Hôtels de parc & Resorts Inc. (PK): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le plan stratégique des hôtels Park & Resorts Inc. (PK), une puissance du paysage hôtelier qui transforme l'immobilier premium en expériences extraordinaires des clients. Avec une toile de modèle commercial sophistiqué qui couvre des partenariats stratégiques, des propositions de valeur innovantes et divers sources de revenus, cette entreprise s'est magistralement positionnée à l'intersection des voyages de luxe, de la gestion des propriétés stratégiques et des services d'accueil de pointe. Découvrez les mécanismes complexes qui stimulent le succès de ce leader de l'industrie et explorez comment ils ont conçu une approche convaincante pour offrir des expériences d'hébergement exceptionnelles à travers les destinations urbaines et de villégiature.

Hôtels de parc & Resorts Inc. (PK) - Modèle d'entreprise: partenariats clés

Marriott International Partnership

Hôtels de parc & Resorts gère 67 hôtels avec Marriott International au quatrième trimestre 2023, représentant environ 31 000 chambres. Le partenariat comprend des accords de gestion sur plusieurs marques Marriott.

Métrique de partenariat	Données spécifiques
Hôtels gérés totaux	67 hôtels
Nombre de chambres totales	31 000 chambres
Durée du partenariat	Accords de gestion à long terme

Partenariats d'investissement immobilier

Hôtels de parc & Resorts collabore avec plusieurs sociétés d'investissement immobilier pour optimiser les portefeuilles immobiliers.

• Blackstone Real Estate Partners
• Hôtels hôte & Stations balnéaires
• Divers groupes d'investissement institutionnels

Partenariats de voyage et de réservation d'entreprise

Type de partenariat	Partenaires clés	Volume de réservation annuel
Plateformes de voyage en ligne	Expedia	275 millions de dollars de réservations (2023)
Plateformes de voyage en ligne	Réservation.com	242 millions de dollars de réservations (2023)
Agences de voyages d'entreprise	American Express Global Business Travel	189 millions de dollars en réservations d'entreprise (2023)

Associations touristiques et industrielles

Hôtels de parc & Resorts maintient des abonnements stratégiques aux principales organisations hôtelières.

• Hôtel américain & Association d'hébergement
• Association mondiale de voyage d'affaires
• Professionnels financiers et technologiques de l'hôtellerie

Hôtels de parc & Resorts Inc. (PK) - Modèle d'entreprise: activités clés

Acquisition de biens de l'hôtel et gestion du portefeuille

Depuis le quatrième trimestre 2023, les hôtels Park & Resorts possède 60 hôtels avec 33 719 chambres à travers les États-Unis. Valeur comptable totale totale des actifs immobiliers: 13,2 milliards de dollars.

Type de propriété	Nombre d'hôtels	Total Rooms
Hôtels de luxe	18	8,912
Hôtels supérieurs haut de gamme	42	24,807

Rénovation de l'hôtel et amélioration des actifs

2023 dépenses en capital pour les améliorations des biens: 193 millions de dollars. Les projets d'amélioration des actifs ciblés comprennent:

• Rénovations de la salle
• Mises à niveau technologique
• Améliorations de la durabilité
• Modernisations de produits alimentaires et de boissons

Optimisation des revenus et gestion du rendement

2023 Revenu total: 2,1 milliards de dollars. Taux quotidien moyen (ADR): 239,47 $. Revenus par salle disponible (RevPAR): 166,83 $.

Métrique des revenus	Performance de 2023
Revenus totaux	2,1 milliards de dollars
EBITDA ajusté	614 millions de dollars

Marketing stratégique et positionnement de la marque

Dépenses marketing en 2023: 42,3 millions de dollars. Attribution du marketing numérique: 65% du budget marketing total.

Expérience client et amélioration de la qualité du service

Score de satisfaction du client: 4.2 / 5. Taux de rétention des invités: 62%. Investissement dans la formation du personnel: 8,7 millions de dollars en 2023.

• Implémentation de systèmes avancés de gestion de la relation client
• Programmes d'expérience des clients personnalisés développés
• Plateformes d'enregistrement numérique et de service améliorées

Hôtels de parc & Resorts Inc. (PK) - Modèle d'entreprise: Ressources clés

Portfolio immobilier de haute qualité et de haute qualité

Depuis le quatrième trimestre 2023, les hôtels Park & Resorts possède 60 hôtels premium avec 33 719 chambres à travers les États-Unis. Valeur du portefeuille immobilier total: 14,1 milliards de dollars.

Type de propriété	Nombre de propriétés	Total Rooms
Hôtels de luxe	22	12,455
Hôtels supérieurs haut de gamme	38	21,264

Grande réputation de marque dans le secteur hospitalier haut de gamme

Le portefeuille de marque comprend des propriétés de marque Hilton, Hyatt et Marriott. REVPAR moyen (Revenue par salle disponible) en 2023: 157,63 $.

