Park Hotels & Resorts (PK)
Market Price (6/20/2026): $14.71 | Market Cap: $2.9 BilSector: Real Estate | Industry: Hotel & Resort REITs
Park Hotels & Resorts (PK)
Market Price (6/20/2026): $14.71Market Cap: $2.9 BilSector: Real EstateIndustry: Hotel & Resort REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% Attractive yieldDividend Yield is 6.8% Low stock price volatilityVol 12M is 32% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Travel & Leisure Tech, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -19% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 20% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 133% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 60x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.7%, Rev Chg QQuarterly Revenue Change % is -1.3% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.8% Key risksPK key risks include [1] significant refinancing risk for a $1.4 billion loan maturing in 2026, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Attractive yieldDividend Yield is 6.8% |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Travel & Leisure Tech, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -19% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 20% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 133% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 60x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.7%, Rev Chg QQuarterly Revenue Change % is -1.3% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.8% |
| Key risksPK key risks include [1] significant refinancing risk for a $1.4 billion loan maturing in 2026, Show more. |
Qualitative Assessment
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Park Hotels & Resorts (PK) stock has gained about 35% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Upgraded Outlook. Park Hotels & Resorts reported robust results for fiscal Q1 2026 (ended March 31, 2026) on April 30, 2026. The company posted diluted Adjusted FFO per share of $0.45, significantly beating analyst estimates of $0.37 by 21.62%. Additionally, Comparable RevPAR (Revenue Per Available Room) increased by 2.2% compared to fiscal Q1 2025, or 5.5% when excluding the Royal Palm South Beach Miami due to renovation. Following these results, the company raised its full fiscal year 2026 RevPAR growth midpoint guidance by 50 basis points to a range of 0.5%-2.5% and increased its Adjusted EBITDA guidance by $7 million at the midpoint to $587 million-$617 million.
2. Favorable U.S. Hotel Industry Macroeconomic Trends. The broader U.S. hotel industry experienced a stronger-than-anticipated fiscal Q1 2026, with overall RevPAR increasing by 8.7% and total revenue per available room (TrevPAR) rising by 9.4% compared to fiscal Q1 2025. This positive momentum, driven by strong leisure travel demand, increased business travel recovery, and a strengthening event calendar, led CoStar Group and Tourism Economics to significantly upgrade their 2026 U.S. RevPAR growth forecast to +2.8%, a considerable increase from earlier, more modest projections. Luxury hotels, a key segment for Park Hotels & Resorts, continued to outperform other chain scales.
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Park Hotels & Resorts (PK) stock has gained about 35% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Upgraded Outlook. Park Hotels & Resorts reported robust results for fiscal Q1 2026 (ended March 31, 2026) on April 30, 2026. The company posted diluted Adjusted FFO per share of $0.45, significantly beating analyst estimates of $0.37 by 21.62%. Additionally, Comparable RevPAR (Revenue Per Available Room) increased by 2.2% compared to fiscal Q1 2025, or 5.5% when excluding the Royal Palm South Beach Miami due to renovation. Following these results, the company raised its full fiscal year 2026 RevPAR growth midpoint guidance by 50 basis points to a range of 0.5%-2.5% and increased its Adjusted EBITDA guidance by $7 million at the midpoint to $587 million-$617 million.
2. Favorable U.S. Hotel Industry Macroeconomic Trends. The broader U.S. hotel industry experienced a stronger-than-anticipated fiscal Q1 2026, with overall RevPAR increasing by 8.7% and total revenue per available room (TrevPAR) rising by 9.4% compared to fiscal Q1 2025. This positive momentum, driven by strong leisure travel demand, increased business travel recovery, and a strengthening event calendar, led CoStar Group and Tourism Economics to significantly upgrade their 2026 U.S. RevPAR growth forecast to +2.8%, a considerable increase from earlier, more modest projections. Luxury hotels, a key segment for Park Hotels & Resorts, continued to outperform other chain scales.
