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At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +23.82% per year. These returns cover a period from January 1, 1988 through October 5, 2026. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zacks Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. Zacks may license the Zacks Mutual Fund rating provided herein to third parties, including but not limited to the issuer.

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Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Park Hotels & Resorts (PK - Free Report) , which currently has a Momentum Style Score of B. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Park Hotels & Resorts currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for PK that show why this company shows promise as a solid momentum pick.

Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For PK, shares are up 2.77% over the past week while the Zacks REIT and Equity Trust - Other industry is up 1.32% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 5.53% compares favorably with the industry's 0.5% performance as well.

Considering longer term price metrics, like performance over the last three months or year, can be advantageous as well. Shares of Park Hotels & Resorts have increased 9.72% over the past quarter, and have gained 47.07% in the last year. On the other hand, the S&P 500 has only moved 3.84% and 14.19%, respectively.

Investors should also take note of PK's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now PK is averaging 4,117,307 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with PK.

Over the past two months, 3 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost PK's consensus estimate, increasing from $1.98 to $2.02 in the past 60 days. Looking at the next fiscal year, 3 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineTaking into account all of these elements, it should come as no surprise that PK is a #2 (Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Park Hotels & Resorts on your short list.

Park Hotels & Resorts Inc. (NYSE:PK – Get Free Report) hit a new 52-week high during mid-day trading on Friday. The stock traded as high as $16.33 and last traded at $16.2940, with a volume of 646,195 shares. The stock had previously closed at $15.72.

Analysts Set New Price Targets Several equities research analysts recently weighed in on PK shares. Barclays raised their price target on shares of Park Hotels & Resorts from $12.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, August 27th. UBS Group upgraded shares of Park Hotels & Resorts from a “neutral” rating to a “hold” rating in a report on Monday, September 28th. Morgan Stanley upped their price objective on Park Hotels & Resorts from $11.00 to $13.00 and gave the company an “equal weight” rating in a research report on Monday, October 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Park Hotels & Resorts in a research report on Friday, August 14th. Finally, JPMorgan Chase & Co. increased their target price on Park Hotels & Resorts from $13.00 to $14.00 and gave the company an “underweight” rating in a research note on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $15.91.

Check Out Our Latest Stock Analysis on Park Hotels & Resorts

Park Hotels & Resorts Trading Up 1.1% The stock has a 50-day simple moving average of $15.34 and a two-hundred day simple moving average of $13.78. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.53 and a current ratio of 1.53. The firm has a market cap of $3.20 billion, a PE ratio of -19.16 and a beta of 1.36. Park Hotels & Resorts (NYSE:PK – Get Free Report) last posted its earnings results on Thursday, August 6th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.24. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The business had revenue of $680.00 million for the quarter, compared to analysts’ expectations of $659.68 million. During the same quarter in the prior year, the business earned $0.64 EPS. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. Park Hotels & Resorts has set its FY 2026 guidance at 1.900-2.000 EPS. As a group, sell-side analysts anticipate that Park Hotels & Resorts Inc. will post 1.86 EPS for the current year.

Park Hotels & Resorts Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 6.3%. Park Hotels & Resorts’s dividend payout ratio is -120.48%.

Institutional Investors Weigh In On Park Hotels & Resorts Several institutional investors and hedge funds have recently added to or reduced their stakes in PK. Global Retirement Partners LLC bought a new stake in Park Hotels & Resorts in the 2nd quarter worth approximately $25,000. Fifth Third Bancorp lifted its holdings in shares of Park Hotels & Resorts by 68.8% during the 1st quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider’s stock valued at $27,000 after buying an additional 1,061 shares during the period. Nykredit A S bought a new position in shares of Park Hotels & Resorts during the 2nd quarter valued at $67,000. IFP Advisors Inc lifted its holdings in shares of Park Hotels & Resorts by 182.5% during the 2nd quarter. IFP Advisors Inc now owns 5,065 shares of the financial services provider’s stock valued at $72,000 after buying an additional 3,272 shares during the period. Finally, Parkside Financial Bank & Trust boosted its stake in shares of Park Hotels & Resorts by 23.9% in the 2nd quarter. Parkside Financial Bank & Trust now owns 5,091 shares of the financial services provider’s stock worth $73,000 after buying an additional 982 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

(Get Free Report)

Park Hotels & Resorts Inc (NYSE:PK) is a real estate investment trust that owns and leases a portfolio of hotels and resorts. The company focuses primarily on upper-upscale and luxury properties in high-demand business and leisure destinations.

Park’s portfolio includes full-service hotels operating under well-known hospitality brands, including Hilton, Hyatt and Marriott, as well as independent properties. Its hotels provide lodging, food and beverage, meeting and event facilities, resort amenities and other guest services.

Park Hotels & Resorts was formed in 2016 and became an independent, publicly traded company in 2017 after being spun off from Hilton Worldwide Holdings.

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TYSONS, Va.--(BUSINESS WIRE)---- $PK--Park Hotels & Resorts Inc. ("Park") (NYSE: PK) today announced that it has successfully repaid the $1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort ("HHV Mortgage Loan"). The repayment was funded with proceeds from Park's $700 million delayed-draw Bonnet Creek mortgage financing and a $600 million draw from its delayed-draw term loan facility. The HHV Mortgage Loan was scheduled to mature on November 1, 2026. Following the tr.

TYSONS, Va.--(BUSINESS WIRE)---- $PK--Park Hotels & Resorts Inc. (NYSE: PK) (“Park”) today announced that it plans to report financial results for the third quarter 2026 after the stock market closes on Wednesday, November 4, 2026. Park will hold a conference call on Thursday, November 5, 2026, at 11:00 a.m. Eastern Time (ET) to discuss its earnings results, current operational environment and business outlook.The conference call will be accessible by telephone and through the internet. Interested i.

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Jupiter Topco LLC bought a new stake in shares of Park Hotels & Resorts Inc. (NYSE:PK – Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 296,726 shares of the financial services provider’s stock, valued at approximately $4,230,000. Jupiter Topco LLC owned approximately 0.15% of Park Hotels & Resorts at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PK. Global Retirement Partners LLC purchased a new stake in shares of Park Hotels & Resorts during the second quarter valued at $25,000. Danske Bank A S purchased a new position in Park Hotels & Resorts in the 3rd quarter worth about $25,000. Fifth Third Bancorp lifted its holdings in Park Hotels & Resorts by 68.8% during the 1st quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider’s stock valued at $27,000 after buying an additional 1,061 shares in the last quarter. Advisory Services Network LLC bought a new stake in Park Hotels & Resorts during the 3rd quarter valued at about $34,000. Finally, Allworth Financial LP purchased a new stake in Park Hotels & Resorts in the 2nd quarter valued at about $73,000. Institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets A number of brokerages have recently weighed in on PK. Morgan Stanley boosted their price target on Park Hotels & Resorts from $10.50 to $11.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. JPMorgan Chase & Co. lifted their target price on shares of Park Hotels & Resorts from $13.00 to $14.00 and gave the stock an “underweight” rating in a research note on Monday, August 10th. Weiss Ratings raised shares of Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Cantor Fitzgerald upped their price target on shares of Park Hotels & Resorts from $12.00 to $15.00 and gave the company a “neutral” rating in a research note on Tuesday, August 11th. Finally, Truist Financial raised their price target on shares of Park Hotels & Resorts from $12.00 to $13.00 and gave the stock a “hold” rating in a report on Tuesday, May 26th. Three investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Park Hotels & Resorts has a consensus rating of “Hold” and an average price target of $14.42.

Check Out Our Latest Research Report on PK Park Hotels & Resorts Stock Performance NYSE:PK opened at $15.23 on Wednesday. The company has a market cap of $3.07 billion, a P/E ratio of -18.35, a P/E/G ratio of 1.99 and a beta of 1.33. Park Hotels & Resorts Inc. has a twelve month low of $9.84 and a twelve month high of $16.20. The company’s 50-day moving average price is $14.89 and its 200-day moving average price is $12.79. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 1.29.

Park Hotels & Resorts (NYSE:PK – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. The firm had revenue of $680.00 million during the quarter, compared to analysts’ expectations of $659.68 million. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the company posted $0.64 EPS. On average, sell-side analysts forecast that Park Hotels & Resorts Inc. will post 1.83 earnings per share for the current fiscal year.

Park Hotels & Resorts Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.6%. Park Hotels & Resorts’s dividend payout ratio is -120.48%.

Park Hotels & Resorts Profile (Free Report)

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.

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High-yield REITs with strong dividend security remain attractive despite rising Treasury yields and recent share price gains. Only seven REITs currently offer yields above 5.75% with reasonable to strong dividend safety, as rising share prices and treasury yields compress spreads. Dividend strength, as measured by Seeking Alpha Quant Ratings, is primarily supported by low debt, conservative payout ratios, and sector-relative revenue growth.

