Park Hotels & Resorts Inc. (PK) Q4 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 20 2026
0mins
Source: SeekingAlpha
RevPAR (Revenue Per Available Room) For the fourth quarter, RevPAR was approximately $182, representing a nearly 1% year-over-year increase or nearly 3% when excluding Royal Palm. The Core portfolio, excluding Royal Palm, demonstrated a RevPAR increase of 6% to nearly $216, which was 1,500 basis points higher than the Non-Core portfolio. The increase was attributed to the operational strength of the Core portfolio.
Core Hotel Adjusted EBITDA Margin Core hotel adjusted EBITDA margin improved by 230 basis points to 30% in the fourth quarter, while the Non-Core portfolio recorded a 280 basis point contraction to 10%. The improvement in the Core portfolio was due to its operational strength and the value-accretive nature of the portfolio reshaping initiative.
Group Revenue for Core Portfolio Fourth quarter group revenue for the Core portfolio increased 13% year-over-year, supported by convention demand in Hawaii and New York and solid corporate group activity in Orlando. This was complemented by double-digit growth in banquet and catering revenues across several key markets, including Hawaii, Chicago, Orlando, and Denver.
Hilton Hawaiian Village RevPAR Growth Hilton Hawaiian Village generated 22% RevPAR growth in the fourth quarter, benefiting from easier year-over-year comparisons following last year's labor disruption. The growth was also supported by the completion of the Rainbow Tower renovation.
Orlando Bonnet Creek Complex RevPAR The Bonnet Creek complex in Orlando delivered a record fourth quarter RevPAR, up nearly 9% year-over-year, driven by a 15% increase in group revenues. The complex benefited from its expanded meeting platform and renovated room product.
New York Group Revenue New York delivered its highest fourth quarter group revenue in hotel history, up over 8% year-over-year, supported by improved short-term pickup strategies and in-house group activities.
Full Year 2025 RevPAR For the full year, RevPAR declined 2% versus 2024, while hotel-adjusted EBITDA margin was 26.5%, reflecting a 130 basis point reduction from the prior year. The decline was primarily due to the Royal Palm renovation, which contributed a 110 basis point drag to full year RevPAR growth and approximately 15 basis points of margin pressure.
Capital Expenditures (CapEx) In 2025, nearly $300 million was invested across the portfolio, including $110 million during the fourth quarter. Significant investments included $85 million for the second phase of guest room renovations at the Rainbow Tower and Palace Tower in Hawaii and over $30 million for renovations at the Hilton New Orleans Riverside.
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Analyst Views on PK
Wall Street analysts forecast PK stock price to fall
7 Analyst Rating
2 Buy
5 Hold
0 Sell
Moderate Buy
Current: 14.500
Low
10.50
Averages
11.93
High
14.00
Current: 14.500
Low
10.50
Averages
11.93
High
14.00
About PK
Park Hotels & Resorts Inc. is a lodging real estate investment trust (REIT) with a portfolio of hotels and resorts. Its portfolio consists of approximately 34 hotels and resorts with 23,000 rooms, located in the United States. It operates the business through three operating segments, which include Core hotels, consolidated Non-Core hotels and unconsolidated hotels. Its Core hotels are located in urban and convention areas, such as New York City, Washington, D.C., Chicago, Boston, New Orleans and Denver; and premier resorts in leisure destinations, including Hawaii, Orlando, Key West and Miami Beach; as well as hotels in select airport and suburban locations. Its Core Hotels include Hilton Hotels & Resorts, Hyatt Regency, Signia by Hilton, DoubleTree by Hilton, DoubleTree by Hilton, Marriott Tribute Portfolio and JW Marriott. Its Non-Core Hotels include Marriott, Marriott Tribute Portfolio and Embassy Suites by Hilton.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Earnings Report Schedule: Park Hotels & Resorts plans to release its Q2 2026 financial results after market close on August 6, 2026, demonstrating the company's commitment to transparency and investor communication.
- Conference Call Timing: The company will hold a conference call on August 7, 2026, at 11:00 a.m. ET to discuss its earnings results and current operational environment, aiming to bolster investor confidence in the company's future prospects.
- Participation Details: Interested participants can join the call by dialing (877) 451-6152 or (201) 389-0879 for international calls, with a recommendation to dial in 10 minutes early, reflecting the company's focus on enhancing the investor experience.
- Investor Relations Website: The webcast will be available on the company's website, with participants encouraged to register 10 minutes prior, and a replay will be archived in the Investor Relations section, further improving information accessibility and transparency.
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- Revenue Growth Outlook: The company anticipates a 3.9% and 4.7% year-over-year increase in comparable revenue per available room (RevPAR) for April and May 2026, respectively, excluding revenue from the Royal Palm South Beach Miami property, indicating robust growth potential in its core operations.