3. Strategic Non-Core Asset Dispositions. Park Hotels & Resorts continued its strategy of disposing of non-core assets, contributing to a more focused portfolio and strengthened financial position. In January 2026, the company sold two hotels, including the Hilton Checkers Los Angeles, generating approximately $31 million in gross proceeds, representing 16.3x 2025 EBITDA for both properties. More recently, the sale of the Hilton Seattle Airport Hotel for $18 million was highlighted as continued progress in reducing non-core asset exposure. These dispositions allow the company to reinvest in its core properties and manage its debt profile.
4. Positive Analyst Sentiment and Price Target Revisions. Analyst sentiment towards Park Hotels & Resorts has shown improvement, with several firms adjusting their price targets. While the average analyst price target for PK over the last three months is $12.50, reflecting a "Hold" consensus, individual analysts issued targets as high as $12.00 in March 2026. More recent analysis, as of June 8, 2026, saw Morgan Stanley raising its price objective on PK to $10.50 from $10.00, following the earnings beat and asset sales. This upward trajectory in analyst expectations, coupled with the stock's actual performance exceeding some previous targets, suggests growing confidence in the company's future prospects.
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Stock Movement Drivers
Fundamental Drivers
The 33.3% change in PK stock from 2/28/2026 to 6/19/2026 was primarily driven by a 33.7% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.04 | 14.72 | 33.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,541 | 2,533 | -0.3% |
| P/S Multiple | 0.9 | 1.2 | 33.7% |
| Shares Outstanding (Mil) | 199 | 199 | 0.0% |
| Cumulative Contribution | 33.3% |
Market Drivers
2/28/2026 to 6/19/2026| Return | Correlation | |
|---|---|---|
| PK | 33.3% | |
| Market (SPY) | 9.2% | 42.9% |
| Sector (XLRE) | 0.7% | 36.2% |
Fundamental Drivers
The 42.6% change in PK stock from 11/30/2025 to 6/19/2026 was primarily driven by a 42.9% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.32 | 14.72 | 42.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,537 | 2,533 | -0.2% |
| P/S Multiple | 0.8 | 1.2 | 42.9% |
| Shares Outstanding (Mil) | 199 | 199 | 0.0% |
| Cumulative Contribution | 42.6% |
Market Drivers
11/30/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| PK | 42.6% | |
| Market (SPY) | 9.9% | 36.1% |
| Sector (XLRE) | 7.1% | 34.8% |
Fundamental Drivers
The 56.0% change in PK stock from 5/31/2025 to 6/19/2026 was primarily driven by a 58.7% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.44 | 14.72 | 56.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,590 | 2,533 | -2.2% |
| P/S Multiple | 0.7 | 1.2 | 58.7% |
| Shares Outstanding (Mil) | 200 | 199 | 0.5% |
| Cumulative Contribution | 56.0% |
Market Drivers
5/31/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| PK | 56.0% | |
| Market (SPY) | 28.1% | 42.0% |
| Sector (XLRE) | 8.8% | 40.2% |
Fundamental Drivers
The 59.1% change in PK stock from 5/31/2023 to 6/19/2026 was primarily driven by a 51.7% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.25 | 14.72 | 59.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,670 | 2,533 | -5.1% |
| P/S Multiple | 0.8 | 1.2 | 51.7% |
| Shares Outstanding (Mil) | 220 | 199 | 10.6% |
| Cumulative Contribution | 59.1% |
Market Drivers
5/31/2023 to 6/19/2026| Return | Correlation | |
|---|---|---|
| PK | 59.1% | |
| Market (SPY) | 85.7% | 57.5% |
| Sector (XLRE) | 34.9% | 50.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PK Return | 10% | -36% | 49% | 1% | -18% | 42% | 23% |
| Peers Return | 21% | -14% | 23% | -2% | -10% | 42% | 59% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| PK Win Rate | 33% | 42% | 50% | 42% | 42% | 83% | |
| Peers Win Rate | 53% | 42% | 57% | 43% | 48% | 77% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PK Max Drawdown | -35% | -46% | -27% | -22% | -36% | -13% | |
| Peers Max Drawdown | -20% | -31% | -23% | -21% | -33% | -10% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HST, RHP, APLE, PEB, SHO. See PK Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | PK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.8% | -18.8% |
| % Gain to Breakeven | 44.5% | 23.1% |
