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Park Hotels & Resorts Inc. Reports Second Quarter 2025 Results
TYSONS, Va.--(BUSINESS WIRE)--Park Hotels & Resorts Inc. ('Park' or the 'Company') (NYSE: PK) today announced results for the second quarter ended June 30, 2025 and provided an operational update. Second Quarter Highlights Include: Comparable RevPAR was $195.68, a decrease of (1.6)% compared to the same period in 2024, or only a (0.6)% decrease when excluding the Royal Palm South Beach Miami, a Tribute Portfolio Resort ('Royal Palm'), which suspended operations in mid-May 2025 for a comprehensive renovation; Net loss and net loss attributable to stockholders were $(2) million and $(5) million, respectively; Adjusted EBITDA was $183 million; Diluted loss per share was $(0.02); Diluted Adjusted FFO per share was $0.64; Sold the 316-room Hyatt Centric Fisherman's Wharf located in San Francisco, California for $80 million, or $253,000 per key. The sale price represents 64.0x 2024 EBITDA of the hotel. Proceeds from the sale will be used for ongoing return on investment projects in Park's portfolio and for other general corporate purposes; In July 2025, made the decision to permanently close the Embassy Suites Kansas City Plaza, which Park anticipates will occur during the third quarter of 2025. In connection with that decision, Park entered into an agreement with the ground lessor of the hotel to terminate the ground lease at the end of September 2025. The Embassy Suites Kansas City Plaza is projected to generate an insignificant amount of EBITDA during 2025; and Park's Hawaii's hotels did not sustain any damage following the tsunami warnings issued throughout the Pacific Ocean that were triggered by the 8.8 magnitude earthquake off the Russian coast that occurred on July 29, 2025. Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, 'We remain laser-focused on our strategic objective of reshaping the portfolio through non-core asset dispositions, as evidenced by the successful closing on the sale of the Hyatt Centric Fisherman's Wharf for total proceeds of $80 million, representing a 64.0x multiple on 2024 EBITDA of the hotel, and with several other non-core assets in various stages of the marketing process, while reallocating and investing this capital in our iconic portfolio, like the Royal Palm hotel in Miami, which recently commenced a transformative renovation. With liquidity of approximately $1.3 billion, we remain well-positioned for long-term growth and committed to creating long-term shareholder value. I was encouraged by our second quarter results, with Comparable RevPAR declining by less than 1% excluding the Royal Palm in Miami. Results were driven by ongoing improvements in business travel in key urban markets, including San Francisco, New York, Denver and Boston, with our urban portfolio generating a 3% increase in Comparable RevPAR compared to prior year, including a 17% increase in Comparable RevPAR at the JW Marriott San Francisco Union Square and a 10% increase in Comparable RevPAR at the Hilton New York Midtown. Additionally, strength from certain of our resort hotels, including the Waldorf Astoria Orlando where RevPAR increased nearly 24% compared to the prior year from increases in both group and transient demand and the Hilton Caribe in Puerto Rico where RevPAR increased nearly 18% compared to prior year from an increase in transient demand, offset softness at the Hilton Hawaiian Village Waikiki Beach Resort as it continues to stabilize and re-gain market share following labor strikes in late 2024. I am also incredibly proud of the efforts by our team to maintain effective cost controls across the portfolio resulting in total expense growth of just 40 basis points this quarter, and continued savings expected over the back half of the year.' (1) Amounts are calculated based on unrounded numbers. (2) For the three and six months ended June 30, 2025, Comparable RevPAR excluding the Royal Palm, which suspended operations in mid-May 2025 for a comprehensive renovation, decreased (0.6)% and (0.7)%, respectively, compared to the same periods in 2024. (3) Diluted loss per share for the three and six months ended June 30, 2025 was calculated based on weighted average shares of 199 million for both periods, which excludes shares that were anti-dilutive. For purposes of Diluted Adjusted FFO per share, weighted average shares were 200 million for both periods. Expand Operational Update Results for Park's Comparable hotels in each of the Company's key markets and by hotel type are as follows: (1) Calculated based on unrounded