PKNYSEHotels & MotelsUS GAAP · USD

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.

Kysy yhtiöstä
Liikevaihto2 541milj. USD
−2,2 %v/v
Liikevoitto (EBIT)−33,0milj. USD
−108,4 %v/v
EBIT-marginaali−1,3%
−16,3 %-yks.v/v
Nettotulos−283milj. USD
−233,5 %v/v
Vapaa kassavirta102milj. USD
−49,5 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−2 000−1 00001 0002 0003 000milj. USD2020: 852 milj. USD2020: EBIT −1 202 milj. USD20202021: 1 362 milj. USD2021: EBIT −179 milj. USD20212022: 2 501 milj. USD2022: EBIT 296 milj. USD20222023: 2 698 milj. USD2023: EBIT 343 milj. USD20232024: 2 599 milj. USD2024: EBIT 391 milj. USD20242025: 2 541 milj. USD2025: EBIT −33 milj. USD20252 541−33
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
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.

Tuotteet

Raportoitu · osuus liikevaihdosta
59,2%27,0%10,2%FY2025100 %
  • Occupancy59,2 %
  • Food and Beverage27,0 %
  • Ancillary Hotel10,2 %
  • Hotel Other3,6 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Park’s customers are primarily transient travelers and group customers using its hotels for business, leisure, meetings, and conventions. A meaningful portion of demand also comes from event organizers and corporate or association groups that need rooms plus banquet and meeting facilities.

Transient guests

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

Group and convention customers

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

Leisure resort guests

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

Corporate and airport travelers

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

Strategia

Park’s strategy is to concentrate capital and management attention on its Core portfolio while using asset sales and acquisitions to improve portfolio quality. It emphasizes active asset management, reinvestment in existing hotels, and maintaining balance-sheet flexibility to support long-term value creation.

Concentrate on Core hotelsKeskipitkä aikaväli

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

Active asset managementLyhyt aikaväli

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

Portfolio pruning and capital recyclingKeskipitkä aikaväli

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

Selective external growthPitkä aikaväli

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

Maantiede

All of Park’s rooms are located in the United States and its territories, with properties concentrated in prime U.S. markets. The portfolio spans major urban and convention markets, resort destinations, and select airport and suburban locations, which makes performance sensitive to domestic travel demand and local market conditions.

Riskit

Park is exposed to cyclical hotel demand, which can weaken during inflationary periods, higher interest rates, recessions, or travel disruptions. Its asset-heavy model also depends on third-party hotel managers, capital-intensive renovations, and successful property transactions, while cybersecurity and lease-related issues can affect operations and reported results.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Macroeconomic and travel demand slowdown1Inflation and elevated interest rates2Dependence on hotel managers3Acquisition and disposition execution risk4Cybersecurity and systems disruption5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Macroeconomic and travel demand slowdownVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Transient and group demand across U.S. markets

  2. Inflation and elevated interest ratesVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    KohdistuuOperating costsDebt serviceCapital allocation
  3. Dependence on hotel managersVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    Kohdistuu: Property-level performance and guest experience

  4. Acquisition and disposition execution riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    Kohdistuu: Portfolio reshaping and external growth

  5. Cybersecurity and systems disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    Kohdistuu: Corporate systems and hotel-manager networks

Kirjanpito

Harkinnanvaraiset erät
Impairment of hotel assets

Hotel carrying values must be recoverable, and changes in intent or market conditions can trigger write-downs.

Vaikutus: A sold hotel triggered a roughly $70 million impairment in the reported period

Accelerated depreciation from renovations

Major property renovations can shorten useful lives or accelerate expense recognition.

Vaikutus: Renovation activity at Royal Palm South Beach Miami increased depreciation

Gain or loss on sale and derecognition of assets

Hotel dispositions can create volatile one-time gains or losses in reported earnings.

Vaikutus: Non-Core hotel sales and ground-lease surrender events affect comparability

FF&E reserve and capital expenditure commitments

Hotel agreements often require ongoing reserve funding for future furniture, fixtures, and equipment needs.

Vaikutus: Affects cash flow timing and liquidity available for other uses

Non-GAAP measures such as Hotel Adjusted EBITDA and FFO

These metrics exclude depreciation, impairments, and transaction items that are material in a hotel REIT.

Vaikutus: Can materially differ from GAAP net income and operating cash generation

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Päivitetty: 24.9.2026