| Time to Breakeven | 413 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.9% | -9.5% |
| % Gain to Breakeven | 14.8% | 10.5% |
| Time to Breakeven | 6 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.9% | -6.7% |
| % Gain to Breakeven | 29.7% | 7.1% |
| Time to Breakeven | 75 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.7% | -24.5% |
| % Gain to Breakeven | 71.4% | 32.4% |
| Time to Breakeven | 469 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -78.5% | -33.7% |
| % Gain to Breakeven | 366.1% | 50.9% |
| Time to Breakeven | 342 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.4% | -19.2% |
| % Gain to Breakeven | 25.6% | 23.8% |
| Time to Breakeven | 59 days | 105 days |
In The Past
Park Hotels & Resorts's stock fell -30.8% during the 2025 US Tariff Shock. Such a loss loss requires a 44.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | PK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.8% | -18.8% |
| % Gain to Breakeven | 44.5% | 23.1% |
| Time to Breakeven | 413 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.9% | -6.7% |
| % Gain to Breakeven | 29.7% | 7.1% |
| Time to Breakeven | 75 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.7% | -24.5% |
| % Gain to Breakeven | 71.4% | 32.4% |
| Time to Breakeven | 469 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -78.5% | -33.7% |
| % Gain to Breakeven | 366.1% | 50.9% |
| Time to Breakeven | 342 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.4% | -19.2% |
| % Gain to Breakeven | 25.6% | 23.8% |
| Time to Breakeven | 59 days | 105 days |
In The Past
Park Hotels & Resorts's stock fell -30.8% during the 2025 US Tariff Shock. Such a loss loss requires a 44.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Park Hotels & Resorts (PK)
Park Hotels & Resorts (PK) operates as a leading publicly traded lodging Real Estate Investment Trust (REIT). In essence, Park owns a substantial portfolio of hotel and resort real estate rather than directly managing the day-to-day operations of individual hotels. This business model allows the company to generate income primarily through rent and revenue shares from its properties, which are typically managed by well-known premium hotel brands.
The company's main "product" is its diverse collection of premium-branded, market-leading hotels and resorts. With approximately 60 properties and over 33,000 rooms, Park's portfolio is strategically concentrated in highly desirable city center and popular resort destinations. These properties represent significant underlying real estate value and are designed to attract a wide range of guests.
Park Hotels & Resorts primarily serves the travel and hospitality market, catering to both business and leisure travelers seeking high-quality accommodation in prime locations. Its clientele includes individuals, families, and groups attending conferences, vacations, or business trips who choose to stay at established, premium hotel brands within its portfolio.
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Here are 1-3 brief analogies for Park Hotels & Resorts (PK):
- They're like the Simon Property Group for hotels and resorts.
- Imagine a company that's a massive landlord for many of the most valuable Apple Stores or Starbucks locations, but exclusively for premium hotels and resorts.
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- Hotel Accommodation: Providing premium-branded rooms and related amenities for guests at hotels and resorts in prime city center and resort locations.
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Park Hotels & Resorts (PK) is a lodging REIT that owns hotels and resorts. As such, it primarily serves a broad base of individuals and groups rather than having a few major corporate customers in the traditional sense. Its revenue is generated from bookings made by a diverse set of guests.
The company primarily serves the following categories of customers:
- Leisure Travelers: Individuals and families booking rooms for vacations, tourism, and personal travel. These customers are attracted to Park's premium-branded hotels and resorts in prime city center and resort locations.
- Business Travelers: Individuals traveling for work-related purposes, including corporate meetings, business trips, and attendance at conferences. Many of Park's properties cater to the needs of business professionals.
