At a glance
Park Hotels & Resorts Inc is worth $3.35B. Revenue fell 2.2% to $2.54B in fiscal 2025, at a loss; over 5 years it has grown 24.4% a year. It pays a 6.01% dividend yield, and returned $1.52B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +63.2% over the past year with dividends reinvested and +6.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 79.2% in the 2020 crash (S&P 500: 33.7%) and 45.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 17 months after the lows.
The business in plain English
Park Hotels & Resorts is a real estate investment trust, or REIT: a company that owns property and must pay out most of its taxable income as dividends. As of February 20, 2026, its portfolio held 34 upscale hotels and resorts with 22,561 rooms, all in the U.S. and its territories. Park spun off from Hilton on January 3, 2017, and most of its hotels still carry Hilton family brands, though it also owns Hyatt Regency and Marriott properties. Outside companies run the hotels.
Park earns money from what guests spend. In the year ended December 31, 2025, revenue was $2.54 billion: rooms brought in 59%, food and beverage 27%, extra hotel services 10% and other sources about 4%. Its resorts and convention hotels serve vacationers and groups booking meetings; seven hotels have at least 125,000 square feet of meeting space.
Park's focus is its 21 Core hotels, including one held through a joint venture. Core hotels brought in 79% of 2025 revenue, and over 96% of their rooms are luxury or upper upscale (the top two hotel tiers). Examples include the Hilton Hawaiian Village Waikiki Beach Resort and the Hilton New Orleans Riverside. Non-Core hotels brought in 17%. Park expects to dispose of all of them, using the proceeds to cut debt and reinvest in Core hotels.
Price history
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PK +63.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Rooms | $1.50B | 59.2% |
| Food and beverage | $685.0M | 27% |
| Ancillary hotel | $259.0M | 10.2% |
| Other | $92.0M | 3.6% |
By business segment
| Core Hotels | $2.01B | 78.9% |
| Non-Core Hotels | $443.0M | 17.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $680.0M, up 1.2% from a year earlier, and net income was $47.0M.
- For fiscal 2025, revenue was $2.54B (-2.2% year over year; +24.4% a year from FY2020 to FY2025) with a -11.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +24.4% good |
|---|---|
| Operating margin | -1.3% weak |
| Free cash flow margin | 4% watch |
| Return on equity (FY2025) | -9% weak |
| Return on assets (FY2025) | -3.7% weak |
| Net cash (cash minus debt) | $-3.67B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $852.0M | $-1.44B | $-524.0M |
| FY2021 | $1.36B | $-459.0M | $-191.0M |
| FY2022 | $2.50B | $162.0M | $241.0M |
| FY2023 | $2.70B | $97.0M | $218.0M |
| FY2024 | $2.60B | $212.0M | $202.0M |
| FY2025 | $2.54B | $-283.0M | $102.0M |
Valuation snapshot
| Market value | $3.35B |
|---|---|
| P/E ratio | — |
| Dividend yield | 6.01% |
Rank among 1514 US companies
Market value at each year end
Park Hotels & Resorts’s market value went from $6.18B at the end of 2017 to $3.35B on Oct 28, 2026, down 46%; since the end of 2025 it is up 60%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.35B | +60.3% |
| 2025 | $2.09B | -28.0% |
| 2024 | $2.90B | -9.6% |
| 2023 | $3.21B | +21.2% |
| 2022 | $2.65B | -40.6% |
| 2021 | $4.46B | +10.5% |
| 2020 | $4.04B | -34.8% |
| 2019 | $6.19B | +18.5% |
| 2018 | $5.23B | -15.4% |
| 2017 | $6.18B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PK price data to Oct 28, 2026 | +68.5% | +63.2% | +28.5% | +6.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +68.5% |
| 2025 | -18.4% |
| 2024 | +1.0% |
| 2023 | +49.5% |
| 2022 | -36.1% |
| 2021 | +10.1% |
| 2020 | -30.1% |
| 2019 | +6.8% |
| 2018 | +1.5% |
| 2017 | +13.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 70.6% over that stretch · deepest drop along the way 79.2%, back to its old high 11.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.2% over that stretch · deepest drop along the way 45.1%, back to its old high 17.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.7% | Jun 30, 2026 |
| Vanguard Portfolio Management | 7.97% | Mar 31, 2026 |
| DONALD SMITH & CO., INC. | 7.2% | Jun 30, 2026 |
| STATE STREET CORPORATION | 5.5% | Jun 30, 2026 |
| Vanguard Capital Management | 5.17% | Jun 30, 2026 |
| BANK OF AMERICA CORP /DE/ | 4.9% | Jun 30, 2026 |
| RM Trading of Florida LLC | 1.4% | May 1, 2026 |
ETFs with the most weight in PK
| KBWY Invesco KBW Premium Yield Equity REIT ETF | 3.51% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 1.81% |
| RIET Hoya Capital High Dividend Yield ETF | 0.85% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.65% |
| NIXT Research Affiliates Deletions ETF | 0.46% |
| ROSC Hartford Multifactor Small Cap ETF | 0.42% |
| HIDV AB US High Dividend ETF | 0.38% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.37% |
What could go wrong
- Heavy reliance on Hilton brands. Most of Park's hotels carry Hilton family brands, from Hilton Hotels & Resorts to DoubleTree and Curio. Damage to Hilton's quality or reputation could hurt results across much of the portfolio at once.
