India, Aug. 7 -- Park Hotels & Resorts Inc. announced results for the second quarter ended June 30, 2026 and provided an operational update and an update on its Non-Core hotel disposition initiative.
Financial Performance - Comparable RevPAR: $216.87, up 5.8% YoY (6.8% excluding Royal Palm Miami, which reopened in July after renovation). - Core RevPAR: $233.49, up 6.0% YoY (7.1% excluding Royal Palm). - Net Income: $50M vs. a loss of $2M last year. - Adjusted EBITDA: $198M, up 8.6% YoY. - Diluted EPS: $0.24 vs. $(0.02) last year. - Adjusted FFO per share: $0.70, up 9% YoY.
Operational Highlights - Hilton Hawaiian Village Waikiki Beach Resort: RevPAR up 12%, strong group and leisure demand. - Bonnet Creek complex (Orlando): RevPAR up 13%, EBITDA > $107M (TTM). - Casa Marina Key West: RevPAR up 14%, group revenue +44%. - Hilton Chicago: RevPAR up 14%. - Royal Palm Miami: Reopened July 2026 after $100M renovation.
Strategic Moves - Non-Core Dispositions: Sold/exited 4 hotels in Q2 for ~$65M proceeds (13.7x 2025 EBITDA). - Debt Management: - New $700M Bonnet Creek mortgage loan (to be drawn in Q3). - Drew $200M from $800M delayed draw term loan to repay Hyatt Regency Boston debt. - Liquidity at $2.6B vs. net debt of $3.7B. - Capital Investments: $64M in Q2, including Royal Palm renovation. Next: $100M renovation of Ali'i Tower at Hilton Hawaiian Village.
Shareholder Returns - Dividend: $0.25 per share for Q2 (paid July 15). - Declared Q3 dividend: $0.25 per share (payable Oct 15).
Outlook for FY 2026 - RevPAR: $198-$201 (up 3-4.5% YoY). - Net Income: $78-$98M. - Adjusted EBITDA: $617-$637M. - Adjusted FFO per share: $1.90-$2.00. - Guidance raised due to strong Q2 and July performance.
Overall, Park Hotels delivered strong growth in group and leisure demand, successfully executed asset sales, and strengthened its balance sheet while investing in flagship renovations.
Published by HT Digital Content Services with permission from Travel Media.