Gestion expérimentée et expertise opérationnelle

• Total des employés: 8 700
• Tiration moyenne de gestion: 12,4 ans
• Équipe de direction exécutive avec une expérience combinée de plus de 150 ans d'expérience en hôtellerie

Technologies avancées et systèmes de réservation numérique

Investissement dans l'infrastructure technologique en 2023: 42,3 millions de dollars. Les plateformes de réservation numérique traitent environ 2,1 millions de réservations par an.

Capital financier pour les investissements immobiliers et les mises à niveau

Mesures financières pour 2023:

Métrique financière	Montant
Revenus totaux	3,2 milliards de dollars
Dépenses en capital	276 millions de dollars
Equivalents en espèces et en espèces	345 millions de dollars

Hôtels de parc & Resorts Inc. (PK) - Modèle d'entreprise: propositions de valeur

Expériences d'hébergement premium et de haute qualité

Depuis le quatrième trimestre 2023, les hôtels Park & Resorts exploite 62 hôtels premium avec 33 475 chambres au total. Le taux quotidien moyen (ADR) pour leur portefeuille était de 239,47 $ en 2023. Les revenus par salle disponible (REVPAR) ont atteint 162,33 $.

Catégorie d'hôtel	Nombre de propriétés	Total Rooms
Hôtels de luxe	18	9,875
Hôtels supérieurs haut de gamme	44	23,600

Portfolio diversifié d'hôtels haut de gamme et de luxe

Répartition du portefeuille par affiliation à la marque:

• Propriétés de marque Marriott: 42 hôtels
• Propriétés de marque Hilton: 12 hôtels
• Hôtels de luxe indépendants: 8 propriétés

Emplacements stratégiques dans les principales destinations urbaines et de villégiature

Distribution géographique des propriétés:

Région	Nombre d'hôtels	Pourcentage de portefeuille
Marchés urbains	38	61.3%
Destinations de villégiature	24	38.7%

Qualité de service cohérente et satisfaction des clients

Mesures de satisfaction des clients pour 2023:

• Score global de satisfaction des clients: 4.2 / 5
• Score du promoteur net (NPS): 67
• Répéter le taux des invités: 42%

Options d'hébergement flexibles

Répartition des revenus par le segment des voyageurs en 2023:

Segment des voyageurs	Pourcentage de revenus
Voyageurs d'affaires	48%
Voyageurs de loisir	52%

Hôtels de parc & Resorts Inc. (PK) - Modèle d'entreprise: relations avec les clients

Programmes de service et de fidélité personnalisés

Hôtels de parc & Resorts gère un portefeuille de 62 hôtels avec 30 700 chambres à travers les États-Unis. Le programme de fidélité affilié à Hyatt de l'entreprise fournit des stratégies d'engagement ciblées.

Métriques du programme de fidélité	2023 données
Dépenser les membres de la fidélité moyenne	287 $ par séjour
Adhésion au programme de fidélité	Environ 1,2 million de membres
Répéter le taux des invités	42.6%

Plates-formes de fiançailles clients numériques

L'entreprise utilise des stratégies d'engagement numérique multicanal.

• Application mobile avec des capacités de réservation en temps réel
• Site Web avec moteur de recommandation personnalisé
• Plateformes d'interaction des médias sociaux

Canaux de support client réactifs

L'infrastructure de support client comprend:

Canal de support	Temps de réponse moyen
Support téléphonique	7,2 minutes
Assistance par e-mail	4,5 heures
Chat en direct	3,1 minutes

Expériences sur mesure pour différents segments de voyageurs

Les stratégies de segmentation du marché ciblent les démographies spécifiques des voyageurs.

• Voyageurs d'affaires: programmes de tarifs d'entreprise
• Voyageurs de loisirs: Offres de forfait
• Voyageurs de groupe: options de réservation personnalisées

Gestion de communication et de rétroaction proactive

Mécanismes de collecte de commentaires complets suivent la satisfaction du client.

Métrique de rétroaction	Performance de 2023
Score de promoteur net	68
Taux de satisfaction client	87.3%
Enquêtes annuelles menées	24,000

Hôtels de parc & Resorts Inc. (PK) - Modèle d'entreprise: canaux

Réservations des applications sur le site Web de l'hôtel direct et les applications mobiles

Hôtels de parc & Resorts exploite des sites Web pour ses marques clés, notamment Hyatt, Hyatt Regency et Grand Hyatt. En 2022, les réservations numériques directes ont représenté 22,4% du total des revenus de la salle.

