Park Hotels (PK) Stock: Dividend, FFO and Debt (2026)

The dividend against FFO, quarter by quarter

Park reports two FFO measures. Nareit FFO (funds from operations as the REIT industry defines it) adds depreciation back to net income and removes property-sale gains and impairments. Adjusted FFO then adds back items such as share-based compensation, so it is the number the company guides to. Park declares each dividend in the quarter it is named for and pays it on the 15th of the next month.

Third quarter 2025 was the weak spot. Nareit FFO of $0.22 did not cover a $0.25 dividend (113.6% of Nareit FFO, our arithmetic), and Adjusted FFO of $0.35 was down from $0.49 a year earlier. The Q3 release cites softer leisure and government transient demand in Hawaii, New Orleans, San Diego and Washington, D.C. Q3 2026 will be compared with that low base (our observation).

The 2024 payout included a top-up. The 10-K for 2024 lists $0.25 for each of the first three quarters and $0.65 for the fourth, paid January 15, 2025. For 2025 the company said: “To preserve its liquidity, Park does not expect to declare an incremental top-off dividend for 2025.” It then declared four $0.25 payments. The filings we read do not state a fourth-quarter 2026 dividend, and the 10-K says future distributions are “at the sole discretion” of the board.

What the company says about yield. Park’s own releases state yield on the $1.00 dividend at its recent share price: approximately 9% (July 2025), 9% (October 2025), approximately 10% (December 31, 2025), approximately 9.0% (April 2026) and approximately 6.5% (August 2026). Those percentages imply a share price of about $10 at year-end 2025 and about $15.40 in August 2026 (our arithmetic, approximate). The filings are not a live quote; check a current price before using any yield.

Cash after capital spending

Adjusted FFO is not cash flow, and Park spends heavily on its hotels. The 10-Q shows operating cash flow of $200 million for the first half of 2026 against $194 million a year earlier, and capital expenditures of $147 million against $120 million. The dividend in the equity statement was $50 million in each quarter.

On guidance, Adjusted FFO after dividends is $181 million to $201 million, below the $230 million to $260 million of planned capital spending by $29 million to $79 million (our arithmetic). The gap is smaller than it looks only if the Royal Palm and Hawaii projects pay off: Park expects the Royal Palm renovation to return 15% to 20%, and that reopened in July 2026 after a renovation of more than $100 million. The company also spends sale proceeds on these projects: four Non-Core exits since the first quarter brought in about $65 million gross. When the company skipped a top-off dividend for 2025 it cited preserving liquidity.

What changed in the second quarter

Second-quarter revenue was $680 million against $672 million, net income $50 million against a $2 million loss, and Adjusted EBITDA $198 million, up 8.6% from $183 million. Comparable RevPAR was $216.87, up 5.8% (6.8% excluding the Royal Palm, which was closed for renovation from mid-May 2025 until July 2026). Comparable Hotel Adjusted EBITDA margin was 31.7% against 30.9%.

The CEO attributed Q2 to group demand (group rooms revenue up 9.5%) and said July Comparable RevPAR was projected to rise 8.5%, with third-quarter group revenue pace over 15%. For 2027, Core group revenue pace was up over 6% at the end of June compared with where 2026 stood a year earlier. The Hilton Hawaiian Village RevPAR rose 11.8% to $263.16 after guestroom renovations; the Hilton Waikoloa Village fell 3.1%. Depreciation was $66 million against $122 million, which lifted GAAP net income but not FFO, because FFO adds depreciation back.

Guidance: raised twice in 2026

The August range includes what the company calls a modest positive effect from the 2026 World Cup of 30 basis points, offset by 30 basis points of drag from the Royal Palm renovation, and a 20% reduction in property insurance premiums at the June 1 renewal plus $11 million of property-tax appeal benefits in Q2. Net debt of $3,735 million is 5.9 to 6.1 times the 2026 Adjusted EBITDA guidance (our arithmetic: 3,735 divided by 637 and 617).

Debt: the Hawaii loan is gone, the floating-rate share is up

The 10-Q maturity schedule, which assumes Park exercises every extension that is at its sole option, was $1,477 million for 2026, $230 million for 2027, $725 million for 2028, $750 million for 2029, $550 million for 2030 and $200 million after that, total $3,932 million. The September 30 8-K says Park paid off the $1.275 billion Hilton Hawaiian Village loan, which had a scheduled maturity of November 1, 2026, using the $700 million Bonnet Creek mortgage and a $600 million term-loan draw. Subtracting the HHV loan leaves $202 million of 2026 maturities and adding the $1.3 billion of new debt gives about $3,957 million of principal (our arithmetic, ignoring all other activity after June 30). The Bonnet Creek loan matures April 30, 2029 with two one-year options and bears interest at SOFR plus 2.25%.

Two things stand out. First, the repaid loan cost 4.20% fixed and the replacements float, so higher short-term rates would hit FFO directly; Park guides to about $13 million of extra interest from $1.4 billion of 2026 refinancing, most in the fourth quarter. Second, the three senior note series cost 4.88% to 7.00%, and the 2028 maturity of $725 million is the next large bullet after the $200 million term loan in May 2027.