- Hotels clustered in a few markets. Park's hotels sit in a limited number of markets, including Hawaii. A natural disaster, terrorist attack or local slump could hit a big share of profits, and insurance may not cover every loss.
- Non-Core hotel sales may prove slow. Park expects to dispose of all its Non-Core hotels and use the cash to cut debt. Hotel sales can be slow, so deals may close later or for less than planned if purchasers lack financing.
- Large debt load and loan maturities. Debt was about $3.9 billion against $264 million of cash as of June 30, 2026. Two mortgage loans totaling about $1.4 billion were due in 2026. Higher rates or tighter credit would raise borrowing costs.
- Outside managers run the hotels. Park owns the hotels, but REIT tax rules mean outside managers must run them. If managers perform poorly or don't act in Park's interests, revenue and profits could suffer.
- Travel slumps and rising costs. Hotel demand drops fast when travel slows. Revenue was $852 million in 2020, during the COVID-19 pandemic, versus $2.54 billion in 2025. Inflation and union contracts can lift labor costs faster than room rates.
Recent events
- Major agreement ended
- Executive or board change
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released; Executive or board change
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Park pays a dividend, but the record is uneven, with no streak of increases. Dividends per share were $0.45 in 2020, nothing in 2021, $0.28 in 2022, $2.15 in 2023, $1.40 in 2024 and $1.00 in 2025. The yield was 6.01% as of October 28, 2026. In 2025 Park lost money and paid $280 million in dividends, about 275% of its $102 million of free cash flow (cash from operations after capital spending). REIT payout rules may force it to borrow for dividends, its 10-K warns. Share repurchases totaled $568 million over 2021–2025, and the share count fell about 15% from October 2021 to July 2026.
The shares have fallen hard in downturns. In the 2020 COVID crash they dropped 79.2% and took about 12 months to recover. In the 2022 bear market they fell 45.1% and needed about 17 months to regain their peak. Like any single stock, PK carries more risk than a diversified fund.
Questions investors ask
How does Park Hotels & Resorts make money?
Park makes money by owning hotels and collecting what guests spend there. In the year ended December 31, 2025, revenue was $2.54 billion: 59% from rooms, 27% from food and beverage, 10% from extra hotel services and about 4% from other sources. Third-party companies manage the hotels, most of which carry Hilton family brands. As a REIT, Park must pay out most of its taxable income to shareholders as dividends.
Is Park Hotels & Resorts owned by Hilton?
No. Park spun off from Hilton on January 3, 2017, and is an independent public company. Its largest reported shareholder was BlackRock, with 14.7% as of June 30, 2026. Ties to Hilton remain close: most of Park's 34 hotels carry Hilton family brands, including Hilton Hotels & Resorts, Curio, Signia by Hilton and DoubleTree by Hilton. The 10-K lists this as a risk, because harm to Hilton's quality or reputation could hurt Park's results.
Has Park Hotels & Resorts cut its dividend?
Yes. Park paid $0.45 a share in 2020 and nothing in 2021. Payments resumed at $0.28 in 2022, rose to $2.15 in 2023, then fell to $1.40 in 2024 and $1.00 in 2025, so there is no streak of annual increases. The yield was 6.01% as of October 28, 2026. In 2025, dividends of $280 million were about 275% of free cash flow (cash from operations after capital spending), and the company reported a net loss of $283 million.
How much debt does Park Hotels & Resorts have?
Park had about $3.93 billion of total debt and $264 million of cash and investments as of June 30, 2026, against total assets of $7.70 billion. A credit agreement signed in September 2025 added an $800 million term loan that could be drawn in up to three stages through September 17, 2026. Park planned to use it to help repay two mortgage loans totaling about $1.4 billion due in 2026, and intends to cut debt further with proceeds from Non-Core hotel sales.
How has PK stock performed?
It has swung widely. As of October 28, 2026, PK's share price was up 63.2% over one year and 68.5% in 2026 through that date, after falling 18.4% in 2025 and 36.1% in 2022. Over five years it gained about 6.3% a year, or 35% in total. Its deepest peak-to-trough drop since its 2017 spin-off was 84.2%, and it fell 79.2% during the 2020 COVID crash.