Park Hotels and Resorts reported third-quarter RevPAR growth of 8.4% and raised full-year RevPAR guidance to 5.5 percent to 6 percent, adjusted EBITDA guidance to $635 million to $645 million, and adjusted FFO guidance to $2 to $2.05 per share.
PK · Park Hotels & Resorts Inc.
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Park Hotels & Resorts Inc. reported Core Hotel Adjusted EBITDA of $455 million versus $435 million and Adjusted FFO attributable to stockholders of $309 million versus $291 million for the nine months ended September 30, 2026.
Park Hotels & Resorts Inc. reported third-quarter Comparable RevPAR of $201.02, up 8.4%, Adjusted EBITDA of $135 million and a $(18) million net loss attributable to stockholders. It raised its full-year 2026 outlook for Comparable RevPAR growth and Adjusted EBITDA.
Park Hotels & Resorts Inc. used $700 million from its delayed-draw Bonnet Creek mortgage financing and a $600 million term loan draw to repay in full and terminate its $1.275 billion Hilton Hawaiian Village Waikiki Beach Resort mortgage loan, which was scheduled to mature November 1, 2026.
Metrics snapshot
Useful current figures from the complete screener profile.
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q3 FY26 earnings call · Nov 5, 2026TL;DR. Park raised full-year Comparable RevPAR, Adjusted EBITDA and Adjusted FFO guidance, supported by nearly 11% preliminary October growth, Royal Palm’s expected contribution, asset recycling and extended debt maturities. GAAP profitability, several property results, costs, storms, interest expense and Safehold litigation remained headwinds.
- + Preliminary October Comparable RevPAR increased nearly 11%, supporting the raised fourth-quarter outlook. new
- + Royal Palm reopened after a more than $110 million renovation and is expected to add at least 200 basis points to Comparable RevPAR growth and double EBITDA upon stabilization. new
- + The non-core disposition strategy reduced lower-growth exposure and generated substantial proceeds at strong valuation multiples. new
- + Refinancing extended Park’s debt maturities while the company retained approximately $1.3 billion of liquidity. new
- − Hotel operating expenses increased 5%, while lower out-of-room group spending limited food-and-beverage growth to 2% and left banquet revenue relatively flat. new
- − The timing of dispositions for three Safehold hotels cannot be determined because of ongoing litigation. new
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Hotel Adjusted EBITDA | $146M | FY2026 Q3 | +3.5% |
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| Adjusted EBITDA non-GAAP | $341M | Six months ended June 30, 2026 | — |
| Adjusted FFO attributable to stockholders non-GAAP | $230M | Six months ended June 30, 2026 | — |
| Adjusted FFO per share – Diluted non-GAAP | $1.15 | Six months ended June 30, 2026 | — |
| Comparable Hotel Adjusted EBITDA non-GAAP | $356M | Six months ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net (loss) income -156M
+275M Depreciation and amortization expense
-8M Interest income
+207M Interest expense
+26M Interest expense associated with hotels in receivership
+11M Income tax expense (benefit)
+4M Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates
-18M (Gain) loss on sales of assets, net
-26M Gain on derecognition of assets
+20M Share-based compensation expense
+276M Impairment and casualty loss
+12M Other items
-7M Less: Adjusted EBITDA from hotels disposed of
-4M Less: Adjusted EBITDA from investments in affiliates disposed of
-13M Less: Adjusted EBITDA from investments in affiliates
+55M Add: All other
= Comparable Hotel Adjusted EBITDA 654M
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| Comparable Hotel Adjusted EBITDA margin non-GAAP | 29.1% | Six Months Ended June 30, 2026 | — |
| Comparable RevPAR | $216.87 | Q2 2026 | — |
| Core ADR | $288.1 | 2Q26 | — |
| Core Hotel Adjusted EBITDA non-GAAP | $323M | Six months ended June 30, 2026 | — |
| Core Hotel Adjusted EBITDA margin non-GAAP | 30.2% | Six Months Ended June 30, 2026 | — |
| Core Occupancy | 81% | 2Q26 | — |
| Core RevPAR | $233.49 | Q2 2026 | — |
| EBITDA non-GAAP | $299M | Six Months Ended June 30, 2026 | — |
| Grand Total Hotels | 21,326 | as of August 6, 2026 | — |
| Nareit FFO attributable to stockholders non-GAAP | $211M | Six Months Ended June 30, 2026 | — |
| Nareit FFO per share – Diluted non-GAAP | $1.05 | Six Months Ended June 30, 2026 | — |
| Net Debt non-GAAP | $3.74B | June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Debt 3.92B
+17M Add: unamortized deferred financing costs and discount
+105M Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs
-264M Less: cash and cash equivalents
-38M Less: restricted cash
= Net Debt 3.74B
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| RevPAR (Total Comparable Hotels) | $216.87 | Q2 2026 | — |
| Total Consolidated Core Hotels | 15,789 | as of August 6, 2026 | — |
| Total Consolidated Non-Core Hotels | 4,113 | as of August 6, 2026 | — |
| Total Core Hotels | 17,213 | as of August 6, 2026 | — |
| Total Unconsolidated Core Hotel | 1,424 | as of August 6, 2026 | — |
| TTM Comparable Adjusted EBITDA non-GAAP | $612M | June 30, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Hotel & Motel — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
PK
this stock
Park Hotels & Resorts Inc.
|
$3.27B | +54.6% | +2.3% | — | 13.6% |
|
HST
Host Hotels & Resorts, Inc.
|
$17.47B | +43.8% | -0.8% | 18.6 | 5.8% |
|
RHP
Ryman Hospitality Properties, Inc.
|
$9.32B | +42.8% | +3.1% | 32.6 | 3.8% |
|
APLE
Apple Hospitality REIT, Inc.
|
$4.59B | +64.2% | +19.0% | 24.6 | 5.6% |
|
DRH
DiamondRock Hospitality Co
|
$2.95B | +60.7% | -0.8% | 18.2 | 5.8% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Nov 5, 2026
- This year
- 15
Park Hotels & Resorts Inc. reported Core Hotel Adjusted EBITDA of $455 million versus $435 million and Adjusted FFO attributable to stockholders of $309 million versus $291 million for the nine months ended September 30, 2026.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| PK | +2.7% | +1.6% | +34.8% | -2.6% | +54.6% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | +0.1% | +2.8% | +34.3% | -2.4% | +44.0% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.