numbers. (2) In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation. Expand Park continued to see improvements in group demand at its urban hotels and certain resort hotels, and compared to the second quarter of 2024, group revenues at the Hilton Waikoloa Village increased 57%, while group revenues at the Waldorf Astoria Orlando, which was ranked 4 th Best Resort in Florida by Travel + Leisure in its 2025 World's Best Awards, increased nearly 29% following its recent transformative renovation, increasing RevPAR by nearly 24% compared to the second quarter of 2024. Group revenues at the Hilton New York Midtown increased over 16% compared to the second quarter of 2024, increasing RevPAR by nearly 10% due to an increase in corporate demand. At the end of June 2025, Comparable Group Revenue Pace for 2025 remained consistent to what 2024 group bookings were at the end of June 2024. While Comparable Group Revenue Pace for the third quarter of 2025 is projected to decrease (14)%, Park is expecting an increase to 18% for the fourth quarter of 2025, compared to what group bookings were for the same time periods in 2024 at the end of June 2024. Additionally, 2025 average Comparable group rates are projected to exceed 2024 average Comparable group rates by 5% for the same time period, with Comparable group rates for the third and fourth quarter of 2024 projected to exceed the average for the same time periods in 2024 by 2% and 6%, respectively. Balance Sheet and Liquidity As of June 30, 2025, Park's liquidity was approximately $1.3 billion, including $950 million of available capacity under the Company's revolving credit facility ('Revolver'). In addition, as of June 30, 2025, Park's Net Debt was approximately $3.7 billion, and the weighted average maturity of Park's consolidated debt is 2.7 years. Park had the following debt outstanding as of June 30, 2025: (1) Excludes the $725 million non-recourse CMBS Loan ('SF Mortgage Loan') secured by the 1,921-room Hilton San Francisco Union Square and 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the 'Hilton San Francisco Hotels'), which is included in debt associated with hotels in receivership in Park's condensed consolidated balance sheets. In October 2023, the Hilton San Francisco Hotels were placed into court-ordered receivership, and thus, Park has no further economic interest in the operations of the hotels. (2) The loan matures in August 2042 but is callable by the lender with six months notice. As of June 30, 2025, Park had not received notice from the lender. (3) Calculated on a weighted average basis. (4) As of July 31, 2025, Park has $950 million of available capacity under the Revolver with no outstanding letters of credit. (5) SOFR includes a credit spread adjustment of 0.1%. (6) Excludes $157 million of Park's share of debt of its unconsolidated joint ventures. Expand Capital Investments During the second quarter of 2025, Park spent nearly $45 million on capital improvements at its hotels and expects to incur approximately $310 million to $330 million in capital expenditures during 2025. During the second quarter of 2025, Park began the $103 million comprehensive renovation at the Royal Palm, which includes a full renovation of all 393 guestrooms at the oceanfront hotel, along with the addition of 11 new guestrooms. The project is expected to generate a 15% to 20% return on investment. Hotel operations were suspended beginning in mid-May 2025, with an expected reopening in May 2026, resulting in an anticipated $17 million of disruption to Hotel Adjusted EBITDA for 2025. During the first quarter of 2025, Park successfully completed nearly $75 million in guestroom renovations and room conversions that began in 2024 at two of its flagship properties in Hawaii – the Rainbow Tower at the Hilton Hawaiian Village Waikiki Beach Resort and the Palace Tower at the Hilton Waikoloa Village. Park is scheduled to begin the second phase of renovations at both Hawaii properties in August 2025, alongside the second phase of guestroom renovations at the Hilton New Orleans Riverside which began in July 2025. Recent and upcoming renovations and return on investment projects ('ROI') include: (1) Start dates and completion dates are estimates unless noted. Expand Dividends Park declared a second quarter 2025 cash dividend of $0.25 per share to stockholders of record as of June 30, 2025. The second quarter dividend was paid on July 15, 2025. On July 25, 2025, Park declared a third quarter 2025 cash dividend of $0.25 per share to be paid on October 15, 2025 to stockholders of record as of September 30, 2025. The declared dividends translate to an annualized yield of approximately 