Deutsche Bank AG acquired a new stake in Park Hotels & Resorts Inc. (NYSE:PK – Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 410,567 shares of the financial services provider’s stock, valued at approximately $5,851,000. Deutsche Bank AG owned approximately 0.20% of Park Hotels & Resorts at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Global Retirement Partners LLC acquired a new stake in Park Hotels & Resorts in the second quarter valued at $25,000. Danske Bank A S acquired a new position in shares of Park Hotels & Resorts during the 3rd quarter worth about $25,000. Fifth Third Bancorp increased its holdings in shares of Park Hotels & Resorts by 68.8% in the 1st quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 1,061 shares during the last quarter. Advisory Services Network LLC purchased a new stake in Park Hotels & Resorts during the third quarter worth approximately $34,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Park Hotels & Resorts by 33.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,844 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 1,464 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analyst Weigh In Several equities analysts have commented on PK shares. Wells Fargo & Company upgraded shares of Park Hotels & Resorts to a “hold” rating in a research note on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $18.00 price objective on shares of Park Hotels & Resorts in a research report on Friday, August 14th. BMO Capital Markets restated a “market perform” rating and issued a $14.00 target price on shares of Park Hotels & Resorts in a report on Friday, June 12th. JPMorgan Chase & Co. lifted their price target on shares of Park Hotels & Resorts from $13.00 to $14.00 and gave the stock an “underweight” rating in a research note on Monday, August 10th. Finally, LADENBURG THALM/SH SH boosted their price target on shares of Park Hotels & Resorts from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. Two research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Park Hotels & Resorts has an average rating of “Hold” and an average target price of $13.92.

Read Our Latest Report on Park Hotels & Resorts Park Hotels & Resorts Stock Up 0.6% PK stock opened at $15.87 on Tuesday. The company has a fifty day moving average price of $14.76 and a 200 day moving average price of $12.61. Park Hotels & Resorts Inc. has a 12 month low of $9.84 and a 12 month high of $15.99. The company has a market cap of $3.20 billion, a price-to-earnings ratio of -19.12, a price-to-earnings-growth ratio of 2.09 and a beta of 1.34. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.53 and a quick ratio of 1.53.

Park Hotels & Resorts (NYSE:PK – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.24. The company had revenue of $680.00 million for the quarter, compared to the consensus estimate of $659.68 million. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. Park Hotels & Resorts’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period last year, the firm posted $0.64 EPS. Sell-side analysts expect that Park Hotels & Resorts Inc. will post 1.79 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 6.3%. Park Hotels & Resorts’s dividend payout ratio is -120.48%.

(Free Report)

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.

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Park Hotels & Resorts: A Leaner Portfolio Starts Paying Off

Park Hotels & Resorts Inc. (PK) Q2 2026 Earnings Call August 7, 2026 11:00 AM EDT

Company Participants

Ian Weissman - Senior Vice President of Corporate Strategy
Thomas Baltimore - Chairman, President & CEO
Sean Dell'Orto - COO, Executive VP, CFO & Treasurer

Conference Call Participants

Floris Gerbrand Van Dijkum - Ladenburg Thalmann & Co. Inc., Research Division
Duane Pfennigwerth - Evercore ISI Institutional Equities, Research Division
Bennett Rose - Citigroup Inc., Research Division
Daniel Politzer - JPMorgan Chase & Co, Research Division
Charles Scholes - Truist Securities, Inc., Research Division
David Katz - Jefferies LLC, Research Division
Chris Woronka - Deutsche Bank AG, Research Division
Robin Farley - UBS Investment Bank, Research Division
Richard Hightower - Barclays Bank PLC, Research Division
Jackson Armstrong - Wells Fargo Securities, LLC, Research Division
Michael Herring

Presentation

Operator

Greetings, and welcome to the Park Hotels & Resorts Second Quarter 2026 Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Ian Weissman. Please go ahead.

Ian Weissman
Senior Vice President of Corporate Strategy

Thank you, operator, and welcome, everyone, to the Park Hotels & Resorts Second Quarter 2026 Earnings Call. Before we begin, I would like to remind everyone that many of the comments made today are considered forward-looking statements under federal securities laws. As described in our filings with the SEC. These statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed, and we are not obligated to publicly update or revise these forward-looking statements.

Actual performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Park with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the

Park Hotels & Resorts (PK - Free Report) came out with quarterly funds from operations (FFO) of $0.7 per share, beating the Zacks Consensus Estimate of $0.62 per share. This compares to FFO of $0.64 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +12.90%. A quarter ago, it was expected that this company would post FFO of $0.4 per share when it actually produced FFO of $0.45, delivering a surprise of +12.5%.

Over the last four quarters, the company has surpassed consensus FFO estimates three times.

Park Hotels & Resorts, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $680 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.48%. This compares to year-ago revenues of $672 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

Park Hotels & Resorts shares have added about 42.8% since the beginning of the year versus the S&P 500's gain of 12.8%.

What's Next for Park Hotels & Resorts?While Park Hotels & Resorts has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Park Hotels & Resorts was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.37 on $603.81 million in revenues for the coming quarter and $1.95 on $2.52 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the broader Zacks Finance sector, Simon Property (SPG - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 10.

This shopping mall real estate investment trust is expected to post quarterly earnings of $3.18 per share in its upcoming report, which represents a year-over-year change of +4.3%. The consensus EPS estimate for the quarter has been revised 0.4% lower over the last 30 days to the current level.

Simon Property's revenues are expected to be $1.71 billion, up 14.4% from the year-ago quarter.

TYSONS, Va.--(BUSINESS WIRE)--Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today 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.

Second Quarter Highlights Include:

Comparable RevPAR was $216.87, an increase of 5.8% compared to the same period in 2025, or a 6.8% increase when excluding the Royal Palm South Beach Miami, a Tribute Portfolio Resort (“Royal Palm”), which suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026; Core RevPAR was $233.49, an increase of 6.0% compared to the same period in 2025, or a 7.1% increase when excluding the Royal Palm; Net income and net income attributable to stockholders were $50 million and $47 million, respectively; Adjusted EBITDA was $198 million, an increase of 8.6% compared to the same period in 2025; Diluted earnings per share was $0.24; and Diluted Adjusted FFO per share was $0.70. Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, “I am incredibly pleased with our second quarter results, with broad-based demand driving Core RevPAR growth (excluding Royal Palm) of over 7% year-over-year, exceeding our expectations. Strong group demand yielding a 9.5% increase in group rooms revenue year-over-year and higher-rated leisure travel across our portfolio drove performance during the quarter. RevPAR at the Hilton Hawaiian Village Waikiki Beach Resort increased 12% year-over-year, and the hotel continues to gain market share, benefiting from guestroom renovations at the Rainbow and Tapa Towers. We continued to see the benefits of our transformative ROI projects at the Bonnet Creek resort complex and the Casa Marina Key West, Curio Collection, where RevPAR increased 13% and 14%, respectively, and group demand increased 11% and 44%, respectively, year-over-year. Other Core hotels across several markets further contributed to our results, including the Hilton Chicago where RevPAR increased 14% year-over-year. As we begin the third quarter, I am encouraged by our July results, with July Comparable RevPAR projected to increase 8.5% year-over-year and third quarter Comparable Group Revenue Pace currently over 15% compared to the same time last year.”

Additional Highlights Include:

Reopened the Royal Palm in July 2026, following the completion of its more than $100 million transformative renovation; Exited four Non-Core hotels since the first quarter of 2026 for gross proceeds of approximately $65 million. Altogether, these hotels contributed approximately $9 million of Hotel Adjusted EBITDA during 2025. The total gross proceeds for these dispositions represents 13.7x 2025 EBITDA, including $59 million in anticipated capital expenditures; In April 2026, entered into a new $700 million delayed draw loan facility (“Bonnet Creek Mortgage Loan”), which is expected to be utilized in September 2026 to address upcoming debt maturities, while also extending Park’s overall maturity profile; In June 2026, drew $200 million from Park’s $800 million senior unsecured delayed draw term loan facility (“2025 Delayed Draw Term Loan”) to, in part, fully repay the $120 million mortgage loan encumbering the Hyatt Regency Boston; and In July 2026, paid its second quarter cash dividend of $0.25 per share to stockholders of record as of June 30, 2026 and declared its third quarter cash dividend of $0.25 per share to stockholders of record as of September 30, 2026, to be paid on October 15, 2026. Non-Core Hotel Dispositions:

In April 2026, sold the 396-room Hilton Seattle Airport & Conference Center, which was subject to a short-term ground lease and had anticipated capital expenditures of over $25 million, for gross proceeds of $18 million; In May 2026, sold Park’s ownership interest in the unconsolidated joint venture that owns and operates the 288-room Embassy Suites by Hilton Alexandria Old Town, which had anticipated capital expenditures of over $4 million, for gross proceeds of $29 million, which was reduced by $25 million for Park’s share of the mortgage debt of the joint venture; In June 2026, the short-term ground lease for the 262-room Embassy Suites by Hilton Austin Downtown South Congress was terminated pursuant to an agreement, and the property reverted to the ground lessor. Park received an early termination fee of approximately $6 million and sold all personal property and business assets of the hotel to the ground lessor. The hotel had anticipated capital expenditures of approximately $3 million; and In July 2026, sold the 314-room Hilton Short Hills for gross proceeds of $12 million, which had anticipated capital expenditures of approximately $27 million. Mr. Baltimore added, “We continued to execute against our strategic priorities during the quarter by advancing the disposition of our remaining Non-Core assets while investing in the long-term growth of our Core portfolio. Since the end of the first quarter, we have exited an additional four Non-Core hotels and invested $64 million in capital improvements, including completing the comprehensive renovation and repositioning of the Royal Palm in Miami, which reopened in July 2026 as planned. Looking ahead, we are excited to begin the approximately $100 million full-scale renovation of the Ali’i Tower at Hilton Hawaiian Village Waikiki Beach Resort during the third quarter, further enhancing one of the premier destinations in Hawaii. Additionally, we remain laser-focused on our strategic objective to maintain a flexible balance sheet. With the successful completion of the Bonnet Creek Mortgage Loan during the quarter, together with the previously announced 2025 Delayed Draw Term Loan, we are well positioned with $2.6 billion of liquidity to repay $1.3 billion of maturing debt during the third quarter, significantly extending our debt maturity profile.”

