Park Hotels & Resorts

What Park Hotels & Resorts does

Park Hotels & Resorts (NYSE: PK) is a publicly-traded lodging real estate investment trust that owns a portfolio of approximately 31 premium-branded hotels and resorts with nearly 22,000 rooms, primarily located in prime U.S. city center and resort destinations. The company was spun off from Hilton in January 2017 and is incorporated in Delaware with headquarters in Tysons, Virginia. Park operates a lean corporate structure of roughly 91 headquarters associates, with hotels managed and franchised by third-party brand operators — Hilton (the majority of the portfolio, including Waldorf Astoria, Signia, Hilton, and DoubleTree brands), Hyatt (Hyatt Regency and Hyatt Centric properties), and Marriott (JW Marriott and Autograph Collection). Anchor assets include the 2,886-room Hilton Hawaiian Village Waikiki Beach Resort, the 1,878-room New York Hilton Midtown, the Bonnet Creek complex in Orlando, and the Royal Palm South Beach Miami under renovation.

The company's revenue model is built on hotel real estate ownership rather than direct hotel operations: rooms revenue (driven by occupancy and ADR), food and beverage (Q1 2026: $182 million), and ancillary services (parking, spa, golf, retail) flow through management agreements with brand operators. Park reports an asset management platform strategy focused on maximizing profitability through renovations, capital improvements, and non-core asset disposition. The portfolio is organized into 20 Core hotels plus 11 Non-Core hotels being divested, with approximately $198 million in gross proceeds from five non-core sales in 2025 and additional 2026 sales (Hilton Seattle Airport and Hilton Checkers Los Angeles). The company is also building a Green Park sustainability program, achieving LEED certification, an 87 GRESB score (6-point YoY improvement), and ISS ESG Prime status.

The portfolio posted FY2024 revenue of approximately $2.6 billion and Adjusted EBITDA of $652 million; FY2025 revenue was $2.5 billion with a $283 million net loss driven primarily by $318 million of non-core asset impairments. Q1 2026 revenue was $622 million with $143 million Adjusted EBITDA and a return to net income of $11–12 million. With total debt of approximately $3.8 billion and liquidity exceeding $1.9 billion, Park has capacity to continue its capital recycling and core-asset reinvestment program. The company maintains a high dividend yield of approximately 11% (~$0.25 quarterly), reflecting its REIT structure and income-oriented investor base of which institutional shareholders hold roughly 92.7%.

Name

Park Hotels & Resorts

Legal name

Park Hotels & Resorts Inc.

Website

https://pkhotelsandresorts.com

Company type

Public

Founded year

1946

Operating status

Operating

Headcount range

101–250 employees

Short description

Park Hotels & Resorts is a publicly-traded lodging REIT (NYSE: PK) that owns ~31 premium-branded hotels and resorts with ~22,000 rooms across prime U.S. city and resort markets, operated under Hilton, Hyatt, and Marriott management agreements, and is actively reshaping its portfolio through non-core asset sales and core property renovations.

Ownership category

akta.pro rank

Product category

Lodging REIT (Hotel Real Estate)

NAICS

Traveler Accommodation (7211)

SIC

Hotels & Motels (7011), Hotels, Rooming Houses, Camps & Other Lodging Places (7000), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Hospitality (Hotels & Resorts) Asset Management (BPAJAMAE)

akta.pro secondary industries

Hospitality (Hotel) Property Management (BPAJAGAG), Owner Services, Reporting & Portfolio Administration (THAMAKAI)

Keywords

• Lodging REIT
• Hotel real estate
• Hospitality investments
• Premium hotels
• Hotel asset management