- Groups, Conventions, and Events: This category includes bookings from corporations, associations, government entities, and other organizations for conferences, conventions, corporate events, social events (like weddings), and large group stays. These bookings often involve multiple rooms and use of meeting and event facilities within the hotels.
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- Hilton Worldwide Holdings Inc. (NYSE: HLT)
- Marriott International, Inc. (NASDAQ: MAR)
- Hyatt Hotels Corporation (NYSE: H)
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Thomas J. Baltimore, Jr. Chairman, President, and Chief Executive Officer
Thomas J. Baltimore, Jr. has served as Chairman, President, and Chief Executive Officer of Park Hotels & Resorts since 2016. Prior to joining Park Hotels, he was the President and Chief Executive Officer of RLJ Lodging Trust (NYSE: RLJ) and a member of its board of trustees from RLJ's IPO in 2011 until May 2016. He co-founded RLJ Development, RLJ's predecessor entity, and served as its President from 2000 until 2011. Under his leadership, RLJ, through its affiliated private equity funds, raised over $2 billion in equity and was involved in acquiring or disposing of nearly $7 billion in hotel real estate. Earlier in his career, Mr. Baltimore held senior-level positions at Hilton Hotels Corporation, Host Marriott Services Corporation, and Marriott Corporation. He began his career in public accounting at Price Waterhouse. Mr. Baltimore currently serves on the boards of American Express Company (NYSE: AXP) and Comcast Corporation (Nasdaq: CMCSA), and is the Lead Independent Director of Prudential Financial, Inc. (NYSE: PRU).
Sean M. Dell'Orto Executive Vice President, Chief Operating Officer, Chief Financial Officer & Treasurer
Sean M. Dell'Orto serves as Executive Vice President, Chief Operating Officer, Chief Financial Officer, and Treasurer of Park Hotels & Resorts Inc. He was appointed Chief Operating Officer effective February 12, 2026, while continuing in his roles as Executive Vice President, Chief Financial Officer, and Treasurer, which he has held since the company's spin-off from Hilton Worldwide Holdings, Inc. in 2017. Before joining Park Hotels, Mr. Dell'Orto was Senior Vice President and Treasurer of Hilton Worldwide Holdings Inc. from September 2012 to November 2016, and Vice President of Corporate Finance of Hilton from February 2010 to September 2012. His prior experience also includes serving as Senior Vice President and Chief Financial Officer for Barceló Crestline Corporation and as Vice President and Treasurer of Highland Hospitality Corporation. Mr. Dell'Orto is a Trustee for the ServiceSource Foundation and serves on the board of The University of Virginia Foundation.
Thomas C. Morey Executive Vice President, Chief Investment Officer
Thomas C. Morey serves as Executive Vice President and Chief Investment Officer of Park Hotels & Resorts Inc. He was appointed to this role in January 2020. Prior to becoming Chief Investment Officer, 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.
Joseph M. Piantedosi Executive Vice President, Asset Management
Joseph M. Piantedosi is the Executive Vice President, Asset Management for Park Hotels & Resorts Inc. He joined Park in 2017 and was promoted to Senior Vice President in September 2021 and Executive Vice President in December 2023. Before joining Park, Mr. Piantedosi served as Vice President, Asset Management at DiamondRock Hospitality (NYSE: DRH) from 2014 until 2017. He also spent 14 years in various finance and hotel operations roles with The Ritz-Carlton Hotel Company and Hilton Worldwide Holdings Inc.
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. Her previous roles include Senior Director, Asset Management at Choice Hotels International (NYSE: CHH) from 2014 to 2016. Before that, she was Senior Counsel at RLJ Lodging Trust (NYSE: RLJ) from 2013 to 2014 and at Choice Hotels International from 2010 to 2013.