Selected Statistical and Financial Information

(unaudited, amounts in millions, except RevPAR, ADR, Total RevPAR and per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

Change(1)

2026

2025

Change(1)

Comparable Hotels:

RevPAR(2)

$

216.87

$

204.89

5.8

%

$

204.91

$

196.75

4.1

%

Occupancy

80.0

%

77.1

%

2.9 % pts

76.0

%

73.7

%

2.3 % pts

ADR

$

270.97

$

265.47

2.1

%

$

269.55

$

266.88

1.0

%

Total RevPAR

$

355.79

$

335.77

6.0

%

$

340.64

$

327.65

4.0

%

Core Hotels:

RevPAR(3)

$

233.49

$

220.19

6.0

%

$

222.07

$

213.88

3.8

%

Occupancy

81.0

%

78.3

%

2.7 % pts

77.1

%

75.3

%

1.8 % pts

ADR

$

288.10

$

281.09

2.5

%

$

288.19

$

284.16

1.4

%

Total RevPAR

$

389.90

$

366.30

6.4

%

$

374.46

$

359.92

4.0

%

Net income (loss)

$

50

$

(2

)

2,588.9

%

$

62

$

(59

)

205.7

%

Net income (loss) attributable to stockholders

$

47

$

(5

)

1,177.3

%

$

58

$

(62

)

194.5

%

Operating income

$

95

$

65

47.0

%

$

157

$

72

119.3

%

Operating income margin

14.0

%

9.6

%

440 bps

12.1

%

5.5

%

660 bps

Comparable Hotel Adjusted EBITDA

$

204

$

187

8.8

%

$

356

$

339

5.0

%

Comparable Hotel Adjusted EBITDA margin

31.7

%

30.9

%

80 bps

29.1

%

28.9

%

20 bps

Core Hotel Adjusted EBITDA

$

182

$

166

9.3

%

$

323

$

310

4.1

%

Core Hotel Adjusted EBITDA margin

32.4

%

31.6

%

80 bps

30.2

%

30.2

%

— bps

Adjusted EBITDA

$

198

$

183

8.6

%

$

341

$

327

4.4

%

Adjusted FFO attributable to stockholders

$

140

$

129

9.2

%

$

230

$

221

4.4

%

Earnings (loss) per share – Diluted(1)

$

0.24

$

(0.02

)

1,094.5

%

$

0.29

$

(0.31

)

192.5

%

Adjusted FFO per share – Diluted(1)

$

0.70

$

0.64

9.0

%

$

1.15

$

1.10

4.5

%

Weighted average shares outstanding – Diluted(4)

200

200

0

200

200

0

______________________________________________

Operational Update on Core Hotels

Results for Park’s Core hotels and Core hotels by type are as follows:

(unaudited, dollars in millions)

RevPAR

Hotel Revenue

Hotel Adjusted EBITDA

Rooms

2Q26

2Q25

Change(1)

2Q26

2Q25

Change

2Q26

2Q25

Change(1)

Hilton Hawaiian Village Waikiki Beach Resort

2,886

$

263.16

$

235.49

11.8

%

$

116

$

101

15.5

%

$

41

$

36

13.3

%

Hilton Waikoloa Village

661

219.43

226.38

(3.1

)

27

31

(12.2

)

6

9

(27.4

)

Signia by Hilton Orlando Bonnet Creek

1,009

193.54

173.52

11.5

48

44

7.2

18

17

7.9

Waldorf Astoria Orlando

502

329.47

287.09

14.8

29

25

15.0

10

8

26.5

New York Hilton Midtown

1,878

306.69

306.08

0.2

83

79

4.9

18

17

6.7

Hilton New Orleans Riverside

1,622

143.92

148.10

(2.8

)

39

39

(1.2

)

14

14

(0.9

)

Caribe Hilton

652

253.21

254.02

(0.3

)

24

24

(0.2

)

7

7

(2.7

)

Hilton Boston Logan Airport

604

263.81

262.89

0.3

18

18

0.9

6

6

(0.8

)

Hyatt Regency Boston

502

321.24

295.52

8.7

18

16

9.8

8

7

13.2

Hilton Santa Barbara Beachfront Resort

360

295.08

231.29

27.6

16

13

23.5

8

6

20.8

Hyatt Regency Mission Bay Spa and Marina

438

207.66

206.50

0.6

15

15

5.4

4

4

6.7

Casa Marina Key West, Curio Collection

311

507.55

444.92

14.1

25

21

20.9

12

9

29.5

The Reach Key West, Curio Collection

150

406.79

398.88

2.0

8

9

(1.1

)

3

3

(0.7

)

Hilton Chicago

1,544

184.28

161.63

14.0

42

39

7.7

13

10

23.5

Hilton Denver City Center

613

160.67

151.26

6.2

12

13

(3.2

)

5

5

(9.4

)

DoubleTree Hotel Washington DC – Crystal City

627

203.14

165.80

22.5

15

12

16.8

5

4

51.5

Hilton McLean Tysons Corner

458

173.36

159.92

8.4

11

10

13.5

2

2

32.9

JW Marriott San Francisco Union Square

344

236.79

224.75

5.4

10

9

4.5

3

1

201.6

Juniper Hotel Cupertino, Curio Collection

224

162.82

150.11

8.5

4

3

7.7

1

1

4.1

Total Core Hotels excluding Royal Palm

15,385

239.46

223.49

7.1

560

521

7.4

184

166

10.9

Royal Palm South Beach Miami(2)

404

—

91.31

(100.0

)

—

4

(100.0

)

(2

)

—

(567.2

)

Total Core Hotels (20 Hotels)

15,789

233.49

220.19

6.0

560

525

6.6

182

166

9.3

Non-Core Hotels (9 Hotels)

4,113

153.11

146.27

4.7

84

82

2.8

22

21

5.1

Total Comparable Hotels (29 Hotels)

19,902

$

216.87

$

204.89

5.8

%

$

644

$

607

6.1

%

$

204

$

187

8.8

%

Core ADR

Core Occupancy

Core RevPAR

Hotels

Rooms

2Q26

2Q25

Change(1)

2Q26

2Q25

Change

2Q26

2Q25

Change(1)

Resort

10

7,373

$

308.07

$

305.43

0.9

%

81.4

%

76.6

%

4.8 % pts

$

250.80

$

233.89

7.2

%

Urban

6

6,503

275.45

268.02

2.8

80.1

79.3

0.8

220.69

212.67

3.8

Airport/Suburban

4

1,913

254.14

236.68

7.4

82.8

81.6

1.2

210.45

193.21

8.9

All Types - Core Hotels

20

15,789

$

288.10

$

281.09

2.5

%

81.0

%

78.3

%

2.7 % pts

$

233.49

$

220.19

6.0

%

______________________________________________

For the three months ended June 30, 2026, Park’s resort hotels continued to drive the performance of its portfolio. The Hilton Hawaiian Village Waikiki Beach Resort benefited from the completion of the final phase of guestroom renovations at the Rainbow Tower, helping to drive an over 13% increase in group revenue and an approximately 10% increase in transient revenue, resulting in an increase in RevPAR of 12% for the three months ended June 30, 2026 compared to the same period in 2025. Additionally, the Hilton Hawaiian Village Waikiki Beach Resort benefited from an increase in food and beverage revenue of 29%, or approximately $6 million, compared to the same period in 2025. The Waldorf Astoria Orlando and Signia by Hilton Orlando Bonnet Creek continued to benefit from the comprehensive renovation and expansion projects completed in early 2024, with combined RevPAR at the Bonnet Creek complex increasing 13%, resulting from an increase in transient revenue of 40% at the Waldorf Astoria Orlando and an increase in group revenue of approximately 20% at the Signia by Hilton Orlando Bonnet Creek, while combined food and beverage revenue increased 10%, or over $3 million for the three months ended June 30, 2026 compared to the same period in 2025, altogether helping the complex to exceed $107 million in EBITDA for the trailing twelve-month period. The Casa Marina Key West, Curio Collection, benefited from a 44% increase in group revenue and a 10% increase in transient revenue, resulting in an increase in RevPAR of over 14% and an increase in food and beverage revenue of 36% for the three months ended June 30, 2026 compared to the same period in 2025. Group and transient revenues at the Hilton Santa Barbara Beachfront Resort increased 36% and 20%, respectively, driving an increase in RevPAR of nearly 28% and an increase in food and beverage revenue of 20% for the three months ended June 30, 2026 compared to the same period in 2025.

