Park Hotels & Resorts Inc. Schedule 13G discloses that Donald Smith & Co., Inc. and related advisory accounts report beneficial ownership of 16,628,279 shares of Common Stock, representing 8.26% of the class as of 03/31/2026. The filing attributes voting and dispositive power largely to Donald Smith & Co., Inc., with DSCO Value Fund, L.P. shown as an affiliated holder. The filing states these holdings are held on behalf of discretionary institutional clients and that no single client is known to own more than 5% of the class. The schedule is signed by Richard L. Greenberg as CEO and Co-CIO.
Positive
None.
Negative
None.
Insights
Large passive stake disclosed by an investment adviser representing multiple client accounts.
The filing shows 16,628,279 shares (8.26%) held by Donald Smith & Co., Inc. and affiliated accounts as of 03/31/2026. The adviser reports sole voting and dispositive power over most of those shares for management purposes.
This schedule frames the position as advisory/discretionary: the filing states the ultimate economic beneficiaries are institutional clients and that no single client exceeds 5%. Subsequent filings may clarify if any client establishes a >5% block or a change in voting arrangements.
Stake size is meaningful for engagement but not a controlling position.
At 8.26%, the disclosed holding is large enough to be relevant in governance discussions yet below common control thresholds. The filing explicitly notes voting authority resides with the adviser but economic rights rest with various clients.
Material actions (e.g., coordinated voting, election contests) would require further disclosure; monitoring future schedules or proxy statements will show whether the adviser aggregates votes or acts on behalf of a single large client.
Key Figures
Beneficial ownership:16,628,279 sharesPercent of class:8.26%Sole voting power (Donald Smith & Co.):16,435,641 shares+3 more
6 metrics
Beneficial ownership16,628,279 sharesas of 03/31/2026
Percent of class8.26%ownership percentage reported
Sole voting power (Donald Smith & Co.)16,435,641 sharessole power to vote reported
Sole dispositive power (Donald Smith & Co.)16,473,641 sharessole power to dispose reported
DSCO Value Fund position154,638 sharesshown as affiliated holder
Signature date05/13/2026filing signed by CEO/Co-CIO
"Item 1. (a) Name of issuer: Park Hotels & Resorts Inc."
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Dispositive powerregulatory
"Item 4. (iii) Sole power to dispose or to direct the disposition of: 16,473,641"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
Advisory/discretionary accountsfinancial
"Item 6. Donald Smith & Co., Inc. does not serve as custodian of the assets"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Park Hotels & Resorts Inc.
(Name of Issuer)
Common
(Title of Class of Securities)
700517105
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
700517105
1
Names of Reporting Persons
DONALD SMITH & CO., INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
16,435,641.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
16,473,641.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
16,628,279.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.3 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
700517105
1
Names of Reporting Persons
DSCO Value Fund, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
154,638.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
154,638.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
16,628,279.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
Address or principal business office or, if none, residence:
152 West 57th Street
New York, NY 10019
(c)
Citizenship:
A Delaware Corporation
(d)
Title of class of securities:
Common
(e)
CUSIP Number(s):
700517105
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
16,628,279
(b)
Percent of class:
8.26%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Donald Smith & Co., Inc. 16,435,641
DSCO Value Fund, L.P. 154,638
(ii) Shared power to vote or to direct the vote:
SEE ITEM 6
(iii) Sole power to dispose or to direct the disposition of:
Donald Smith & Co., Inc. 16,473,641
DSCO Value Fund, L.P. 154,638
(iv) Shared power to dispose or to direct the disposition of:
SEE ITEM 6
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
1. Donald Smith & Co., Inc. does not serve as custodian of the assets of any of its clients; accordingly, in each instance only the client or the client?s custodian or trustee bank has the right to receive dividends paid with respect to, and proceeds from the sale of, such securities. The ultimate power to direct the receipt of dividends paid with respect to, and the proceeds from the sale of, such securities, is vested in the institutional clients which Donald Smith & Co., Inc. serves as investment advisor. Any and all discretionary authority which has been delegated to Donald Smith & Co., Inc. may be revoked in whole or in part at any time. To the knowledge of Donald Smith & Co., Inc., with respect to all securities reported in this schedule owned by advisory clients of Donald Smith & Co., Inc., not more than 5% of the class of such securities is owned by any one client. 2. With respect to the remaining securities owned, various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock of Park Hotels & Resorts Inc. No one person?s interest in the Common Stock of Park Hotels & Resorts Inc. is more than five percent of the total outstanding Common Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
Donald Smith & Co., Inc. IA
DSCO Value Fund, L.P. PN
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What stake does Donald Smith & Co., Inc. report in Park Hotels & Resorts (PK)?
Donald Smith & Co., Inc. reports beneficial ownership of 16,628,279 shares (8.26%) as of 03/31/2026. The filing lists sole voting and dispositive power held by the adviser for most shares and shows DSCO Value Fund, L.P. as an affiliated holder.
Does Donald Smith & Co., Inc. control the economic rights to these PK shares?
No; economic rights are held by the adviser's institutional clients, not the firm itself. The filing states the adviser has discretionary authority but the ultimate right to dividends and sale proceeds vests with the institutional clients.
Is any single client reported to own more than 5% of PK in this filing?
The filing states that, to the adviser's knowledge, no single client owns more than 5% of the class. The adviser reports diversified client holdings and discretionary authority across accounts.
What voting power does Donald Smith & Co., Inc. report for PK shares?
Donald Smith & Co., Inc. reports 16,435,641 shares of sole voting power and 16,473,641 shares of sole dispositive power in the schedule. DSCO Value Fund, L.P. separately reports smaller sole powers for its position.
When was the Schedule 13G signed and by whom?
The schedule is signed by Richard L. Greenberg, identified as CEO and Co-CIO, with signature dates shown as 05/13/2026. The beneficial ownership figures are reported as of 03/31/2026.
