Park Hotels & Resorts Inc. · NYSE:PK
Park Hotels & Resorts — Q3 2025 Earnings Presentation
45 slides from Park Hotels & Resorts's earnings presentation, Oct 31, 2025
Slide 1: Third Quarter 2025 Supplemental Data
THIRD QUARTER 2025 SUPPLEMENTAL DATA SEPTEMBER 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) September 30, 2025 December 31, 2024 (unaudited) ASSETS Property and equipment, net $ 7,174 $ 7,398 Contract asset 868 820 Intangibles, net 41 41 Cash and cash equivalents 278 402 Restricted cas
Slide 6: Condensed Consolidated Statements of Operations
FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues Rooms $ 370 $ 403 $ 1,134 $ 1,193 Food and beverage 150 157 512 521 Ancillary hotel 67 68
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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net (loss) income $ (14) $ 57 $ (73) $ 153 Depreciation and amortization expense 78 63 269 192 Interest income (3) (6) (8) (16)
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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Adjusted EBITDA $ 130 $ 159 $ 457 $ 514 Less: Adjusted EBITDA from in
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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net (loss) income attributable to stockholders $ (16) $ 54 $ (78) $ 146 Depreciation and amortization e
Slide 11: General and Administrative Expenses
SUPPLEMENTARY FINANCIAL INFORMATION GENERAL AND ADMINISTRATIVE EXPENSES (unaudited, in millions) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Corporate general and administrative expenses $ 17 $ 17 $ 54 $ 52 Less: Share-based compensation expense 5 5 14 14 Oth
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) September 30, 2025 December 31, 2024 Debt $ 3,839 $ 3,841 Add: unamortized deferred financing costs and discount 19 24 Debt, excluding unamortized deferred financing cost, premiums
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 October 30, 2025 as of July 31, 2025 Change at Metric Low High Low
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 $ (60) $ (35) Depreciation and amortization expense 334 334 Interest income (9) (9) Interes
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 $ 2,521 $ 2,549 Less: Other revenue (93) (93) Hotel Revenues 2,428 2,456 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 attributable to stockholders $ (66) $ (41) Depreciation and amortization expense 334 334 Depreciation and amortization expense attributable to
Slide 18: Portfolio and Operating Metrics
PORTFOLIO AND OPERATING METRICS 18 HILTON WAIKOLOA VILLAGE
Slide 19: Hotel Portfolio as of October 30, 2025
PORTFOLIO AND OPERATING METRICS HOTEL PORTFOLIO AS OF OCTOBER 30, 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 Hilto
Slide 20: Hotel Portfolio (Continued)
PORTFOLIO AND OPERATING METRICS HOTEL PORTFOLIO AS OF OCTOBER 30, 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 Le
Slide 21: Comparable Hotels by Market: Q3 2025 vs Q3 2024
PORTFOLIO AND OPERATING METRICS COMPARABLE HOTELS BY MARKET: Q3 2025 VS Q3 2024 (unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR Comparable Total RevPAR Hotels Rooms 3Q25 3Q24 Change(1) 3Q25 3Q24 Change 3Q25 3Q24 Change(1) 3Q25 3Q24 Change(1) Hawaii 2 3,525 $ 295.48 $ 312.86 (5.6)%
Slide 22: Comparable Hotels by Market: Q3 (Continued)
PORTFOLIO AND OPERATING METRICS COMPARABLE HOTELS BY MARKET: Q3 2025 VS Q3 2024 (CONTINUED) (unaudited, dollars in millions) Comparable Hotel Adjusted EBITDA Comparable Hotel Revenue Comparable Hotel Adjusted EBITDA Margin Hotels Rooms 3Q25 3Q24 Change(1) 3Q25 3Q24 Change(1) 3Q25 3Q24 Change Hawaii
Slide 23: Comparable Hotels by Market: YTD Q3 2025 vs YTD Q3 2024
PORTFOLIO AND OPERATING METRICS COMPARABLE HOTELS BY MARKET: YTD Q3 2025 VS YTD Q3 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 $ 298.78 $ 309.45
Slide 24: Comparable Hotels by Market: YTD (Continued)
PORTFOLIO AND OPERATING METRICS COMPARABLE HOTELS BY MARKET: YTD Q3 2025 VS YTD Q3 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: Q3 2025 vs Q3 2024
PORTFOLIO AND OPERATING METRICS CORE HOTELS: Q3 2025 VS Q3 2024 (unaudited) ADR Occupancy RevPAR Total RevPAR 3Q25 3Q24 Change(1) 3Q25 3Q24 Change 3Q25 3Q24 Change(1) 3Q25 3Q24 Change(1) Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 292.83 $ 313.56 (6.6)% 87.2 % 89.8 % (2.6) % pts $ 2
Slide 26: Core Hotels: Q3 2025 vs Q3 2024 (Continued)
PORTFOLIO AND OPERATING METRICS CORE HOTELS: Q3 2025 VS Q3 2024 (CONTINUED) (unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin 3Q25 3Q24 Change(1) 3Q25 3Q24 Change(1) 3Q25 3Q24 Change Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 40 $ 47
Slide 27: Core Hotels: YTD Q3 2025 vs YTD Q3 2024
PORTFOLIO AND OPERATING METRICS CORE HOTELS: YTD Q3 2025 VS YTD Q3 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 $ 294.75 $ 306.83 (3.9)% 81.3 % 90.3 % (9.0) %
Slide 28: Core Hotels: YTD Q3 2025 vs YTD Q3 2024 (Continued)
PORTFOLIO AND OPERATING METRICS CORE HOTELS: YTD Q3 2025 VS YTD Q3 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 Three Months Ended TTM (unaudited, dollars in millions) December 31, March 31, June 30, September 30, September 30, 2024 2025 2025 2025 2025 Comparable RevPAR $ 181.10 $ 179.66 $ 196.94 $ 180.93 $ 184.65 Comparabl
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) December 31, March 31, June 30, September 30, September 30, 2024 2025 2025 2025 2025 Net income (loss) $ 73 $ (57) $ (2) $ (14) $ — Depreciation and a
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) December 31, March 31, June 30, September 30, September 30, 2024 2025 2025 2025 2025 Total Revenues $ 625 $ 630 $ 672 $ 610 $ 2,537 Less: Other reve
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) As of September 30, Debt(1) Collateral Interest Rate Maturity Date 2025 Fixed Rate Debt Mortgage loan Hilton Denver City Center 4.90% March 2026(2) $ 51 Mortgage loan Hyatt Regency Boston 4.25% July 2026 122 Mortgage loa
Slide 38: Credit Facility Amendments
CAPITAL STRUCTURE CREDIT FACILITY AMENDMENTS In September 2025, Park amended and restated its credit agreement to provide additional liquidity to address $1.4 billion of mortgage loans maturing in the second half of 2026: $1 Billion Revolver • Upsized from $950 million to $1 billion; • Extended its
Slide 39: Definitions
DEFINITIONS 39 HYATT REGENCY BOSTON
Slide 40: 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 41: 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 42: 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 43: 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 44: Analyst Coverage
ANALYST COVERAGE 44 HILTON SANTA BARBARA BEACHFRONT RESORT
Slide 45: Analyst Coverage
ANALYST COVERAGE Analyst Company Phone Email Dany Asad Bank of America Merrill Lynch (646) 855-5238 dany.asad@bofa.com Ari Klein BMO Capital Markets (212) 885-4103 ari.klein@bmo.com Jay Kornreich Cantor Fitzgerald & Co. (602) 214-6027 jay.kornreich@cantor.com Smedes Rose Citi Research (212) 816-6243
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