Park Hotels & Resorts Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.24%.
Did PK Beat Earnings? Q1 2025 Results
Park Hotels & Resorts delivered a sharply mixed first quarter, posting Adjusted FFO per diluted share of $0.46 against a consensus estimate of just $0.11, a beat of 318.18%, while revenue of $630.00 million edged past the $615.97 million estimate by 2.28%, though it still slipped 1.4% from the year-ago period. The headline numbers masked considerable underlying pressure: a $70.00 million impairment and casualty loss charge drove a GAAP diluted loss of $0.29 per share, compared to earnings of $0.13 a year ago, while Adjusted EBITDA fell to $144.00 million from $162.00 million and comparable Hotel Adjusted EBITDA margin contracted 280 basis points to 24.9%. Occupancy softness was a recurring theme, including at the New York Hilton Midtown, where declining overseas arrivals weighed on performance. Group demand at select marquee properties offered a partial offset, but Park trimmed its full-year outlook, now guiding Adjusted FFO per share at $1.79 to $2.09 and comparable RevPAR at $185 to $191, with tariff impacts explicitly excluded from its assumptions.
- Group demand growth at resort and urban hotels, including 66%+ group revenue increase at Hilton Waikoloa Village
- Post-renovation performance at Bonnet Creek Orlando (RevPAR +14%) and Casa Marina Key West (RevPAR +12%)
- Super Bowl demand boosted Hilton New Orleans Riverside RevPAR by over 5%
- Hilton Chicago group revenues increased nearly 22% driven by corporate demand
- Comparable ADR increased 2.3% to $256.62
- Transient demand acceleration in Chicago and New York urban markets
“I am very encouraged by our first quarter results, with Comparable RevPAR remaining essentially flat despite a tough comparison to last year when our portfolio significantly outperformed in almost every market, which resulted in first quarter 2024 Comparable RevPAR growth of nearly 8% as compared to the same period in 2023. Our Bonnet Creek complex in Orlando and Casa Marina – Key West hotels continue to lead our portfolio following their transformative renovations, with first quarter RevPAR increasing 14% and 12%, respectively, while transient demand accelerated in several of our key urban markets, including Chicago and New York.”
Park Hotels & Resorts CEO, on the earnings call
Forward Guidance & Outlook
Park lowered its full-year 2025 outlook midpoints. Comparable RevPAR is now expected at $185–$191 (previously $187–$192), reflecting a change of -1.0% to +2.0% vs. 2024. Total revenues are guided at $2.569–$2.643 billion. Net (loss) income attributable to stockholders is expected at $(16)–$44 million, with diluted EPS of $(0.08)–$0.22. Adjusted FFO per diluted share is guided at $1.79–$2.09 (previously $1.90–$2.20). Adjusted EBITDA is expected at $590–$650 million. Comparable Hotel Adjusted EBITDA margin is guided at 25.6%–27.2%. The outlook includes approximately $17 million of EBITDA disruption from the Royal Palm South Beach Miami renovation but explicitly excludes potential tariff impacts or changes in U.S. travel patterns from trade policy. Capital expenditures are expected at $310–$330 million for 2025.
PK YoY Financials
PK Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.