Nov 4, 2026, 4:21 PM ETReal Estate

Park Hotels & Resorts Inc. — Third Quarter 2026 Earnings Summary

PKPARK HOTELS & RESORTS INC

Financial Performance

Comparable RevPAR was $201.02 for the quarter, an 8.4% increase year-over-year (YoY); Core RevPAR was $213.66, an 8.1% YoY increase.
Net loss was $(15) million for the quarter, compared to a net loss of $(14) million in the prior year period; Net loss attributable to stockholders was $(18) million versus $(16) million in the prior year.
Adjusted EBITDA was $135 million, a 4.0% increase YoY; Comparable Hotel Adjusted EBITDA was $146 million, a 7.7% YoY increase.
Diluted loss per share was $(0.10); Diluted Adjusted FFO per share was $0.39, an 11.2% increase YoY.
Total revenues were $602 million for the quarter, down 1.2% from $610 million in the prior year; Operating income was $38 million, a 35.0% decrease from $59 million in the prior year.
Operating income margin was 6.4% for the quarter, down from 9.7% in the prior year.
Net Debt was approximately $3.7 billion as of September 30, 2026; Total debt outstanding was $3.923 billion.
Liquidity was approximately $1.3 billion, including $1 billion of available capacity under the senior unsecured revolving credit facility.

Park raised its full-year 2026 Comparable RevPAR outlook to a range of $205 to $206, up from the previous range of $198 to $201.
Full-year 2026 Comparable RevPAR growth vs. 2025 is now expected to be 5.5% to 6.0%, up from 3.0% to 4.5%.
Full-year 2026 Net income is now expected to be $70 million to $80 million, down from the previous $78 million to $98 million.
Full-year 2026 Adjusted EBITDA is now expected to be $635 million to $645 million, up from $617 million to $637 million.
Full-year 2026 Adjusted FFO per share is now expected to be $2.00 to $2.05, up from $1.90 to $2.00.
Q4 2026 Comparable RevPAR is expected to increase 5.5% to 7.5% YoY.
Preliminary October Comparable RevPAR increased nearly 11% YoY.
Core Group Revenue Pace for 2027 increased nearly 6% compared to 2026 bookings at the end of September 2025; average Core group rates for 2027 are projected to increase nearly 4%.

Group rooms revenue increased over 18% YoY; higher-rated leisure travel also supported performance.
Hawaii hotels delivered outstanding results: Hilton Waikoloa Village RevPAR increased 20% and Hilton Hawaiian Village RevPAR increased 5% YoY, despite a nearly 280-basis point impact from recent storms.
Strategic capital investments drove growth: Casa Marina Key West RevPAR increased over 17% and Waldorf Astoria Orlando RevPAR increased over 16% YoY.
The Royal Palm South Beach Miami reopened in July 2026 following a $110+ million renovation; it is expected to add at least 200 basis points to Comparable RevPAR growth and double EBITDA upon stabilization.
Renovation commenced in August 2026 on the Ali'i Tower at the Hilton Hawaiian Village, a $100+ million project.
Hilton New Orleans Riverside is completing its third and final phase of guestroom renovations in Q4 2026, with total investment across three phases at approximately $80 million.
Washington, D.C. and Boston hotels produced double-digit RevPAR growth driven by government-related demand and high-profile events.

Demand strength was observed across both group and leisure segments.
The Royal Palm renovation is expected to be a positive tailwind for the portfolio in 2027.
The company remains focused on elevating portfolio quality through strategic capital investments and dispositions.

Recent storms in Hawaii impacted combined RevPAR growth by nearly 280 basis points.
Hotel operating expenses increased 5% YoY, driven by higher variable costs, wage pressures, and utility costs.
Food and beverage revenue increased only 2% YoY due to lower out-of-room spend from in-house groups and lower cancellation/attrition fees.
Outlook is subject to macroeconomic uncertainties including inflation, interest rate changes, potential economic recession, trade policy changes, tariffs, foreign conflicts, and government shutdowns.
Disposition timing for three Non-Core hotels (Hilton Salt Lake City Center, DoubleTree Hotel San Diego - Mission Valley, DoubleTree Hotel Durango) is undetermined due to ongoing litigation.

Chairman and CEO Thomas J. Baltimore, Jr. expressed pleasure with the results, citing continued strength in group and leisure demand.
Management stated the company is "laser-focused on further elevating the quality of our portfolio" and is "well-positioned to continue executing on our strategic priorities."
Management highlighted the successful repayment of the $1.275 billion HHV Mortgage Loan and the extension of the debt maturity profile as key financial flexibility achievements.

Dividends: Paid a third-quarter cash dividend of $0.25 per share; declared a fourth-quarter cash dividend of $0.25 per share to be paid January 15, 2027. The annualized yield is approximately 6%.
Non-Core Dispositions: Sold the Hilton Short Hills (Q3 2026) for $12 million and The Wade (Q4 2026) for $19 million. Exited two Non-Core hotels since Q2 2026 for gross proceeds of approximately $31 million.
Debt Refinancing: Drew remaining $600 million from the 2025 Delayed Draw Term Loan and $700 million from the Bonnet Creek Mortgage Loan to fully repay the $1.275 billion HHV Mortgage Loan maturing November 1, 2026.
Capital Expenditures: Spent $57 million on capital improvements in Q3 2026; expects to spend between $270 million and $280 million in 2026.
Sustainability: Achieved LEED Silver Certifications for the Rainbow Tower and Palace Tower at Hilton Hawaiian Village; two hotels earned ENERGY STAR certifications; six properties achieved Green Key Global certifications.
Portfolio: Portfolio consists of 29 premium-branded hotels and resorts with approximately 21,000 rooms.
Recognition: Named one of America's Most Responsible Companies 2026 (sixth time) and one of America's Most Trustworthy Companies 2026 by Newsweek.