olivLaw · US equity research
Park Hotels & Resorts Inc. PK
Hotels & Motels · SIC 7011 · Vertical: Hotels & Motels (SIC 7011)
Park Hotels & Resorts is one of the largest publicly traded hotel REITs, owning premium hotels in major United States markets with a focus on its Core portfolio. The company is now in a phase of disposing of Non-Core hotels and funding large renovations, and its second quarter 2026 results show comparable RevPAR growth of 5.8%, while the portfolio includes about 23000 rooms.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Park Hotels & Resorts Inc. (PK) stock was 16.96 USD (+1.44% on the day), with market capitalisation 3.4 bn USD, dividend yield 8.84%, beta 1.16, 52-week range 9.84–16.99 USD. Latest reported quarter (Q2 2026): revenue of 680.0 m USD (+1.2% YoY), net income of 47.0 m USD, diluted EPS 0.24 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.6
- strong (55–70)
- Bollinger (20, 2)
- 14.93 – 17.52
- in the upper half of the band · %B 0.78 · band width 15.9%
- SMA 50 / 200
- 15.69 / 13.31
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.38 / 0.35
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.1% | −1.1% | +12.2 pp | — |
| 3 months | +13.5% | −0.5% | +14.0 pp | — |
| 6 months | +51.2% | +4.4% | +46.8 pp | — |
| Year to date | +62.1% | +12.3% | +49.8 pp | — |
| 1 year | +70.1% | +13.5% | +56.6 pp | +1.1% |
| 3 years | +23.2% | +76.4% | −53.2 pp | +9.1% |
| 5 years | −19.7% | +63.7% | −83.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 649.0 m | 625.0 m | 630.0 m | 672.0 m | 610.0 m | 629.0 m | 622.0 m | 680.0 m |
| Operating income | 95.0 m | 83.0 m | 7.0 m | 65.0 m | 59.0 m | -164.0 m | 62.0 m | 95.0 m |
| Depreciation & amortisation | 63.0 m | 65.0 m | 69.0 m | 122.0 m | 78.0 m | 67.0 m | 64.0 m | 66.0 m |
| Interest expense | 54.0 m | 53.0 m | 52.0 m | 53.0 m | 53.0 m | 51.0 m | 51.0 m | 52.0 m |
| Pre-tax income | 59.0 m | 21.0 m | -56.0 m | -1.0 m | -8.0 m | -205.0 m | 13.0 m | 55.0 m |
| Income tax | 2.0 m | -52.0 m | 1.0 m | 1.0 m | 6.0 m | -1.0 m | 1.0 m | 5.0 m |
| Net income | 54.0 m | 66.0 m | -57.0 m | -5.0 m | -16.0 m | -205.0 m | 11.0 m | 47.0 m |
| Diluted EPS | 0.26 | 0.32 ≈ | -0.29 | -0.02 | -0.08 | -1.03 ≈ | 0.05 | 0.24 |
| Operating cash flow | 140.0 m ≈ | 80.0 m | 86.0 m | 108.0 m ≈ | 99.0 m ≈ | 105.0 m | 59.0 m | 141.0 m ≈ |
| Capex | 43.0 m ≈ | 63.0 m | 77.0 m | 43.0 m ≈ | 68.0 m ≈ | 108.0 m | 83.0 m | 64.0 m ≈ |
| Dividends paid | 52.0 m ≈ | 53.0 m | 131.0 m | 50.0 m ≈ | 49.0 m ≈ | 50.0 m | 50.0 m | 50.0 m ≈ |
| Share repurchases | 35.0 m ≈ | 56.0 m | 45.0 m | 0 ≈ | 0 ≈ | 0 | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.7 bn | 2.8 bn | 852.0 m | 1.4 bn | 2.5 bn | 2.7 bn | 2.6 bn | 2.5 bn |
| Revenue YoY | −1.9% | +3.9% | −70.0% | +59.9% | +83.6% | +7.9% | −3.7% | −2.2% |
| Net income | 472.0 m | 306.0 m | -1.4 bn | -459.0 m | 162.0 m | 97.0 m | 212.0 m | -283.0 m |
| Net income YoY | −82.0% | −35.2% | −570.6% | unavailable | unavailable | −40.1% | +118.6% | −233.5% |
| Diluted EPS | 2.31 | 1.44 | -6.11 | -1.95 | 0.71 | 0.44 | 1.01 | -1.43 |
| Diluted EPS YoY | −81.1% | −37.7% | −524.3% | unavailable | unavailable | −38.0% | +129.5% | −241.6% |
| net % | 17.2% | 10.8% | -169.0% | -33.7% | 6.5% | 3.6% | 8.2% | -11.1% |
| Free cash flow | 266.0 m | 259.0 m | -524.0 m | -191.0 m | 241.0 m | 218.0 m | 202.0 m | 102.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 232.0 m USD
- Financial debt
- 3.9 bn USD
- Net debt
- 3.6 bn USD
- Equity
- 3.1 bn USD
- Total assets
- 7.7 bn USD
- Debt / equity
- 1.25x
- Current ratio
- unavailable
- ROE
- -8.5%
- ROA
- -3.4%
- FCF margin