Canal numérique	Pourcentage de réservation	Impact sur les revenus
Site Web de l'entreprise	15.6%	287,3 millions de dollars
Application mobile	6.8%	125,6 millions de dollars

Plateformes d'agence de voyage en ligne (OTA)

Les plates-formes OTA contribuent de manière significative aux hôtels du parc & Canaux de réservation de Resorts.

• Expedia Group Partnership Revenue: 412,7 millions de dollars en 2022
• Contribution de la plate-forme de réservation de la réservation: 378,2 millions de dollars en 2022
• Taux de commission OTA: moyen de 15 à 20% par réservation

Services de réservation d'entreprise et de groupe

Le segment des voyages d'entreprise représentait 37,5% du total des réservations en 2022.

Segment de l'entreprise	Volume de réservation	Revenu
Conférences commerciales	28.3%	523,6 millions de dollars
Retraites d'entreprise	9.2%	170,4 millions de dollars

Réseaux d'agent de voyage

Les réservations d'agents de voyage traditionnels ont maintenu une part de marché de 12,3% en 2022.

• Réservations du système mondial de distribution (GDS): 214,5 millions de dollars
• Revenus du réseau d'agent de voyage indépendant: 87,6 millions de dollars
• Commission moyenne payée: 10-12% par réservation

Canaux de marketing des médias sociaux et numériques

Les canaux de marketing numérique ont généré 8,7% des conversions totales de réservation en 2022.

Canal de marketing numérique	Taux de conversion	Revenus générés
Instagram	3.2%	59,4 millions de dollars
Facebook	3.5%	64,7 millions de dollars
Liendin	2%	37,2 millions de dollars

Hôtels de parc & Resorts Inc. (PK) - Modèle d'entreprise: segments de clients

Voyageurs d'affaires

Hôtels de parc & Resorts sert des voyageurs d'affaires avec un portefeuille de 62 hôtels premium à travers les États-Unis. En 2022, les dépenses de voyage en affaires ont atteint 1,14 billion de dollars, les voyages d'entreprise représentant un segment important.

Caractéristiques du segment	Mesures clés
Durée moyenne du séjour à l'hôtel	2,3 nuits
Taux de chambre moyen pour les voyageurs d'affaires	285 $ par nuit
Taux de rétention des clients d'entreprise	78%

Voyageurs de loisir de luxe

La société cible les voyageurs de loisirs haut de gamme par le biais de marques hôtelières premium.

• Marriott Marquis Brands dans les destinations clés
• Dépenses moyennes de voyageur de luxe: 4 500 $ par voyage
• Target démographique: 35-55 tranche d'âge avec un revenu annuel supérieur à 150 000 $

Événements d'entreprise et participants à la conférence

Park Hotels gère 42 hôtels avec des installations de conférence importantes.

Segment d'événements	Revenus annuels
Conférences d'entreprise	287 millions de dollars
Présistance à la conférence moyenne	350 participants
Durée moyenne de la conférence	2,5 jours

Individus à haute nette

Ciblant les clients riches ayant des expériences d'accueil premium.

• Valeur nette moyenne invitée: 5 millions de dollars +
• Taux d'occupation de la suite de luxe: 65%
• Dépenses moyennes par séjour: 3 200 $

Touristes internationaux et nationaux

Couverture complète des segments du marché du tourisme à travers les emplacements américains.

Type touriste	Volume invité annuel
Touristes nationaux	1,2 million d'invités
Touristes internationaux	380 000 invités
Revenus touristiques totaux	742 millions de dollars

Hôtels de parc & Resorts Inc. (PK) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de maintenance des biens

Depuis le quatrième trimestre 2023, les hôtels Park & Resorts Inc. a déclaré la propriété et l'équipement, net à 8,57 milliards de dollars. Les frais de maintenance pour l'exercice 2023 ont totalisé environ 312 millions de dollars.

Catégorie de dépenses	Coût annuel
Maintenance des biens	312 millions de dollars
Rénovation des biens	225 millions de dollars
Assurance immobilière	47 millions de dollars

Salaire et formation des employés

Coût total de main-d'œuvre pour les hôtels du parc & Les stations balnéaires en 2023 étaient de 1,14 milliard de dollars, ce qui représente environ 38% du total des dépenses d'exploitation.

• Salaire moyen des employés: 52 400 $ par an
• Budget de formation et de développement: 18,5 millions de dollars
• Travail total: environ 7 200 employés

Dépenses de marketing et de vente

Les dépenses de marketing pour 2023 étaient de 62,3 millions de dollars, ce qui représente 2,1% des revenus totaux.

