Park Hotels & Resorts Stock Earnings Reports

Park Hotels & Resorts reported a stronger-than-expected Q1 2026 driven by leisure strength at resorts and healthier corporate/group demand. Comparable RevPAR rose 5.5% year-over-year excluding the Royal Palm South Beach (which is closed for renovation), with core portfolio RevPAR up ~5.4% excluding Royal Palm. The company highlighted outsized performance at Bonnet Creek, Key West, Southern California and progress on Hawaii renovations. Capital allocation priorities remain: (1) transform core assets via large renovations (Royal Palm Miami, Hawaiian Village Alihi Tower, Waikoloa Palace Tower), (2) continue disposition of 12 remaining noncore hotels (ongoing marketing and active workstreams), and (3) strengthen the balance sheet via refinancing to address material 2026 maturities. Park completed two small noncore asset sales in 2026 ($31M proceeds) and reiterated the Royal Palm is on track for substantial completion by early June; underwriting targets imply a meaningful ADR/EBITDA lift upon stabilization. Liquidity at quarter-end was ~ $2.0B (including $156M cash and ~$1.8B undrawn capacity), and management has secured $1.5B of new commitments (Bonnet Creek delayed-draw mortgage upsized and an $800M delayed-draw term loan) to stagger draws and repay upcoming maturities, which will extend WADM to ~4 years but increase annual interest expense by roughly $28M (about $13M in 2026 AFFO guidance due to timing). The Board declared a $0.25 quarterly dividend (Q2 declared), implying an approximate 9% annualized yield at recent prices. Guidance was tightened/raised modestly: 2026 RevPAR growth range midpoint increased 50 bps to 0.5%–2.5%; adjusted EBITDA midpoint increased by $7M to $587M–$617M; AFFO midpoint increased $0.01 to $1.74–$1.90 per share. Key risks called out include geopolitical tensions, oil/airline cost volatility, and the remaining noncore asset overhang.