Park Hotels & Resorts (PK) Q4 2025 earnings summary

Executive summary

• Achieved significant progress on strategic priorities in 2025, focusing on reshaping the portfolio, reinvesting in high-quality hotels, and appointing a new COO.

• Portfolio comprised 34 hotels (23,000 rooms), with 20–21 core hotels and ongoing non-core disposition initiatives.

• Sold or disposed of 13 hotels since 2023, increasing portfolio-wide nominal RevPAR by nearly 8% and hotel-adjusted EBITDA margins by over 275 basis points.

• Major capital improvements and redevelopments launched or completed in Miami, Hawaii, and New Orleans.

• Full-year results pressured by impairments and select market headwinds, with net loss driven by non-core asset charges.

Financial highlights

• Full-year 2025 total revenues were $2,541 million, down from $2,599 million in 2024.

• Net loss attributable to stockholders for 2025 was $(283) million, including $318 million in impairments.

• Adjusted EBITDA for 2025 was $609 million, down from $652 million in 2024.

• Comparable hotel adjusted EBITDA margin for 2025 was 26.5%, down from 27.8% in 2024.

• Returned $245 million of capital in 2025 ($200 million dividends, $45 million share repurchases); $1.3 billion returned over three years.

Outlook and guidance

• 2026 RevPAR expected at $190–$194, flat to +2% year-over-year.

• Adjusted EBITDA forecasted at $580 million–$610 million; adjusted FFO per share at $1.73–$1.89.

• 2026 net income guidance: $62–$99 million; Q1 expected to be the most challenging quarter due to tough comps and renovation impacts.

• Guidance includes $9–$20 million incremental interest expense from refinancing $1.4 billion of debt and assumes 2–3% increase in hotel operating expenses.

• Guidance excludes impact from potential non-core dispositions in 2026 outside of already closed deals.