Headquarters

HQ city

Mclean

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Rooms Revenue: Primary revenue from hotel room rentals across the portfolio of 31 premium-branded hotels and resorts with nearly 22,000 rooms. Revenue driven by occupancy and ADR (Average Daily Rate) performance.
2. Food and Beverage: Significant revenue stream from hotel restaurants, bars, catering, and banquet services across the portfolio. Q1 2026 food and beverage revenue was $182 million.
3. Ancillary Hotel Revenue: Additional revenue from parking, spa, golf, retail, and other guest services at hotel properties.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Park Hotels & Resorts is a publicly-traded lodging REIT (NYSE: PK) that owns a diversified portfolio of approximately 31 premium-branded hotels and resorts with nearly 22,000 rooms across prime U.S. city center and resort destinations. The company generates revenue from hotel rooms, food and beverage, and ancillary guest services, while outsourcing day-to-day operations to third-party brand operators (Hilton, Hyatt, Marriott) under management and franchise agreements. Park pursues an active asset management strategy that emphasizes capital recycling through non-core asset disposition, strategic renovations to drive RevPAR, and accretive external growth.

Product overview

Park Hotels & Resorts is a publicly-traded lodging REIT (NYSE: PK) that operates a diversified portfolio of premium-branded hotels and resorts primarily located in prime U.S. city center and resort destinations. The company manages approximately 31 hotels with nearly 22,000 rooms under ownership. The portfolio is organized into Core hotels (20 consolidated hotels plus 1 unconsolidated hotel) and a Non-Core disposition program. Core hotels include major assets like Hilton Hawaiian Village Waikiki Beach Resort, New York Hilton Midtown, the Signia by Hilton Orlando Bonnet Creek and Waldorf Astoria Orlando (Bonnet Creek complex), and the Royal Palm South Beach Miami under renovation. Park employs an aggressive asset management strategy focused on maximizing profitability through active asset management, capital improvements, renovations, and strategic non-core asset disposition. The company operates through franchise agreements with major hotel brands (Hilton, Hyatt, Marriott) rather than managing hotels directly. The Green Park Program represents Park's environmental sustainability platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Hilton Hawaiian Village Waikiki Beach Resort A 2,886-room flagship beachfront resort in Honolulu featuring 150,000 square feet of meeting space, serving both leisure and group/convention demand.
• New York Hilton Midtown A 1,878-room convention hotel in Midtown Manhattan with 151,000 square feet of meeting space, catering primarily to business and group travelers.
• Waldorf Astoria Orlando A 502-room luxury resort in Orlando with 121,000 square feet of meeting space, part of the Bonnet Creek complex.
• Signia by Hilton Orlando Bonnet Creek A 1,009-room resort hotel in Orlando's Bonnet Creek complex with extensive meeting space.
• Hyatt Regency Boston A 502-room urban hotel in Boston's city center with 30,000 square feet of meeting space, serving business and convention demand.
• Casa Marina Key West, Curio Collection A 311-room historic resort hotel in Key West, Florida with 53,000 square feet of meeting space.
• Royal Palm South Beach Miami A 393-room oceanfront resort in South Beach Miami undergoing comprehensive renovation with 11 new guestrooms being added, targeting a 15-20% return on investment upon June 2026 reopening.
• Green Park Program Park's environmental sustainability platform featuring centralized environmental reporting infrastructure, proactive sustainability communications, strategic planning for long-term ESG goals, and the Green Park Sustainability Playbook guiding property-level energy efficiency and emissions projects (e.g., ENERGY STAR, LEED-certified renovations).

Quantifiable outcome

• 5.5% RevPAR increase (excluding Royal Palm renovation) in Q1 2026
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered minor and core.

