newsfilter
← Latest News
Business Wire·

Park Hotels & Resorts Inc. Reports Second Quarter 2026 Results

PK
  • Park Hotels & Resorts Inc. reported second quarter 2026 net income of $50 million ($47 million attributable to stockholders) with diluted earnings per share of $0.24.
  • Adjusted EBITDA for the quarter reached $198 million, an 8.6% increase year-over-year, while diluted Adjusted FFO per share was $0.70.
  • Comparable RevPAR increased 5.8% to $216.87, rising to 6.8% when excluding the Royal Palm South Beach Miami, which was under renovation during the period.
  • Core RevPAR grew 6.0% to $233.49, with a 7.1% increase when excluding the Royal Palm, driven by strong group demand and higher-rated leisure travel.
  • The company exited four Non-Core hotels since the first quarter of 2026 for approximately $65 million in gross proceeds, representing a 13.7x multiple of their 2025 EBITDA.
  • Park completed a comprehensive renovation of the Royal Palm South Beach Miami, reopening the property in July 2026 after suspending operations in mid-May 2025.
  • Total capital expenditures for the quarter were $64 million, with the company expecting to spend between $230 million and $260 million for the full year 2026.
  • Liquidity stood at approximately $2.6 billion as of June 30, 2026, including available capacity under the 2025 Delayed Draw Term Loan and the new Bonnet Creek Mortgage Loan.
  • The company declared a third quarter cash dividend of $0.25 per share, payable on October 15, 2026, to stockholders of record as of September 30, 2026.
  • Full-year 2026 outlook was revised upward, with projected RevPAR between $198 and $201, Adjusted EBITDA between $617 million and $637 million, and Diluted Earnings per share between $0.35 and $0.45.
  • Specific property highlights included a 12% RevPAR increase at the Hilton Hawaiian Village Waikiki Beach Resort and a 14% increase at the Casa Marina Key West, Curio Collection.
  • Park intends to refinance the $1.275 billion mortgage on the Hilton Hawaiian Village Waikiki Beach Resort during the third quarter using proceeds from its delayed draw facilities.
  • The company expects to begin a $100 million renovation of the Ali'i Tower at the Hilton Hawaiian Village Waikiki Beach Resort during the third quarter of 2026.
  • Net Debt was approximately $3.7 billion with a weighted average maturity of 1.8 years, while the company maintains a flexible balance sheet to manage upcoming debt maturities.