- 4.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 852.0 m | 1.4 bn | 2.5 bn | 2.7 bn | 2.6 bn | 2.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | -1.2 bn | -179.0 m | 296.0 m | 343.0 m | 391.0 m | -33.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 298.0 m | 281.0 m | 269.0 m | 287.0 m | 257.0 m | 336.0 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | -904.0 m ≈ | 102.0 m ≈ | 565.0 m ≈ | 630.0 m ≈ | 648.0 m ≈ | 303.0 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 213.0 m | 228.0 m | 217.0 m | 207.0 m | 214.0 m | 209.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | -1.5 bn | -450.0 m | 173.0 m | 144.0 m | 165.0 m | -270.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | -6.0 m | 2.0 m | 0 | 38.0 m | -61.0 m | 7.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | -1.4 bn | -459.0 m | 162.0 m | 97.0 m | 212.0 m | -283.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | -6.11 | -1.95 | 0.71 | 0.44 | 1.01 | -1.43 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 236.0 m | 236.0 m | 228.0 m | 215.0 m | 209.0 m | 199.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 0.45 | — | 0.28 | 2.15 | 1.40 | 1.00 | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 951.0 m | 688.0 m | 906.0 m | 717.0 m | 402.0 m | 232.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 9.2 bn | 8.5 bn | 8.3 bn | 7.5 bn | 7.4 bn | 7.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 45.0 m | 44.0 m | 43.0 m | 42.0 m | 41.0 m | 41.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 10.6 bn | 9.7 bn | 9.7 bn | 9.4 bn | 9.2 bn | 7.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | 5.2 bn | 4.7 bn | 4.6 bn | 3.8 bn | 3.9 bn | 3.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 5.7 bn | 5.3 bn | 5.4 bn | 5.7 bn | 5.6 bn | 4.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 4.8 bn | 4.4 bn | 4.3 bn | 3.8 bn | 3.6 bn | 3.1 bn | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -438.0 m | -137.0 m | 409.0 m | 503.0 m | 429.0 m | 398.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 86.0 m | 54.0 m | 168.0 m | 285.0 m | 227.0 m | 296.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | -524.0 m ≈ | -191.0 m ≈ | 241.0 m ≈ | 218.0 m ≈ | 202.0 m ≈ | 102.0 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | 119.0 m | 394.0 m | 87.0 m | -217.0 m | -166.0 m | -209.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | 914.0 m | -475.0 m | -320.0 m | -475.0 m | -573.0 m | -365.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 241.0 m | 0 | 7.0 m | 152.0 m | 512.0 m | 280.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 66.0 m | 0 | 227.0 m | 180.0 m | 116.0 m | 45.0 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 18 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet0
- Valuation27
- Quality13
- Growth4
- Returns50
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.72 – 22.04 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)2.72 – 22.04 (Mid 9.19)WACC 7.0% · starting FCFF 254.9 m USD · terminal value share of EV 80%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 11.5%
- Peers: EV/EBITDAunavailable · insufficient data
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)13.14 – 17.67 (Mid 15.07)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 18/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.6% | 9 (vs peers) | 15% |
| Net margin · Quality | -6.4% | 20 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 0.5% | 4 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 11.2x | 0 (vs peers) | 15% |
| Interest coverage · Balance sheet | 0.3x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 21.7x | 25 (vs peers) | 15% |
| FCF yield · Valuation | 2.4% | 30 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 5.8% | 83 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 245.7% | 0 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partial4/100 · 1/2 factors with a value
- Quality13/100 · 2/3 factors with a value
- Returns50/100 · 2/2 factors with a value
- Valuation27/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Park Hotels & Resorts Inc. (PK). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.5 bn USD in 2025; YoY growth -2.2%; net margin -6.4%; ROE -5.0%; net debt/EBITDA 11.2x.
