Park Hotels & Resorts

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

In Q2 2026, its 20 Core hotels had 15,789 rooms. The largest are the Hilton Hawaiian Village Waikiki Beach Resort (2,886 rooms), the New York Hilton Midtown, the Hilton New Orleans Riverside, the Hilton Chicago and the Bonnet Creek resort complex in Orlando. Third-party operators manage the hotels for Park.

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

In September 2026, its Chief Investment Officer left, and the board gave retention share awards to the other executives. For the gap to close, Park must reach its 2026 outlook of Adjusted EBITDA of $617 million to $637 million and Adjusted FFO of $1.90 to $2.00 per share. Group demand in Hawaii, Orlando and Key West must stay strong, and the Royal Palm must earn the 15% to 20% return that Park expects. Park must also sell its remaining Non-Core hotels and reduce its debt.

The Q3 2026 report, expected in early November 2026, is the next test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a weaker economy, which would lower hotel demand and make the debt harder to refinance.

1. Nov 6, 2026 · est.Pending

   Q3 2026 earnings: outlook and group demandRevPAR growth and Adjusted EBITDA on track for the $617 million to $637 million outlook pass; a cut to the outlook fails.
2. Feb 2027 · est.Pending

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

Every passed and failed checkpoint across all picks

Park funds itself with unsecured notes, bank term loans and a few hotel mortgages. At June 30, 2026, debt was $3.92 billion at a weighted average interest rate of 5.21%, and cash was $264 million. Read more

• Park has about $3.9 billion of debt, and more of it now has variable rates after the 2026 refinancing. Higher interest rates or weaker results make the debt more costly and harder to refinance.
• Hotel demand falls quickly in a weak economy. The Hilton Hawaiian Village alone earned $41 million of the $182 million of Core Hotel Adjusted EBITDA in Q2 2026, so a drop in Hawaii travel has a large effect.
• Large renovations, such as the $100 million work on the Ali'i Tower that started in Q3 2026, take rooms out of service and can cost more than planned.
• The Chief Investment Officer left in September 2026, and the board gave retention awards to keep the other executives. More departures can slow the sale of Non-Core hotels.

• September 30, 2026Park repaid in full the $1.275 billion mortgage on the Hilton Hawaiian Village Waikiki Beach Resort, which was due on November 1, 2026. It used the $700 million Bonnet Creek mortgage loan and a $600 million draw on its unsecured delayed draw term loan.
• September 11, 2026Park said that Thomas Morey, Executive Vice President and Chief Investment Officer, left the company on September 8, 2026.
• September 3, 2026The board gave one-time retention restricted stock awards to executive officers, including 331,564 shares to CEO Thomas Baltimore. The awards vest after four years. Park said that they address leadership transition and recruiting risks.