PK · Park Hotels & Resorts Inc.

Park Hotels & Resorts Inc. delivered Q1 2026 results reflecting operational resilience amid mixed portfolio performance. GAAP net income swung to $12 million from a $57 million loss in Q1 2025, driven by lower impairment charges ($5 million vs $70 million) and higher operating income ($62 million vs $7 million), with total revenues slightly down at $622 million due to reduced ancillary and other revenues. Non-GAAP Adjusted EBITDA held steady at $143 million, while Comparable Hotel Adjusted EBITDA dipped 0.3% to $152 million and Core Hotel Adjusted EBITDA fell 2.0% to $141 million, pressured by the Royal Palm's renovation suspension impacting RevPAR growth. Comparable RevPAR rose 2.2% to $191.05 (5.5% excluding Royal Palm), and Core RevPAR increased 1.5% to $210.52 (5.4% excluding Royal Palm), led by resort strength: Bonnet Creek complex up 16% on group demand post-renovation, Hawaii resorts resilient despite storms, and Puerto Rico's Caribe Hilton up 12% on group surge. Urban hotels showed recovery with JW Marriott San Francisco Union Square RevPAR +27%, offsetting Super Bowl lapping at New Orleans. Management highlighted $83 million in Q1 capex, including renovations at Royal Palm (reopening June 2026), Hawaii, and New Orleans. Non-Core disposition progress included sales of Hilton Seattle Airport & Conference Center and Hilton Checkers Los Angeles for $31 million (16.3x 2025 EBITDA), with 9 remaining hotels targeted. Balance sheet liquidity stood at $2.0 billion, supported by new $700 million Bonnet Creek Mortgage Loan (draw until Sep 2026, matures Apr 2029) and existing facilities to refinance $1.548 billion in maturities. Full-year outlook raised to Adjusted EBITDA $587-617 million and Adjusted FFO $1.74-1.90 per share, reflecting easier comps and event tailwinds like World Cup. Q2 dividend maintained at $0.25 per share signals capital return stability.