The estimated value range is 7.93–19.86 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 12.13 USD, the price of 16.96 USD leaves a potential of -28.5% (value / price − 1) and a margin of safety of -39.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 18/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 5.8%
What contradicts it
- ROIC: 0.6%
- Net margin: -6.4%
- Revenue CAGR 3Y: 0.5%
- Net debt / EBITDA: 11.2x
- Interest coverage: 0.3x
- EV/EBITDA: 21.7x
- FCF yield: 2.4%
- Payout ratio (FCF): 245.7%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Current ratio, P/E (TTM).
Versus the vertical median
Hotels & Motels (SIC 7011) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HTHTH World Group Ltd | 154.3 bn | 218.4 | 41.5% | 20.1% | +10.5% | +9% / +37% |
| MARMarriott International Inc | 109.4 bn | 42.4 | — | 9.7% | +4.3% | +39% / +110% |
| HLTHilton Worldwide Holdings Inc. | 83.8 bn | 50.8 | — | 13.4% | +7.7% | +32% / +125% |
| IHGInterContinental Hotels Group PLC | 29.0 bn | 36.2 | — | 14.6% | +5.4% | +31% / +124% |
| LVSLas Vegas Sands Corp. | 25.5 bn | 16.7 | 262.8% | 11.8% | +15.2% | −40% / −12% |
| ATATAtour Lifestyle Holdings Limited | 14.5 bn | 63.7 | 50.5% | 16.6% | +41.0% | −9% / +97% |
| WYNNWynn Resorts, Limited | 8.5 bn | 19.7 | — | 6.1% | +0.1% | −36% / −2% |
| MGMMGM Resorts International | 8.3 bn | 12.7 | 26.8% | 3.9% | +1.7% | −7% / −17% |
| CZRCaesars Entertainment, Inc. | 6.0 bn | — | -15.1% | -4.5% | +2.1% | +26% / −34% |
| WHWyndham Hotels & Resorts, Inc. | 5.9 bn | 29.8 | 38.2% | 14.0% | +1.5% | +10% / +4% |
| MLCOMelco Resorts & Entertainment Limited | 5.7 bn | 30.6 | — | 3.6% | +11.3% | −48% / −33% |
| BYDBoyd Gaming Corp | 5.5 bn | 11.7 | 19.6% | 12.3% | +4.1% | −7% / +32% |
| CHHChoice Hotels International Inc | 5.4 bn | 26.7 | 146.5% | 12.7% | +0.8% | +32% / +9% |
| TNLTravel & Leisure Co. | 4.7 bn | 20.7 | — | 5.7% | +4.1% | +13% / +118% |
| PKPark Hotels & Resorts Inc. | 3.4 bn | — | -5.0% | -6.4% | −2.2% | +70% / +23% |
| SHOSunstone Hotel Investors, Inc. | 2.4 bn | 54.7 | 2.8% | 5.3% | +6.0% | +39% / +32% |
| PENNPenn Entertainment, Inc. | 2.3 bn | — | -37.4% | -12.7% | +5.8% | +18% / −29% |
| XHRXenia Hotels & Resorts, Inc. | 2.0 bn | 628.9 | 0.3% | 0.3% | +3.8% | +57% / +79% |
| MCRIMonarch Casino & Resort, Inc. | 2.0 bn | 17.9 | 20.4% | 20.4% | +4.4% | +17% / +80% |
| BALYBally’s Corporation | 680.3 m | — | — | — | +0.1% | −23% / unavailable |
| FLLFull House Resorts Inc | 29.1 m | — | -936.4% | -12.1% | +3.5% | −70% / −84% |
| CNTYCentury Casinos, Inc. | 16.9 m | — | — | -9.6% | −0.5% | −61% / −86% |
| RRRRed Rock Resorts, Inc. | — | 29.1 | 60.8% | 5.8% | +3.7% | −17% / +9% |
| MRNOMurano Global Investments Plc | — | — | -54.7% | -488.8% | +154.6% | −88% / −98% |
| HHyatt Hotels Corporation | — | 98.6 | 5.6% | 2.6% | +6.8% | +16% / +66% |
1- and 3-year price returns: for PK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
Park Hotels & Resorts is one of the largest publicly traded hotel REITs, owning premium hotels in major United States markets with a focus on its Core portfolio. The company is now in a phase of disposing of Non-Core hotels and funding large renovations, and its second quarter 2026 results show comparable RevPAR growth of 5.8% 13, while the portfolio includes about 23000 rooms 1.
SWOT
Strengths
- A portfolio of premium hotels in markets with high barriers to entry, with a large share of luxury and upper upscale rooms in the Core segment 1.