Canal de marketing	Dépenses annuelles
Marketing numérique	24,6 millions de dollars
Publicité traditionnelle	18,7 millions de dollars
Commissions de vente	19 millions de dollars

Investissements technologiques et infrastructures numériques

Les investissements technologiques pour 2023 ont atteint 47,2 millions de dollars, en se concentrant sur les plateformes numériques et les technologies d'expérience des clients.

• Infrastructure cloud: 12,5 millions de dollars
• Investissements en cybersécurité: 8,3 millions de dollars
• Systèmes de réservation numérique: 15,4 millions de dollars

Coûts opérationnels et utilitaires

Les dépenses opérationnelles totales pour 2023 étaient de 742,6 millions de dollars.

Type d'utilité	Coût annuel
Électricité	89,4 millions de dollars
Eau	31,2 millions de dollars
Chauffage et refroidissement	62,7 millions de dollars
Gestion des déchets	18,5 millions de dollars

Hôtels de parc & Resorts Inc. (PK) - Modèle d'entreprise: Strots de revenus

Frais de location de chambre et d'hébergement

En 2023, park hôtels & Resorts a déclaré des revenus totaux de 1,46 milliard de dollars. Les revenus de la salle pour l'année étaient d'environ 1,04 milliard de dollars, ce qui représente 71,2% du chiffre d'affaires total.

Catégorie de revenus	2023 Montant ($)	Pourcentage du total des revenus
Revenus de la salle	1,040,000,000	71.2%
Taux quotidien moyen (ADR)	$224.53	-
Taux d'occupation	65.4%	-

Ventes de nourriture et de boissons

Revenus de nourriture et de boissons pour les hôtels du parc & Les stations balnéaires en 2023 étaient d'environ 286 millions de dollars, représentant 19,6% des revenus totaux.

Segments de revenus F&B	2023 Montant ($)
Ventes de restaurants	189,560,000
Services de restauration	96,440,000

Événement et hébergement de conférence

Les revenus liés à la conférence et à l'événement ont totalisé environ 87 millions de dollars en 2023.

• Réservations d'événements d'entreprise: 52,2 millions de dollars
• Événements de mariage et social: 34,8 millions de dollars

Services auxiliaires

Le spa et les activités récréatives ont généré 43 millions de dollars de revenus au cours de 2023.

Service auxiliaire	2023 Revenus ($)
Services de spa	24,100,000
Activités récréatives	18,900,000

Revenus de réservation d'entreprise et de groupe

Les réservations d'entreprises et de groupe ont contribué 98 millions de dollars au total des revenus en 2023.

• Grands contrats d'entreprise: 68 millions de dollars
• Réservations de voyage en groupe: 30 millions de dollars

Park Hotels & Resorts Inc. (PK) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Park Hotels & Resorts Inc. (PK) attracts capital and guests. It's all about owning the best real estate and making it better.

Access to iconic, irreplaceable real estate assets is the foundation. Park Hotels & Resorts Inc. owns a geographically diverse portfolio of hotels and resorts situated in prime U.S. markets with high barriers to entry. Nearly 80% of the portfolio is located in central business districts of major cities or premier resort/conference destinations. As of September 30, 2025, the portfolio consisted of 39 hotels and resorts with over 25,000 rooms, with 100% of rooms located in the U.S..

The quality skew is heavily weighted toward the top tier. Luxury and upper upscale accommodations make up about 87% of the portfolio's rooms. This focus on premium segments is a direct play on higher-spending leisure and corporate travel demand.

The portfolio is heavily affiliated with major global operators, which translates directly into customer benefits. Park Hotels & Resorts Inc. affiliates with leading brands such as Hilton, Marriott, and Hyatt. This grants guests access to strong brand loyalty programs via major brand partners, encouraging repeat bookings through established reward structures, upgrades, and member-only rates across thousands of global properties, not just Park's owned assets.

The company actively enhances these assets, creating significant future value. This is seen in the focus on high-return renovation projects. For instance, the comprehensive renovation at the Royal Palm South Beach Resort is a $103 million investment expected to generate an Internal Rate of Return (IRR) of 15% to 20%. Management is betting these upgrades will drive RevPAR growth above the industry average for several years.

Park Hotels & Resorts Inc. also provides high-quality meeting and convention space for large groups, concentrated in major urban and convention areas. While specific total square footage for the entire PK portfolio isn't consolidated in the latest filings, the presence of assets like the Hilton New Orleans Riverside indicates a focus on large-scale group business capabilities, which is a key driver for weekday occupancy.