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- High Debt Levels and Refinancing Risk: Park Hotels & Resorts faces significant financial risk due to its substantial debt, which was approximately $3.8 billion as of March 31, 2025. There are large debt maturities approaching, notably in 2026, including a $1.28 billion commercial mortgage-backed security on Hilton Hawaiian Village and a $123 million mortgage on Hyatt Regency Boston. This creates considerable refinancing risk, particularly in an environment of elevated interest rates.
- Operational and Market Headwinds: The company is experiencing pressure on Revenue Per Available Room (RevPAR), a critical metric for the lodging industry. The full-year 2025 outlook anticipates a potential decline in comparable RevPAR. Specific markets, such as Hawaii, have shown significant weakness, with RevPAR plummeting by 15.2% in the first quarter of 2025. Broader economic disruptions, including inflation, fluctuating interest rates, and potential recessions, can adversely impact consumer travel demand and, consequently, hotel revenues.
- Rising Labor Costs and Staffing Shortages: Park Hotels & Resorts is exposed to ongoing elevated labor costs and industry-wide staffing shortages. These factors are expected to continue, with labor costs forecasted to grow by 4% to 4.5% in 2026, which could erode operating margins if not effectively offset by cost savings or technological efficiencies.
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The long-term structural impact of remote and hybrid work models on business travel and conventions. This shift reduces the historical demand for premium city-center hotels and resorts, which constitute a significant portion of Park Hotels & Resorts' portfolio.
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Park Hotels & Resorts (symbol: PK) operates primarily in the U.S. lodging market, specifically focusing on premium-branded hotels and resorts within the luxury and upper upscale segments.
The addressable market for their main products and services can be identified as follows:
- U.S. Hotel Market (overall lodging industry): The U.S. hotels market size was estimated at approximately USD 263.21 billion in 2024. This market is projected to grow to approximately USD 395.69 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 7.1% from 2025 to 2030.
- U.S. Luxury and Upscale Hotel Segment: This segment accounted for about 61% of the total U.S. hotel market in 2024. More specifically, the United States luxury hotel market was valued at approximately USD 28.59 billion in 2025 and is projected to reach around USD 45.43 billion by 2034, growing at a CAGR of 5.28% from 2026-2034. Another estimate places the U.S. luxury hotel market at approximately USD 45.89 billion in 2026, with a projection to grow to USD 65.46 billion by 2031 at a CAGR of 7.35%.
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Park Hotels & Resorts (PK) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives focused on optimizing its portfolio, enhancing property performance, and benefiting from an improving travel environment.
Here are the key drivers of future revenue growth:
- RevPAR Growth from Improving Demand: Park Hotels & Resorts anticipates continued growth in Revenue Per Available Room (RevPAR) driven by a normalization of leisure demand and an increase in group and international inbound travel. Forecasts indicate RevPAR growth ranging from flat to 2% for the full year 2026 and 2-5% in 2026, partly attributed to the FIFA 2026 World Cup attracting travelers to key U.S. cities where Park has properties, such as Miami, Boston, and New York.
- Strategic Renovations and Capital Investments: The company is undertaking significant capital improvement projects to enhance its portfolio and drive future performance. In 2025, nearly $300 million was invested in renovations, including substantial guest room upgrades in Hawaii. These completed renovations are expected to contribute approximately $30 million in incremental EBITDA in 2026 and are aimed at boosting average daily rate (ADR) and banquet yields.
- Portfolio Optimization and Asset Recycling: Park Hotels & Resorts is focused on optimizing its portfolio by concentrating on its most valuable assets and divesting non-core properties. The company's strategy centers on its top 20 assets, which represent about 90% of its total portfolio value. Over the past nine years, the disposition of 51 hotels, totaling more than $3 billion, has led to an approximate 8% increase in nominal RevPAR and a 275 basis point improvement in hotel Adjusted EBITDA margins since 2023. This capital recycling strategy helps reduce debt and fund ongoing capital expenditures.
- Operational Efficiencies and Cost Management: While not a direct revenue generator, the company's focus on operational efficiencies and cost discipline is expected to support margin expansion, which indirectly contributes to growth by improving profitability and allowing for reinvestment. The company has demonstrated success in keeping expense growth relatively flat. Management aims for margin improvement through technology and operational efficiencies.
