Park Hotels & Resorts Inc. (NYSE: PK)

Park Hotels & Resorts Inc. is one of the largest publicly traded lodging real estate investment trusts. It owns and leases a diverse portfolio of premium branded hotels and resorts primarily in the upper upscale chain scale segment across the United States. As of February 20 2026 the portfolio consists of 34 hotels and resorts with approximately 23 000 rooms located in prime U. S. markets with high barriers to entry. The company focuses on its 21 Core hotels which contribute about ninety percent of Hotel Adjusted EBITDA and over ninety six percent of rooms in the Core portfolio are luxury or upper upscale.

The company generates revenue primarily by leasing its hotel properties to tenants who in turn engage third party operators to run the day to day business. Under these lease arrangements the company receives base rent and often percentage rent based on hotel performance. The tenants derive income from room sales food and beverage and other hotel services while the company earns steady lease income. Additionally the company may earn incidental revenue from ancillary services such as parking or resort fees but the predominant source is lease revenue.

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Park Hotels & Resorts Inc. holds a notable position among lodging real estate investment trusts due to its scale concentration on luxury and upper upscale assets and its presence in markets with high barriers to entry. The company competes with other hotel REITs hotel operating companies and major global hotel brands for both guests and acquisition opportunities. Competitive advantages include affiliation with globally recognized brands which provide access to central reservation systems loyalty programs and national marketing as well as the quality of its locations and the condition of its properties. The company also benefits from a disciplined capital allocation strategy that emphasizes returning capital to shareholders through dividends and share repurchases while maintaining a flexible balance sheet.

The ultimate customers of the hotels in the portfolio are leisure and business travelers seeking upscale accommodations in major urban and resort destinations across the United States. The tenants that lease the properties serve a diverse mix of individuals including corporate groups conference attendees and vacationers. No specific customer names are disclosed in the filing.