9% based on Park's closing stock price on July 29, 2025. Full-Year 2025 Outlook Park expects full-year 2025 operating results to be as follows: (1) Amounts are calculated based on unrounded numbers. Expand Park's outlook is based in part on the following assumptions: Except where noted, includes the impact of renovations at the Royal Palm of approximately $17 million of Hotel Adjusted EBITDA and 40 bps of Comparable Hotel Adjusted EBITDA margin; Adjusted FFO excludes $54 million of default interest and late payment administrative fees associated with default of the SF Mortgage Loan through October 29, 2025 (when the receivership is currently expected to end upon the sale of the hotels pursuant to a purchase and sale agreement that has been executed), which began in June 2023 and is required to be recognized in interest expense until legal titles to the Hilton San Francisco Hotels are transferred; Fully diluted weighted average shares for the full-year 2025 of 200 million; and Park's portfolio as of July 31, 2025 and does not take into account potential future acquisitions, dispositions or any financing transactions, which could result in a material change to Park's outlook. Park's full-year 2025 outlook is based on several factors, many of which are outside the Company's control, including uncertainty surrounding macro-economic factors, such as inflation, changes in interest rates and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of which are subject to change. Additionally, Park's full-year 2025 outlook does not include assumptions around the incremental impact of tariff announcements (including any foreign tariffs announced in response to changes in U.S. trade policy), or changes in travel patterns to the United States as a result of tariff or trade policy, as the net effect of such announcements cannot be ascertained or quantified at this time. Supplemental Disclosures In conjunction with this release, Park has furnished a financial supplement with additional disclosures on its website. Visit for more information. Park has no obligation to update any of the information provided to conform to actual results or changes in Park's portfolio, capital structure or future expectations. Conference Call Park will host a conference call for investors and other interested parties to discuss second quarter 2025 results on August 1, 2025 beginning at 11 a.m. Eastern Time. Participants may listen to the live webcast by logging onto the Investors section of the website at Alternatively, participants may listen to the live call by dialing (877) 451-6152 in the United States or (201) 389-0879 internationally and requesting Park Hotels & Resorts' Second Quarter 2025 Earnings Conference Call. Participants are encouraged to dial into the call or link to the webcast at least ten minutes prior to the scheduled start time. A replay of the webcast will be available within 24 hours after the live event on the Investors section of Park's website. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to the effects of Park's decision to cease payments on its $725 million SF Mortgage Loan secured by the Hilton San Francisco Hotels and the lender's exercise of its remedies, including placing such hotels into receivership, as well as Park's current expectations regarding the performance of its business, financial results, liquidity and capital resources, including anticipated repayment of certain of Park's indebtedness, the completion of capital allocation priorities, the expected repurchase of Park's stock, the impact from macroeconomic factors (including elevated inflation and interest rates, potential economic slowdown or a recession and geopolitical conflicts or trends, including travel barriers or changes in travel preferences for U.S. destinations), the effects of competition and the effects of future legislation, executive action or regulations, tariffs, the expected completion of anticipated dispositions, the declaration, payment and any change in amounts of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words 'outlook,' 'believes,' 'expects,' 'potential,' 'continues,' 'may,' 'will,' 'should,' 'could,' 'seeks,' 'projects,' 'predicts,' 'intends,' 'plans,' 'estimates,' 'anticipates,' 'hopes' or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Park's control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events. All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: 'Risk Factors' in Park's Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in Park's filings with the Securities and Exchange Commission ('SEC'), which are accessible on the SEC's website at Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Non-GAAP Financial Measures Park presents certain non-GAAP financial measures in this press release, including Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, FFO per share, Adjusted FFO per share, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin and Net Debt. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of its operating performance. Please see the schedules included in this press release including the 'Definitions' section for additional information and reconciliations of such non-GAAP financial measures. Park is one of the largest publicly-traded lodging real estate investment trusts ('REIT') with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 39 premium-branded hotels and resorts with approximately 25,000 rooms primarily located in prime city center and resort locations. Visit for more information. PARK HOTELS & RESORTS INC. (in millions, except share and per share data) June 30, 2025 (unaudited) ASSETS Property and equipment, net $ 7,176 $ 7,398 Contract asset 852 820 Intangibles, net 41 41 Cash and cash equivalents 319 402 Restricted cash 28 38 Accounts receivable, net of allowance for doubtful accounts of $3 and $4 129 131 Prepaid expenses 72 69 Other assets 69 71 Operating lease right-of-use assets 184 191 TOTAL ASSETS (variable interest entities – $209 and $223) $ 8,870 $ 9,161 LIABILITIES AND EQUITY Liabilities Debt $ 3,840 $ 3,841 Debt associated with hotels in receivership 725 725 Accrued interest associated with hotels in receivership 127 95 Accounts payable and accrued expenses 237 226 Dividends payable 55 138 Due to hotel managers 114 138 Other liabilities 165 179 Operating lease liabilities 219 225 Total liabilities (variable interest entities – $196 and $201) 5,482 5,567 Stockholders' Equity Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 200,946,918 shares issued and 199,913,166 shares outstanding as of June 30, 2025 and 203,407,320 shares issued and 202,553,194 shares outstanding as of December 31, 2024 2 2 Additional paid-in capital 4,022 4,063 Accumulated deficit (580 ) (420 ) Total stockholders' equity 3,444 3,645 Noncontrolling interests (56 ) (51 ) Total equity 3,388 3,594 TOTAL LIABILITIES AND EQUITY $ 8,870 $ 9,161 Expand PARK HOTELS & RESORTS INC. (unaudited, in millions, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues Rooms $ 401 $ 416 $ 764 $ 790 Food and beverage 180 182 362 364 Ancillary hotel 68 66 131 128 Other 23 22 45 43 Total revenues 672 686 1,302 1,325 Operating expenses Rooms 105 105 205 207 Food and beverage 122 121 245 244 Other departmental and support 152 155 303 300 Other property 50 57 107 109 Management fees 31 33 61 63 Impairment and casualty loss — 7 70 13 Depreciation and amortization 122 64 191 129 Corporate general and administrative 19 18 37 35 Other 23 20 44 41 Total expenses 624 580 1,263 1,141 Gain on sale of assets, net 1 — 1 — Gain on derecognition of assets 16 15 32 29 Operating income 65 121 72 213 Interest income 2 5 5 10 Interest expense (53 ) (54 ) (105 ) (107 ) Interest expense associated with hotels in receivership (16 ) (15 ) (32 ) (29 ) Equity in earnings from investments in affiliates 2 1 2 1 Other (loss) gain, net (1 ) (3 ) 1 (3 ) (Loss) income before income taxes (1 ) 55 (57 ) 85 Income tax (expense) benefit (1 ) 12 (2 ) 11 Net (loss) income (2 ) 67 (59 ) 96 Net income attributable to noncontrolling interests (3 ) (3 ) (3 ) (4 ) Net (loss) income attributable to stockholders $ (5 ) $ 64 $ (62 ) $ 92 (Loss) earnings per share: (Loss) earnings per share – Basic $ (0.02 ) $ 0.31 $ (0.31 ) $ 0.44 (Loss) earnings per share – Diluted $ (0.02 ) $ 0.30 $ (0.31 ) $ 0.44 Weighted average shares outstanding – Basic 199 209 199 209 Weighted average shares outstanding – Diluted 199 211 199 211 Expand PARK HOTELS & RESORTS INC. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS EBITDA AND ADJUSTED EBITDA (unaudited, in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net (loss) income $ (2 ) $ 67 $ (59 ) $ 96 Depreciation and amortization expense 122 64 191 129 Interest income (2 ) (5 ) (5 ) (10 ) Interest expense 53 54 105 107 Interest expense associated with hotels in receivership (1) 16 15 32 29 Income tax expense (benefit) 1 (12 ) 2 (11 ) Interest income and expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 2 2 4 5 EBITDA 190 185 270 345 Gain on sales of assets, net (1 ) — (1 ) — Gain on derecognition of assets (1) (16 ) (15 ) (32 ) (29 ) Share-based compensation expense 5 5 9 9 Impairment and casualty loss — 7 70 13 Other items 5 11 11 17 Adjusted EBITDA $ 183 $ 193 $ 327 $ 355 Expand (1) For the three and six months ended June 30, 2025 and 