Here's a quick look at the scale of the assets and the capital deployment supporting these value propositions as of late 2025:

Metric	Value (as of late 2025)	Context
Total Rooms	Over 25,000 (across 39 hotels)	As of September 30, 2025
Luxury/Upper Upscale Rooms	87% of portfolio	Portfolio composition
2025 Total Capital Expenditures Budget	$310 million - $330 million	Total planned capital improvement program
Royal Palm Renovation Investment	$103 million	Specific project cost
Royal Palm Expected IRR	15% - 20%	Target return on investment
Royal Palm Stabilized EBITDA Target	Nearly $28,000,000	Post-renovation expectation
Total Debt	$3,839 million	As of September 30, 2025

The renovation strategy is supported by an active asset management approach, including plans to sell noncore assets. The company reported the sale of the Hyatt Centric Fisherman's Wharf for $80 million, achieving a multiple of 64x of 2024 EBITDA. This capital recycling helps fund the high-return projects.

The value proposition is also supported by the financial structure that allows for these investments. For example, the company expects to spend about $103 million on the Royal Palm project, of which $25 million was spent as of June 2025.

You can see the direct impact of these efforts in recent performance metrics from earlier in the year, even with disruptions:

• RevPAR growth of 14% at Bonnet Creek and 12% at Casa Marina due to recent renovations.
• Q2 2025 Adjusted EBITDA margin was 29.6%.
• Q1 2025 Hotel Adjusted EBITDA margin was almost 25%.

Finance: draft 13-week cash view by Friday.

Park Hotels & Resorts Inc. (PK) - Canvas Business Model: Customer Relationships

You're looking at how Park Hotels & Resorts Inc. (PK) manages its connections with the people who ultimately drive its revenue, which is a mix of brand affiliation, direct sales effort, and shareholder communication. The relationship structure is heavily influenced by its asset-light, management-heavy operational model.

Managed through third-party hotel operators

Park Hotels & Resorts relies on brand partners to manage the day-to-day guest relationship. While Park Hotels & Resorts Inc. does not publish its exact operator split, the industry trend for its segment suggests a high reliance on external management. For upper-upscale hotels, which make up about 87% of Park Hotels & Resorts Inc.'s rooms, approximately 70% of rooms in the broader market are managed by third parties. Park Hotels & Resorts Inc.'s portfolio as of late 2025 consists of 41 premium-branded hotels and resorts, with over 25,000 rooms.

Group sales teams focused on convention and corporate bookings

The sales efforts are clearly geared toward capturing high-value group business, which is critical for stabilizing occupancy and driving top-line revenue. Evidence of this focus is seen in the projected recovery of group demand. For the fourth quarter of 2025, Comparable Group Revenue Pace is projected to increase over 12% compared to the same period in 2024, with double-digit increases expected at key assets like the JW Marriott San Francisco Union Square and the New York Hilton Midtown.

• Build and sustain long-term partnerships with key clients.
• Deliver sales targets through proactive account management.
• Market to large group and convention business segments.

Loyalty program integration with brand partners (e.g., Hilton Honors)

A majority of Park Hotels & Resorts Inc.'s properties are affiliated with Hilton brands and participate in the Hilton Honors guest loyalty and rewards program. This integration is a key component of attracting and retaining guests, as the public recognition of the Hilton brands directly supports Park Hotels & Resorts Inc.'s ability to capture demand.

Digital and direct booking engagement via brand channels

Guest acquisition is heavily channeled through the brand partners' digital ecosystems. Historically, a significant percentage of individual customer bookings occur through internet travel intermediaries. Park Hotels & Resorts Inc.'s success in this area is tied to the brand's ability to drive direct bookings over these third-party channels, leveraging the loyalty program benefits available exclusively through preferred brand digital platforms.

Investor relations focused on consistent dividend payout

Investor relationship management centers on communicating capital allocation strategy, including dividend policy. For the fourth quarter of 2025, Park Hotels & Resorts Inc. declared a regular cash dividend of $0.25 per share, with an Ex-Date of December 31, 2025. This results in an expected annualized dividend of $1.00 per share based on the regular quarterly payments in 2025.

Here's a quick look at the key financial and operational metrics relevant to customer-facing scale and shareholder returns as of late 2025:

Metric	Value	Context/Date
Regular Quarterly Dividend (Q4 2025)	$0.25 per share	Declared for record date Dec 31, 2025
Expected Annual Dividend (2025 Regular)	$1.00 per share	Based on four quarterly payments of $0.25
Total Portfolio Rooms	Over 25,000 rooms	As of late 2025
Portfolio Size (Number of Hotels)	41 premium-branded hotels and resorts	As of late 2025
Group Revenue Pace Growth (Q4 2025 Est.)	Over 12% increase	Compared to Q4 2024
Luxury/Upper-Upscale Room Percentage	About 87%	Of Park Hotels & Resorts Inc.'s rooms

Park Hotels & Resorts Inc. (PK) - Canvas Business Model: Channels

You're looking at how Park Hotels & Resorts Inc. gets its rooms and event space sold in late 2025. The mix is heavily influenced by their brand affiliation and a strong push for direct sales, especially for high-value group business.

