Park Hotels & Resorts Inc. · NYSE:PK
Park Hotels & Resorts — Q2 2026 Earnings Presentation
41 slides from Park Hotels & Resorts's earnings presentation, Aug 7, 2026
Slide 1: Second Quarter 2026 Supplemental Data
SECOND QUARTER 2026 SUPPLEMENTAL DATA JUNE 30, 2026
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 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) 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 equivalents 264 232 Restricted
Slide 6: Condensed Consolidated Statements of Operations
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 hotel 67 68 127 131 Other
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 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) (2) (3) (5) Interest exp
Slide 9: Comparable and Core Hotel Adjusted EBITDA, Hotel 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Adjusted EBITDA $ 198 $ 183 $ 341 $ 327 Less: Adjusted EBITDA from
Slide 10: 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 June 30, 2026 Six Months Ended June 30, 2026 Non-Core Non-Core Total Core Hotels Hotels Total Core Hotels Hotels Hotel Revenues Rooms $ 401 $ 335 $ 66 $ 757 $ 634 $ 123
Slide 11: Nareit FFO and Adjusted FFO
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 amortization expense 66 122
Slide 12: General and Administrative Expenses
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 expense 6 5 10 9 Other corporate
Slide 13: 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) June 30, 2026 December 31, 2025 Debt $ 3,915 $ 3,838 Add: unamortized deferred financing costs and discount 17 18 Debt, excluding unamortized deferred financing cost, premiums and d
Slide 14: Outlook and Assumptions
OUTLOOK AND ASSUMPTIONS 14 CASA MARINA KEY WEST, CURIO COLLECTION
Slide 15: Full-Year 2026 Outlook
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 a modest positive impact from the 2026 Wor
Slide 16: EBITDA and Adjusted EBITDA (2026 Outlook)
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 expense 8 8 Interest expense, income tax and dep
Slide 17: Nareit FFO and Adjusted FFO (2026 Outlook)
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 and amortization expense attributable to no
Slide 18: Portfolio and Operating Metrics
PORTFOLIO AND OPERATING METRICS 18 HILTON WAIKOLOA VILLAGE
Slide 19: Hotel Portfolio as of August 6, 2026
PORTFOLIO AND OPERATING METRICS HOTEL PORTFOLIO AS OF AUGUST 6, 2026 Meeting Space Equity Debt Hotel Name Total Rooms Market (square feet) Ownership Ownership (in millions) Core Hotels Consolidated Core Hotels Hilton Hawaiian Village Waikiki Beach Resort 2,886 Hawaii 150,000 Fee Simple 100% $ 1,275
Slide 20: Hotel Portfolio as of August 6, 2026 (Continued)
PORTFOLIO AND OPERATING METRICS HOTEL PORTFOLIO AS OF AUGUST 6, 2026 (CONTINUED) Meeting Space Equity Debt 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 Chica
Slide 21: Comparable, Core and Non-Core Hotels: Q2 2026 vs Q2 2025
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 Beach Resort $ 288.74 $ 297.4
Slide 22: Comparable, Core and Non-Core Hotels: Q2 2026 vs Q2 2025 (Continued)
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 Core Hotels 1 Hilton Hawaiian V
Slide 23: Comparable, Core and Non-Core Hotels: YTD Q2 2026 vs YTD Q2 2025
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 Waikiki Beach Resort $ 284.66
Slide 24: Comparable, Core and Non-Core Hotels: YTD Q2 2026 (Continued)
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 Consolidated Core Hotels 1 Hilton Ha
Slide 25: Properties Acquired, Sold and Disposed
PROPERTIES ACQUIRED, SOLD AND DISPOSED 25 HILTON DENVER CITY CENTER
Slide 26: Total Acquisitions and Sales/Dispositions
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 14 4,053 $ 519.0 2019 9 2,725 49
Slide 27: Non-Core Disposition Initiative - Status Since January 1, 2026
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/Disposed in 2026 5 1,453 $10 Remain
Slide 28: Comparable Supplementary Financial Information
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION 28 SIGNIA BY HILTON ORLANDO BONNET CREEK
Slide 29: Historical Comparable TTM Hotel Metrics
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 $ 192.81 $ 216.87 $ 196.61 Comparable Occ
Slide 30: 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) September 30, December 31, March 31, June 30, June 30, 2025 2025 2026 2026 2026 Net (loss) income $ (14) $ (204) $ 12 $ 50 $ (156) Depreciation and am
Slide 31: 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 32: Historical Comparable TTM Hotel Revenues - 2026 and 2025
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE TTM HOTEL REVENUES – 2026 AND 2025 Three Months Ended TTM (unaudited, in millions) September 30, December 31, March 31, June 30, June 30, 2025 2025 2026 2026 2026 Total Revenues $ 610 $ 629 $ 622 $ 680 $ 2,541 Less: Other revenue (
Slide 33: Capital Structure
CAPITAL STRUCTURE 33 ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO RESORT
Slide 34: Fixed and Variable Rate Debt
CAPITAL STRUCTURE FIXED AND VARIABLE RATE DEBT (unaudited, dollars in millions) Extended As of Debt Collateral Interest Rate Maturity Date Maturity Date(1) June 30, 2026 Fixed Rate Debt Mortgage loan Hilton Hawaiian Village Waikiki Beach Resort 4.20% November 2026 None $ 1,275 Mortgage loan Hilton D
Slide 35: Definitions
DEFINITIONS 35 HYATT REGENCY BOSTON
Slide 36: 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 37: 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 38: 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 39: 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 40: Analyst Coverage
ANALYST COVERAGE 40 HILTON SANTA BARBARA BEACHFRONT RESORT
Slide 41: 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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