Here are 1-3 brief analogies for Park Hotels & Resorts (PK):

• 'Simon Property Group for hotels'
• 'Equity Residential for hotels'

• Hotel Accommodations: Providing guest rooms and suites for short-term stays, including associated amenities like housekeeping and concierge services.
• Food and Beverage Services: Offering diverse dining options through on-site restaurants, bars, room service, and catering for events.
• Meeting and Event Facilities: Providing flexible venues and support services for business conferences, social gatherings, and other special events.
• Recreational and Wellness Amenities: Access to facilities such as swimming pools, fitness centers, and spa services for guest use.

Park Hotels & Resorts (symbol: PK) is a lodging Real Estate Investment Trust (REIT) that owns a portfolio of high-end hotel properties. As such, it sells primarily to individuals and groups who stay at its hotels, rather than directly to other companies in a business-to-business transaction.

The major categories of customers that Park Hotels & Resorts serves through its hotel properties include:

• Business Travelers: This category encompasses individuals traveling for corporate purposes, including attending meetings, conferences, conventions, and on business trips. These customers often utilize hotel amenities such as meeting spaces, business centers, and dining facilities, and contribute significantly to weekday occupancy.
• Leisure Travelers: This segment includes individuals, couples, and families traveling for personal reasons such as vacations, tourism, weekend getaways, and special events. These customers typically prioritize amenities like recreational facilities, dining options, and convenient locations for attractions.
• Group Business: This category covers bookings for blocks of rooms and event spaces for various organized groups. This includes corporate meetings and conventions, social events (such as weddings, family reunions, and celebrations), and tour groups. While often arranged by an organization or event planner, the ultimate users are groups of individuals.

• Hilton Worldwide Holdings Inc. (HLT)
• Marriott International, Inc. (MAR)

Thomas J. Baltimore, Jr. Chairman of the Board, President and Chief Executive Officer

Thomas J. Baltimore, Jr. serves as Chairman of the Board, President, and Chief Executive Officer of Park Hotels & Resorts Inc.. Prior to joining Park Hotels, Mr. Baltimore served as the President and Chief Executive Officer of RLJ Lodging Trust (NYSE: RLJ) from 2011 to 2016, and as a member of its board of trustees. Before that, he co-founded RLJ Development, RLJ's predecessor entity, and served as its President from 2000 until 2011. Under Mr. Baltimore's leadership, RLJ, through its affiliated private equity funds, raised over $2 billion in equity from major public and corporate pension funds, financial institutions, and insurance companies, and acquired or disposed of nearly $7 billion in hotel real estate. He successfully led the roll-up and merger of RLJ Development with its two affiliated private equity funds and the subsequent initial public offering (IPO) of RLJ Lodging Trust. Mr. Baltimore previously held senior positions with Hilton Hotels Corporation, Marriott Corporation, and Host Marriott Services Corporation. He began his career in public accounting at Price Waterhouse.

Sean M. Dell'Orto Executive Vice President, Chief Financial Officer and Treasurer

Sean M. Dell'Orto serves as Executive Vice President, Chief Financial Officer and Treasurer of Park Hotels & Resorts Inc.. Most recently, he served as Senior Vice President and Treasurer of Hilton Worldwide Holdings Inc. (NYSE: HLT) from September 2012 until November 2016. During his tenure at Hilton, Mr. Dell'Orto was integral in the company's corporate strategy, capital markets, and investor relations activities, including its IPO. The spin-off of Park Hotels & Resorts from Hilton also involved monetizing real estate assets. Prior to Hilton, he served as Senior Vice President and Chief Financial Officer for Barceló Crestline Corporation, which was a private third-party management company and hotel owner. He also served as Vice President and Treasurer of Highland Hospitality Corporation, a publicly traded lodging REIT.

