Park Hotels and Resorts Inc. Reports Second Quarter 2026 Results

Park Hotels & Resorts Inc. announced results for the second quarter ended June 30, 2026 and provided an operational update and an update on its Non-Core hotel disposition initiative.

Financial Performance
- Comparable RevPAR: $216.87, up 5.8% YoY (6.8% excluding Royal Palm Miami, which reopened in July after renovation).
- Core RevPAR: $233.49, up 6.0% YoY (7.1% excluding Royal Palm).
- Net Income: $50M vs. a loss of $2M last year.
- Adjusted EBITDA: $198M, up 8.6% YoY.
- Diluted EPS: $0.24 vs. $(0.02) last year.
- Adjusted FFO per share: $0.70, up 9% YoY.

Operational Highlights
- Hilton Hawaiian Village Waikiki Beach Resort: RevPAR up 12%, strong group and leisure demand.
- Bonnet Creek complex (Orlando): RevPAR up 13%, EBITDA > $107M (TTM).
- Casa Marina Key West: RevPAR up 14%, group revenue +44%.
- Hilton Chicago: RevPAR up 14%.
- Royal Palm Miami: Reopened July 2026 after $100M renovation.

Strategic Moves
- Non-Core Dispositions: Sold/exited 4 hotels in Q2 for ~$65M proceeds (13.7x 2025 EBITDA).
- Debt Management:
- New $700M Bonnet Creek mortgage loan (to be drawn in Q3).
- Drew $200M from $800M delayed draw term loan to repay Hyatt Regency Boston debt.
- Liquidity at $2.6B vs. net debt of $3.7B.
- Capital Investments: $64M in Q2, including Royal Palm renovation. Next: $100M renovation of Ali’i Tower at Hilton Hawaiian Village.

Shareholder Returns
- Dividend: $0.25 per share for Q2 (paid July 15).
- Declared Q3 dividend: $0.25 per share (payable Oct 15).

Outlook for FY 2026
- RevPAR: $198–$201 (up 3–4.5% YoY).
- Net Income: $78–$98M.
- Adjusted EBITDA: $617–$637M.
- Adjusted FFO per share: $1.90–$2.00.
- Guidance raised due to strong Q2 and July performance.

👉 Overall, Park Hotels delivered strong growth in group and leisure demand, successfully executed asset sales, and strengthened its balance sheet while investing in flagship renovations.