Park Raises Full-Year RevPAR Outlook After Demand Accelerates

The Tip Desk · November 11, 2026 · 4 min read

Comparable RevPAR reached $201.02, up 8.4% year over year, and full-year 2026 growth is now seen at 5.5% to 6.0%.

Park Hotels & Resorts Inc. (PK) reported that Comparable RevPAR rose 8.4% year over year in the third quarter ended September 30, 2026, to $201.02, accelerating from 5.8% growth in the second quarter and 2.2% in the first. Core RevPAR increased 8.1% to $213.66.

The lodging company said the pickup reflected higher demand and occupancy. Comparable occupancy rose 2.4 percentage points to 76.4% and average daily rate increased 5.0% to $263.19. Group rooms revenue increased more than 18% year over year, according to Chairman and Chief Executive Officer Thomas J. Baltimore, Jr., who also cited higher-rated leisure travel.

Comparable hotel revenue rose 5.7% to $565 million. Hotel operating expenses increased 5%, the company said, primarily reflecting higher variable costs associated with increased occupancy as well as wage and utility pressures. Comparable Hotel Adjusted EBITDA rose 7.7% to $146 million, with the margin up 50 basis points to 25.7%. Adjusted EBITDA increased 4.0% to $135 million. Diluted Adjusted FFO per share rose 11.2% to $0.39.

The company reported a $15 million net loss, versus a $14 million loss a year earlier, and an $18 million net loss attributable to stockholders, versus $16 million. Operating income fell 35.0% to $38 million and the operating margin compressed 330 basis points to 6.4%.

Resort hotels continued to drive portfolio performance. RevPAR at the Hilton Hawaiian Village Waikiki Beach Resort increased 5.0% to $268.12; hotel revenue rose 9.3% to $117 million. Baltimore said recent storms had a nearly 280-basis-point impact on combined RevPAR growth at the two Hawaii properties. RevPAR at the Hilton Waikoloa Village increased 20.2% to $211.42, which the company attributed to a nearly 40% increase in group revenue and an over 20% increase in transient revenue. Casa Marina Key West, Curio Collection, RevPAR rose 17.3% and Waldorf Astoria Orlando RevPAR rose 16.2%. DoubleTree Washington DC – Crystal City RevPAR rose 50.3% to $154.23. Park said its Washington, D.C. hotels benefited from government-related demand. Hilton New Orleans Riverside RevPAR fell 14.0% to $81.27 and Caribe Hilton RevPAR fell 8.9% to $184.53.

The Royal Palm South Beach Miami, a Tribute Portfolio Resort, reopened in July 2026 after a more than $110 million renovation. Baltimore said the company expects the renovation to add at least 200 basis points to Comparable RevPAR growth next year and to double the hotel’s EBITDA upon stabilization. The company also commenced a more than $100 million renovation of the Ali’i Tower at the Hilton Hawaiian Village in August 2026.

Preliminary October Comparable RevPAR increased nearly 11% year over year. Park is increasing its full-year 2026 outlook: Comparable RevPAR is now expected at $205 to $206, or 5.5% to 6.0% growth versus 2025, compared with the August 6 outlook of $198 to $201 and 3.0% to 4.5%. Fourth-quarter Comparable RevPAR is expected to increase 5.5% to 7.5%. Full-year Adjusted EBITDA is now expected at $635 million to $645 million. Net income attributable to stockholders is expected at $62 million to $72 million. Adjusted FFO per share is expected at $2.00 to $2.05. The outlook includes approximately $13 million of incremental interest expense from $1.5 billion of refinancing activity in 2026, most of which is expected in the fourth quarter.

In September 2026, Park drew the remaining $600 million of its 2025 Delayed Draw Term Loan and $700 million of the Bonnet Creek Mortgage Loan to fully repay the $1.275 billion mortgage loan secured by the Hilton Hawaiian Village, which was scheduled to mature on November 1, 2026. Liquidity was approximately $1.3 billion as of September 30, 2026, and net debt was approximately $3.7 billion. The company sold the Hilton Short Hills for $12 million in July and The Wade for about $19 million in October, taking 2026 Non-Core sales to six hotels; five hotels remain targeted for sale. Park spent $57 million on capital improvements in the quarter and expects $270 million to $280 million of capital expenditures in 2026. It declared a fourth-quarter cash dividend of $0.25 a share.