- REIT structure with direct access to capital and a track record of managing debt maturities through new financing facilities 13.
- Rising results in the second quarter of 2026, with RevPAR and EBITDA growth supported by recent renovations 3.
Weaknesses
- Reliance on third-party managers for day-to-day operations limits direct control over service quality 1.
- A high concentration of Hilton-branded hotels makes the company's reputation dependent on that brand family 1.
- High fixed hotel costs limit the company's ability to cut expenses quickly when demand falls 1.
Opportunities
- Completing the disposition of Non-Core hotels could free capital for investment in the Core portfolio 13.
- Renovation and ROI projects such as Bonnet Creek and Royal Palm could lift rates and profitability 13.
- Events such as the World Cup could bring extra demand to the company's urban and resort markets 12.
Threats
Risks
- Dependence on third-party managershigh
Hotel operations rely on independent managers, and any mismanagement or conflicts of interest could affect results 1.
- Concentration in Hilton brandsmedium
Most hotels use Hilton brands, so a reputational problem with those brands could affect the whole portfolio 1.
- Debt refinancingmedium
Significant debt maturities, including those in the third quarter of 2026, depend on access to new financing facilities 13.
- Difficult dispositionsmedium
Selling Non-Core hotels could be slower or less profitable than expected because of tax and contractual constraints 1.
- Cybersecurity riskmedium
The information systems of managers and the company are vulnerable to attacks, which could lead to data loss and operational disruption 1.
Investment thesis
What would need to be true (bull case)
- If group and leisure demand stays strong, RevPAR growth across the Core portfolio could continue and support EBITDA 3.
- Disposing of Non-Core hotels and using proceeds to reduce debt could improve the company's risk profile 13.
- Recent renovations of Core hotels, including Royal Palm, could support higher rates and a lasting competitive edge 23.
What would break the thesis
- An economic slowdown could reduce travel demand and pressure profitability, since fixed costs remain high 12.
- Dependence on third-party managers and the Hilton brands could expose the company to reputational problems and administrative issues that are hard to control 1.
- If dispositions or refinancings do not proceed as planned, the company could face liquidity pressure or higher debt costs 13.
What to watch
- Comparable and Core RevPAR trends against the July projectionsQ3 2026
- Completion of remaining Non-Core hotel dispositions and proceeds received2026
- Repayment of maturing debt and use of financing facilitiesQ3 2026
- Demand response for group and leisure travel after the Royal Palm and Ali'i Tower projectsnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
Park Hotels & Resorts Inc. describes itself as one of the largest publicly traded lodging REITs, with a portfolio of premium hotels and resorts in urban and convention markets across the United States 1. The company focuses on its Core portfolio of 21 hotels, which contributes about 90% of the Hotel Adjusted EBITDA of consolidated hotels 1. Hotels are operated by third-party managers, and Park is structured as an UPREIT, so day-to-day operations remain with these managers 1.
