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Park Hotels & Resorts Inc. Reports First Quarter 2026 Results

PK
  • Park Hotels & Resorts reported Q1 2026 net income of $12 million ($11 million attributable to stockholders) with diluted EPS of $0.05 & Adjusted FFO per share of $0.45.
  • Comparable RevPAR increased 2.2% year-over-year to $191.05, rising 5.5% when excluding the Royal Palm South Beach Miami which suspended operations for renovation.
  • Core RevPAR rose 1.5% to $210.52, or 5.4% excluding the Royal Palm, driven by strength in resort hotels including the Bonnet Creek complex.
  • The company sold two Non-Core hotels in Q1 2026 for $31 million in gross proceeds, having spent $83 million on capital improvements during the quarter.
  • Park secured a new $700 million delayed draw loan facility in April 2026 to refinance upcoming debt maturities & extend the maturity profile.
  • A $0.25 per share dividend was declared for Q2 2026, payable on July 15, 2026, bringing the annualized yield to approximately 9.0%.
  • Full-year 2026 outlook was updated to project RevPAR between $192-$196, Net Income between $66-$96 million, & Adjusted EBITDA between $587-$617 million.
  • The Royal Palm is scheduled to reopen in June 2026 following comprehensive renovations, while the $96 million Ali'i Tower renovation at Hilton Hawaiian Village is set to begin in Q3 2026.
  • Liquidity stood at approximately $2.0 billion as of March 31, 2026, with plans to refinance $1.4 billion in mortgage debt maturing in 2026.
  • Operating expenses for the quarter increased approximately 2.5%, remaining within the expected full-year range of 2.4% to 3.4%.
  • Core hotel performance was supported by strong group revenues at the Caribe Hilton & transient demand at Key West properties, offset by headwinds at the Hilton New Orleans Riverside due to lapping the Super Bowl.
  • Non-Core dispositions continue with 9 remaining hotels to be sold, generating an estimated $41 million in 2025 EBITDA, while 3 properties remain subject to litigation.
  • Total debt outstanding was $3.838 billion as of March 31, 2026, with a weighted average maturity of 1.9 years & Net Debt of approximately $3.794 billion.