19: Outlook – Nareit FFO and Adjusted FFO
PARK HOTELS & RESORTS INC. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS OUTLOOK – NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS (unaudited, in millions except per share data) Year Ending December 31, 2026 Low Case High Case Net income attributable to stockholde
Slide 20: Definitions
PARK HOTELS & RESORTS INC. 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 Co
Slide 21: EBITDA and Hotel Adjusted EBITDA margin definitions
EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company’s management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by removing the effect of its capital structure (primarily interest expense) and asset
Slide 22: Net Debt and Occupancy definitions
Net Debt Net Debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net Debt is calculated as (i) debt excluding unamortized deferred financing costs; and (ii) the Company’s share of investments in affiliate debt, excluding unamortized defer
Slide 23: First Quarter 2026 Supplemental Data
Exhibit 99.2 FIRST QUARTER 2026 SUPPLEMENTAL DATA MARCH 31, 2026
Slide 24: 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 25: Table of Contents
TABLE OF CONTENTS Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Supplementary Financial Information . . . . . . . . . . . . . . . . . . . . 7 Outlook and Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Portfolio and Operating Me
Slide 26: Financial Statements
FINANCIAL STATEMENTS 4 WALDORF ASTORIA ORLANDO
Slide 27: Condensed Consolidated Balance Sheets
FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except share and per share data) March 31, 2026 December 31, 2025 (unaudited) ASSETS Property and equipment, net $ 6,976 $ 6,955 Assets held for sale, net — 14 Intangibles, net 41 41 Cash and cash equivalents 156 232 Restricted
Slide 28: Condensed Consolidated Statements of Operations
FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except per share data) Three Months Ended March 31, 2026 2025 Revenues Rooms $ 356 $ 363 Food and beverage 182 182 Ancillary hotel 60 63 Other 24 22 Total revenues 622 630 Operating expenses Rooms 97 100 Fo
Slide 29: Supplementary Financial Information
SUPPLEMENTARY FINANCIAL INFORMATION 7 NEW YORK HILTON MIDTOWN
Slide 30: EBITDA and Adjusted EBITDA
SUPPLEMENTARY FINANCIAL INFORMATION EBITDA AND ADJUSTED EBITDA (unaudited, in millions) Three Months Ended March 31, 2026 2025 Net income (loss) $ 12 $ (57) Depreciation and amortization expense 64 69 Interest income (1) (3) Interest expense 51 52 Interest expense associated with hotels in receivers
Slide 31: Comparable and Core Hotel Adjusted EBITDA, Revenues and Margin
SUPPLEMENTARY FINANCIAL INFORMATION COMPARABLE AND CORE HOTEL ADJUSTED EBITDA, HOTEL REVENUES AND HOTEL ADJUSTED EBITDA MARGIN (unaudited, dollars in millions) Three Months Ended March 31, 2026 2025 Adjusted EBITDA $ 143 $ 144 Less: Adjusted EBITDA from investments in affiliates (6) (8) Add: All oth
Slide 32: Comparable, Core and Non-Core Hotel Adjusted EBITDA
SUPPLEMENTARY FINANCIAL INFORMATION COMPARABLE, CORE AND NON-CORE HOTEL ADJUSTED EBITDA (unaudited, in millions) Three Months Ended March 31, 2026 Total Core Hotels Non-Core Hotels Hotel Revenues Rooms $ 356 $ 299 $ 57 Food and beverage 182 157 25 Ancillary hotel 60 54 6 Total hotel revenues 598 510
Slide 33: Nareit FFO and Adjusted FFO