Thomas C. Morey Executive Vice President, Chief Investment Officer

Thomas C. Morey serves as Executive Vice President, Chief Investment Officer of Park Hotels & Resorts Inc.. Prior to his appointment as Chief Investment Officer in January 2020, Mr. Morey served as Executive Vice President and General Counsel of Park Hotels & Resorts. Before joining Park Hotels & Resorts, he was Senior Vice President and General Counsel of Washington Real Estate Investment Trust (NYSE: WRE) from October 2008 until July 2016.

Nancy M. Vu Executive Vice President, General Counsel and Secretary

Nancy M. Vu serves as Executive Vice President, General Counsel and Secretary of Park Hotels & Resorts Inc..

Joseph M. Piantedosi Executive Vice President, Asset Management

Joseph M. Piantedosi serves as Executive Vice President, Asset Management of Park Hotels & Resorts Inc.. Mr. Piantedosi joined Park in 2017 and was promoted to Senior Vice President in September 2021 and Executive Vice President in December 2023. Prior to joining Park, he served as Vice President, Asset Management at DiamondRock Hospitality (NYSE: DRH) from 2014 until 2017. Before that, Mr. Piantedosi spent 14 years in various finance and hotel operations roles with The Ritz-Carlton Hotel Company and Hilton Worldwide Holdings Inc..

The key risks to Park Hotels & Resorts (PK) are:

1. Debt and Refinancing Risk: Park Hotels & Resorts faces substantial debt maturities, notably a $1.4 billion commercial mortgage-backed security (CMBS) debt on the Hawaiian Village and Hyatt Regency Boston, both maturing in the second half of 2026. This creates significant refinancing risk, particularly in a higher interest rate environment, where obtaining favorable terms is challenging. The company's net debt stood at approximately $3.8 billion as of March 31, 2025.
2. Declining Revenue, Profitability, and Demand Softness: The company has experienced persistent negative revenue growth and declining profitability, including reported net losses. This is driven by a decline in comparable Revenue Per Available Room (RevPAR), reflecting softer demand from leisure and government transient segments, and market-specific weaknesses. Strategic asset sales, while aimed at improving the portfolio, also reduce the overall revenue base in the short term.
3. Labor Issues and Increased Operating Costs: Labor challenges, including staffing shortages and wage pressures, are eroding profit margins and contributing to higher operational expenses for Park Hotels & Resorts. The company's limited flexibility in managing labor and costs compared to its peers is a particular concern.

One clear emerging threat for Park Hotels & Resorts (PK) is the structural shift in traditional business and group travel demand. The lasting impact of remote and hybrid work models has led many corporations to re-evaluate and reduce their need for physical meetings, conferences, and employee travel. This represents a fundamental change in the demand drivers for upscale and luxury urban hotels, which constitute a significant portion of PK's portfolio. While leisure travel has largely rebounded, business travel has lagged and may never return to pre-pandemic levels, potentially leading to long-term lower occupancy rates and average daily rates (ADR) in this critical segment.

Park Hotels & Resorts Inc. (symbol: PK) primarily operates in the luxury and upper-upscale segments of the hotel and resort market exclusively within the United States.

The addressable market sizes for their main products and services are as follows:

• U.S. Hotel Market (Overall): The U.S. hotels market size was estimated at approximately USD 263.21 billion in 2024. It is projected to reach USD 280.63 billion in 2025. This market is expected to grow to USD 395.69 billion by 2030, with a compound annual growth rate (CAGR) of 7.1% from 2025 to 2030.
• U.S. Luxury and Upscale Hotel Segment: In 2024, the luxury and upscale segment represented approximately 61% of the total U.S. hotels market. The United States luxury hotel market specifically was valued at USD 27.1 billion in 2024. This segment is projected to reach USD 42.75 billion in 2025 and is forecast to grow to USD 62.22 billion by 2030, exhibiting a CAGR of 7.79% during that period.

