Park Hotels & Resorts: Hold Rating Amidst Underperformance and Adjusted OutlookPK's 3Q was shy of expectations, with RevPAR down -6.1% y/y and EBITDA/FFO of $130mm/$0.35 below consensus of $135mm/$0.38. While Q3 was always expected to face challenges, PK's implied Q4 RevPAR guide now assumes flattish growth versus the prior +3-5% as headwinds from the government shutdown plus softness in SoCal weigh. Despite the softer RevPAR, implied Q4 EBITDA was in line, though there is some downside risk if the shutdown lingers.