Park Hotels & Resorts Inc. · NYSE:PK
Park Hotels & Resorts — Q1 2026 Earnings Presentation
39 slides from Park Hotels & Resorts's earnings presentation, Apr 30, 2026
Slide 1: First Quarter 2026 Supplemental Data
Ex hibit 99.2 FIRST QUARTER 2026 SUPPLEMENTAL DATA MARCH 31, 2026
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, 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 equi
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, 2026 2025 Revenues Rooms $ 356 $ 363 Food and beverage 182 182 Ancillary hotel 60 63 Other 24 22 Total revenues 622 630 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, 2026 2025 Net income (loss) $ 12 $ (57) Depreciation and amortization expense 64 69 Interest income (1) (3) Interest expense 51 52 Interest expense associate
Slide 9: Comparable and Core Hotel Adjusted EBITDA, Revenues and Margin
9 NEW YORK HILTON MIDTOWN 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 affil
Slide 10: Comparable, Core and Non-Core Hotel Adjusted EBITDA
10 NEW YORK HILTON MIDTOWN 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 T
Slide 11: Nareit FFO and Adjusted FFO
11 NEW YORK HILTON MIDTOWN 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 am
Slide 12: General and Administrative Expenses
12 NEW YORK HILTON MIDTOWN 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, excl
Slide 13: Net Debt and Net Debt to Comparable Adjusted EBITDA Ratio
13 NEW YORK HILTON MIDTOWN 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 fi
Slide 14: Outlook and Assumptions
14 CASA MARINA KEY WEST, CURIO COLLECTION OUTLOOK AND ASSUMPTIONS
Slide 15: Full-Year 2026 Outlook
15 CASA MARINA KEY WEST, CURIO COLLECTION 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 as of April 30, 2026 Full-Year 2026 Outlook as of Febr
Slide 16: Outlook: EBITDA and Adjusted EBITDA
16 CASA MARINA KEY WEST, CURIO COLLECTION 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 expens
Slide 17: Outlook: Nareit FFO and Adjusted FFO
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, 2026 Low Case High Case Net income attributable to stockholders $ 58 $ 88 Depreciation and amortization expense 252 252 Depreciation a
Slide 18: Portfolio and Operating Metrics
18 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS
Slide 19: Hotel Portfolio as of April 30, 2026
19 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS HOTEL PORTFOLIO AS OF APRIL 30, 2026 Hotel Name Total Rooms Market Meeting Space (square feet) Ownership Equity Ownership Debt (in millions) Consolidated Core Hotels Hilton Hawaiian Village Waikiki Beach Resort 2,886 Hawaii 150,000 Fee Simpl
Slide 20: Hotel Portfolio (Continued)
20 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS HOTEL PORTFOLIO AS OF APRIL 30, 2026 (CONTINUED) Hotel Name Total Rooms Market Meeting Space (square feet) Ownership Equity Ownership Debt (1) (in millions) Consolidated Non-Core Hotels Hilton Orlando Lake Buena Vista 814 Orlando 87,000 Leas
Slide 21: Comparable, Core and Non-Core Hotels: Q1 2026 vs Q1 2025
21 HILTON WAIKOLOA VILLAGE 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
Slide 22: Comparable, Core and Non-Core Hotels (Continued)
22 HILTON WAIKOLOA VILLAGE 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 Co
Slide 23: Properties Acquired and Sold
23 HILTON DENVER CITY CENTER PROPERTIES ACQUIRED AND SOLD
Slide 24: Total Acquisitions and Total Sales
24 HILTON DENVER CITY CENTER 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
Slide 25: Non-Core Disposition Initiative - Status Since January 1, 2026
25 HILTON DENVER CITY CENTER 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 Safe
Slide 26: Comparable Supplementary Financial Information
26 SIGNIA BY HILTON ORLANDO BONNET CREEK COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
Slide 27: Historical Comparable TTM Hotel Metrics
27 SIGNIA BY HILTON ORLANDO BONNET CREEK 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 $ 18
Slide 28: Historical Comparable Hotel Adjusted EBITDA – TTM 2026
28 SIGNIA BY HILTON ORLANDO BONNET CREEK 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) $ (1
Slide 29: Historical Comparable Hotel Adjusted EBITDA – Full-Year 2025
29 SIGNIA BY HILTON ORLANDO BONNET CREEK 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 $
Slide 30: Historical Comparable TTM Hotel Revenues – 2026 and 2025
30 SIGNIA BY HILTON ORLANDO BONNET CREEK COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE TTM HOTEL REVENUES – 2026 AND 2025 Three Months Ended TTM (unaudited, in millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2026 Total Revenues $ 672 $ 610
Slide 31: Capital Structure
31 ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO CAPITAL STRUCTURE
Slide 32: Fixed and Variable Rate Debt
32 ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO CAPITAL STRUCTURE FIXED AND VARIABLE RATE DEB T (unaudited, dollars in millions) As of March 31, 2026 Debt Collateral Interest Rate Maturity Date Fixed Rate Debt Mortgage loan Hilton Denver City Center 4.90% September 2026 (1) $ 50 Mortgage loan H
Slide 33: Definitions
33 HYATT REGENCY BOSTON DEFINITIONS
Slide 34: Definitions
34 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 35: Definitions (Continued)
35 HYATT REGENCY BOSTON 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 l
Slide 36: Definitions (Continued)
36 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 37: Definitions (Continued)
37 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 38: Analyst Coverage
38 HILTON SANTA BARBARA BEACHFRONT RESORT ANALYST COVERAGE
Slide 39: Analyst Coverage
39 HILTON SANTA BARBARA BEACHFRONT RESORT 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 Ko
Park Hotels & Resorts — Q1 2026 Earnings Presentation on 6ix