• EQ Shareowner ServicesminorOthers · 1 April 2026Transfer agent for Park Hotels & Resorts common stock, handling stockholder services including share transfers, address changes, and dividend reinvestment.
• Newbond HoldingsminorOthers · 29 December 2025Newbond Holdings acquired Park's Hilton San Francisco Union Square and Parc 55 San Francisco hotels from court-appointed receiver in November 2025 for $408 million, representing a 75% decline from 2016 appraised value.
• Conversant CapitalminorOthers · 29 December 2025Conversant Capital acquired Park's distressed San Francisco hotel assets as part of the receivership process, working with Newbond Holdings to complete the transaction.
• HiltoncoreChannel Partner/ Reseller/ Distributor · 3 January 2017Hilton operates the majority of Park's hotel portfolio under management agreements. Park's hotels operate under various Hilton brands including Waldorf Astoria, Signia, Hilton, DoubleTree, and Tapestry Collection. Hilton provides reservation systems, loyalty programs (Hilton Honors), global sales, and marketing support.
• HyattcoreChannel Partner/ Reseller/ Distributor · 3 January 2017Hyatt operates select Park hotels under management agreements including Hyatt Regency Boston, Hyatt Regency Mission Bay Spa and Marina, and Hyatt Centric properties. Hyatt provides access to World of Hyatt loyalty program and distribution network.
• Marriott InternationalminorChannel Partner/ Reseller/ Distributor · 3 January 2017Select Park properties operate under Marriott brands including JW Marriott, Autograph Collection, and Tribute Portfolio. Marriott provides distribution through Marriott Bonvoy loyalty program.

Scale indicators11 records

Recent moves10 records

Expansion highlights4 records

Direct peers

• Host Hotels & Resorts: Largest publicly-traded U.S. lodging REIT, owning luxury and upper-upscale hotels operated by major brands (Marriott, Hilton, Hyatt). Direct comparable to Park given similar asset ownership model, brand partnerships, focus on group/convention and resort demand, and active capital recycling strategy.
• Pebblebrook Hotel Trust: U.S. lodging REIT focused on urban and resort upper-upscale hotels. Highly comparable to Park in portfolio composition (city-center and resort), brand mix (with recent Xenia Hotels merger expanding scale), and reliance on independent and brand operator management.
• Sunstone Hotel Investors: U.S. lodging REIT owning long-term hotel real estate operated by major brands (Marriott, Hilton, Hyatt, IHG). Comparable to Park in scale, asset class (upper-upscale urban and resort), and active renovation-led RevPAR growth strategy.
• RLJ Lodging Trust: U.S. lodging REIT focused on premium-branded, compact full-service and focused-service hotels. Similar ownership-only model with brand operator partnerships and active capital recycling, though RLJ skews more toward focused-service than Park's large convention/resort mix.
• DiamondRock Hospitality Company: U.S. lodging REIT that owns and acquires upper-upscale and luxury hotel properties operated under leading brands. Closely comparable to Park in lifestyle/luxury and group-demand focus, urban and resort geographic mix, and asset-light operating model with brand partners.
• Apple Hospitality REIT: U.S. lodging REIT focused on upscale and upper-midscale hotels operated under Marriott, Hilton, and Hyatt brands. Comparable in pure asset-ownership model and brand partnerships, though Park's portfolio skews to larger convention and resort assets vs. Apple's focused-service tilt.
• Ryman Hospitality Properties: Specialized lodging REIT that owns large group-oriented convention and entertainment assets (Gaylord Hotels). Comparable to Park's group/convention demand exposure and resort-style asset profile, though more concentrated in its own brand (Gaylord) rather than third-party flagging.
• Park Hotels & Resorts (self-reference): Park Hotels & Resorts is the subject company. Other lodging REITs in the same category — Host Hotels, Pebblebrook, Sunstone, RLJ, DiamondRock, Apple Hospitality — are direct peers.

Broad incumbents

• Hilton Worldwide Holdings: Major global hotel brand and operator that runs the majority of Park's portfolio (Hilton, Waldorf Astoria, Signia, DoubleTree, Curio). Comparable as a key business partner — its distribution, loyalty (Hilton Honors), and brand strategy directly drive Park's RevPAR — but a brand/franchisor, not a real estate owner.
• Hyatt Hotels Corporation: Major global hotel brand and operator that manages select Park properties (Hyatt Regency, Hyatt Centric). Comparable in that it provides distribution, loyalty (World of Hyatt), and operational know-how for a portion of Park's portfolio, but operates as a brand/management company rather than a real estate owner.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/park-hotels-and-resorts

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Park Hotels & Resorts