Park Hotels & Resorts (NYSE: PK) is the second-largest lodging REIT, spun from Hilton in 2017 with a portfolio of huge upper-upscale boxes: Hilton Hawaiian Village, Bonnet Creek Orlando, Hilton New Orleans, the kind of assets that print money at the top of a cycle and demand courage at the bottom.
| Park Hotels & Resorts (PK) Snapshot | |
|---|---|
| Share Price (delayed) | $14.18 +0.07% |
| Market Cap | $2.9B |
| Annualized Dividend | $1.00 (Quarterly) |
| Dividend Yield | 7.05% |
| Sector | Hotels ยท Upper-Upscale |
Market data updates automatically several times daily. Last price refresh: Jul 13, 2026.
Business Model and Strategy
Park’s post-spin decade has been subtraction as strategy: famously handing two San Francisco hotels back to lenders in 2023 rather than feeding a broken market, selling non-core assets continuously, and recycling proceeds into buybacks at a persistent discount to asset value. What remains concentrates in Hawaii, Orlando, and key convention markets, big-box hotels with genuine replacement-cost moats.
Dividend Reality
Park runs a variable policy: a modest base dividend plus year-end top-offs sized to taxable income, appropriate for its cyclicality and leverage, which runs meaningfully higher than Host’s. Income investors should size positions for the variability, not the headline yield.
The Honest Risk Section
Leverage plus concentration. Hawaii is the earnings engine and carries its own risks (the 2024 Hilton Hawaiian Village strike showed labor leverage; Maui recovery drags on the state’s demand). Higher debt than the blue chips means the equity is a leveraged bet on RevPAR, spectacular in expansions, punishing in contractions. The SF give-backs were rational and also a reminder of what leverage does to trapped assets.
Frequently Asked Questions
Why did Park Hotels walk away from its San Francisco hotels?
In 2023 it stopped funding two SF hotels and let lenders take them, judging the market’s recovery too slow to justify the debt, a defining example of disciplined capital allocation over sentiment.
Is Park Hotels’ dividend reliable?
By design it is variable: a small base plus periodic top-offs tied to taxable income. Treat the trailing yield as an output of the cycle, not a promise.
Analysis based on company disclosures through Q1 2026. Live market data updates automatically. Independent research, not investment advice.