Additionally, Park’s hotels in Washington D.C. benefited from strong group demand, with group revenue increasing over 56%, resulting in an increase in combined RevPAR of 17%, while transient demand increased nearly 25% at the Hilton Chicago, where RevPAR increased 14% for three months ended June 30, 2026 compared to the same period in 2025.

These increases were offset by the Royal Palm, which suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026, impacting Core RevPAR by 110 basis points for the three months ended June 30, 2026 compared to the same period in 2025.

At the end of June 2026, Core Group Revenue Pace and room night bookings for 2027 increased over 6% and approximately 3%, respectively, as compared to what bookings were for 2026 at the end of June 2025, with average Core group rates for 2027 projected to increase approximately 4% for the same time period.

Non-Core Disposition Initiative

The status of Park’s Non-Core dispositions since January 1, 2026 is as follows:

(unaudited, dollars in millions)

Status

# of Hotels

Room Count

2025 Hotel Adjusted EBITDA(1)

Q1 Sale

1

193

$1

Q2 Sales/Dispositions

3

946

$9

Q3 Sale

1

314

$—

Sold/Disposed in 2026

5

1,453

$10

Remaining Non-Core Hotels Targeted for Sale/Disposition

6

3,154

$35

Remaining Safehold Leases(2)

3

959

$16

Remaining Non-Core Hotels

9

4,113

$51

______________________________________________

Balance Sheet and Liquidity

As of June 30, 2026, Park’s liquidity was approximately $2.6 billion, including $1 billion of available capacity under the senior unsecured revolving credit facility (“Revolver”), $600 million available under the 2025 Delayed Draw Term Loan and the undrawn $700 million Bonnet Creek Mortgage Loan, which will be secured by the 1,009-room Signia by Hilton Orlando Bonnet Creek and the 502-room Waldorf Astoria Orlando and associated golf course when drawn upon.

In June 2026, Park drew $200 million from the 2025 Delayed Draw Term Loan to fully repay the $120 million mortgage loan encumbering the Hyatt Regency Boston, which was scheduled to mature on July 1, 2026, with the remaining proceeds used for general corporate purposes. Park intends to further draw upon the 2025 Delayed Draw Term Loan as well as the Bonnet Creek Mortgage Loan to fully prepay, without penalty, the $1.275 billion secured mortgage loan encumbering the Hilton Hawaiian Village Waikiki Beach Resort during the third quarter. Park also intends to refinance the $151 million secured mortgage loan encumbering the Hilton Santa Barbara Beachfront Resort during the fourth quarter. As of June 30, 2026, Park’s Net Debt was approximately $3.7 billion, and the weighted average maturity of Park’s consolidated debt is 1.8 years.

Park had the following debt outstanding as of June 30, 2026:

(unaudited, dollars in millions)

Debt

Collateral

Interest Rate

Maturity Date

Extended
Maturity Date(1)

As of
June 30, 2026

Fixed Rate Debt

Mortgage loan

Hilton Hawaiian Village Waikiki Beach Resort

4.20%

November 2026

None

$

1,275

Mortgage loan

Hilton Denver City Center

4.90%

December 2026(2)

None

50

Mortgage loan

Hilton Santa Barbara Beachfront Resort

4.17%

December 2026

None

151

Mortgage loan

DoubleTree Hotel Ontario Airport

5.37%

May 2027

None

30

2028 Senior Notes

Unsecured

5.88%

October 2028

None

725

2029 Senior Notes

Unsecured

4.88%

May 2029

None

750

2030 Senior Notes

Unsecured

7.00%

February 2030

None

550

Finance lease obligations

6.88%

2027 to 2030

None

1

Total Fixed Rate Debt

5.14%(3)

3,532

Variable Rate Debt

2024 Term Loan

Unsecured

SOFR + 2.20%

May 2027

None

200

Bonnet Creek Mortgage Loan(4)

Unsecured(4)

SOFR + 2.25%

April 2029

April 2031

—

Revolver(5)

Unsecured

SOFR + 2.25%

September 2029

September 2030

—

2025 Delayed Draw Term Loan(5)

Unsecured

SOFR + 2.20%

January 2030

January 2031

200

Total Variable Rate Debt

5.85%(3)

400

Less: unamortized deferred financing costs and discount

(17

)

Total Debt(6)

5.21%(3)

$

3,915

_____________________________________________

(1)

The extension options are exercisable subject to compliance with certain covenants.

(2)

The loan matures in August 2042 but became callable by the lender in August 2022 with six months notice. As of June 30, 2026, Park had not received notice from the lender.

(3)

Calculated on a weighted average basis.

(4)

The Bonnet Creek Mortgage Loan will be secured by the Bonnet Creek complex when drawn upon. As of August 6, 2026, Park has $700 million of available capacity under the Bonnet Creek Mortgage Loan.

(5)

As of August 6, 2026, Park has $1 billion of available capacity under the Revolver with no outstanding letters of credit and $600 million of its 2025 Delayed Draw Term Loan available.

(6)

Excludes $105 million of Park’s share of its unconsolidated joint venture debt.

Capital Investments

During the second quarter of 2026, Park spent $64 million on capital improvements at its hotels and expects to spend between $230 million to $260 million in capital expenditures during 2026.

Park reopened the Royal Palm in July 2026, following the completion of its more than $100 million comprehensive renovation, which began in mid-May 2025. All 393 guestrooms at the oceanfront hotel were renovated, along with the addition of 11 new guestrooms. The renovation also expanded available meeting space, including the addition of a new event terrace, and enhanced all public spaces, including a redesigned lobby, four new food and beverage concepts and an upgraded pool. Park expects the comprehensive renovation will generate a 15% to 20% return on investment.

Additionally, Park expects to begin approximately $100 million of renovations at the 348-room Ali’i Tower at the Hilton Hawaiian Village Waikiki Beach Resort, along with the addition of three new guestrooms at the premium oceanfront tower, during the third quarter of 2026, continuing its upgrades of the iconic hotel, and expects to complete the third and final phase of the main tower at the Hilton New Orleans Riverside during the fourth quarter of 2026.

Dividends

Park declared a second quarter 2026 cash dividend of $0.25 per share to stockholders of record as of June 30, 2026. The second quarter dividend was paid on July 15, 2026.

On July 31, 2026, Park declared a third quarter 2026 cash dividend of $0.25 per share to be paid on October 15, 2026 to stockholders of record as of September 30, 2026. The declared dividends translate to an annualized yield of approximately 6.5% based on Park’s recent trading levels.

Full-Year 2026 Outlook

Park is increasing its full-year 2026 outlook to reflect second-quarter outperformance and a strong start to the third quarter as demand trends continue to exceed expectations across its portfolio. Park expects a modest positive impact from the 2026 World Cup of 30 basis points, in line with its prior guidance, offsetting the negative impact of 30 basis points from the renovations of the Royal Palm.

Park’s updated guidance also reflects an assumed increase in expenses due to a stronger demand environment and higher occupancy expectations across the portfolio, driving increases in variable costs such as labor and utilities, partially offset by reductions in fixed costs, with $11 million of benefits achieved from property tax appeals in the second quarter and a 20% reduction in property insurance premiums achieved during Park’s June 1st program renewal.