Major brand reservation systems (Hilton, Marriott, Hyatt)

Park Hotels & Resorts Inc. operates a portfolio primarily affiliated with the Hilton brand family, meaning a significant portion of transient and some group bookings flow through the centralized Hilton reservation systems. While Park Hotels & Resorts Inc. does not publish the exact percentage of revenue derived from these systems for 2025, the reliance on these platforms is fundamental to capturing broad market reach. For context on the group segment, which often involves direct negotiation but is confirmed through brand systems, Q4 2025 Comparable Group Revenue Pace is projected to increase over 12% compared to the pace at the end of September 2024 for the same period. Also, 2025 average Comparable group rates are projected to exceed 2024 average Comparable group rates by over 2%.

Direct booking via property websites and mobile apps

The push for direct bookings remains a key strategic focus, aiming to capture revenue with lower commission costs. Industry-wide data for 2025 suggests a strong shift, with a survey of 700 hotel brands indicating that Online Travel Agencies (OTAs) now generate only 22% of bookings, down from 30% the prior year. In Europe specifically, direct bookings have increased by 8%-15% year-on-year. Park Hotels & Resorts Inc.'s Q1 2025 results showed a portfolio occupancy rate of 69.2% and a Comparable RevPAR of $177.67, figures that benefit from direct channel efficiency. The company's overall TTM revenue as of late 2025 is reported at $2.53 Billion USD.

Global Distribution Systems (GDS) for corporate travel

Corporate travel, often routed through GDS platforms like Sabre or Amadeus, is a critical component, especially for Park Hotels & Resorts Inc.'s urban assets. The strength in this segment is visible in specific property performance updates. For example, group revenues at the Hilton Chicago increased by nearly 22% compared to Q1 2024 due to an increase in corporate demand, which drove RevPAR up by 17%. Similarly, Q2 2025 saw group revenues at the Hilton New York Midtown increase over 16% compared to Q2 2024, increasing RevPAR by nearly 10% due to corporate demand.

Third-party online travel agencies (OTAs)

OTAs provide necessary volume and visibility, though at a higher cost. While Park Hotels & Resorts Inc. does not publish its specific OTA revenue split for 2025, the general market dynamic shows OTAs held a slight edge in 2024 gross bookings at $266 billion versus $262 billion for direct bookings, a 50.4% OTA vs. 49.6% direct split. The company is actively managing this balance, which is part of a broader portfolio reshaping that includes a goal of $300 million to $400 million in noncore dispositions by year-end 2025, likely trimming reliance on lower-margin channels.

On-site sales teams for group and event bookings

The on-site sales teams are vital for securing the high-value group and event business. The performance of these teams is reflected in the significant year-over-year growth seen at several key properties in the first half of 2025. For instance, group revenues at the Hilton Waikoloa Village increased over 66% compared to Q1 2024 due to an increase in group events. The Q2 2025 Adjusted EBITDA for the portfolio was $183 million, supported by this high-yield business.

Here's a quick look at some key financial and statistical markers relevant to Park Hotels & Resorts Inc.'s operations and channel performance through mid-to-late 2025:

Metric Category	Specific Data Point	Value / Amount
Total Revenue (TTM as of late 2025)	Total Revenue	$2.53 Billion USD
Group Pace Projection (Q4 2025 vs Q4 2024)	Comparable Group Revenue Pace Increase	Over 12%
Group Rate Projection (2025 vs 2024)	Average Comparable Group Rate Increase	Over 2%
Q1 2025 Portfolio Performance	Comparable RevPAR	$177.67
Q2 2025 Portfolio Performance	Comparable RevPAR	$195.68
Q2 2025 Financial Result	Adjusted EBITDA	$183 million
Asset Disposition (Q2 2025)	Sale Price per Key for Hyatt Centric Fisherman's Wharf	$253,000
Liquidity Position (Mid-2025)	Available Liquidity	Approximately $1.3 billion
Debt Facility (September 2025)	Senior Unsecured Revolving Credit Facility	$1 billion

The effectiveness of these channels is also tied to the overall financial health and strategic moves Park Hotels & Resorts Inc. is making:

• Q1 2025 Net Loss Attributable to Stockholders was $(57) million.
• Q2 2025 Net Loss Attributable to Stockholders was $(5) million.
• The company has a stated goal to achieve $300 million to $400 million in noncore dispositions by year-end 2025.
• The portfolio occupancy rate for Q1 2025 was 69.2%.
• Group revenues at Hilton New Orleans Riverside increased nearly 10% in Q1 2025 versus Q1 2024.