Park Hotels & Resorts (PK) anticipates several key drivers for future revenue growth over the next two to three years:

1. Strategic Renovations and Capital Improvements: The company is investing significantly in high-return-on-investment (ROI) projects, including major renovations of its high-end assets. For instance, a $100 million renovation of the Royal Palm South Beach in Miami is expected to double the hotel's EBITDA upon stabilization. Similarly, projects at the Bonnet Creek complex in Orlando and Casa Marina Resort in Key West have already demonstrated significant RevPAR and EBITDA growth post-renovation. These capital expenditures are designed to enhance property appeal, allowing for higher average daily rates (ADR) and Revenue Per Available Room (RevPAR).
2. Portfolio Reshaping through Non-Core Asset Dispositions: Park Hotels & Resorts is actively divesting non-core hotels, with plans to sell $300 million to $400 million in non-core assets in 2025. This strategy aims to improve the overall quality and profitability of its portfolio, concentrating earnings around properties with higher margins and more predictable performance. By focusing on its top 20 assets, which represent 90% of its portfolio value, the company expects to boost average RevPAR and enhance overall revenue quality.
3. Growth in Group and Business Transient Demand: The company projects continued strength in group revenue pace and business transient demand in several key markets. The Bonnet Creek complex, for example, has shown a 15% increase in group revenue pace for 2025, with strong group demand also noted in Key West. This sustained demand from groups and business travelers is expected to drive higher occupancy and stronger overall results.
4. Market Recovery and Event-Driven Demand: While facing some near-term challenges in certain markets, Park Hotels & Resorts anticipates a modest recovery in the latter half of 2025 and into 2026. This recovery is expected to be driven by easier year-over-year comparisons and stronger group booking patterns. Furthermore, major events like the FIFA 2026 World Cup are identified as potential catalysts that could bring an influx of travelers to host U.S. cities where Park has hotels, such as Miami, Boston, and New York, thereby improving RevPAR and overall revenue.

Share Repurchases

• Park Hotels & Resorts authorized a share repurchase program in February 2022 to buy back up to $300 million of its common stock over a 24-month period, expiring in February 2024.
• In 2024, Park repurchased 8.0 million shares of common stock for a total of $116 million, at an average price of $14.44 per share.
• During the first quarter of 2025, the company repurchased approximately 3.5 million shares of common stock for $45 million, at an average price of $12.80 per share.

Share Issuance

• In May 2024, Park Hotels & Resorts issued $550 million of 7.000% senior notes due 2030.
• The net proceeds from these notes, along with a new $200 million senior unsecured term loan, were primarily used to repurchase or redeem $650 million of senior notes due in 2025.

Outbound Investments

• In January 2023, Park sold the 508-room Hilton Miami Airport hotel for gross proceeds of $118.25 million.
• In October 2023, the company ceased making debt service payments on a $725 million non-recourse CMBS loan secured by two San Francisco hotels (Hilton San Francisco Union Square and Parc 55 San Francisco), effectively surrendering them to the mortgage holder.
• Year-to-date in 2024, Park sold or disposed of three hotels for total gross proceeds of approximately $76 million. The company aims to dispose of $300-$400 million of non-core assets in 2025.

Capital Expenditures

• Park Hotels & Resorts spent nearly $300 million on capital in 2023, with one-third allocated to targeted ROI projects.
• In 2024, the company reinvested approximately $230 million into its portfolio, prioritizing upgrades and resiliency work.
• For 2025, Park expects to incur approximately $310 million to $330 million in capital expenditures, including a $100 million transformative renovation at the Royal Palm South Beach Miami and continued renovations at Hawaii and New Orleans hotels.

The user asked for a summary of capital allocation decisions for Park Hotels & Resorts (PK) over the last 3-5 years. I have gathered information from various earnings call transcripts and press releases, covering the requested categories: Share Repurchases, Share Issuance, Outbound Investments, and Capital Expenditures. There was no specific information found regarding "Inbound Investments" as defined by the user (large investments made in the company by third-parties like strategic partners or private equity firms) within the specified timeframe.

I will now construct the response in HTML format, ensuring each category has 3 or fewer significant points and citations are correctly formatted.