Park expects full-year 2026 operating results to be as follows:

(unaudited, dollars in millions, except per share amounts and RevPAR)

Full-Year 2026 Outlook
as of August 6, 2026

Full-Year 2026 Outlook
as of April 30, 2026

Change at
Midpoint

Metric

Low

High

Low

High

RevPAR

$

198

$

201

$

192

$

196

$

6

RevPAR change vs. 2025

3.0

%

4.5

%

0.5

%

2.5

%

225 bps

Net income

$

78

$

98

$

66

$

96

$

7

Net income attributable to stockholders

$

69

$

89

$

58

$

88

$

6

Earnings per share – Diluted(1)

$

0.35

$

0.45

$

0.29

$

0.44

$

0.04

Adjusted EBITDA

$

617

$

637

$

587

$

617

$

25

Adjusted FFO per share – Diluted(1)

$

1.90

$

2.00

$

1.74

$

1.90

$

0.13

______________________________________________

Park’s outlook is based in part on the following assumptions:

Operating expenses for Park’s hotels are expected to increase 3% to 4%; Excludes $3.5 million of projected Hotel Adjusted EBITDA for the second half of 2026 from the three additional Non-Core hotels disposed since April 2026; Includes approximately $13 million of incremental interest expense from $1.4 billion of refinancing activity in 2026, most of which is expected during the fourth quarter; Fully diluted weighted average shares for the full-year 2026 of 200 million; and Park’s current portfolio as of August 6, 2026 and does not take into account potential future acquisitions, dispositions or any financing transactions, except as noted above, which could result in a material change to Park’s outlook. Park’s full-year 2026 outlook is based on several factors, many of which are outside the Company’s control, including uncertainty surrounding macroeconomic factors, such as inflation, changes in interest rates and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of which are subject to change. Additionally, Park’s full-year 2026 outlook does not include assumptions around the incremental impact of tariff announcements (including any foreign tariffs announced in response to changes in U.S. trade policy), changes in travel patterns to or in the U.S. as a result of foreign conflicts, disapproval of U.S. foreign or domestic policy, or government or agency shutdowns as the net effect of such announcements or events cannot be ascertained or quantified at this time.

Supplemental Disclosures

In conjunction with this release, Park has furnished a financial supplement with additional disclosures on its website. Visit www.pkhotelsandresorts.com for more information. Park has no obligation to update any of the information provided to conform to actual results or changes in Park’s portfolio, capital structure or future expectations.

Conference Call

Park will host a conference call for investors and other interested parties to discuss second quarter 2026 results on August 7, 2026 beginning at 11 a.m. Eastern Time. Participants may listen to the live webcast by logging onto the Investors section of the website at www.pkhotelsandresorts.com. Alternatively, participants may listen to the live call by dialing (877) 451-6152 in the United States or (201) 389-0879 internationally and requesting Park Hotels & Resorts’ Second Quarter 2026 Earnings Conference Call. Participants are encouraged to dial into the call or link to the webcast at least ten minutes prior to the scheduled start time.

A replay of the webcast will be available within 24 hours after the live event on the Investors section of Park’s website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including the use of the remaining $600 million under Park’s 2025 Delayed Draw Term Loan and its Bonnet Creek Mortgage Loan, and the anticipated repayment and refinancing of certain of Park’s indebtedness, the completion of capital allocation priorities and expected returns on such projects, the expected repurchase of Park’s stock, the impact from macroeconomic factors (including elevated inflation and interest rates, potential economic slowdown or a recession and geopolitical conflicts or trends, including trade policy, travel barriers or changes in travel preferences for U.S. destinations, including as a result of another government or agency shutdown), the effects of competition, the effects of future legislation, executive action or regulations, tariffs, the expected completion of anticipated dispositions, including of Park’s Non-Core hotels (as defined below), the declaration, payment and any change in amounts of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Park’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events.

All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in Park’s filings with the Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

Park presents certain non-GAAP financial measures in this press release, including Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, FFO per share, Adjusted FFO per share, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin and Net Debt. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of its operating performance. Please see the schedules included in this press release including the “Definitions” section for additional information and reconciliations of such non-GAAP financial measures.

About Park

Park is one of the largest publicly-traded lodging real estate investment trusts (“REIT”) with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 30 premium-branded hotels and resorts with over 21,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

PARK HOTELS & RESORTS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)

  June 30, 2026

December 31, 2025

ASSETS

(unaudited)

Property and equipment, net

$

6,908

$

6,955

Assets held for sale, net

13

14

Intangibles, net

40

41

Cash and cash equivalents

264

232

Restricted cash

38

32

Accounts receivable, net of allowance for doubtful accounts of $2 and $2

151

116

Prepaid expenses

54

60

Other assets

78

80

Operating lease right-of-use assets

156

170

TOTAL ASSETS (variable interest entities – $199 and $207)

$

7,702

$

7,700

LIABILITIES AND EQUITY

Liabilities

Debt

$

3,915

$

3,838

Accounts payable and accrued expenses

226

198

Dividends payable

51

56

Due to hotel managers

106

134

Other liabilities

184

189

Operating lease liabilities

187

209

Total liabilities (variable interest entities – $194 and $198)

4,669

4,624

Stockholders’ Equity

Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 202,614,273 shares issued and 201,349,455 shares outstanding as of June 30, 2026 and 200,938,658 shares issued and 199,901,086 shares outstanding as of December 31, 2025

2

2

Additional paid-in capital

4,028

4,031

Accumulated deficit

(940

)

(902

)

Total stockholders’ equity

3,090

3,131

Noncontrolling interests

(57

)

(55

)

Total equity

3,033

3,076

TOTAL LIABILITIES AND EQUITY

$

7,702

$

7,700

PARK HOTELS & RESORTS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except per share data)

  Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenues

Rooms

$

401

$

401

$

757

$

764

Food and beverage

188

180

370

362

Ancillary hotel

67

68

127

131

Other

24

23

48

45

Total revenues

680

672

1,302

1,302

Operating expenses

Rooms

104

105

201

205

Food and beverage

125

122

247

245

Other departmental and support

149

152

294

303

Other property

42

50

96

107

Management fees

33

31

63

61

Impairment and casualty loss

22

—

27

70

Depreciation and amortization

66

122

130

191

Corporate general and administrative

20

19

38

37

Other

22

23

46

44

Total expenses

583

624

1,142

1,263

(Loss) gain on sales of assets, net

(2

)

1

(3

)

1

Gain on derecognition of assets

—

16

—

32

Operating income

95

65

157

72

Interest income

2

2

3

5

Interest expense

(52

)

(53

)

(103

)

(105

)

Interest expense associated with hotels in receivership

—

(16

)

—

(32

)

Equity in earnings from investments in affiliates

1

2

2

2

Other gain (loss), net

9

(1

)

9

1

Income (loss) before income taxes

55

(1

)

68

(57

)

Income tax expense

(5

)

(1

)

(6

)

(2

)

Net income (loss)

50

(2

)

62

(59

)

Net income attributable to noncontrolling interests

(3

)

(3

)

(4

)

(3

)

Net income (loss) attributable to stockholders

$

47

$

(5

)

$

58

$

(62

)

Earnings (loss) per share:

Earnings (loss) per share – Basic

$

0.24

$

(0.02

)

$

0.29

$

(0.31

)

Earnings (loss) per share – Diluted

$

0.24

$

(0.02

)

$

0.29

$

(0.31

)

Weighted average shares outstanding – Basic

200

199

200

199

Weighted average shares outstanding – Diluted

200

199

200

199

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

EBITDA AND ADJUSTED EBITDA

  (unaudited, in millions)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net income (loss)

$

50

$

(2

)

$

62

$

(59

)

Depreciation and amortization expense

66

122

130

191

Interest income

(2

)

(2

)

(3

)

(5

)

Interest expense

52

53

103

105

Interest expense associated with hotels in receivership(1)

—

16

—

32

Income tax expense

5

1

6

2

Interest income and expense, income tax and

  depreciation and amortization included in equity in earnings from investments in affiliates

1

2

1

4

EBITDA

172

190

299

270

Gain on sales of assets, net(2)

(2

)

(1

)

(1

)

(1

)

Gain on derecognition of assets(1)

—

(16

)

—

(32

)

Share-based compensation expense

6

5

10

9

Impairment and casualty loss

22

—

27

70

Other items

—

5

6

11

Adjusted EBITDA

$

198

$

183

$

341

$

327

______________________________________________

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

HOTEL ADJUSTED EBITDA AND HOTEL ADJUSTED EBITDA MARGIN

COMPARABLE AND CORE HOTELS

  (unaudited, dollars in millions)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Adjusted EBITDA

$

198

$

183

$

341

$

327

Less: Adjusted EBITDA from investments in affiliates

(5

)

(5

)

(11

)

(13

)

Add: All other(1)

15

13

29

28

Hotel Adjusted EBITDA

208

191

359

342

Less: Adjusted EBITDA from hotels disposed of

(4

)

(4

)

(3

)

(3

)

Comparable Hotel Adjusted EBITDA

204

187

356

339

Less: Adjusted EBITDA from Non-Core hotels

(22

)

(21

)

(33

)

(29

)

Core Hotel Adjusted EBITDA

$

182

$

166

$

323

$

310

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Total Revenues

$

680

$

672

$

1,302

$

1,302

Less: Other revenue

(24

)

(23

)

(48

)

(45

)

Less: Revenues from hotels disposed of

(12

)

(42

)

(28

)

(79

)

Comparable Hotel Revenues

644

607

1,226

1,178

Less: Hotel Revenues from Non-Core hotels

(84

)

(82

)

(156

)

(151

)

Core Hotel Revenues

$

560

$

525

$

1,070

$

1,027

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

Change(2)

2026

2025

Change(2)

Total Revenues

$

680

$

672

1.2

%

$

1,302

$

1,302

—

%

Operating income

$

95

$

65

47.0

%

$

157

$

72

119.3

%

Operating income margin(2)

