PRSIOTCLand Subdividers & Developers (No Cemeteries)US GAAP · USD

Portsmouth Square Inc

Portsmouth Square Inc. is a U.S.-based real estate and hospitality company centered on a single property in San Francisco, California. Through its operating subsidiary, it owns and operates a Hilton-branded hotel and related facilities, including parking and other guest-serving amenities.

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Revenue55.8m USD
+20.3 %y/y
Operating profit (EBIT)7.8m USD
+101.2 %y/y
EBIT margin14.0%
+5.6 ppy/y
Net income-5.4m USD
+40.6 %y/y
Free cash flow1.7m USD
+138.6 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-200204060m USD2021: 15 m USD2021: EBIT -6.1 m USD20212022: 32 m USD2022: EBIT 0.74 m USD20222023: 42 m USD2023: EBIT 3.1 m USD20232024: 42 m USD2024: EBIT 0.67 m USD20242025: 46 m USD2025: EBIT 3.9 m USD20252026: 56 m USD2026: EBIT 7.8 m USD2026567.8
RevenueOperating profit (EBIT)
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Business

Share of revenue
Hotel room revenue55 %

Lodging services sold to transient and group guests at the San Francisco hotel.

Food and beverage20 %

Restaurant, banquet, and other guest dining services tied to hotel operations.

Garage and parking15 %

Parking and garage services associated with the hotel property and nearby demand.

Other operating departments10 %

Ancillary hotel revenue streams such as guest services and miscellaneous departments.

Products

Reported · share of revenue
86.7%FY2026100 %
  • Hotel Rooms86.7 %
  • Parking5.9 %
  • Food and Beverage5.7 %
  • Other Operating Departments1.7 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company serves travelers using its San Francisco hotel, including leisure visitors, business travelers, and event-related guests. Demand is driven by occupancy, room rates, and the attractiveness of the property’s location and amenities relative to competing hotels and resorts.

Leisure travelers

Guests visiting San Francisco for tourism who buy rooms, dining, and parking based on location and amenities.

Business travelers

Corporate and individual travelers who need centrally located lodging and reliable hotel services.

Event and group guests

Visitors tied to meetings, conventions, or group travel who use rooms and food-and-beverage services.

Parking customers

Hotel guests and local users who pay for garage access and parking convenience.

Strategy

The company’s operating focus is to keep its San Francisco hotel competitive through selective capital improvements, including guest-room renovations and property upgrades. It also evaluates strategic alternatives and operational adjustments while relying on financing flexibility, cost controls, and brand-standard maintenance to support the asset.

Selective property renovationShort term

Guest-room and facility upgrades help preserve the hotel’s market position and pricing power.

Maintain competitive positioningMedium term

The hotel competes on location, amenities, atmosphere, and technology infrastructure.

Financial flexibilityShort term

Debt service and capital needs require access to cash, borrowing capacity, and refinancing options.

Geography

Portsmouth Square’s business is concentrated in San Francisco, California, where it owns the property that houses its hotel operations. The company’s revenue base is tied to local travel demand, citywide tourism, and conditions in the San Francisco hospitality market.

Risks

The company is highly exposed to San Francisco hotel demand, so local economic weakness, travel disruption, or a decline in tourism can quickly affect operations. Competition, capital intensity, cybersecurity, and financing needs also create material business risk because the company depends on a single property and ongoing investment to stay competitive.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Single-location concentration1Local travel and tourism downturn2Intense competition3Capital expenditure burden4Cybersecurity and IT disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Single-location concentrationImpact: HighLikelihood: Medium

    Substantially all revenue comes from one hotel property in San Francisco, limiting diversification.

    Exposure: San Francisco hotel operations

  2. Local travel and tourism downturnImpact: HighLikelihood: Medium

    Hotel demand depends on visitor traffic, business travel, and citywide economic conditions.

    Exposure: San Francisco tourism and lodging demand

  3. Intense competitionImpact: MediumLikelihood: Medium

    Competing hotels and resorts may have stronger brands, amenities, and marketing resources.

    Exposure: Northern California hotel market

  4. Capital expenditure burdenImpact: MediumLikelihood: Medium

    The property requires ongoing renovations and equipment replacement to remain competitive.

    ExposureGuest roomsFF&ECompliance-related capex
  5. Cybersecurity and IT disruptionImpact: MediumLikelihood: Low

    Hotel operations rely on third-party and internal systems for bookings and data integrity.

    Exposure: Operational systems and guest data

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Accounting

Judgemental items
Revenue recognition by hotel department

Room, food and beverage, garage, and other operating revenues may be recognized at different points in time.

Impact: Affects quarterly revenue mix and comparability

Asset impairment and valuation

The hotel property is a long-lived asset whose carrying value depends on future cash flow assumptions.

Impact: Can materially affect balance sheet and earnings

Accruals and contingencies

Legal proceedings, compliance obligations, and operating liabilities require judgmental estimates.

Impact: Can change expenses and liabilities

Seasonality

Hotel demand and occupancy can vary by quarter, affecting reported operating results.

Impact: Makes interim periods less comparable

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Last updated: 24/09/2026

Portsmouth Square Inc (OTC) – Land Subdividers & Developers (No Cemete | Financial Analysis – Clarifo