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Park Hotels & Resorts Inc. announced that it has posted an updated investor presentation on its website for use at conferences and meetings. The presentation, dated December 9, 2025, discusses the company’s progress in selling non-core hotels and how those sales affect its remaining portfolio. The presentation is furnished as Exhibit 99.1 to this report for informational purposes under Regulation FD and is not treated as filed under federal securities laws.
Park Hotels & Resorts Inc. received an updated ownership report showing that RM Trading of Florida LLC and related investors now hold a passive stake of about 5% of its common stock. RM Trading reports beneficial ownership of 10,000,000 shares, representing 5.0% of the class, based on 199,911,257 common shares outstanding as of September 30, 2025.
Individual investor Roger J. Beit reports a total beneficial ownership of 10,450,000 shares, or 5.2% of the class, including 450,000 shares he holds directly. Beit and Mark S. Paley, as managers and members of RM Trading, may be deemed to share voting and dispositive power over the 10,000,000 shares owned by the LLC. The filers certify that the shares were not acquired to change or influence control of Park Hotels & Resorts and are reported on a passive Schedule 13G/A.
Donald Smith & Co., Inc. filed a Schedule 13G reporting a passive stake in Park Hotels & Resorts Inc. (PK).
The firm reports beneficial ownership of 12,804,583 shares, representing 6.41% of the common stock, with a Date of Event of 09/30/2025. Of this, Donald Smith & Co., Inc. has sole voting and dispositive power over 12,694,136 shares, while DSCO Value Fund, L.P. has sole voting and dispositive power over 110,447 shares. No shared voting or dispositive power is reported.
The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.
Park Hotels & Resorts (PK) reported Q3 2025 results. Total revenues were $610 million, down from $649 million a year ago, and net loss attributable to stockholders was $16 million (basic and diluted loss per share $0.08). Hotel Adjusted EBITDA was $141 million versus $168 million last year.
Results reflected softer Hawaii and Miami performance and higher depreciation tied to renovations, including approximately $56 million related to the full-scale renovation at the Royal Palm South Beach Miami. Year‑to‑date, the company recorded a $70 million impairment tied to the Hyatt Centric Fisherman’s Wharf, which was sold in May 2025 for gross proceeds of $80 million. Gains on derecognition of assets were $16 million in the quarter from the San Francisco CMBS default mechanism.
Liquidity remained solid with cash and cash equivalents of $278 million. In September 2025, Park amended its credit facilities, lifting Revolver capacity to $1 billion, adding a new $800 million senior unsecured delayed draw term loan, and extending the Revolver maturity to September 17, 2029. Contractual debt maturities include $1,550 million in 2026. The receiver for the Hilton San Francisco Hotels has court approval to sell those assets, with closing expected by November 21, 2025.
Park Hotels & Resorts Inc. (PK) furnished an 8-K to announce its results of operations for the third quarter ended September 30, 2025, and made supplemental portfolio and operating information available.
The company provided a press release and third‑quarter supplemental data as Exhibits 99.1 and 99.2. These materials were furnished under Item 2.02 and are not deemed filed under Section 18 of the Exchange Act.
Timothy J. Naughton, a director of Park Hotels & Resorts Inc. (PK), was granted 2,271 shares of the issuer's unrestricted common stock on 09/23/2025 in lieu of cash board fees under the Park Hotels & Resorts 2017 Stock Plan for Non-Employee Directors. The shares vested immediately and were granted at no cash price to the reporting person, with market value determined by the closing price on the grant date. After the grant, Mr. Naughton beneficially owned 140,693 shares.
Thomas A. Natelli, a director of Park Hotels & Resorts Inc. (PK), received 2,271 shares of the issuer's unrestricted common stock on 09/23/2025 in lieu of cash board fees under the 2017 Stock Plan for Non-Employee Directors. The shares vested immediately and were issued at $0 as a fee award based on the closing NYSE price on the grant date. After the award, the reporting person beneficially owned 207,778 shares in total, including multiple indirect holdings through trusts, a limited partnership and an LLC.
Patricia M. Bedient, a director of Park Hotels & Resorts Inc. (PK), received 2,488 shares of the issuer's unrestricted common stock as payment in lieu of cash board fees under the Park Hotels & Resorts Inc. 2017 Stock Plan for Non-Employee Directors. The shares were granted on the company's reported grant date and vested immediately. The grant was recorded at a $0 per-share cash price to the reporting person because it was an equity award in lieu of cash; the notice states the award's market value was based on the NYSE closing price on the grant date. After the transaction, the reporting person beneficially owned 136,703 shares. The Form 4 indicates the report was submitted by an attorney-in-fact.
Park Hotels & Resorts Inc. (PK) director Kelly B. Christie received 2,596 shares of unrestricted common stock on September 23, 2025, elected in lieu of cash board fees under the 2017 Stock Plan for Non-Employee Directors. The shares were granted five business days before the fees would have been payable and vested immediately. After the award, Ms. Christie beneficially owned 144,723 shares. The grant value was based on the NYSE closing price on the grant date. The Form 4 was signed by an attorney-in-fact on September 24, 2025.
Park Hotels & Resorts Inc. entered into a Second Amended and Restated Credit Agreement providing a $1 billion senior unsecured revolving credit facility, an existing $200 million 2024 term loan and a new senior unsecured delayed draw term loan facility of up to $800 million. The delayed draw term loan may be drawn in up to three tranches from September 17, 2025 to the first anniversary of that date and is expected to be used to refinance other outstanding debt. The revolving facility matures on September 17, 2029, while the 2025 term facility matures on January 2, 2030, each with extension options subject to conditions and fees. Pricing is tied to a leverage ratio, with interest based on a base rate or SOFR plus a margin, and includes commitment and ticking fees on unused amounts. The agreement adds up to $1 billion of incremental facility capacity, letter of credit availability and customary financial covenants and guarantees.