14.0

%

9.6

%

440 bps

12.1

%

5.5

%

660 bps

Comparable Hotel Revenues

$

644

$

607

6.1

%

$

1,226

$

1,178

4.1

%

Comparable Hotel Adjusted EBITDA

$

204

$

187

8.8

%

$

356

$

339

5.0

%

Comparable Hotel Adjusted EBITDA margin(2)

31.7

%

30.9

%

80 bps

29.1

%

28.9

%

20 bps

Core Hotel Revenues

$

560

$

525

6.6

%

$

1,070

$

1,027

4.2

%

Core Hotel Adjusted EBITDA

$

182

$

166

9.3

%

$

323

$

310

4.1

%

Core Hotel Adjusted EBITDA margin(2)

32.4

%

31.6

%

80 bps

30.2

%

30.2

%

— bps

______________________________________________

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

HOTEL ADJUSTED EBITDA

COMPARABLE, CORE AND NON-CORE HOTELS

  (unaudited, in millions)

Three Months Ended June 30, 2026

Six Months Ended June 30, 2026

Total

Core
Hotels

Non-Core
Hotels

Total

Core
Hotels

Non-Core
Hotels

Rooms

$

401

$

335

$

66

$

757

$

634

$

123

Food and beverage

188

164

24

370

321

49

Ancillary hotel

67

61

6

127

115

12

Total hotel revenues

656

560

96

1,254

1,070

184

Less:

Rooms expense

104

86

18

201

166

35

Food and beverage expense

125

108

17

247

214

33

Other departmental and support expense

149

120

29

294

237

57

Management fees

33

29

4

63

55

8

Other property expenses(1)

37

35

2

90

75

15

Total hotel expenses

448

378

70

895

747

148

Hotel Adjusted EBITDA

208

182

26

359

323

36

Less: Adjusted EBITDA from hotels disposed of

(4

)

—

(4

)

(3

)

—

(3

)

Comparable Hotel Adjusted EBITDA

$

204

$

182

$

22

$

356

$

323

$

33

______________________________________________

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

NAREIT FFO AND ADJUSTED FFO

(unaudited, in millions, except per share data)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net income (loss) attributable to stockholders

$

47

$

(5

)

$

58

$

(62

)

Depreciation and amortization expense

66

122

130

191

Depreciation and amortization expense attributable to noncontrolling interests

(1

)

(1

)

(2

)

(2

)

Gain on sales of assets, net(1)

(2

)

(1

)

(1

)

(1

)

Gain on derecognition of assets(2)

—

(16

)

—

(32

)

Impairment loss

20

—

25

70

Equity investment adjustments:

Equity in earnings from investments in affiliates

(1

)

(2

)

(2

)

(2

)

Pro rata FFO of investments in affiliates

3

4

3

5

Nareit FFO attributable to stockholders

132

101

211

167

Share-based compensation expense

6

5

10

9

Interest expense associated with hotels in receivership(2)

—

16

—

32

Other items

2

7

9

13

Adjusted FFO attributable to stockholders

$

140

$

129

$

230

$

221

Nareit FFO per share – Diluted(3)

$

0.66

$

0.51

$

1.05

$

0.83

Adjusted FFO per share – Diluted(3)

$

0.70

$

0.64

$

1.15

$

1.10

Weighted average shares outstanding – Diluted

200

200

200

200

______________________________________________

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

NET DEBT

(unaudited, in millions)

June 30, 2026

Debt

$

3,915

Add: unamortized deferred financing costs and discount

17

Debt, excluding unamortized deferred financing cost, premiums and discounts

3,932

Add: Park’s share of unconsolidated affiliates debt, excluding unamortized deferred financing costs

105

Less: cash and cash equivalents

(264

)

Less: restricted cash

(38

)

Net Debt

$

3,735

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

OUTLOOK – EBITDA AND ADJUSTED EBITDA

(unaudited, in millions)

Year Ending

December 31, 2026

Low Case

High Case

Net income

$

78

$

98

Depreciation and amortization expense

255

255

Interest income

(6

)

(6

)

Interest expense

223

223

Income tax expense

8

8

Interest expense, income tax and depreciation and amortization

  included in equity in earnings from investments in affiliates

1

1

EBITDA

559

579

Gain on sales of assets, net

(1

)

(1

)

Share-based compensation expense

20

20

Impairment and casualty loss

27

27

Other items

12

12

Adjusted EBITDA

$

617

$

637

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

OUTLOOK – NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND

ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS

(unaudited, in millions except per share data)

Year Ending

December 31, 2026

Low Case

High Case

Net income attributable to stockholders

$

69

$

89

Depreciation and amortization expense

255

255

Depreciation and amortization expense attributable to noncontrolling interests

(3

)

(3

)

Gain on sales of assets, net

(1

)

(1

)

Impairment loss

25

25

Equity investment adjustments:

Equity in earnings from investments in affiliates

(5

)

(5

)

Pro rata FFO of equity investments

5

5

Nareit FFO attributable to stockholders

345

365

Share-based compensation expense

20

20

Other items

16

16

Adjusted FFO attributable to stockholders

$

381

$

401

Adjusted FFO per share – Diluted(1)

$

1.90

$

2.00

Weighted average diluted shares outstanding

200

200

______________________________________________

PARK HOTELS & RESORTS INC.
DEFINITIONS

Comparable

The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s Comparable hotel financial data includes results from Park’s consolidated hotels and property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable hotel financial data excludes results from property dispositions that have occurred prior to August 6, 2026.

Core/Non-Core

The Company’s Core portfolio includes 20 of Park’s consolidated hotels and one unconsolidated hotel and consists primarily of hotels and resorts that cater to group and leisure demand. As of June 30, 2026, Park’s Non-Core portfolio included 10 consolidated hotels. As of August 6, 2026, Park had 9 hotels remaining in its Non-Core portfolio. Financial data presented for Park’s Core and Non-Core hotels are based on its consolidated hotels only.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin

Earnings before interest expense, taxes and depreciation and amortization (“EBITDA”), presented herein, reflects net income (loss) excluding depreciation and amortization, interest income, interest expense, income taxes and also interest income and expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates.

Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude the following items that are not reflective of Park’s ongoing operating performance or incurred in the normal course of business, and thus, excluded from management’s analysis in making day-to-day operating decisions and evaluations of Park’s operating performance against other companies within its industry:

Gains or losses on sales of assets for both consolidated and unconsolidated investments; Costs associated with hotel acquisitions or dispositions expensed during the period; Severance expense; Share-based compensation expense; Impairment losses and casualty gains or losses; and Other items that management believes are not representative of the Company’s current or future operating performance. Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company’s consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company’s profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company’s consolidated hotels.

Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (“U.S.”) GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, the Company’s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies.

The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company’s management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by removing the effect of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results; and (ii) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in the industry.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company’s operating performance and results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available to the Company to meet its obligations. Further, the Company does not use or present EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin as measures of liquidity or cash flows.

Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – diluted and Adjusted FFO per share – diluted

Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP measures of the Company’s performance. The Company calculates funds from (used in) operations (“FFO”) attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), as net income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect the Company’s pro rata share of the FFO of those entities on the same basis. As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper – 2018 Restatement,” since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company’s presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.

The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding the Company’s ongoing operating performance. Management historically has made the adjustments detailed below in evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful supplemental information that is beneficial to an investor’s complete understanding of operating performance. The Company adjusts Nareit FFO attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO attributable to stockholders:

Costs associated with hotel acquisitions or dispositions expensed during the period; Severance expense; Share-based compensation expense; Casualty gains or losses; and Other items that management believes are not representative of the Company’s current or future operating performance. Net Debt

Net Debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net Debt is calculated as (i) debt excluding unamortized deferred financing costs; and (ii) the Company’s share of investments in affiliate debt, excluding unamortized deferred financing costs; reduced by (a) cash and cash equivalents; and (b) restricted cash and cash equivalents.

The Company believes Net Debt provides useful information about its indebtedness to investors as it is frequently used by securities analysts, investors and other interested parties to compare the indebtedness of companies. Net Debt should not be considered as a substitute to debt presented in accordance with U.S. GAAP. Net Debt may not be comparable to a similarly titled measure of other companies.

Occupancy

Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. Occupancy measures the utilization of the Company’s hotels’ available capacity. Management uses Occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help management determine achievable Average Daily Rate (“ADR”) levels as demand for rooms increases or decreases.

Average Daily Rate

ADR (or rate) represents rooms revenue divided by total number of room nights sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in the hotel industry, and management uses ADR to assess pricing levels that the Company is able to generate by type of customer, as changes in rates have a more pronounced effect on overall revenues and incremental profitability than changes in Occupancy, as described above.

Revenue per Available Room

Revenue per Available Room (“RevPAR”) represents rooms revenue divided by the total number of room nights available to guests for a given period. Management considers RevPAR to be a meaningful indicator of the Company’s performance as it provides a metric correlated to two primary and key factors of operations at a hotel or group of hotels: Occupancy and ADR. RevPAR is also a useful indicator in measuring performance over comparable periods.