SUPPLEMENTARY FINANCIAL INFORMATION NAREIT FFO AND ADJUSTED FFO (unaudited, in millions, except per share data) Three Months Ended March 31, 2026 2025 Net income (loss) attributable to stockholders $ 11 $ (57) Depreciation and amortization expense 64 69 Depreciation and amortization expense attribut
Slide 34: General and Administrative Expenses
SUPPLEMENTARY FINANCIAL INFORMATION GENERAL AND ADMINISTRATIVE EXPENSES (unaudited, in millions) Three Months Ended March 31, 2026 2025 Corporate general and administrative expenses $ 18 $ 18 Less: Share-based compensation expense 4 4 Other corporate expenses 1 1 G&A, excluding expenses not included
Slide 35: 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) March 31, 2026 December 31, 2025 Debt $ 3,838 $ 3,838 Add: unamortized deferred financing costs and discount 16 18 Debt, excluding unamortized deferred financing cost, premiums and
Slide 36: Outlook and Assumptions
OUTLOOK AND ASSUMPTIONS 14 CASA MARINA KEY WEST, CURIO COLLECTION
Slide 37: Full-Year 2026 Outlook
OUTLOOK AND ASSUMPTIONS FULL-YEAR 2026 OUTLOOK Park expects full-year 2026 operating results to be as follows: (unaudited, dollars in millions, except per share amounts and RevPAR) Full-Year 2026 Outlook Full-Year 2026 Outlook as of April 30, 2026 as of February 19, 2026 Change at Metric Low High Lo
Slide 38: Outlook: EBITDA and Adjusted EBITDA
OUTLOOK AND ASSUMPTIONS EBITDA AND ADJUSTED EBITDA Year Ending (unaudited, in millions) December 31, 2026 Low Case High Case Net income $ 66 $ 96 Depreciation and amortization expense 252 252 Interest income (5) (5) Interest expense 222 222 Income tax expense 8 8 Interest expense, income tax and dep
Slide 39: Outlook: Nareit FFO and Adjusted FFO
OUTLOOK AND ASSUMPTIONS NAREIT FFO AND ADJUSTED FFO Year Ending (unaudited, in millions except per share data) December 31, 2026 Low Case High Case Net income attributable to stockholders $ 58 $ 88 Depreciation and amortization expense 252 252 Depreciation and amortization expense attributable to no
Slide 40: Portfolio and Operating Metrics
PORTFOLIO AND OPERATING METRICS 18 HILTON WAIKOLOA VILLAGE
Slide 41: Hotel Portfolio as of April 30, 2026
PORTFOLIO AND OPERATING METRICS HOTEL PORTFOLIO AS OF APRIL 30, 2026 Meeting Space Equity Debt Hotel Name Total Rooms Market (square feet) Ownership Ownership (in millions) Consolidated Core Hotels Hilton Hawaiian Village Waikiki Beach Resort 2,886 Hawaii 150,000 Fee Simple 100% $ 1,275 New York Hil
Slide 42: Hotel Portfolio (Continued): Non-Core Hotels
PORTFOLIO AND OPERATING METRICS HOTEL PORTFOLIO AS OF APRIL 30, 2026 (CONTINUED) Meeting Space Equity Debt(1) Hotel Name Total Rooms Market (square feet) Ownership Ownership (in millions) Consolidated Non-Core Hotels Hilton Orlando Lake Buena Vista 814 Orlando 87,000 Leasehold 100% — The Wade 520 Ch
Slide 43: Comparable, Core and Non-Core Hotels: Q1 2026 vs Q1 2025
PORTFOLIO AND OPERATING METRICS COMPARABLE, CORE AND NON-CORE HOTELS: Q1 2026 VS Q1 2025 (unaudited) ADR Occupancy RevPAR Total RevPAR 1Q26 1Q25 Change(1) 1Q26 1Q25 Change 1Q26 1Q25 Change(1) 1Q26 1Q25 Change(1) Consolidated Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 280.09 $ 294.2
Slide 44: Hotel Adjusted EBITDA by Hotel (Continued)
PORTFOLIO AND OPERATING METRICS COMPARABLE, CORE AND NON-CORE HOTELS: Q1 2026 VS Q1 2025 (CONTINUED) (unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin 1Q26 1Q25 Change(1) 1Q26 1Q25 Change(1) 1Q26 1Q25 Change Consolidated Core Hotels 1 Hilton Hawaiian V