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender. Expand PARK HOTELS & RESORTS INC. (unaudited, dollars in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Adjusted EBITDA $ 183 $ 193 $ 327 $ 355 Less: Adjusted EBITDA from investments in affiliates (5 ) (8 ) (13 ) (16 ) Add: All other (1) 13 14 28 29 Hotel Adjusted EBITDA 191 199 342 368 Less: Adjusted EBITDA from hotels disposed of — (2 ) — (2 ) Comparable Hotel Adjusted EBITDA $ 191 $ 197 $ 342 $ 366 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Total Revenues $ 672 $ 686 $ 1,302 $ 1,325 Less: Other revenue (23 ) (22 ) (45 ) (43 ) Less: Revenues from hotels disposed of (4 ) (14 ) (9 ) (26 ) Comparable Hotel Revenues $ 645 $ 650 $ 1,248 $ 1,256 Expand Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Change (2) 2025 2024 Change (2) Total Revenues $ 672 $ 686 (2.0 )% $ 1,302 $ 1,325 (1.7 )% Operating income $ 65 $ 121 (46.3 )% $ 72 $ 213 (66.4 )% Operating income margin (2) 9.6 % 17.5 % (790) bps 5.5 % 16.1 % (1,060) bps Comparable Hotel Revenues $ 645 $ 650 (0.7 )% $ 1,248 $ 1,256 (0.7 )% Comparable Hotel Adjusted EBITDA $ 191 $ 197 (3.2 )% $ 342 $ 366 (6.5 )% Comparable Hotel Adjusted EBITDA margin (2) 29.6 % 30.4 % (80) bps 27.4 % 29.1 % (170) bps Expand (1) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and c orporate general and administrative expenses in the condensed consolidated statements of operations. (2) Percentages are calculated based on unrounded numbers. Expand PARK HOTELS & RESORTS INC. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS NAREIT FFO AND ADJUSTED FFO (unaudited, in millions, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net (loss) income attributable to stockholders $ (5 ) $ 64 $ (62 ) $ 92 Depreciation and amortization expense 122 64 191 129 Depreciation and amortization expense attributable to noncontrolling interests (1 ) (1 ) (2 ) (2 ) Gain on sales of assets, net (1 ) — (1 ) — Gain on derecognition of assets (1) (16 ) (15 ) (32 ) (29 ) Impairment loss — 7 70 12 Equity investment adjustments: Equity in earnings from investments in affiliates (2 ) (1 ) (2 ) (1 ) Pro rata FFO of investments in affiliates 4 4 5 5 Nareit FFO attributable to stockholders 101 122 167 206 Casualty loss — — — 1 Share-based compensation expense 5 5 9 9 Interest expense associated with hotels in receivership (1) 16 15 32 29 Other items 7 (5 ) 13 3 Adjusted FFO attributable to stockholders $ 129 $ 137 $ 221 $ 248 Nareit FFO per share – Diluted (2) $ 0.51 $ 0.58 $ 0.83 $ 0.98 Adjusted FFO per share – Diluted (2) $ 0.64 $ 0.65 $ 1.10 $ 1.18 Weighted average shares outstanding – Diluted 200 211 200 211 Expand (1) For the three and six months ended June 30, 2025 and 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender. (2) Per share amounts are calculated based on unrounded numbers. Expand PARK HOTELS & RESORTS INC. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS AND COMPARABLE HOTEL ADJUSTED EBITDA MARGIN (unaudited, in millions) December 31, 2025 Low Case High Case Net (loss) income $ (53 ) $ (3 ) Depreciation and amortization expense 325 325 Interest income (9 ) (9 ) Interest expense 208 208 Interest expense associated with hotels in receivership 54 54 Income tax expense 14 14 Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 8 8 EBITDA 547 597 Gain on sale of assets, net (1 ) (1 ) Gain on derecognition of assets (54 ) (54 ) Share-based compensation expense 19 19 Impairment loss 70 70 Other items 14 14 Adjusted EBITDA 595 645 Less: Adjusted EBITDA from investments in affiliates (20 ) (20 ) Add: All other 59 60 Comparable Hotel Adjusted EBITDA $ 634 $ 685 Year Ending December 31, 2025 Low Case High Case Total Revenues $ 2,531 $ 2,590 Less: Other revenue (92 ) (92 ) Hotel Revenues 2,439 2,498 Less: Revenues from hotels disposed of (9 ) (9 ) Comparable Hotel Revenues $ 2,430 $ 2,489 Year Ending December 31, 2025 Low Case High Case Total Revenues $ 2,531 $ 2,590 Operating income $ 212 $ 263 Operating income margin (1) 8.4 % 10.2 % Comparable Hotel Revenues $ 2,430 $ 2,489 Comparable Hotel Adjusted EBITDA $ 634 $ 685 Comparable Hotel Adjusted EBITDA margin (1) 26.1 % 27.5 % Expand (1) Percentages are calculated based on unrounded numbers. Expand (1) Per share amounts are calculated based on unrounded numbers. Expand PARK HOTELS & RESORTS INC. DEFINITIONS Comparable The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company's Comparable metrics include results from hotels that were active and operating in Park's portfolio since January 1st of the previous year and property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable metrics exclude results from property dispositions that have occurred through July 31, 2025 and the Hilton San Francisco Hotels, which were placed into receivership at the end of October 2023. EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin Earnings before interest expense, taxes and depreciation and amortization ('EBITDA'), presented herein, reflects net income (loss) excluding depreciation and amortization, interest income, interest expense, income taxes and also interest income and expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates. Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude the following items that are not reflective of Park's ongoing operating performance or incurred in the normal course of business, and thus, excluded from management's analysis in making day-to-day operating decisions and evaluations of Park's operating performance against other companies within its industry: Gains or losses on sales of assets for both consolidated and unconsolidated investments; Costs associated with hotel acquisitions or dispositions expensed during the period; Severance expense; Share-based compensation expense; Impairment losses and casualty gains or losses; and Other items that management believes are not representative of the Company's current or future operating performance. Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company's consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company's profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company's consolidated hotels. Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue. EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States ('U.S.') GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, the Company's definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company's management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by removing the effect of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results; and (ii) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in the industry. EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company's operating performance and results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available to the Company to meet its obligations. Further, the Company does not use or present EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin as measures of liquidity or cash flows. Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – diluted and Adjusted FFO per share – diluted Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP measures of the Company's performance. The Company calculates funds from (used in) operations ('FFO') attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts ('Nareit'), as net income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect the Company's pro rata share of the FFO of those entities on the same basis. As noted by Nareit in its December 2018 'Nareit Funds from Operations White Paper – 2018 Restatement,' since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company's presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period. The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding the Company's ongoing operating performance. Management historically has made the adjustments detailed below in evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful supplemental information that is beneficial to an investor's complete understanding of operating performance. The Company adjusts Nareit FFO attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO attributable to stockholders: Costs associated with hotel acquisitions or dispositions expensed during the period; Severance expense; Share-based compensation expense; Casualty gains or losses; and Other items that management believes are not representative of the Company's current or future operating performance. Net Debt Net Debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net Debt is calculated as (i) debt excluding unamortized deferred financing costs; and (ii) the Company's share of investments in affiliate debt, excluding unamortized deferred financing costs; reduced by (a) cash and cash equivalents; and (b) restricted cash and cash equivalents. Net Debt also excludes Debt associated with hotels in receivership. The Company believes Net Debt provides useful information about its indebtedness to investors as it is frequently used by securities analysts, investors and other interested parties to compare the indebtedness of companies. Net Debt should not be considered as a substitute to debt presented in accordance with U.S. GAAP. Net Debt may not be comparable to a similarly titled measure of other companies. Occupancy Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. Occupancy measures