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Share Repurchases
- Park Hotels & Resorts returned $1.3 billion of capital to shareholders over the three years ending in 2025, which included share repurchases representing over 12% of total outstanding shares.
- In 2025, the company repurchased $45 million in shares.
- As of October 2024, the company had bought back 19.5 million shares over the preceding 18-20 months.
Share Issuance
- No significant share issuances for capital raising purposes were identified during the last 3-5 years. The number of outstanding shares generally decreased during this period due to repurchases.
Outbound Investments
- In 2025, Park Hotels & Resorts recycled over $132 million from the exit of six non-core hotels. The company aimed to dispose of $300-$400 million in non-core assets in 2025.
- During 2024, the company disposed of three hotels, including two joint venture hotels, for a combined $200 million.
- The company has a long-term strategy of divesting non-core assets, having disposed of 43 assets worth nearly $3 billion since its spin-off.
Capital Expenditures
- Park Hotels & Resorts spent nearly $300 million on capital improvements across its portfolio in 2025.
- The company targeted $260 million to $280 million in strategic capital investments for 2024 and expects to spend $230 million to $260 million in capital expenditures for 2026.
- A primary focus of capital expenditures includes a $103 million comprehensive renovation at the Royal Palm South Beach Miami, along with guestroom renovations at the Hilton Hawaiian Village Waikiki Beach Resort, Hilton Waikoloa Village, and Hilton New Orleans Riverside.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Park Hotels & Resorts Earnings Notes | 12/24/2025 | |
| How Low Can Park Hotels & Resorts Stock Really Go? | 10/17/2025 | |
| Park Hotels & Resorts vs Verizon Communications: Which Is A Better Investment? | 08/18/2025 | |
| How Does Park Hotels & Resorts Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Now Is Not The Time To Buy Park Hotels & Resorts Stock | 08/09/2025 | |
| Park Hotels & Resorts (PK) Operating Cash Flow Comparison | 08/08/2025 | |
| Park Hotels & Resorts (PK) Debt Comparison | 08/08/2025 | |
| Park Hotels & Resorts (PK) EBITDA Comparison | 08/08/2025 | |
| ARTICLES | ||
| Small Cap Stocks Trading At 52-Week High | 06/17/2026 |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 17.82 |
| Mkt Cap | 3.4 |
| Rev LTM | 2,017 |
| Op Inc LTM | 242 |
| FCF LTM | 279 |
| FCF 3Y Avg | 268 |
| CFO LTM | 370 |
| CFO 3Y Avg | 409 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.5% |
| Rev Chg 3Y Avg | 2.4% |
| Rev Chg Q | 5.6% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 5.2% |
| Op Inc Chg 3Y Avg | 0.3% |
| Op Mgn LTM | 11.6% |
| Op Mgn 3Y Avg | 12.5% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 22.4% |
| CFO/Rev 3Y Avg | 22.4% |
| FCF/Rev LTM | 17.0% |
| FCF/Rev 3Y Avg | 16.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.4 |
| P/S | 2.5 |
| P/Op Inc | 17.7 |
| P/EBIT | 20.4 |
| P/E | 19.9 |
| P/CFO | 10.9 |
| Total Yield | 4.3% |
| Dividend Yield | 3.8% |
| FCF Yield 3Y Avg | 8.4% |
| D/E | 0.5 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 13.8% |
| 3M Rtn | 43.1% |
| 6M Rtn | 40.3% |
| 12M Rtn | 56.8% |
| 3Y Rtn | 52.9% |
