Park Hotels & Resorts Inc. · NYSE:PK
Park Hotels & Resorts — FY2025 Earnings Presentation
41 slides from Park Hotels & Resorts's earnings presentation, Feb 19, 2026
Slide 1: Fourth Quarter and Full Year 2025 Supplemental Data
Ex hibit 99.2 FOURTH QUARTER AND FULL YEAR 2025 SUPPLEMENTAL DATA DECEMBER 31, 2025
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: Consolidated Balance Sheets
5 HILTON WAIKOLOA VILLAGE FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS (in millions, except share and per share data) December 31, 2025 December 31, 2024 ASSETS Property and equipment, net $ 6,955 $ 7,398 Assets held for sale, net 14 — Contract asset — 820 Intangibles, net 41 41 Cash and cash eq
Slide 6: Consolidated Statements of Operations
6 HILTON WAIKOLOA VILLAGE FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except per share data) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenues Rooms $ 371 $ 376 $ 1,505 $ 1,569 Food and beverage 173 167 685 688 Ancillary hote
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 December 31, Year Ended December 31, 2025 2024 2025 2024 Net (loss) income $ (204) $ 73 $ (277) $ 226 Depreciation and amortization expense 67 65 336 257 Interest inco
Slide 9: Comparable and Core Hotel Adjusted EBITDA, Hotel 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 December 31, Year Ended December 31, 2025 2024 2025 2024 Adjusted EBITDA $ 152 $ 138 $ 609 $ 65
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 (dollars in millions) Year Ended December 31, 2025 Total Core Hotels Non-Core Hotels Rooms $ 1,505 $ 1,201 $ 304 Food and beverage 685 578 107 Ancillary hotel 259 227 32 Total hotel rev
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 December 31, Year Ended December 31, 2025 2024 2025 2024 Net (loss) income attributable to stockholders $ (205) $ 66 $ (283) $ 212 Depreciatio
Slide 12: General and Administrative Expenses
12 NEW YORK HILTON MIDTOWN SUPPLEMENTARY FINANCIAL INFORMATION GENERAL AND ADMINISTRATIVE EXPENSES (unaudited, in millions) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Corporate general and administrative expenses $ 18 $ 17 $ 72 $ 69 Less: Share-based compensation exp
Slide 13: Net Debt and Net Debt to Current Adjusted EBITDA Ratio
13 NEW YORK HILTON MIDTOWN SUPPLEMENTARY FINANCIAL INFORMATION NET DEBT AND NET DEBT TO CURRENT ADJUSTED EBITDA RATIO (unaudited, in millions) December 31, 2025 December 31, 2024 Debt $ 3,838 $ 3,841 Add: unamortized deferred financing costs and discount 18 24 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 February 19, 2026 Metric Low High RevPAR $ 190 $
Slide 16: 2026 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 $ 69 $ 99 Depreciation and amortization expense 254 254 Interest income (6) (6) Interest expense 218 218 Income tax expens
Slide 17: 2026 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 $ 62 $ 92 Depreciation and amortization expense 254 254 Depreciation a
Slide 18: Portfolio and Operating Metrics
18 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS
Slide 19: Current Hotel Portfolio as of February 19, 2026
19 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS CURRENT HOTEL PORTFOLIO AS OF FEBRUARY 19, 2026 Hotel Name Total Rooms Market Meeting Space (square feet) Ownership Equity Ownership Debt (in millions) Core Hotels Hilton Hawaiian Village Waikiki Beach Resort 2,872 Hawaii 150,000 Fee Simple
Slide 20: Current Hotel Portfolio (Continued)
20 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS CURRENT HOTEL PORTFOLIO AS OF FEBRUARY 19, 2026 (CONTINUED) Hotel Name Total Rooms Market Meeting Space (square feet) Ownership Equity Ownership Debt (1) (in millions) Non-Core Hotels Hilton Orlando Lake Buena Vista 814 Orlando 87,000 Leaseh
Slide 21: Comparable, Core and Non-Core Hotels: Q4 2025 vs Q4 2024
21 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS COMPARABLE, CORE AND NON-CORE HOTELS: Q4 2025 VS Q4 2024 (unaudited) ADR Occupancy RevPAR Total RevPAR 4Q25 4Q24 Change (1) 4Q25 4Q24 Change 4Q25 4Q24 Change (1) 4Q25 4Q24 Change (1) Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort
Slide 22: Q4 2025 vs Q4 2024 (Continued)
22 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS COMPARABLE, CORE AND NON-CORE HOTELS: Q4 2025 VS Q4 2024 (CONTINUED) (unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin 4Q25 4Q24 Change (1) 4Q25 4Q24 Change (1) 4Q25 4Q24 Change Core Hotels 1 H
Slide 23: Comparable, Core and Non-Core Hotels: Full-Year 2025 vs 2024
23 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS COMPARABLE, CORE AND NON-CORE HOTELS: Full-Year 2025 VS Full-Year 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 Waikik
Slide 24: Full-Year 2025 vs 2024 (Continued)
24 HILTON WAIKOLOA VILLAGE PORTFOLIO AND OPERATING METRICS COMPARABLE, CORE AND NON-CORE HOTELS: Full-Year 2025 VS Full-Year 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
Slide 25: Properties Acquired and Sold
25 HILTON DENVER CITY CENTER PROPERTIES ACQUIRED AND SOLD
Slide 26: Total Acquisitions and Total Sales
26 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 27: Non-Core Disposition Initiative - Status Since January 1, 2026
27 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 1 193 $1 Remaining Non-Core Hotels To Be Sold 10 4,414 $44 Remaining Saf
Slide 28: Current Supplementary Financial Information
28 SIGNIA BY HILTON ORLANDO BONNET CREEK CURRENT SUPPLEMENTARY FINANCIAL INFORMATION
Slide 29: Historical Current Full-Year Hotel Metrics
29 SIGNIA BY HILTON ORLANDO BONNET CREEK CURRENT SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL CURRENT FULL-YEAR HOTEL METRICS Three Months Ended Full-Year (unaudited, dollars in millions) March 31, June 30, September 30, December 31, December 31, 2025 2025 2025 2025 2025 Current RevPAR (1) $ 185.4
Slide 30: Historical Current Hotel Adjusted EBITDA – Full-Year 2025
30 SIGNIA BY HILTON ORLANDO BONNET CREEK CURRENT SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL CURRENT 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 loss $ (57) $ (
Slide 31: Historical Current Hotel Adjusted EBITDA – Full-Year 2024
31 SIGNIA BY HILTON ORLANDO BONNET CREEK CURRENT SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL CURRENT 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 $ 6
Slide 32: Historical Current Full-Year Hotel Revenues – 2025 and 2024
32 SIGNIA BY HILTON ORLANDO BONNET CREEK CURRENT SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL CURRENT FULL-YEAR HOTEL REVENUES – 2025 AND 2024 Three Months Ended Full-Year (unaudited, in millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2025 Total Revenues $
Slide 33: Capital Structure
33 ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO CAPITAL STRUCTURE
Slide 34: Fixed and Variable Rate Debt
34 ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO CAPITAL STRUCTURE FIXED AND VARIABLE RATE DEBT (unaudited, dollars in millions) As of December 31, 2025 Debt Collateral Interest Rate Maturity Date Fixed Rate Debt Mortgage loan Hilton Denver City Center 4.90% June 2026 (1) $ 51 Mortgage loan Hyat
Slide 35: Definitions
35 HYATT REGENCY BOSTON DEFINITIONS
Slide 36: Definitions
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)
37 HYATT REGENCY BOSTON DEFINITIONS (CONTINUED) Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company’s consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company’s profitabil
Slide 38: Definitions (Continued)
38 HYATT REGENCY BOSTON DEFINITIONS (CONTINUED) As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper – 2018 Restatement,” since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating
Slide 39: Definitions (Continued)
39 HYATT REGENCY BOSTON DEFINITIONS (CONTINUED) Net Debt to Adjusted EBITDA Ratio Net Debt to Adjusted EBITDA ratio, presented herein, is a non-GAAP financial measure and is included as it is frequently used by securities analysts, investors and other interested parties to compare the financial cond
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