To be fair, the success of the direct channel relies on the brand affiliation providing the initial visibility. The on-site sales teams are definitely driving high-value group contracts, as shown by the 66% group revenue increase at Hilton Waikoloa Village in Q1 2025.

Finance: draft 13-week cash view by Friday.

Park Hotels & Resorts Inc. (PK) - Canvas Business Model: Customer Segments

You're looking at the core customer groups Park Hotels & Resorts Inc. (PK) serves as of late 2025, based on their latest reported performance and strategic focus. Honestly, the business is heavily weighted toward specific high-value travel types, which is typical for an upscale REIT focused on full-service hotels.

The segmentation of demand drives their property-level performance metrics, like the reported Q3 2025 RevPAR of $181, which was a 6% decline year-over-year, or a 5% decline when excluding the Royal Palm South Beach property undergoing renovation. Total hotel revenues for Q3 2025 were $585 million.

Here is a breakdown of the key customer segments Park Hotels & Resorts Inc. targets:

• Large group and convention business: This segment is stated to account for 30% of revenue.
• High-end transient business travelers in urban centers: This group showed strength, with the urban portfolio generating a 3% increase in Comparable RevPAR compared to the prior year in Q2 2025.
• Affluent leisure travelers in resort markets: Markets like Orlando and Key West showed resilience. The Orlando Bonnet Creek complex delivered nearly 3% RevPAR growth in Q3 2025, and Key West RevPAR growth outperformed the broader portfolio, increasing 1% for the quarter.
• Government and military transient demand: This segment faced headwinds; the extended government shutdown reduced October room revenue expectations by approximately $2.5 million.
• REIT investors seeking yield and real estate exposure: The market views the stock as discounted, with a Price-to-Sales Ratio of 0.8x, well below the sector average of 3.7x.

The company's focus on its core portfolio-the top 20 hotels representing 85-90% of its value-is designed to concentrate revenue generation from these high-value segments.

You can see how the Q3 2025 results reflect the current state of these segments:

Customer Segment Focus	Relevant Financial/Statistical Metric (Late 2025)	Value/Amount
Group Business (Overall)	Q4 2025 Group Revenue Pace vs. 2024 Group Bookings	Projected increase of 18%
Resort Leisure (Orlando)	Q3 2025 RevPAR Growth	Nearly 3%
Resort Leisure (Key West)	Q3 2025 RevPAR Growth	1%
Government/Military Demand	October 2025 Revenue Impact from Shutdown	Reduced expectations by approximately $2.5 million
Investors (Valuation)	Price-to-Sales Ratio	0.8x
Investors (Yield)	Declared Q4 2025 Dividend Annualized Yield	Approximately 9%

The company is actively managing its portfolio to better serve these groups, for instance, by investing over $325 million across best-performing assets with returns approaching 20%. Also, the company is divesting non-core assets, planning to shed 15 hotels to concentrate on 20 high-quality assets.

For the full year 2025 guidance, Park Hotels & Resorts Inc. expects overall RevPAR to decline around 2% at the midpoint, with Adjusted FFO per share expected to range from $1.85 to $1.97 per share at the midpoint of $1.91.

The group segment showed specific strength earlier in the year; for example, group revenues at the Hilton Waikoloa Village increased over 66% in Q1 2025 compared to Q1 2024.

• Q1 2025 Comparable Group Revenue Pace vs. 2024 Group Bookings: Increased over 1%.
• Q1 2025 Average Comparable Group Rates vs. 2024: Projected to exceed by 4%.
• Q2 2025 Average Comparable Group Rates vs. 2024: Projected to exceed by 5%.

Finance: draft 13-week cash view by Friday.

Park Hotels & Resorts Inc. (PK) - Canvas Business Model: Cost Structure

You're looking at the major costs Park Hotels & Resorts Inc. faces to keep its portfolio of luxury and upper-upscale hotels running, which is a capital-intensive business, defintely. These costs are the primary drains on the revenue generated by their premium-branded properties.

The most significant recurring costs involve running the hotels day-to-day. These property-level operating expenses include substantial outlays for labor (wages and benefits) and utilities. For the three months ended September 30, 2025, Rooms expense was $106 million, and Food and beverage expense was $112 million for comparable hotels. Management fees, paid to third-party operators, are another fixed-like cost. For the three months ended September 30, 2025, Management fees expense totaled $27 million.

Park Hotels & Resorts Inc. carries a significant debt load, which translates directly into interest expense. As of September 30, 2025, Park's Net Debt was approximately $3.7 billion. The total consolidated debt on the balance sheet as of September 30, 2025, was $3,839 million. The weighted average maturity of this consolidated debt is short, at 2.4 years as of that date.