| 1M Excs Rtn | 15.5% |
| 3M Excs Rtn | 26.5% |
| 6M Excs Rtn | 31.0% |
| 12M Excs Rtn | 31.8% |
| 3Y Excs Rtn | -25.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Core Hotels | 2,006 | ||||
| Non-Core Hotels | 443 | ||||
| Other revenues | 92 | 85 | 75 | 51 | |
| Hotels | 2,599 | 2,613 | 2,426 | 1,311 | |
| Total | 2,541 | 2,599 | 2,698 | 2,501 | 1,362 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Core Hotels | 7,194 | ||||
| Non-Core Hotels | 461 | ||||
| All other | 45 | 8 | 13 | 5 | 19 |
| Hotels | 9,153 | 9,406 | 9,726 | 9,724 | |
| Total | 7,700 | 9,161 | 9,419 | 9,731 | 9,743 |
Price Behavior
| Market Price | $14.72 | |
| Market Cap ($ Bil) | 2.9 | |
| First Trading Date | 12/13/2016 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $12.09 | $10.95 |
| DMA Trend | up | up |
| Distance from DMA | 21.7% | 34.4% |
| 3M | 1YR | |
| Volatility | 31.4% | 31.8% |
| Downside Capture | 2.61 | 63.59 |
| Upside Capture | 129.70 | 99.78 |
| Correlation (SPY) | 36.9% | 40.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.23 | 1.49 | 1.06 | 0.94 | 1.16 | 1.29 |
| Up Beta | 1.85 | 2.23 | 1.17 | 1.33 | 1.54 | 1.49 |
| Down Beta | 2.33 | 2.77 | 1.73 | 1.53 | 1.54 | 1.26 |
| Up Capture | 90% | 85% | 83% | 66% | 85% | 121% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 22 | 33 | 60 | 116 | 357 |
| Down Capture | 57% | 62% | 81% | 48% | 89% | 106% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 19 | 29 | 63 | 128 | 381 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PK | |
|---|---|---|---|---|
| PK | 58.9% | 31.6% | 1.48 | - |
| Sector ETF (XLRE) | 8.7% | 14.1% | 0.36 | 40.2% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 40.0% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 3.7% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -12.6% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 45.6% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 17.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PK | |
|---|---|---|---|---|
| PK | -0.2% | 37.5% | 0.09 | - |
| Sector ETF (XLRE) | 2.6% | 19.1% | 0.04 | 51.7% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 62.0% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 3.5% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 17.4% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 57.5% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 27.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PK | |
|---|---|---|---|---|
| PK | 1.0% | 46.0% | 0.19 | - |
| Sector ETF (XLRE) | 6.7% | 20.4% | 0.28 | 52.7% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 56.6% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | -0.9% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 24.2% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 60.1% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 19.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -1.0% | -2.4% | 12.5% |
| 2/19/2026 | -1.5% | 2.5% | -10.1% |
| 10/30/2025 | -4.1% | -5.3% | -1.5% |
| 7/31/2025 | -3.9% | -3.2% | 10.3% |
| 5/5/2025 | -1.1% | 1.2% | -0.3% |
| 2/19/2025 | -0.5% | -5.7% | -11.5% |
| 11/12/2024 | 0.8% | -4.6% | 3.9% |
| 7/31/2024 | -2.1% | -9.5% | 0.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 12 | 13 |
| # Negative | 16 | 12 | 11 |
| Median Positive | 2.3% | 2.7% | 8.5% |
