Park Hotels and Resorts Inc. Reports First Quarter 2026 Results

Park Hotels & Resorts Inc. announced results for the first quarter ended March 31, 2026 and provided an operational update and an update on its Non-Core hotel disposition initiative.

Financial Performance
- Comparable RevPAR: $191.05, up 2.2% year-over-year (or 5.5% excluding Royal Palm South Beach Miami, which is under renovation).
- Core RevPAR: $210.52, up 1.5% year-over-year (or 5.4% excluding Royal Palm).
- Net income: $12 million (vs. a $57 million loss in Q1 2025).
- Adjusted EBITDA: $143 million (flat compared to last year).
- Diluted EPS: $0.05.
- Adjusted FFO per share: $0.45.

Operational Highlights
- Resorts drove growth:
- Bonnet Creek complex (Orlando): RevPAR up ~16%, group revenues up ~19%.
- Hawaii: modest RevPAR growth despite storm impacts.
- Puerto Rico & Santa Barbara: strong group and transient demand.
- Urban hotels: New York, San Francisco, Denver showed resilience.
- Capital investments: $83 million spent in Q1, including Hawaii tower renovations and Royal Palm’s comprehensive overhaul (reopening June 2026).
- Non-Core dispositions: Sold Hilton Seattle Airport & Conference Center and Hilton Checkers Los Angeles for ~$31 million.

Balance Sheet & Liquidity
- Liquidity: ~$2.0 billion (including $1 billion revolver capacity).
- Net debt: ~$3.8 billion.
- New $700 million Bonnet Creek mortgage loan secured, maturing 2029, to manage upcoming debt maturities.

Dividends
- Paid Q1 dividend of $0.25/share.
- Declared Q2 dividend of $0.25/share (payable July 15, 2026).

Outlook for FY 2026
- RevPAR growth: 0.5%–2.5% vs. 2025.
- Net income: $66–96 million.
- Adjusted EBITDA: $587–617 million.
- Adjusted FFO/share: $1.74–1.90.
- Demand tailwinds expected from major events like the World Cup and the U.S. 250th anniversary celebrations.

Overall, Park Hotels delivered a solid quarter, turning last year’s loss into profit, with resorts leading the way and a clear focus on portfolio quality through renovations and non-core asset sales.