Park Hotels & Resorts Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 4 November 2026: press release. Guidance figures: 7 raised, 3 lowered, 3 new, 2 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Comparable RevPAR rose 8.4%: Comparable RevPAR was $201.02, up from $185.46, with occupancy and ADR both higher than in the third quarter of 2025. Source
• Full-year guidance mixed by measure: Management raised Comparable RevPAR, RevPAR growth, Adjusted EBITDA and Adjusted FFO per share ranges, while net income and diluted EPS ranges were lowered. Source
• Hawaii resorts led resort growth: Hilton Waikoloa Village RevPAR rose 20.2% and Hilton Hawaiian Village rose 5.0%, according to the Core hotel table. Source
• Group and leisure demand both strong: Group rooms revenue rose over 18%, and higher-rated leisure travel further supported performance, according to management. Source
• October Comparable RevPAR up nearly 11%: Preliminary October Comparable RevPAR rose nearly 11% year-over-year, with outperformance across the portfolio. Source
• Hotel operating expenses rose 5%: Expenses rose 5% mainly on higher variable costs tied to occupancy, while RevPAR rose about 8% over the same period. Source
• Royal Palm reopened after large renovation: Royal Palm South Beach Miami reopened in July 2026 after a renovation of more than $110 million that began in May 2025. Source
• Hawaiian Village mortgage repaid in September: The company drew the remaining $600 million of its 2025 Delayed Draw Term Loan and $700 million of the Bonnet Creek Mortgage Loan to repay the $1.275 billion loan. Source
• Two more Non-Core hotels sold: The Hilton Short Hills was sold in July for $12 million and The Wade in October for about $19 million. Eight Non-Core hotels remain. Source

“I am very pleased with our third quarter results, with Core RevPAR increasing over 8% year-over-year, driven by continued strength in both group and leisure demand segments across our portfolio.”

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer

Guidance

What changed from last quarter

• Guidance raised: Full-year Comparable RevPAR, Comparable RevPAR growth, Adjusted EBITDA and diluted Adjusted FFO per share ranges raised. Source
• Guidance lowered: Full-year net income, net income attributable to stockholders and diluted EPS ranges lowered. Source
• New guidance: Fourth-quarter Comparable RevPAR growth range given for the first time in these documents. Source
• Guidance raised: Full-year 2026 capital expenditure range raised from $230 million to $260 million. Source
• New: The Wade, a 520-room Non-Core hotel, was sold in October 2026. Source
• New: Renovation of the 348-room Ali’i Tower at Hilton Hawaiian Village commenced in August 2026. Source
• Ended: The $1.275 billion Hilton Hawaiian Village mortgage loan was repaid in September 2026. Source

Results and growth drivers

• Comparable RevPAR rose 8.4%: Comparable RevPAR was $201.02, up from $185.46, with occupancy and ADR both higher than in the third quarter of 2025. Source
• Full-year guidance mixed by measure: Management raised Comparable RevPAR, RevPAR growth, Adjusted EBITDA and Adjusted FFO per share ranges, while net income and diluted EPS ranges were lowered. Source
• Adjusted FFO rose 12.3%: Adjusted FFO attributable to stockholders was $79 million, up from $70 million; the nine-month figure was $309 million, up 6.3%. Source
• Operating income fell 35%: Operating income was $38 million against $59 million. The prior-year quarter included a $16 million gain on derecognition of assets. Source
• Quarter net loss, nine-month profit: Net loss was $(15) million and net loss attributable to stockholders was $(18) million. Nine-month net income attributable to stockholders was $40 million. Source

Segments and regions

• Hawaii resorts led resort growth: Hilton Waikoloa Village RevPAR rose 20.2% and Hilton Hawaiian Village rose 5.0%, according to the Core hotel table. Source
• Washington group revenue surged: Group revenue at Washington, D.C. hotels rose over 160% on government-related demand. Boston hotels' combined RevPAR rose nearly 13% on events. Source
• Key West and Orlando renovations paid off: Casa Marina Key West and Waldorf Astoria Orlando RevPAR rose over 17% and 16%, and Hilton Chicago RevPAR rose over 15%. Source
• New Orleans and Caribe declined: Hilton New Orleans Riverside RevPAR fell 14.0% and Caribe Hilton fell 8.9%. Signia by Hilton Orlando Bonnet Creek fell 1.9%. Source
• Airport and suburban hotels led Core: Core airport and suburban RevPAR rose 20.3%, resort RevPAR rose 7.2% and urban RevPAR rose 6.1%. Source
• Non-Core RevPAR rose 10.2%: The eight Non-Core hotels, with 3,593 rooms, had RevPAR of $145.52, up from $132.00. Source

“we are well-positioned to continue executing on our strategic priorities and creating long-term shareholder value.”