The strategy has three parts: active asset management, external growth through acquisitions and dispositions, and maintaining a strong and flexible balance sheet 1. The company has run large return-on-investment projects, such as the full renovation of the Royal Palm South Beach Miami, which reopened in July 2026 23. In parallel, Park aims to sell all remaining Non-Core hotels and has already sold several of them in the first half of 2026 3.
Financially, Park reported Adjusted EBITDA of 198 million USD in the second quarter of 2026, up 8.6% 3, and described liquidity of 2.6 billion USD as sufficient to repay 1.3 billion USD of debt maturing in the third quarter 3. The company pays quarterly dividends, and a 0.25 USD per share dividend was declared for the third quarter of 2026 3.
Segments
Consolidated Core hotels
This segment includes 20 consolidated hotels with over 15700 rooms, mainly in Hawaii, Orlando, New York, Chicago and other urban or resort markets 12. In the second quarter of 2026, Core RevPAR was 233.49 USD 3, and Core Adjusted EBITDA rose 9.3% 3.
Consolidated Non-Core hotels
This segment contains hotels slated for disposition, which have lower RevPAR than the Core hotels and a smaller share of EBITDA 13. In the second quarter of 2026 the company sold several of these hotels, including the Hilton Seattle Airport & Conference Center and the Hilton Short Hills 3.
Market context
The United States hotel market in which Park operates depends on leisure and group travel demand, which is sensitive to consumer spending and the cost of financing 1. According to the source, an economic slowdown could affect demand, and labor costs could rise 1. In the second quarter of 2026, comparable RevPAR growth of 5.8% 3 and the projected 8.5% increase for July 3 suggest solid demand in the luxury and upper upscale segment, although these are company projections.
Supply of new rooms and room rate levels directly influence RevPAR, and rates tend to rise when demand exceeds supply growth 1. For Park, this favors premium hotels in markets with high barriers to entry, but the outcome depends on macroeconomic conditions 12.
Trends
- Group and leisure demandtailwind
In the second quarter of 2026, group rooms revenue rose 9.5% and higher-rated leisure travel supported results 3. If these trends persist, they could support further Core RevPAR growth 3.
- Major events in 2026tailwind
The company cites the World Cup and the 250th anniversary of the United States as possible sources of additional demand in 2026 12. Their effect depends on how far these events translate into bookings.
- Macroeconomic uncertaintyheadwind
Inflation, elevated interest rates, trade policy and possible government shutdowns could weigh on consumer confidence and travel demand 12. The company notes it cannot rule out further fluctuations in hotel revenues 2.
- Cost of financing and debt refinancingmixed
Debt maturities and interest costs can influence financial flexibility, and the company has secured new financing to cover significant maturities 13. If the cost of capital stays high, profit margins could come under pressure 1.
Competitive position
Park competes with other hotel REITs and with operators of premium hotels in urban and resort markets. The analyzed sources do not name specific competitors but describe competition for both assets and investments 1. The company notes that its third-party managers may also run competing hotels, which can create conflicts of interest 1.
Competition for acquisitions and for buyers of assets may limit the company's ability to sell or buy hotels at its preferred prices 1. On the demand side, new room supply in the same markets may reduce the ability of existing hotels to sustain RevPAR 1.
- Other US-listed hotel REITs
The sources describe competition for assets and investments without naming specific peer companies.
- Premium hotel operators
Competing hotels in the same urban and resort markets, including those run by the company's third-party managers.
- New hotel supply in the same markets
New room supply in Core markets may affect existing RevPAR.
- Private buyers of hotel assets
Competition to buy Non-Core assets can influence the price and terms of dispositions.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report30 Sept 2026Termination of a material agreement
- Current report11 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report10 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report01 May 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Current report27 Apr 2026Shareholder vote
- Proxy statement12 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Park Hotels & Resorts Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Park Hotels & Resorts Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Park Hotels & Resorts Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.