Total RevPAR

Total RevPAR represents rooms, food and beverage and other hotel revenues divided by the total number of room nights available to guests for a given period. Management considers Total RevPAR to be a meaningful indicator of the Company’s performance as approximately one-third of revenues are earned from food and beverage and other hotel revenues. Total RevPAR is also a useful indicator in measuring performance over comparable periods.

Group Revenue Pace

Group Revenue Pace represents bookings for future business and is calculated as group room nights multiplied by the contracted room rate expressed as a percentage of a prior period relative to a prior point in time.

More News From Park Hotels & Resorts Inc.

Investors looking for stocks in the REIT and Equity Trust - Other sector might want to consider either Park Hotels & Resorts (PK - Free Report) or NETSTREIT (NTST - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

Currently, Park Hotels & Resorts has a Zacks Rank of #2 (Buy), while NETSTREIT has a Zacks Rank of #3 (Hold). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that PK is likely seeing its earnings outlook improve to a greater extent. But this is just one factor that value investors are interested in.

Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

PK currently has a forward P/E ratio of 7.76, while NTST has a forward P/E of 15.50. We also note that PK has a PEG ratio of 1.84. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. NTST currently has a PEG ratio of 2.61.

Another notable valuation metric for PK is its P/B ratio of 1. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, NTST has a P/B of 1.37.

Based on these metrics and many more, PK holds a Value grade of A, while NTST has a Value grade of D.

PK stands above NTST thanks to its solid earnings outlook, and based on these valuation figures, we also feel that PK is the superior value option right now.

Investors in Park Hotels & Resorts Inc. (PK - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Aug. 21, 2026 $2.50 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Park Hotels & Resorts shares, but what is the fundamental picture for the company? Currently, Park Hotels & Resorts is a Zacks Rank #2 (Buy) in the REIT and Equity Trust - Other industry that ranks in the Top 23% of our Zacks Industry Rank. Over the last 60 days, two analysts have increased their earnings estimates for the current quarter, while none have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from 36 cents per share to 37 cents in that period.

Given the way analysts feel about Park Hotels & Resorts right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

Park Hotels & Resorts (PK - Free Report) is a stock many investors are watching right now. PK is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 5.89. This compares to its industry's average Forward P/E of 17.05. Over the last 12 months, PK's Forward P/E has been as high as 7.11 and as low as 4.38, with a median of 5.77.

Investors will also notice that PK has a PEG ratio of 1.37. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. PK's PEG compares to its industry's average PEG of 1.53. PK's PEG has been as high as 6.29 and as low as 0.61, with a median of 1.28, all within the past year.

We should also highlight that PK has a P/B ratio of 0.71. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. PK's current P/B looks attractive when compared to its industry's average P/B of 1.99. Within the past 52 weeks, PK's P/B has been as high as 0.88 and as low as 0.52, with a median of 0.70.

Finally, investors should note that PK has a P/CF ratio of 6.18. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 15.83. Over the past 52 weeks, PK's P/CF has been as high as 6.25 and as low as 4.43, with a median of 5.21.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Park Hotels & Resorts is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, PK feels like a great value stock at the moment.

Even without rate cut assistance from the Federal Reserve, the real estate sector is delivering the goods for investors this year. Count the ALPS REIT Dividend Dogs ETF (RDOG) among the real estate ETFs displaying leadership traits.

RDOG, which turned 18 years old in May, focuses on the highest-yielding REITs across nine of the real estate sector’s sub-segments. Within the ALPS ETF, those segments are equally weighted, a strategy that enhances diversification while diminishing concentration risk.

RDOG is doing something right, because the ETF is up 15.1% year-to-date. Plus, it sports an enticing trailing 12-month dividend yield of 6.09%. That’s far above average among standard real estate ETFs. The ETF’s high yield and its 2026 performance may imply that it doesn’t have much of a value proposition. Upon further examination, though, there are some value plays residing in this ETF.

To RDOG for Value Real estate is a defensive sector, and there are times when those groups trade at valuations in excess of the broader market. It’s the price of admission for accessing that defensive posture. But to RDOG’s credit, some of its holdings look undervalued today. That includes dividend stalwart Realty Income (O).

“Coverage ratios are also very high, so tenants are healthy and unlikely to request rent concessions, even during downturns,” noted Morningstar analyst Kevin Brown. “The steady, stable stream of revenue has allowed Realty Income to be one of only two REITs to be members of the S&P High-Yield Dividend Aristocrats Index and have a credit rating of A- or better. This makes Realty Income one of the most dependable investments for income-oriented investors.”

Wireless tower REIT American Tower (AMT), also a member of the RDOG lineup, is another example of a REIT which Morningstar believes is offering some value today.

“We like management’s push into international markets, where growth opportunities are stronger. Many international markets, especially in Africa, are still progressing through 4G. Continued investment in new technologies, amid soaring data consumption, should drive international growth,” observed Michael Hodel of Morningstar.

Crown Castle (CCI), SBA Communications (SBAC), and Park Hotels & Resorts (PK) are other examples of RDOG components Morningstar considers undervalued.

For more news, information, and analysis, visit the ETF Building Blocks Content Hub.

Vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for RDOG for which it receives an index licensing fee. However, RDOG is not issued, sponsored, endorsed, or sold by VettaFi. VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of RDOG.

I am upgrading Park Hotels & Resorts to a buy, driven by strong market momentum, property upgrades, and resilient top-line growth. PK demonstrates competitive positioning with a focus on upper-upscale renovations, notably achieving +27% group revenue growth at the Royal Palm South Beach. Despite volatile FFO and high leverage, PK offers a safe, elevated dividend yield (~6.8%) with solid coverage, though dividend growth is muted.

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Income hunters know Invesco KBW Premium Yield Equity REIT ETF (NASDAQ:KBWY) as one of the highest-yielding equity REIT funds on the market, with a 30-day SEC yield of 8.26% and a 12-month distribution rate of 8.6%. KBWY achieves that yield by weighting small and mid-cap REITs by dividend payout rather than market cap, loading the portfolio with rent rolls Wall Street tends to overlook. The question for KBWY holders is whether those rent checks can keep funding monthly distributions of roughly $0.12 per share when the 10-year Treasury sits near 4.5% and refinancing costs remain elevated.

How the rent roll feeds the distribution KBWY tracks the KBW Nasdaq Premium Yield Equity REIT Index, a yield-weighted basket of roughly 30 small and mid-cap REITs. Because REITs must distribute at least 90% of taxable income to maintain tax pass-through status, KBWY’s monthly payout is essentially pooled rent, lease, and mortgage income from underlying landlords. The fund charges a 0.35% expense ratio and manages roughly $291 million in assets, modest enough that distribution cuts at the top can move the needle.

The holdings doing the heavy lifting The top 10 names account for about 43% of assets, so their cash flows matter disproportionately. Three concentrate the safety question:

Innovative Industrial Properties (NYSE:IIPR), the cannabis-focused triple-net REIT, sits at about 6.4% of the fund. Tenant concentration in a still-federally-illegal industry has produced rent defaults that forced AFFO guidance lower in recent quarters. The dividend has been held flat, but coverage has thinned, and a single major tenant loss would hit KBWY’s distribution within a quarter. Community Healthcare Trust (NYSE:CHCT) is about 4.6% of assets. Medical-office leases are sticky, but CHCT’s payout ratio has run above 100% of FFO, meaning the dividend is funded partly by debt and ATM equity issuance rather than operating cash flow. That is the textbook setup for an eventual trim. SL Green Realty (NYSE:SLG | SLG Price Prediction) at about 4.2% represents the Manhattan office trade. Leasing momentum has improved, and management reset the dividend lower in 2023, so the current payout looks defensible. Valuation is the bigger concern than coverage here. Hotel exposure through Park Hotels & Resorts (NYSE:PK) adds operating leverage to RevPAR trends, fine in expansion but the first lever cut in a slowdown.

What the distribution history actually says KBWY’s monthly payout has held in a tight $0.1225 to $0.1253 band across every month of 2025 and into 2026. That stability is genuine, but it follows a long reset: distributions peaked near $0.21 in 2020 before stepping down as small-cap REITs cut payouts through the rate-hiking cycle. The bleeding has stopped. The cautionary note is that KBWY has historically tracked its underlyings down quickly when they cut.

Total return puts the yield in context Price-only performance has finally turned. KBWY is up 18% year-to-date and 23% over the past year, with shares around $17. Over five years the price is up just 14%, a reminder that the distribution has carried the total-return story and NAV is sensitive to long rates. With the 10-year near the top of its 12-month range and the 2s/10s spread compressing to 0.46%, refinancing risk for highly levered small-cap REITs remains the biggest swing factor.