| Median Negative | -2.1% | -3.9% | -8.4% |
| Max Positive | 12.4% | 20.5% | 61.5% |
| Max Negative | -5.5% | -9.5% | -19.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -1.0% | -2.4% | 12.5% |
| 2/19/2026 | -1.5% | 2.5% | -10.1% |
| 10/30/2025 | -4.1% | -5.3% | -1.5% |
| 7/31/2025 | -3.9% | -3.2% | 10.3% |
| 5/5/2025 | -1.1% | 1.2% | -0.3% |
| 2/19/2025 | -0.5% | -5.7% | -11.5% |
| 11/12/2024 | 0.8% | -4.6% | 3.9% |
| 7/31/2024 | -2.1% | -9.5% | 0.3% |
| 4/30/2024 | -1.0% | 0.0% | -3.6% |
| 2/27/2024 | 4.8% | 8.7% | 12.4% |
| 11/1/2023 | 12.4% | 13.8% | 30.3% |
| 8/2/2023 | -4.1% | 1.9% | -3.8% |
| 5/1/2023 | 2.1% | 7.4% | 8.5% |
| 2/22/2023 | 1.7% | 2.0% | -19.7% |
| 11/2/2022 | -4.4% | -8.1% | 0.7% |
| 8/3/2022 | -3.2% | -0.2% | -10.6% |
| 5/2/2022 | -0.7% | -2.1% | -8.4% |
| 2/17/2022 | -2.8% | -4.9% | -6.9% |
| 11/3/2021 | -2.1% | 2.9% | -16.6% |
| 8/5/2021 | 0.8% | 0.8% | 0.3% |
| 5/6/2021 | 4.0% | -1.5% | 0.9% |
| 2/25/2021 | 2.6% | -0.2% | 3.2% |
| 11/5/2020 | -5.5% | 20.5% | 61.5% |
| 8/5/2020 | -0.5% | 14.3% | 18.4% |
| SUMMARY STATS | |||
| # Positive | 8 | 12 | 13 |
| # Negative | 16 | 12 | 11 |
| Median Positive | 2.3% | 2.7% | 8.5% |
| Median Negative | -2.1% | -3.9% | -8.4% |
| Max Positive | 12.4% | 20.5% | 61.5% |
| Max Negative | -5.5% | -9.5% | -19.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/02/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 08/01/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 RevPAR | 192 | 194 | 196 | 1.0% | Raised | Guidance: 192 for 2026 | |
| 2026 RevPAR Growth | 0.5% | 1.5% | 2.5% | 50.0% | 0.5% | Raised | Guidance: 1.0% for 2026 |
| 2026 Net Income | 66.00 Mil | 81.00 Mil | 96.00 Mil | -3.6% | Lowered | Guidance: 84.00 Mil for 2026 | |
| 2026 Net Income Attributable to Stockholders | 58.00 Mil | 73.00 Mil | 88.00 Mil | -5.2% | Lowered | Guidance: 77.00 Mil for 2026 | |
| 2026 EPS | 0.29 | 0.36 | 0.44 | -5.2% | Lowered | Guidance: 0.39 for 2026 | |
| 2026 Adjusted EBITDA | 587.00 Mil | 602.00 Mil | 617.00 Mil | 1.2% | Raised | Guidance: 595.00 Mil for 2026 | |
| 2026 Adjusted FFO per share | 1.74 | 1.82 | 1.9 | 0.6% | Raised | Guidance: 1.81 for 2026 | |
| 2026 Capital Expenditures | 230.00 Mil | 245.00 Mil | 260.00 Mil | ||||
Prior: Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 RevPAR | 190 | 192 | 194 | 4.1% | Higher New | Actual: 184 for 2025 | |
| 2026 RevPAR Growth | 0.0% | 1.0% | 2.0% | Higher New | |||
| 2026 Net Income | 69.00 Mil | 84.00 Mil | 99.00 Mil | Higher New | Actual: -47.50 Mil for 2025 | ||
| 2026 EPS | 0.31 | 0.39 | 0.46 | Higher New | |||
| 2026 Adjusted EBITDA | 580.00 Mil | 595.00 Mil | 610.00 Mil | -2.1% | Lower New | Actual: 607.50 Mil for 2025 | |
| 2026 Adjusted FFO per share | 1.73 | 1.81 | 1.89 | -5.2% | Lower New | Actual: 1.91 for 2025 | |
Insider Activity
Updated 4/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kelly, Christie B | Direct | Buy | 1162026 | 11.19 | 2,949 | 33,008 | 1,684,558 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kelly, Christie B | Direct | Buy | 1162026 | 11.19 | 2,949 | 33,008 | 1,684,558 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Hotel & Resort REITs Resources |
| Hotel News Now |
| Hospitality Net |
| Lodging Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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