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer

Demand, groups and bookings

• Group and leisure demand both strong: Group rooms revenue rose over 18%, and higher-rated leisure travel further supported performance, according to management. Source
• October Comparable RevPAR up nearly 11%: Preliminary October Comparable RevPAR rose nearly 11% year-over-year, with outperformance across the portfolio. Source
• Food and beverage lagged room revenue: Food and beverage revenue rose only 2% because group business spent less outside rooms, and banquet and catering revenue was flat. Source
• 2027 group pace up nearly 6%: Core Group Revenue Pace for 2027 rose nearly 6% from the end of September 2025, with 2027 Core group rates projected up nearly 4%. Source

Costs and margins

• Hotel operating expenses rose 5%: Expenses rose 5% mainly on higher variable costs tied to occupancy, while RevPAR rose about 8% over the same period. Source
• Impairment charge recorded in quarter: Impairment and casualty loss was $8 million in the quarter against none a year earlier. The nine-month figure was $35 million against $70 million. Source
• Comparable margin rose 50 basis points: Comparable Hotel Adjusted EBITDA margin was 25.7%, up 50 bps. Core Hotel Adjusted EBITDA margin was 26.7%, up 40 bps. Source

Capital investments and renovations

• Royal Palm reopened after large renovation: Royal Palm South Beach Miami reopened in July 2026 after a renovation of more than $110 million that began in May 2025. Source
• Ali'i Tower renovation began in August: The renovation of the 348-room Ali'i Tower at Hilton Hawaiian Village, more than $100 million, began in August 2026 and adds three guestrooms. Source
• Two more towers earned LEED Silver: Rainbow Tower and Palace Tower earned LEED Silver after guestroom renovations. With Tapa Tower, Park has three LEED-certified towers. Source

Debt, liquidity and refinancing

• Hawaiian Village mortgage repaid in September: The company drew the remaining $600 million of its 2025 Delayed Draw Term Loan and $700 million of the Bonnet Creek Mortgage Loan to repay the $1.275 billion loan. Source
• Liquidity about $1.3 billion: Liquidity was about $1.3 billion at September 30, including $1 billion of available Revolver capacity. That capacity was still $1 billion on November 4. Source
• Net Debt about $3.7 billion: Net Debt was about $3.7 billion. Weighted average debt maturity was 3.1 years including extension options, up from 1.8 years at June 30. Source

Non-Core dispositions

• Two more Non-Core hotels sold: The Hilton Short Hills was sold in July for $12 million and The Wade in October for about $19 million. Eight Non-Core hotels remain. Source
• Five hotels still targeted for sale: Five hotels with 2,634 rooms remain targeted for sale or disposition, with $37 million of 2025 Hotel Adjusted EBITDA. Source
• Three Safehold-lease hotels remain: Three Safehold-lease hotels with 959 rooms and $16 million of 2025 Hotel Adjusted EBITDA are still in the Non-Core group. Source

Dividends and sustainability

• Fourth-quarter dividend declared at $0.25: The board declared a $0.25 dividend on October 29, payable January 15, 2027, after the third-quarter $0.25 was paid October 15. Source
• Dividend yield about 6%: Declared dividends equal an annualized yield of about 6% based on recent trading levels. Source
• Six properties earned Green Key: Six properties achieved Green Key Global certifications, which management presents as part of its sustainable operations commitment. Source

Strategy and leadership

• Focus on elevating portfolio quality: The CEO said the company remains focused on further raising the quality of its portfolio. Source
• Portfolio transformation continues: Management described the Non-Core hotel sales as part of a continued portfolio transformation. Source
• Royal Palm expected to add to 2027: The CEO expects the Royal Palm renovation to add at least 200 basis points to 2027 Comparable RevPAR growth and double the hotel's EBITDA upon stabilization. Source

Coming up, as management said on 4 November 2026

• Third-quarter results call on November 5: Management will host the third-quarter 2026 results call on November 5, 2026 at 11 a.m. Eastern Time. Source
• New Orleans final phase due in Q4: The final guestroom phase at the Hilton New Orleans Riverside main tower is expected to finish in the fourth quarter of 2026. Source
• Santa Barbara mortgage refinancing planned: The company expects to refinance the $150 million Hilton Santa Barbara Beachfront Resort mortgage in mid-November 2026. Source

Figures management reported

Risks management discussed

• External: Recent storms reduced combined Hawaii RevPAR growth by nearly 280 basis points. Source
• Operational: Hotel operating expenses rose on higher variable costs and wage and utility pressures. Source
• Regulatory: Timing for three Safehold-lease disposals cannot be set because of ongoing litigation. Source

Earlier plans management reported on

• Met: The Royal Palm reopened in July 2026, as the earlier release described the planned timing.
• Met: The earlier release said the company intended to prepay the $1.275 billion loan in the third quarter; the current release reports the repayment in September 2026.

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.