Park Hotels & Resorts Inc. reported first‑quarter 2026 results that marked a return to profitability, with net income of $12 million compared with a $57 million loss in the same period a year earlier. The company posted earnings per share of $0.45, beating the consensus estimate of $0.40 by $0.05, and generated revenue of $622 million, surpassing the $618.44 million consensus by $3.56 million.
Comparable RevPAR rose to $191.05, up 2.2 % year‑over‑year, and climbed 5.5 % when the Royal Palm South Beach Miami property was excluded. Hotel‑adjusted EBITDA margin contracted to 25.8 % from 26.4 % in Q1 2025, a compression attributed to renovation disruptions and a shift toward higher‑cost mix.
Resort hotels drove the RevPAR growth, with the Bonnet Creek complex in Orlando reporting a 16 % increase in combined RevPAR and a 19 % rise in group revenue. In Hawaii, combined RevPAR grew 2 % year‑over‑year despite a 340‑basis‑point hit from storms at the Hilton Hawaiian Village Waikiki Beach Resort. Urban hotels in San Francisco, Denver and New York also contributed to a nearly 2 % rise in core urban RevPAR, offsetting a 170‑basis‑point headwind from the Super Bowl in New Orleans.
CEO Thomas J. Baltimore, Jr. said, “I am very pleased with our first quarter results, with Core RevPAR increasing over 5 % year‑over‑year excluding the Royal Palm, driven by continued strength at our resort hotels.” CFO Sean M. Dell’Orto added, “RevPAR exceeded $191, up approximately 2 % over the prior year period, or approximately 5.5 % when excluding Miami, and over 6.2 % when adjusting for the Hawaii storms that Tom mentioned earlier.”
The company raised its full‑year 2026 outlook, projecting RevPAR of $192–$196, a 0.5 %–2.5 % growth versus 2025, Adjusted EBITDA of $587–$617 million, and Adjusted FFO per diluted share of $1.74–$1.90. The guidance lift reflects confidence in sustained demand and the expected impact of ongoing renovations.
The results underscore a strategic turnaround: the company’s non‑core hotel disposition program has generated cash that is being reinvested in high‑return core assets, while the return to profitability signals that the portfolio simplification is paying off. Margin compression highlights the short‑term cost of renovation and mix shifts, but the strong RevPAR growth and revenue beat suggest that the core resort portfolio remains resilient amid geopolitical uncertainties and weather‑related disruptions.
With a clear focus on portfolio simplification, disciplined cost management, and targeted capital allocation, Park Hotels & Resorts is positioned to sustain its rebound and deliver incremental value to shareholders over the coming year.
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