Who runs the hotels, and where they are

Park was spun out of Hilton on January 3, 2017. The 10-K says the hotels are operated by third-party managers “including Hilton, which manages a majority of our hotels.” The portfolio in the Q2 release is 30 hotels with more than 21,000 rooms, split into Core hotels (20 consolidated hotels, 15,789 rooms at Q2) and Non-Core hotels (9 hotels, 4,113 rooms, $51 million of 2025 Hotel Adjusted EBITDA).

The 10-K adds that hotels in Florida, Hawaii, Chicago, New York City, New Orleans and Boston were over 69% of rooms at December 31, 2025, and the company says the Bonnet Creek complex exceeded $107 million of EBITDA for the trailing twelve months to June 30, 2026. In 2025 the company also lost the two San Francisco Hilton hotels: a court-appointed receiver sold them on November 21, 2025 and the buyer assumed the $725 million non-recourse CMBS loan. The 2025 net loss attributable to stockholders was $283 million, which included $318 million of impairment, primarily on Non-Core hotels.

The Safehold leases: what Park says and what Safehold says

Safehold’s side is covered on our Safehold (SAFE) page. The point here is what Park itself discloses, because Park’s filings and Safehold’s do not say the same amount.

The three leases expire December 31, 2030 with one five-year renewal each, and the 10-K warns that renewal options require that Park is “not in default” when exercised. The releases say the timing of any disposition of these hotels “cannot be determined given ongoing litigation.” The $16 million is about 2.6% of Park’s 2025 Adjusted EBITDA of $609 million (our arithmetic, different measures, approximate). Park does not quantify possible losses or damages in the filings we read.

Buybacks, shares and leadership

Park repurchased about 3.5 million shares for $45 million in the first quarter of 2025 and about 8.0 million shares for $116 million in 2024. No shares have been bought under the program since March 2025: $275 million of the $300 million program, which runs to February 2027, remained at June 30, 2026. Shares outstanding were 199.9 million at December 31, 2025 and 201.3 million at June 30, 2026, the increase coming from share-based compensation.

In September 2026 two 8-Ks changed the management picture. On September 3 the compensation committee approved one-time retention restricted-stock awards to four named executive officers, “designed to address leadership transition and proactive recruiting risks,” vesting in full on the fourth anniversary. On September 8 the chief investment officer left the company. In February 2026 the chief financial officer was also named chief operating officer.

Park against the non-traded hotel vehicles

Park and Host Hotels (HST) are two of the large listed lodging REITs we cover; the main difference is dividend policy. Host’s regular dividend is a small share of its FFO and topped up with specials; Park’s is a flat $1.00 that takes about half of Adjusted FFO. Both report quarterly, carry audited 10-Ks and trade daily. The non-traded hotel vehicles we read offer neither. Our page on Lodging Fund REIT III records late-filing notices, our Moody National REIT II review covers a hotel REIT with a liquidation plan, the Lightstone REITs page reads five vehicles, and Peachtree Hotel Group lists its Form D issuers. For a listed hotel company with a contested vote see Braemar Hotels (BHR). Listed does not mean safer: it means the dividend can be checked against FFO every quarter and the shares can be sold on any trading day.

What a holder or reader can do with this

This page is analysis of public documents, not investment, legal or tax advice. What the filings let you check yourself:

• Compare the dividend with Adjusted FFO and with cash after capex. The $1.00 is about half of Adjusted FFO, but first-half operating cash flow less capex was $53 million against $100 million of dividends.
• Watch the floating-rate debt. About $1.3 billion of new borrowings float over SOFR; the company’s own guide is about $13 million of added interest.
• Follow five dated items. The Q3 2026 10-Q and release (last year’s followed the release by four days: October 30 and November 3, 2025; this year’s Q1 and Q2 followed by one day, so we expect late October to early November 2026, our estimate and not a company statement); the Santa Barbara refinancing in the fourth quarter; a fourth-quarter dividend declaration; the Ali’i Tower renovation starting in Hawaii; and any ruling in the Safehold case.
• Count your hotel exposure. If you also hold Host or a non-traded hotel vehicle, the Hilton and Hawaii concentration in Park is a separate risk.

FAQ

All figures are from Park Hotels & Resorts Inc. (SEC CIK 1617406) filings read on EDGAR on October 19, 2026: Form 10-K for 2025 (accession 0001617406-26-000006, filed February 20, 2026) and for 2024 (0001617406-25-000006); Form 10-Q for the quarter ended June 30, 2026 (0001617406-26-000042, filed August 7, 2026); earnings releases attached to Forms 8-K for Q2 2025 (0001617406-25-000043), Q3 2025 (0001617406-25-000051), Q4 2025 (0001617406-26-000003), Q1 2026 (0001617406-26-000030) and Q2 2026 (0001617406-26-000038); and Forms 8-K of September 10 and 11, 2026 (0001193125-26-387894, 0001193125-26-388548) and September 30, 2026 (0001617406-26-000045). The Safehold case details are from Safehold, Inc.’s 10-Q for the quarter ended June 30, 2026 (SEC CIK 1095651, accession 0001095651-26-000025). Our own pages are cited from their published descriptions. Computed ratios are identified as our arithmetic. This is analysis of public documents, not investment, legal or tax advice.