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See More
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- Earnings Report Schedule: Park Hotels & Resorts plans to release its Q2 2026 financial results after market close on August 6, 2026, demonstrating the company's commitment to transparency and investor communication.
- Conference Call Timing: The company will hold a conference call on August 7, 2026, at 11:00 a.m. ET to discuss its earnings results and current operational environment, aiming to bolster investor confidence in the company's future prospects.
- Participation Details: Interested participants can join the call by dialing (877) 451-6152 or (201) 389-0879 for international calls, with a recommendation to dial in 10 minutes early, reflecting the company's focus on enhancing the investor experience.
- Investor Relations Website: The webcast will be available on the company's website, with participants encouraged to register 10 minutes prior, and a replay will be archived in the Investor Relations section, further improving information accessibility and transparency.
See More
Valuation Analysis of U.S. REIT Stocks
- Market Appeal: Among U.S. REITs with market capitalizations between $2B and $10B, Millrose Properties, Park Hotels & Resorts, and Alexandria Real Estate Equities are highlighted as the most attractively valued, reflecting strong market confidence and growth potential for these companies.
- Valuation Grades: According to Seeking Alpha's valuation grades, both Millrose Properties and Park Hotels & Resorts received an A+ rating, indicating they are relatively cheap based on multiple metrics such as P/E, PEG, and EV/Sales, which may attract more investor interest.
- Dividend Yield: Alexandria Real Estate Equities declared a $0.72 dividend per share, showcasing its stable cash flow and commitment to shareholder returns, further enhancing its appeal in the market.
- Industry Trends: As high-yield stocks gain popularity in volatile markets, investor interest in high-yield REITs is increasing, particularly for companies like Apple Hospitality REIT and Highwoods Properties, indicating sustained demand for these asset classes.
See More
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- Stock Surge: Park Hotels & Resorts (PK) shares rose 4.12% to $12.63 during Monday trading, marking the highest level since February 2025, reflecting market optimism about its operational outlook.
- Revenue Growth Outlook: The company anticipates a 3.9% and 4.7% year-over-year increase in comparable revenue per available room (RevPAR) for April and May 2026, respectively, excluding revenue from the Royal Palm South Beach Miami property, indicating robust growth potential in its core operations.
- Strong June Expectations: PK expects June 2026 to be the strongest month of Q2, with group revenue pace up over 14% compared to June 2025, showcasing the company's competitiveness and appeal in a recovering market.
- Asset Sale Proceeds: In May, the company sold its ownership interest in the unconsolidated JV operating the 288-room Embassy Suites by Hilton Alexandria Old Town for $29 million, representing 12.9 times the hotel’s 2025 EBITDA, further enhancing the company's financial flexibility.
See More
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- Performance Exceeds Expectations: Park Hotels reported a 5.5% year-over-year increase in comparable hotel RevPAR for Q1 2026, with resort RevPAR rising 7.6%, indicating strong leisure demand and corporate group trends that are expected to drive future growth.
- Significant Revenue Growth: Total hotel revenues reached $591 million in Q1, up nearly 2%, while adjusted hotel EBITDA was $152 million, implying an EBITDA margin of approximately 26%, reflecting effective cost control and revenue management strategies.
- Strong Asset Performance: Orlando's RevPAR grew about 16%, and Casa Marina in Key West exceeded EBITDA projections by 14%, enhancing the company's overall financial health and competitive positioning in a challenging market.
- Optimistic Future Outlook: Management raised the 2026 RevPAR growth forecast to a range of 0.5%-2.5% and increased adjusted EBITDA guidance by $7 million, demonstrating confidence in market demand recovery while actively addressing macroeconomic risks.
See More
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- Performance Growth: Park Hotels reported a 5.5% year-over-year increase in RevPAR for Q1, indicating sustained strength in leisure demand at resort properties, which enhances the company's competitive position in the recovering market.
- Asset Disposition Progress: The company sold the 396-room Hilton Seattle Airport Hotel for $18 million, with total non-core asset sales reaching $31 million for the year, demonstrating significant progress in reducing non-core asset exposure.
- Upgraded Financial Outlook: Management raised the 2026 RevPAR growth guidance to a range of 0.5% to 2.5%, while adjusted EBITDA expectations were increased to $587 million to $617 million, reflecting a positive outlook for future performance.
- Strong Liquidity Position: As of the end of Q1, the company reported approximately $2 billion in liquidity, ensuring its ability to continue investing and operating amid uncertain market conditions.
See More
Park Hotels PK Q1 2026 Earnings Transcript
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