Park Hotels & Resorts provides update on non-core asset dispositions

Year-to-date, the company has sold or entered into agreements or letters of intent to sell five Non-Core hotels for anticipated gross proceeds of approximately $198 million at an average multiple of nearly 43x. Closed transactions include the sale of the 316-room Hyatt Centric Fisherman’s Wharf in May 2025 and the sale of an unconsolidated joint venture interest in the 559-room Capital Hilton DC in November 2025. The three remaining transactions are expected to close by early 2026; In addition, by year-end, Park will have exited another three Non-Core hotels that were on expiring ground leases, including the 266-room Embassy Suites Kansas City Plaza, the 850-room DoubleTree Hotel Seattle Airport, and the 245-room DoubleTree Hotel Sonoma Wine Country. Collectively, the hotels generated minimal EBITDA in 2025; Estimated 2025 average RevPAR and Adjusted Hotel EBITDA margin for these eight hotels is just $124 and 7%, respectively; and Park expects to dispose of the remaining marketable Non-Core hotels over the next 12 months – completing its portfolio transformation. Park reaffirms its full-year 2025 outlook with October and preliminary November Comparable RevPAR results largely in line with expectations, despite a slightly higher than expected impact from the government shutdown, due to the FAA’s temporary reduction in air traffic for a portion of November; Preliminary November Comparable RevPAR increased approximately 2%, excluding the Royal Palm South Beach Miami hotel, which suspended operations in mid-May 2025 for a comprehensive renovation, driven by strong results in Hawaii, New York, Denver and Orlando-up approximately 19%, 10%, 8% and 6%, respectively; Excluding the Royal Palm South Beach Miami hotel, the remainder of our Core hotels saw exceptionally strong results in October and November with RevPAR growth of 3.8% and 5.5%, respectively; and Park’s Hilton Hawaiian Village Waikiki Beach Resort hotel in Honolulu continues to benefit from lapping the 2024 strike activity with October and November RevPAR increasing 20% and 26%, respectively, over the prior year period, contributing approximately 300 bps to the portfolio’s Comparable RevPAR growth each of the two months.