Park Hotels Raises 2026 Adjusted Outlook as Q3 RevPAR Rises 8.4%

Park Hotels & Resorts Inc. (NYSE: PK) revised its full-year 2026 outlook higher for comparable RevPAR, Adjusted EBITDA and Adjusted FFO per share after third-quarter hotel demand and profitability strengthened. Comparable RevPAR rose 8.4% year over year, supported by gains in both room rates and occupancy, while comparable hotel Adjusted EBITDA increased faster than hotel revenue.

The lodging REIT now expects full-year comparable RevPAR of $205 to $206, representing growth of 5.5% to 6.0% from 2025. Its previous forecast called for $198 to $201 and growth of 3.0% to 4.5%. Park attributed the revision to strong third-quarter results and demand trends expected for the fourth quarter, when comparable RevPAR is projected to increase 5.5% to 7.5%.

Full-year Adjusted EBITDA is forecast at $635 million to $645 million, up from the prior range of $617 million to $637 million. Adjusted FFO per diluted share is expected to reach $2.00 to $2.05, compared with the previous $1.90 to $2.00 range.

The outlook for GAAP results moved in the opposite direction. Park now projects net income of $70 million to $80 million, versus its earlier range of $78 million to $98 million. Diluted earnings per share are expected to be $0.31 to $0.36, down from the prior forecast of $0.35 to $0.45.

Comparable hotel results outpace consolidated revenue

Third-quarter comparable hotel revenue increased 5.7% to $565 million, while comparable hotel Adjusted EBITDA rose 7.7% to $146 million. The corresponding margin expanded 50 basis points to 25.7%.

Comparable RevPAR reached $201.02, up 8.4% from the year-earlier quarter. Average daily rate increased 5.0% to $263.19, and occupancy rose 2.4 percentage points to 76.4%. Core hotel revenue advanced 5.3% to $498 million, with Core Hotel Adjusted EBITDA rising 6.8% to $132 million and margin increasing 40 basis points to 26.7%.

The strongest property-level RevPAR gains included DoubleTree Hotel Washington DC–Crystal City, up 50.3%; Juniper Hotel Cupertino, up 20.4%; Hilton Waikoloa Village, up 20.2%; and Casa Marina Key West, up 17.3%. Hilton Chicago recorded a 15.4% increase. By contrast, RevPAR declined 14.0% at Hilton New Orleans Riverside, 8.9% at Caribe Hilton and 1.9% at Signia by Hilton Orlando Bonnet Creek.

Consolidated revenue declined 1.2% to $602 million, reflecting a portfolio that included fewer disposed-hotel contributions. Rooms revenue fell to $367 million from $370 million, food-and-beverage revenue decreased to $146 million from $150 million, and ancillary hotel revenue declined to $64 million from $67 million.

Operating income fell to $38 million from $59 million, and the net loss attributable to stockholders widened to $18 million, or $0.10 per share, from $16 million, or $0.08 per share. The 2025 quarter included a $16 million gain on derecognition of assets related to the former Hilton San Francisco hotels.

Non-GAAP measures showed stronger underlying performance. Adjusted EBITDA increased to $135 million from $130 million. Adjusted FFO attributable to stockholders rose to $79 million from $70 million, while Adjusted FFO per diluted share increased to $0.39 from $0.35.

For the first nine months of 2026, comparable hotel revenue grew 4.6% to $1.78 billion and comparable hotel Adjusted EBITDA increased 5.4% to $503 million. Net income attributable to stockholders was $40 million, compared with a $78 million loss in the prior-year period.

Refinancing and portfolio sales remain priorities

Park’s full-year assumptions include a 4.5% to 5.0% increase in hotel operating expenses and approximately $13 million of incremental interest expense from $1.5 billion of refinancing activity in 2026, most of which is expected during the fourth quarter.

Net debt was $3.73 billion at September 30, little changed from $3.72 billion at the end of 2025. The ratio of net debt to trailing-12-month comparable Adjusted EBITDA declined to 5.96 times from 6.22 times. Park reported $295 million of cash and cash equivalents at quarter-end and $1 billion of available capacity under its revolving credit facility as of November 4.

The company sold or disposed of six hotels with 1,973 rooms during 2026 for gross proceeds of $96 million. Eight non-core hotels with 3,593 rooms remained as of November 4, including five properties targeted for sale or disposition. The timing of potential dispositions for three hotels subject to safehold leases cannot be determined because of ongoing litigation.

Park’s guidance assumes its portfolio as of November 4 and excludes potential future acquisitions, dispositions and financing transactions other than the specified refinancing activity. The company identified inflation, interest-rate changes and the possibility of an economic slowdown or recession as uncertainties. Its forecast does not incorporate incremental effects from tariff announcements, changes in U.S. travel patterns related to geopolitical or policy developments, or government and agency shutdowns because those effects cannot currently be quantified.