Park Hotels & Resorts Inc 2025年度报告

We strive to be the preeminent lodging real estateinvestment trust (REIT), focused on consistentlydelivering superior, risk-adjusted returns to stockholdersthrough active asset management and a thoughtfulexternal growth strategy, while maintaining a strong andflexible balance sheet. TO OUR STOCKHOLDERS In 2025, we continued to make significant progressexecuting this strategy, exiting two Non-Core hotels forgross proceeds of $120 million at a blended multipleof 21x trailing twelve months Hotel Adjusted EBITDA.These transactions included the sale of the Hyatt CentricFisherman’s Wharf in San Francisco and our 25% jointventure interest in the Capital Hilton in Washington, D.C.We also surrendered three hotels on expiring groundleases that, on a combined basis, generated a loss in 2025. THOMAS J. BALTIMORE, JR.CHAIRMAN, PRESIDENTAND CHIEF EXECUTIVEOFFICER Our disposition momentum has carried into 2026 withthe January sale of the 193-room Hilton Checkers indowntown Los Angeles for gross proceeds of approxi-mately $13 million, representing over 17x 2025 HotelAdjusted EBITDA, and further demonstrating our abilityand determination to execute our Non-Core dispositionprogram in a challenging transaction environment. 2025 was a pivotal year in Park’s evolution, marked bymeaningful progress against our strategic priorities anddisciplined execution across our portfolio. We continued totake decisive actions to strengthen the quality, resilience,and enduring value of our platform, positioning the companyfor sustained performance and stockholder value creation. While the timing of individual dispositions may beuneven, our commitment to materially reduce exposureto Non-Core assets remains unchanged. Active marketingprocesses are underway across all remaining Non-Coreproperties, and we remain laser focused on completingthis phase of our portfolio transformation. STRATEGYFOCUS ON CORE ASSETS We continue to advance our strategy to reshape andupgrade the portfolio by reinvesting in our highest-qualityhotels while thoughtfully exiting assets that no longeralign with our investment thesis. Central to this approachis a disciplined focus on concentrating ownership in our 21Core hotels located in premier resort and urban marketswith superior growth prospects, while deploying capitalinto high-impact renovation and redevelopment projectsthat unlock meaningful embedded value. Collectively, theseinitiatives represent potential return on investment opportu-nities exceeding $1 billion across the Core portfolio. Our track record of value creation reflects disciplined andconsistent execution. Over the past nine years since ourspin-off transaction, we have sold or otherwise disposedof 51 hotels, generating aggregate proceeds of more than$3 billion. Since 2023 alone, we have completed 13 trans-actions, driving a nearly 8% increase in portfolio-widenominal RevPAR and expanding Hotel Adjusted EBITDAmargins by more than 275 basis points. These outcomesunderscore the tangible value created through our capital FORTIFIED BALANCE SHEET CORE PORTFOLIO SPOTLIGHT CAPITAL ALLOCATION nAmended and restated the existingcredit agreement, increasing Park’srevolving credit facility to$1 billionfrom$950 million nCore hotels account forover 90%1of Park’s valuen21 Hotelsand17K Roomsin primeU.S. resort and city center markets2nFY 2025RevPAR $2093;66%higherthan Non-Core hotels nReturned approximately$245 mil-lionto stockholders in the form ofdividends and stock repurchases nStrategically investednearly$300millionin capital improvementsacross our portfolio, includingthe comprehensive renovation atthe Royal Palm, and multi-phasedguestroom renovations and roomconversions at Core hotels in Hawaiiand New Orleans nAddition of a new senior unsecureddelayed draw term loan facility ofup to$800 million, bringingthe aggregate capacity under thecredit facilities to approximately$2 billion4 nSold two Non-Core hotels for grossproceeds of$120 millionandreturned three Non-Core hotelsto ground lessors STRATEGIC PLAN FOCUS ON CORE PORTFOLIOOF HIGH QUALITY HOTELSIN RESORT AND URBANDESTINATIONS EXPECTEDTO GENERATE SUPERIORGROWTH OVER TIME Plan to dispose of remaining Non-Corehotels over the next 12+ months tomaterially enhance growth and quality FINANCIAL RESULTS nReported net loss of($277) million,which included$318 millionofimpairment expense recognizedduring 2025 primarily related toPark’s Non-Core hotels nAdjusted EBITDA of$609 million CORE FOCUS RATIONALE VALUE CREATION GROWTH QUALITY5 nSuperior RevPAR:$209,or66%higher than Non-Core hotelsnMore Profitable: Approximately30%Hotel Adjusted EBITDA Margin,or approximately1,600 bpshigherthan Non-Core hotelsnEBITDA/Key: Approximately$40K,or300%higher than Non-Core hotels nHigher Growth: 4-year RevPARcompound annual growth rate(’26-’30) for Core markets is over3% nSignificant Earnings Upside:+$100millionof Adjusted EBITDA upsidepotential upon stabilizationnLimited Supply:0.7%Supply CAGRforecasted through 203