Park Hotels & Resorts Inc.

Park Hotels & Resorts Inc. is a U.S.-based lodging REIT that owns premium-branded hotels and resorts through its operating partnership structure. Its portfolio is concentrated in major U.S. urban, convention, airport, and leisure destinations, with properties operated under well-known hotel brands.

11,9 %

−11,1 %

−2,2 %

— Park Hotels & Resorts Inc.
%
Rooms revenue60% Revenue from transient, group, contract, and other room rentals across the hotel portfolio.
Food and beverage27% Banquet, catering, outlet dining, and audio-visual revenue tied to hotel guests and events.
Ancillary hotel revenue10% Parking, spa, golf, telecommunications, tenant leases, and other guest services.
Other revenue3% Support services and reimbursements related to timeshare-adjacent hotel operations.

Park’s customers are primarily transient travelers and group customers using its hotels for business, leisure,...

  • Transient guestsprimary

    Individual business and leisure travelers booking room nights, often through brand channels and online intermediaries.

  • Group and convention customersprimary

    Organizations booking blocks of rooms plus meeting, banquet, and catering services for events.

  • Leisure resort guestssecondary

    Vacation travelers staying at resort properties in destinations such as Hawaii, Orlando, Miami Beach, and Key West.

  • Corporate and airport travelerssecondary

    Business travelers using urban and airport hotels for access to commercial centers and travel hubs.

All of Park’s rooms are located in the United States and its territories, with properties concentrated in prime U.S...

  • •All rooms are located in the United States and its territories
  • •Core hotels are concentrated in major U.S. urban and convention markets
  • •Resort exposure includes Hawaii, Orlando, Key West, and Miami Beach
  • •Select airport and suburban hotels diversify the portfolio
  • •Local market competition and travel demand drive property-level results

Park’s strategy is to concentrate capital and management attention on its Core portfolio while using asset sales and...

01
Concentrate on Core hotelsmedium-term

The Core portfolio is the main source of operating earnings and contains the highest-quality assets.

02
Active asset managementshort-term

Renovations, amenity upgrades, and space optimization can improve hotel-level returns without changing the portfolio footprint.

03
Portfolio pruning and capital recyclingmedium-term

Selling Non-Core hotels can sharpen the portfolio mix and free capital for higher-return uses.

04
Selective external growthlong-term

Acquisitions and portfolio transactions can expand scale and diversify the asset base when pricing is attractive.

Park is exposed to cyclical hotel demand, which can weaken during inflationary periods, higher interest rates,...

high

Macroeconomic and travel demand slowdown

Hotel revenues depend on occupancy, ADR, and RevPAR, which weaken when consumers or businesses travel less.

Scope
Transient and group demand across U.S. markets
Materiality
high
high

Inflation and elevated interest rates

Higher costs and financing pressure can reduce cash flow and limit the ability to pass through pricing.

Scope
Operating costs, debt service, and capital allocation
Materiality
high
medium

Dependence on hotel managers

Park relies on third-party operators to run day-to-day hotel operations and execute brand standards.

Scope
Property-level performance and guest experience
Materiality
high
medium

Acquisition and disposition execution risk

Hotel transactions are competitive and illiquid, so timing, pricing, and integration can be unfavorable.

Scope
Portfolio reshaping and external growth
Materiality
medium
medium

Cybersecurity and systems disruption

Hotel and corporate systems handle operational data and personal information, creating breach and outage risk.

Scope
Corporate systems and hotel-manager networks
Materiality
medium
Impairment of hotel assets
A sold hotel triggered a roughly $70 million impairment in the reported period
Accelerated depreciation from renovations
Renovation activity at Royal Palm South Beach Miami increased depreciation
Gain or loss on sale and derecognition of assets
Non-Core hotel sales and ground-lease surrender events affect comparability
FF&E reserve and capital expenditure commitments
Affects cash flow timing and liquidity available for other uses
Non-GAAP measures such as Hotel Adjusted EBITDA and FFO
Can materially differ from GAAP net income and operating cash generation

HOST HOTELS & RESORTS, INC.

HST · Real Estate Investment Trusts

Sunstone Hotel Investors, Inc.

SHO · Hotels & Motels

Summit Hotel Properties, Inc.

INN · Real Estate Investment Trusts

Apple Hospitality REIT, Inc.

APLE · Real Estate Investment Trusts

PARKS AMERICA, INC

PRKA · Services-Miscellaneous Amusement & Recreation

RLJ Lodging Trust

RLJ · Real Estate Investment Trusts

: 29/04/2026