PK
Park Hotels & Resorts Inc.10.81
-0.20-1.82%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Granular cadence, sales progress detailed
Q&A offered granular RevPAR cadence: Q1 flattish from Hawaii group pace down 37% despite replacements, Q2/Q3 stronger lapping disruptions plus World Cup lift (30-35 bps portfolio-wide), Q4 cautious with 8% group pace drop. Management detailed aggressive workstreams on 10 non-core hotels amid buyer interest, no core sales eyed, and post-deleveraging 'offense' potential below 5x leverage. Hawaii to deliver mid-single-digit combined EBITDA growth; Royal Palm June opening confident but guidance skips World Cup. Answers reaffirm prepared caution on macro risks. Sales team grinds non-core exits. Watch dispositions, Hawaii ramp.
Key Stats
Market Cap
2.16BP/E (TTM)
-Basic EPS (TTM)
-0.08Dividend Yield
0.13%Recent Filings
10-K
FY2025 results
Park Hotels & Resorts posted FY2025 net loss of $283M attributable to stockholders, driven by $318M impairment on nine Non-Core hotels amid accelerated divestitures, yet Core Hotel Adjusted EBITDA held steady at $586M from $603M in 2024. Total revenues dipped to $2.5B from $2.6B y/y, with rooms off $64M as Hawaii renovations and Miami's Royal Palm closure weighed on transient demand, but Orlando's Bonnet Creek complex accelerated with 6.9pp occupancy gains and 11.5% food & beverage surge post-renovation. Q4 momentum flickered in group/transient upticks at New York Hilton Midtown and Caribe Hilton, offsetting Non-Core weakness. Balance sheet flexes with $232M cash, $1B Revolver and $800M delayed draw term loan eyeing 2026 maturities. Non-Core exits sharpen focus. Economic slowdowns threaten travel demand.
8-K
Dell'Orto named COO
Park Hotels appointed Sean Dell'Orto as COO on February 12 alongside his CFO role, boosting his base to $675K while tweaking LTIP to blend 75% TSR and 25% RevPAR metrics versus peers, and upping STIP targets to 125% for EVPs. Changes signal sharper ops focus. Incentives now balance returns and revenue growth.
8-K
Non-core disposal progress
Park Hotels disclosed an investor presentation detailing progress on disposing its 16 non-core hotels over the next 12+ months, targeting $560M-$600M proceeds for debt paydown and 0.3x-0.4x leverage reduction. Core portfolio shines with $218 RevPAR, 30% EBITDA margin, and $100M+ upside from renovations and market recovery. Non-core drags growth. Sales sharpen focus.
10-Q
Q3 FY2025 results
Park Hotels & Resorts posted Q3 revenue of $610M, down 6.0% y/y from $649M amid Hawaii renovations and group softness, yet Hotel Adjusted EBITDA held at $141M (16.1% y/y drop). Operating income fell to $59M from $95M y/y, pressured by higher depreciation, while net loss of $16M reflected steady interest expense; YTD net loss of $78M versus $146M profit stemmed from $70M impairment and no equity gains. Cash dropped to $278M with $293M operating cash flow less $188M capex (FCF $105M derived), but $1B revolver availability bolsters liquidity against $3.8B debt. Sold Hyatt Centric Fisherman's Wharf in May 2025 for $80M net proceeds. Receiver eyes Hilton SF hotels sale by November 21, 2025. Strong balance sheet endures.
8-K
Q3 RevPAR drops 6.1%
Park Hotels posted Q3 comparable RevPAR down 6.1% to $180.93 amid softer group demand and Royal Palm renovation, swinging to a $16M net loss with Adjusted EBITDA at $130M. Liquidity swelled to $2.1B via revolver upsized to $1B and new $800M delayed draw term loan, while Embassy Suites Kansas City Plaza closed, shedding $0.2M EBITDA. Q4 group pace jumps 12%. Debt matures loom.
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