The company is heavily investing in its assets to maintain their market position, leading to high capital expenditures. Park Hotels & Resorts Inc. has outlined plans for total capital improvements for 2025 to be in the range of $310 million to $330 million. This high capex is driven by major renovation projects, such as the one at the Royal Palm South Beach Miami, which has a total expected spend of about $103 million.

Other essential property costs include taxes and insurance. While specific figures for property taxes and insurance premiums aren't isolated in the latest reports, the broader category of Other property expense for comparable hotels was $56 million for the three months ended September 30, 2025.

Here's a quick look at some of the key expense components for the three months ended September 30, 2025, from comparable hotels:

Expense Category	Amount (in millions)
Rooms Expense	$106
Food and Beverage Expense	$112
Other Property Expense	$56
Management Fees Expense	$27

The high level of planned capital expenditure for 2025 is expected to decline in 2026, with projections around $200 million to $225 million. This spending is partially offset by an ongoing asset disposition program, with a goal to sell up to $400 million in non-core assets by the end of 2025.

You should keep an eye on a few specific cost drivers:

• Renovation Disruption: The suspension of operations at Royal Palm South Beach Miami is anticipated to cause an estimated $17 million of disruption to Hotel Adjusted EBITDA for 2025.
• Debt Service: The company expects to use proceeds from its 2025 Delayed Draw Term Loan in 2026 to repay the $1.275 billion secured mortgage loan at the Hilton Hawaiian Village Waikiki Beach Resort, which matures in November 2026.
• Cost Inflation: S&P Global Ratings noted that increased wages and benefits are a primary reason for expected compressed EBITDA margins in 2025.

Finance: draft 13-week cash view by Friday.

Park Hotels & Resorts Inc. (PK) - Canvas Business Model: Revenue Streams

You're looking at the core ways Park Hotels & Resorts Inc. brings in cash, which is critical for valuing any lodging REIT. Here's the quick math on the revenue streams as of late 2025, grounded in the latest reported figures.

Hotel room revenue is the bedrock, naturally. For the third quarter of 2025, Park Hotels & Resorts Inc. reported $585 million in Total Hotel Revenues. This top line is directly tied to how well their premium urban and resort properties are performing on occupancy and average daily rate (ADR).

Beyond the rooms, the next major component is food and beverage sales from restaurants and events. This segment is highly dependent on group business and convention traffic, which saw some pressure earlier in the year but is showing recovery in key markets like Orlando and San Francisco.

The third stream, rental income from retail/commercial space within properties, is generally smaller but provides a stable base. For Q3 2025, the closest reported figure is Ancillary Hotel Revenue, which contributes to the overall operating income.

Park Hotels & Resorts Inc. also generates cash through proceeds from non-core asset dispositions, which is a strategic, non-recurring revenue stream used to reshape the portfolio. You saw this clearly with the $80 million sale in Q2 2025 of the Hyatt Centric Fisherman's Wharf.

Finally, the forward-looking indicator for operational profitability is the Full-year 2025 Adjusted EBITDA forecast midpoint of $608 million. This number reflects management's expectation for the full year's operational cash flow before certain adjustments.

Here is a breakdown of the key Q3 2025 revenue components, based on reported figures (in millions of dollars):

Revenue Component	Q3 2025 Amount (Millions USD)	Context/Source
Total Hotel Revenues (As per prompt guidance)	$585 million	Overall Q3 2025 Top Line
Rooms Revenue (Detailed)	$370 million	Direct Room Revenue for Q3 2025
Food and Beverage Revenue	$150 million	Sales from Restaurants and Events for Q3 2025
Ancillary Hotel Revenue (Proxy for Retail/Commercial)	$67 million	Other Hotel-Related Income for Q3 2025
Non-Core Asset Disposition Proceeds (Q2 2025 Example)	$80 million	Proceeds from Hyatt Centric Fisherman's Wharf Sale
Full-Year 2025 Adjusted EBITDA Forecast Midpoint	$608 million	Management's Projection for Full-Year Profitability

The composition of the revenue streams shows a heavy reliance on the core lodging product, but the strategic asset sales are a distinct, albeit irregular, source of capital. You can see the relative size of the main drivers:

• Hotel room revenue (Q3 2025 Rooms Revenue): $370 million
• Food and beverage sales (Q3 2025): $150 million
• Rental income from retail/commercial space (Q3 2025 Ancillary): $67 million

The company is definitely leaning into maximizing returns from its core assets, which is why the renovation pipeline, like the one at the Royal Palm in Miami, is so important to future room revenue potential. Still, the $80 million disposition in Q2 2025 shows they are actively pruning the portfolio to hit that $608 million Adjusted EBITDA target.

Finance: draft 13-week cash view by Friday.