Park Hotels & Resorts Inc. · NYSE:PK
Park Hotels & Resorts — Q2 2026 Earnings Presentation
41 slides from Park Hotels & Resorts's earnings presentation, Aug 6, 2026
Slide 1: Second Quarter 2026 Supplemental Data
Ex hibit 99.2 SECOND QUARTER 2026 SUPPLEMENTAL DATA JUNE 30, 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) June 30, 2026 December 31, 2025 (unaudited) ASSETS Property and equipment, net $ 6,908 $ 6,955 Assets held for sale, net 13 14 Intangibles, net 40 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues Rooms $ 401 $ 401 $ 757 $ 764 Food and beverage 188 180 370 362 Ancillary
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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) $ 50 $ (2) $ 62 $ (59) Depreciation and amortization expense 66 122 130 191 Interest income (2
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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Adjusted EBITDA $ 198 $ 183 $ 341 $ 327
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 June 30, 2026 Six Months Ended June 30, 2026 Total Core Hotels Non-Core Hotels Total Core Hotels Non-Core Hotels Hotel Revenues Rooms $ 401 $
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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) attributable to stockholders $ 47 $ (5) $ 58 $ (62) Depreciation and
Slide 12: General and Administrative Expenses
12 NEW YORK HILTON MIDTOWN SUPPLEMENTARY FINANCIAL INFORMATION GENERAL AND ADMINISTRATIVE EXPENSES (unaudited, in millions) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Corporate general and administrative expenses $ 20 $ 19 $ 38 $ 37 Less: Share-based compensation expen
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) June 30, 2026 December 31, 2025 Debt $ 3,915 $ 3,838 Add: unamortized deferred financing costs and discount 17 18 Debt, excluding unamortized deferred fin
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 is increasing its full-year 2026 outlook to reflect second-quarter outperformance and a strong start to the third quarter as demand trends continue to exceed expectations across its portfolio. Park expects
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 $ 78 $ 98 Depreciation and amortization expense 255 255 Interest income (6) (6) Interest expense 223 223 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 $ 69 $ 89 Depreciation and amortization expense 255 255 Depreciation a
Slide 18: Portfolio and Operating Metrics
18 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS
Slide 19: Hotel Portfolio as of August 6, 2026
19 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS HOTEL PORTFOLIO AS OF AUGUST 6, 2026 Hotel Name Total Rooms Market Meeting Space (square feet) Ownership Equity Ownership Debt (in millions) Core Hotels Consolidated Core Hotels Hilton Hawaiian Village Waikiki Beach Resort 2,886 Hawaii 150,0
Slide 20: Hotel Portfolio (Continued)
20 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS HOTEL PORTFOLIO AS OF AUGUST 6, 2026 (CONTINUED) Hotel Name Total Rooms Market Meeting Space (square feet) Ownership Equity Ownership Debt (in millions) Consolidated Non-Core Hotels Hilton Orlando Lake Buena Vista 814 Orlando 87,000 Leasehol
Slide 21: Comparable, Core and Non-Core Hotels: Q2 2026 vs Q2 2025
21 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS COMPARABLE, CORE AND NON-CORE HOTELS: Q2 2026 VS Q2 2025 (unaudited) ADR Occupancy RevPAR Total RevPAR 2Q26 2Q25 Change (1) 2Q26 2Q25 Change 2Q26 2Q25 Change (1) 2Q26 2Q25 Change (1) Consolidated Core Hotels 1 Hilton Hawaiian Village Waikiki
Slide 22: Q2 2026 vs Q2 2025 (Continued)
22 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS COMPARABLE, CORE AND NON-CORE HOTELS: Q2 2026 VS Q2 2025 (CONTINUED) (unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin 2Q26 2Q25 Change (1) 2Q26 2Q25 Change (1) 2Q26 2Q25 Change Consolidated Co
Slide 23: Comparable, Core and Non-Core Hotels: YTD Q2 2026 vs YTD Q2 2025
23 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS COMPARABLE, CORE AND NON-CORE HOTELS: YTD Q2 2026 VS YTD Q2 2025 (unaudited) ADR Occupancy RevPAR Total RevPAR 2026 2025 Change (1) 2026 2025 Change 2026 2025 Change (1) 2026 2025 Change (1) Consolidated Core Hotels 1 Hilton Hawaiian Village
Slide 24: YTD Q2 2026 vs YTD Q2 2025 (Continued)
24 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS COMPARABLE, CORE AND NON-CORE HOTELS: YTD Q2 2026 VS YTD Q2 2025 ( CONTINUED ) (unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin 2026 2025 Change (1) 2026 2025 Change (1) 2026 2025 Change Conso
Slide 25: Properties Acquired, Sold and Disposed
25 HILTON DENVER CITY CENTER PROPERTIES ACQUIRED, SOLD AND DISPOSED
Slide 26: Total Acquisitions and Sales/Dispositions
26 HILTON DENVER CITY CENTER PROPERTIES ACQUIRED, SOLD AND DISPOSED 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 / DISPOSITIONS Year Number of Hotels (1) Room Count Gross Proceeds (2) (in millions) 2018 1
Slide 27: Non-Core Disposition Initiative - Status
27 HILTON DENVER CITY CENTER PROPERTIES ACQUIRED, SOLD AND DISPOSED NON-CORE DISPOSITION INITIATIVE - STATUS SINCE JANUARY 1, 2026 (unaudited, dollars in millions) Status # of Hotels Room Count 2025 Hotel Adjusted EBITDA (1) Q1 Sale 1 193 $1 Q2 Sales/Dispositions 3 946 $9 Q3 Sale 1 314 $— Sold/Dispo
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 Three Months Ended TTM (unaudited, dollars in millions) September 30, December 31, March 31, June 30, June 30, 2025 2025 2026 2026 2026 Comparable RevPAR $ 184.87 $ 192.02
Slide 30: Historical Comparable Hotel Adjusted EBITDA – TTM 2026
30 SIGNIA BY HILTON ORLANDO BONNET CREEK COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – TTM 2026 Three Months Ended TTM (unaudited, in millions) September 30, December 31, March 31, June 30, June 30, 2025 2025 2026 2026 2026 Net (loss) income $ (14) $ (2
Slide 31: Historical Comparable Hotel Adjusted EBITDA – Full-Year 2025
31 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 32: Historical Comparable TTM Hotel Revenues – 2026 and 2025
32 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) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2026 Total Revenues $ 610 $ 629
Slide 33: Capital Structure
33 ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO RESORT CAPITAL STRUCTURE
Slide 34: Fixed and Variable Rate Debt
34 ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO RESORT CAPITAL STRUCTURE FIXED AND VARIABLE RATE DEB T (unaudited, dollars in millions) As of June 30, 2026 Extended Maturity Date (1) Debt Collateral Interest Rate Maturity Date Fixed Rate Debt Mortgage loan Hilton Hawaiian Village Waikiki Beach
Slide 35: Definitions
35 HYATT REGENCY BOSTON DEFINITIONS
Slide 36: Definitions: Comparable and Core/Non-Core
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): EBITDA and Adjusted EBITDA
37 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 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 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
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