The verdict on KBWY’s income KBWY’s distribution looks safe in the near term and fragile over a full cycle. Monthly payouts have been stable for over a year, top holdings are mostly covering their dividends, and the fund’s yield-weighted methodology automatically rotates out of names that cut. Holders should expect the headline yield to drift lower if rates stay elevated and one or two top holdings reset payouts, but a sudden distribution collapse would require a broader small-cap REIT credit event. Investors who want REIT-adjacent income with lower volatility and meaningful dividend growth, rather than the highest current yield, typically look outside the small-cap REIT universe entirely.

JPMorgan Chase and Co. boosted its position in shares of Park Hotels and Resorts Inc. (NYSE: PK) by 21.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,634,643 shares of the financial services provider's stock after purchasing

Posted by Defense World Staff on Apr 14th, 2026

Park Hotels & Resorts (NYSE:PK – Get Free Report) and National Storage Affiliates Trust (NYSE:NSA – Get Free Report) are both mid-cap finance companies, but which is the better stock? We will contrast the two companies based on the strength of their valuation, risk, earnings, institutional ownership, profitability, dividends and analyst recommendations.

Dividends Park Hotels & Resorts pays an annual dividend of $1.00 per share and has a dividend yield of 9.0%. National Storage Affiliates Trust pays an annual dividend of $2.28 per share and has a dividend yield of 5.5%. Park Hotels & Resorts pays out -69.9% of its earnings in the form of a dividend. National Storage Affiliates Trust pays out 330.4% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. Park Hotels & Resorts has increased its dividend for 1 consecutive years and National Storage Affiliates Trust has increased its dividend for 1 consecutive years. Park Hotels & Resorts is clearly the better dividend stock, given its higher yield and lower payout ratio.

Profitability This table compares Park Hotels & Resorts and National Storage Affiliates Trust’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Park Hotels & Resorts -11.14% -8.56% -3.30% National Storage Affiliates Trust 9.80% 5.81% 1.43% Institutional & Insider Ownership 92.7% of Park Hotels & Resorts shares are held by institutional investors. Comparatively, 100.0% of National Storage Affiliates Trust shares are held by institutional investors. 2.5% of Park Hotels & Resorts shares are held by insiders. Comparatively, 13.7% of National Storage Affiliates Trust shares are held by insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a company will outperform the market over the long term.

Earnings & Valuation This table compares Park Hotels & Resorts and National Storage Affiliates Trust”s revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Park Hotels & Resorts $2.54 billion 0.88 -$283.00 million ($1.43) -7.81 National Storage Affiliates Trust $752.93 million 4.24 $73.78 million $0.69 60.04 National Storage Affiliates Trust has lower revenue, but higher earnings than Park Hotels & Resorts. Park Hotels & Resorts is trading at a lower price-to-earnings ratio than National Storage Affiliates Trust, indicating that it is currently the more affordable of the two stocks.

Analyst Recommendations This is a breakdown of recent ratings and target prices for Park Hotels & Resorts and National Storage Affiliates Trust, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Park Hotels & Resorts 3 8 2 0 1.92 National Storage Affiliates Trust 1 12 0 0 1.92 Park Hotels & Resorts currently has a consensus target price of $11.45, indicating a potential upside of 2.54%. National Storage Affiliates Trust has a consensus target price of $33.60, indicating a potential downside of 18.89%. Given Park Hotels & Resorts’ higher possible upside, equities research analysts clearly believe Park Hotels & Resorts is more favorable than National Storage Affiliates Trust.

Risk and Volatility Park Hotels & Resorts has a beta of 1.39, suggesting that its share price is 39% more volatile than the S&P 500. Comparatively, National Storage Affiliates Trust has a beta of 1.08, suggesting that its share price is 8% more volatile than the S&P 500.

Summary National Storage Affiliates Trust beats Park Hotels & Resorts on 9 of the 15 factors compared between the two stocks.

About Park Hotels & Resorts (Get Free Report)

Park Hotels & Resorts, Inc. operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio. The company was founded by Conrad Hilton in 1919 and is headquartered in Tysons, VA.

About National Storage Affiliates Trust (Get Free Report)

National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of December 31, 2023, the Company held ownership interests in and operated 1,050 self storage properties, located in 42 states and Puerto Rico with approximately 68.6 million rentable square feet, which excludes 39 self storage properties classified as held for sale to be sold to a third party. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States.

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Posted by Defense World Staff on Apr 27th, 2026

Cwm LLC lowered its position in shares of Park Hotels & Resorts Inc. (NYSE:PK – Free Report) by 27.2% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 123,709 shares of the financial services provider’s stock after selling 46,222 shares during the quarter. Cwm LLC owned about 0.06% of Park Hotels & Resorts worth $1,294,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Danske Bank A S bought a new position in Park Hotels & Resorts during the third quarter worth about $25,000. Advisory Services Network LLC bought a new stake in Park Hotels & Resorts in the 3rd quarter valued at about $34,000. Clearstead Advisors LLC boosted its holdings in Park Hotels & Resorts by 326.4% in the 3rd quarter. Clearstead Advisors LLC now owns 3,198 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 2,448 shares during the period. Harbor Capital Advisors Inc. grew its position in shares of Park Hotels & Resorts by 293.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 5,181 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 3,863 shares in the last quarter. Finally, Allworth Financial LP grew its position in shares of Park Hotels & Resorts by 56.5% during the 3rd quarter. Allworth Financial LP now owns 6,136 shares of the financial services provider’s stock worth $68,000 after purchasing an additional 2,216 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Price Performance Shares of NYSE:PK opened at $11.19 on Monday. The firm has a 50 day moving average of $10.92 and a 200-day moving average of $10.89. Park Hotels & Resorts Inc. has a 12 month low of $9.57 and a 12 month high of $12.39. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $2.25 billion, a PE ratio of -7.83 and a beta of 1.39.

Park Hotels & Resorts (NYSE:PK – Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The financial services provider reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($1.50). The firm had revenue of $629.00 million for the quarter, compared to analyst estimates of $621.79 million. Park Hotels & Resorts had a negative return on equity of 8.56% and a negative net margin of 11.14%.The business’s revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.39 EPS. Park Hotels & Resorts has set its FY 2026 guidance at 1.730-1.89 EPS. On average, equities research analysts predict that Park Hotels & Resorts Inc. will post 1.76 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.9%. The ex-dividend date of this dividend was Tuesday, March 31st. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently -69.93%.

Wall Street Analyst Weigh In A number of equities research analysts have recently weighed in on the stock. Truist Financial lifted their price target on shares of Park Hotels & Resorts from $11.00 to $12.00 and gave the company a “hold” rating in a research report on Thursday, March 26th. Wall Street Zen raised Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research report on Sunday, March 1st. Barclays restated an “equal weight” rating and set a $9.00 price objective (down from $13.00) on shares of Park Hotels & Resorts in a research note on Tuesday, April 7th. Cantor Fitzgerald lifted their price objective on Park Hotels & Resorts from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Finally, JPMorgan Chase & Co. upped their target price on Park Hotels & Resorts from $10.00 to $11.00 and gave the company an “underweight” rating in a research report on Tuesday, February 3rd. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $11.45.

Check Out Our Latest Research Report on PK

Park Hotels & Resorts Profile (Free Report)

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.

Further Reading Five stocks we like better than Park Hotels & Resorts Want to see what other hedge funds are holding PK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Park Hotels & Resorts Inc. (NYSE:PK – Free Report).

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TYSONS, Va.--(BUSINESS WIRE)---- $PK--Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today 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. First Quarter Highlights Include: Comparable RevPAR was $191.05, an increase of 2.2% compared to the same period in 2025, or a 5.5% increase when excluding the Royal Palm South Beach Miami, a Tribute Portfolio Resort (“Royal Palm”), which.

For the quarter ended March 2026, Park Hotels & Resorts (PK - Free Report) reported revenue of $622 million, down 1.3% over the same period last year. EPS came in at $0.45, compared to -$0.29 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $618.44 million, representing a surprise of +0.58%. The company delivered an EPS surprise of +11.94%, with the consensus EPS estimate being $0.40.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Park Hotels & Resorts performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Comparable RevPAR Growth: 2.2% compared to the 0.9% average estimate based on three analysts.Total Number of rooms: 20,467 versus 21,404 estimated by two analysts on average.Comparable RevPAR: $191.05 million versus $183.16 million estimated by two analysts on average.Revenues- Rooms: $356 million compared to the $348.41 million average estimate based on three analysts. The reported number represents a change of -1.9% year over year.Revenues- Ancillary hotel: $60 million compared to the $62.63 million average estimate based on two analysts. The reported number represents a change of -4.8% year over year.Revenues- Food and beverage: $182 million compared to the $181.69 million average estimate based on two analysts. The reported number represents a change of 0% year over year.Revenues- Other: $24 million versus the two-analyst average estimate of $22.11 million. The reported number represents a year-over-year change of +9.1%.Earnings per share - Diluted: $0.05 compared to the $0.04 average estimate based on three analysts.View all Key Company Metrics for Park Hotels & Resorts here>>>

Shares of Park Hotels & Resorts have returned +9.3% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.