Park Hotels & Resorts

Park Hotels & Resorts is a real estate investment trust (REIT) based in Tysons, Virginia. It owns large upper-upscale hotels and resorts in the United States, and most of them carry Hilton brands. Park divides its hotels into Core hotels, which it plans to keep, and Non-Core hotels, which it plans to sell.

In Q3 2026, its 20 Core hotels had 15,789 rooms. The largest are the Hilton Hawaiian Village Waikiki Beach Resort (2,886 rooms), the New York Hilton Midtown, the Hilton New Orleans Riverside, the Hilton Chicago and the Bonnet Creek resort complex in Orlando. Third-party operators manage the hotels for Park.

The market prices Park for its debt, its capital needs and slow demand in some city markets. Park had about $1.4 billion of debt that matured in 2026, including the $1.275 billion mortgage on the Hilton Hawaiian Village. It repaid that mortgage on September 30, 2026 with new loans that cost more, and it expects about $13 million of additional interest expense in 2026 from its refinancing. Park is also spending on large renovations, such as the Royal Palm in Miami and the Ali'i Tower in Waikiki.

In September 2026, its Chief Investment Officer left, and the board gave retention share awards to the other executives. For the gap to close, Park must reach its raised 2026 outlook of Adjusted EBITDA of $635 million to $645 million and Adjusted FFO of $2.00 to $2.05 per share (November 4, 2026). Group demand in Hawaii, Orlando and Key West must stay strong, and the Royal Palm, which reopened in July 2026, must earn the 15% to 20% return that Park expects. Park must also sell its remaining Non-Core hotels and reduce its debt.

The Q4 2026 report with the 2027 outlook, expected in February 2027, is the next test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a weaker economy, which would lower hotel demand and make the debt harder to refinance.

1. Nov 4, 2026Passed

   Q3 2026 earnings: outlook and group demandRevPAR growth and Adjusted EBITDA on track for the $617 million to $637 million outlook pass; a cut to the outlook fails.Outcome: Comparable RevPAR rose 8.4% in Q3 2026 and Park raised its 2026 outlook to Adjusted EBITDA of $635 million to $645 million and Adjusted FFO of $2.00 to $2.05 per share.
2. Feb 4, 2027 · est.Pending

   Q4 2026 results and the 2027 outlookA 2027 outlook with higher Adjusted FFO per share and more Non-Core sales passes; an outlook for lower Adjusted FFO fails.

Every passed and failed checkpoint across all picks

• November 4, 2026Park reported Q3 2026 results. Comparable RevPAR was $201.02, up 8.4%, and group rooms revenue rose more than 18%. The net loss was $15 million, and Adjusted EBITDA was $135 million, up 4.0%. Adjusted FFO was $0.39 per share, up 11.2%. Park raised its 2026 outlook to RevPAR growth of 5.5% to 6.0%, Adjusted EBITDA of $635 million to $645 million and Adjusted FFO of $2.00 to $2.05 per share. Preliminary October 2026 Comparable RevPAR rose almost 11%.
• October 29, 2026Park declared a Q4 2026 dividend of $0.25 per share, payable on January 15, 2027. In October 2026, it also sold The Wade, a Non-Core hotel with 520 rooms, for about $19 million.
• September 30, 2026Park repaid in full the $1.275 billion mortgage on the Hilton Hawaiian Village Waikiki Beach Resort, which was due on November 1, 2026. It used the $700 million Bonnet Creek mortgage loan and a $600 million draw on its unsecured delayed draw term loan.

Last earnings

November 4, 2026 (8-K on sec.gov)

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · pk-20260930
• 8-KEarnings releaseFiled November 4, 2026 · Press release and exhibits
• 8-KEnd of a material agreementFiled September 30, 2026 · pk-20260930
• 8-KChange of directors or officersFiled September 11, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled September 10, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 7, 2026 · pk-20260630
• 8-KEarnings releaseFiled August 6, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 1, 2026 · pk-20260331
• 8-KEarnings releaseFiled April 30, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled April 27, 2026 · pk-20260424

Every filing on SEC EDGAR (CIK 1617406)

• Park has about $3.9 billion of debt, and more of it now has variable rates after the 2026 refinancing. Higher interest rates or weaker results make the debt more costly and harder to refinance.
• Hotel demand falls quickly in a weak economy. The Hilton Hawaiian Village alone earned $42 million of the $132 million of Core Hotel Adjusted EBITDA in Q3 2026, so a drop in Hawaii travel has a large effect.
• Large renovations, such as the $100 million work on the Ali'i Tower that started in Q3 2026, take rooms out of service and can cost more than planned.
• The Chief Investment Officer left in September 2026, and the board gave retention awards to keep the other executives. More departures can slow the sale of Non-Core hotels.

Park funds itself with unsecured notes, bank term loans and a few hotel mortgages. At September 30, 2026, debt was $3.92 billion at a weighted average interest rate of 5.87%, up from 5.21% at June 30, 2026, and cash was $295 million, plus $40 million of restricted cash. Read more

Yield at the current rate

6.1% (current annual rate, at today’s price)

Dividend yield

6.1% (last 12 months, at today’s price of $16.43)

Paid per share

$1.00 in the last 12 months (4 payments)

Current annual rate

$1.00 ($0.25 × 4 a year)

Latest ex-dividend date

September 30, 2026, $0.25 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 17.3% a year.

One-off payments far above the usual dividend are left out of these numbers.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.