Park Hotels & Resorts Announces the Sale of Additional Non-Core Hotels; Provides Update on Non-Core Hotel Disposition Activity and Recent Operating Trends

About this update from Park Hotels & Resorts Inc.

Park Hotels & Resorts Inc. ('Park' or the 'Company') (NYSE:PK) today provided an update on its non-core disposition activity and fourth quarter operating trends. Non-Core Asset Disposition Update: Year-to-date, the Company has sold or entered into agreements or letters of intent to sell five Non-Core hotels for anticipated gross proceeds of approximately $198 million at an average multiple of nearly 43x. Closed transactions include the sale of the 316-room Hyatt Centric Fisherman's Wharf in May 2025 and the sale of an unconsolidated joint venture interest in the 559-room Capital Hilton DC in November 2025 . The three remaining transactions are expected to close by early 2026; In addition, by year-end, Park will have exited another three Non-Core hotels that were on expiring ground leases, including the 266-room Embassy Suites Kansas City Plaza , the 850-room DoubleTree Hotel Seattle Airport , and the 245-room DoubleTree Hotel Sonoma Wine Country . Collectively, the hotels generated minimal EBITDA in 2025; Estimated 2025 average RevPAR and Adjusted Hotel EBITDA margin for these eight hotels is just $124 and 7%, respectively; and Park expects to dispose of the remaining marketable Non-Core hotels over the next 12 months - completing its portfolio transformation. Operational Highlights: Park reaffirms its full-year 2025 outlook with October and preliminary November Comparable RevPAR results largely in line with expectations, despite a slightly higher than expected impact from the government shutdown, due to the FAA 's temporary reduction in air traffic for a portion of November; Preliminary November Comparable RevPAR increased approximately 2%, excluding the Royal Palm South Beach Miami hotel, which suspended operations in mid-May 2025 for a comprehensive renovation, driven by strong results in Hawaii , New York , Denver and Orlando -up approximately 19%, 10%, 8% and 6%, respectively; Excluding the Royal Palm South Beach Miami hotel, the remainder of our Core hotels saw exceptionally strong results in October and November with RevPAR growth of 3.8% and 5.5%, respectively; and Park's Hilton Hawaiian Village Waikiki Beach Resort hotel in Honolulu continues to benefit from lapping the 2024 strike activity with October and November RevPAR increasing 20% and 26%, respectively, over the prior year period, contributing approximately 300 bps to the portfolio's Comparable RevPAR growth each of the two months. I am very pleased with the meaningful progress we have made in executing our strategic priority to reshape the portfolio by divesting underperforming Non-Core hotels and further enhancing overall portfolio quality and long-term growth profile. Although the transaction market remains episodic, in 2025 we successfully exited, or have executed agreements or letters of intent to sell, eight of our Non-Core hotels for anticipated gross proceeds of approximately $198 million at an average multiple of nearly 43x. We expect to accelerate our Non-Core disposition strategy over the next 12 months, and once complete, Park will own one of the highest quality hotel portfolios in the sector, with expected Comparable RevPAR of $218 and a presence in some of the strongest lodging markets in the US, including Hawaii , Orlando , New York , New Orleans , Boston , Key West , Miami and Santa Barbara . (C) 2025 Electronic News Publishing, source ENP Newswire

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