Slide 45: Properties Acquired and Sold
PROPERTIES ACQUIRED AND SOLD 23 HILTON DENVER CITY CENTER
Slide 46: Total Acquisitions and Sales
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 47: Non-Core Disposition Initiative Status
PROPERTIES ACQUIRED AND SOLD NON-CORE DISPOSITION INITIATIVE - STATUS SINCE JANUARY 1, 2026 (unaudited, dollars in millions) Status # of Hotels Room Count 2025 Hotel Adjusted EBITDA(1) Sold in 2026 2 589 $4 Remaining Non-Core Hotels To Be Sold 9 4,018 $41 Remaining Safehold Leases(2) 3 959 $16 Total
Slide 48: Comparable Supplementary Financial Information
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION 26 SIGNIA BY HILTON ORLANDO BONNET CREEK
Slide 49: Historical Comparable TTM Hotel Metrics
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE TTM HOTEL METRICS Three Months Ended TTM (unaudited, dollars in millions) June 30, September 30, December 31, March 31, March 31, 2025 2025 2025 2026 2026 Comparable RevPAR(1) $ 203.11 $ 183.49 $ 190.83 $ 191.05 $ 192.10 Comparable
Slide 50: Historical Comparable Hotel Adjusted EBITDA – TTM 2026
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – TTM 2026 Three Months Ended TTM (unaudited, in millions) June 30, September 30, December 31, March 31, March 31, 2025 2025 2025 2026 2026 Net (loss) income $ (2) $ (14) $ (204) $ 12 $ (208) Depreciation and
Slide 51: Historical Comparable Hotel Adjusted EBITDA – Full-Year 2025
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – FULL-YEAR 2025 Three Months Ended Full-Year (unaudited, in millions) March 31, June 30, September 30, December 31, December 31, 2025 2025 2025 2025 2025 Net income $ (57) $ (2) $ (14) $ (204) $ (277) Depreci
Slide 52: Historical Comparable TTM Hotel Revenues
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE TTM HOTEL REVENUES – 2026 AND 2025 Three Months Ended TTM (unaudited, in millions) June 30, September 30, December 31, March 31, March 31, 2025 2025 2025 2026 2026 Total Revenues $ 672 $ 610 $ 629 $ 622 $ 2,533 Less: Other revenue
Slide 53: Capital Structure
CAPITAL STRUCTURE 31 ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO
Slide 54: Fixed and Variable Rate Debt
CAPITAL STRUCTURE FIXED AND VARIABLE RATE DEBT (unaudited, dollars in millions) Debt Collateral Interest Rate Maturity Date As of March 31, 2026 Fixed Rate Debt Mortgage loan Hilton Denver City Center 4.90% September 2026(1) $ 50 Mortgage loan Hyatt Regency Boston 4.25% July 2026 121 Mortgage loan H
Slide 55: Definitions
DEFINITIONS 33 HYATT REGENCY BOSTON
Slide 56: 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 57: Definitions (Continued)
DEFINITIONS (CONTINUED) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (“U.S.”) GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in acco
Slide 58: 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 59: Definitions (Continued): ADR and RevPAR
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 60: Analyst Coverage
ANALYST COVERAGE 38 HILTON SANTA BARBARA BEACHFRONT RESORT
Slide 61: Analyst Coverage
ANALYST COVERAGE Analyst Company Phone Email Dany Asad Bank of America Merrill Lynch (646) 855-5238 dany.asad@bofa.com Rich Hightower Barclays (212) 526-8768 richard.hightower@barclays.com Ari Klein BMO Capital Markets (212) 885-4103 ari.klein@bmo.com Jay Kornreich Cantor Fitzgerald & Co. (602) 214-
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