the utilization of the Company's hotels' available capacity. Management uses Occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help management determine achievable Average Daily Rate ('ADR') levels as demand for rooms increases or decreases. Average Daily Rate ADR (or rate) represents rooms revenue divided by total number of room nights sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in the hotel industry, and management uses ADR to assess pricing levels that the Company is able to generate by type of customer, as changes in rates have a more pronounced effect on overall revenues and incremental profitability than changes in Occupancy, as described above. Revenue per Available Room Revenue per Available Room ('RevPAR') represents rooms revenue divided by the total number of room nights available to guests for a given period. Management considers RevPAR to be a meaningful indicator of the Company's performance as it provides a metric correlated to two primary and key factors of operations at a hotel or group of hotels: Occupancy and ADR. RevPAR is also a useful indicator in measuring performance over comparable periods. Total RevPAR Total RevPAR represents rooms, food and beverage and other hotel revenues divided by the total number of room nights available to guests for a given period. Management considers Total RevPAR to be a meaningful indicator of the Company's performance as approximately one-third of revenues are earned from food and beverage and other hotel revenues. Total RevPAR is also a useful indicator in measuring performance over comparable periods. Group Revenue Pace Group Revenue Pace represents bookings for future business and is calculated as group room nights multiplied by the contracted room rate expressed as a percentage of a prior period relative to a prior point in time.
Time of India
10 hours ago
- Entertainment
- Time of India
Park Jung-min Dazzles in Dual Role as Father and Son in Upcoming Film 'Ugly'
A Brave Leap: Park Jung-min Becomes Two Men in One Film Park Jung-min, acclaimed for bringing raw depth to his roles, now takes on his boldest challenge first-ever double role in director Yeon Sang-ho 's latest film, 'Ugly.' He immerses himself in the characters of Im Young-kyu, a visually impaired but brilliant seal engraver, and Im Dong-hwan, Young-kyu's son. Both lives are haunted by the unresolved mystery of a mother's disappearance forty years prior. Audiences can anticipate an intense transformation, as Park delivers the wisdom and sorrow of the father who's never seen his wife's face, alongside the yearning and struggle of the son, striving to recover lost memories and uncover the truth. The richness of Park's dual performance-balancing decades of sorrow with the restless, youthful quest for answers-brings a fresh energy to Korean cinema 's ongoing exploration of family mysteries. Director Yeon Sang-ho, known for drawing nuanced acting from his cast, remarked on the "mesmerizing contrast" that Park crafts between the two roles. Crafting Realism: From Blindness to Ancient Artistry What does it take for an actor to disappear into two distinct characters? For Im Young-kyu, Park donned a special wig along with milky-white contact lenses, embodying the world as experienced by a blind master. But his preparation went far beyond appearances-he trained in the intricate art of seal carving, a centuries-old Korean tradition that demands concentration, steady hands, and patience. Park is said to have practiced for weeks, surprising even professional artisans with the delicate results. Director Yeon revealed that Park studied not just the history of seal carving but also the tactile nuances, feeling the textures and mastering the tools, to ensure every on-screen gesture rang true. Such authentic detail resulted in scenes with a haunting stillness, contrasting with Dong-hwan's dynamic search for answers. As for Im Dong-hwan, Park worked with the director through multiple interview-style scenes, each demanding subtle emotional shifts and complex reactions. These scenes, five in total, become the film's emotional core, shining a light on Park's ability to render two souls with heartbreakingly different outlooks. Beyond Mystery: Unspoken Bonds and Forgotten Faces Ugly transcends the typical boundaries of a mystery film. Through the lens of family and craftsmanship, it explores themes of memory, longing, and the invisible bonds that tie people together. With a protagonist who can never see faces, the film poignantly asks-how do you remember those you love? Audiences will find themselves drawn not just into the plot, but into a world where touch, sound, and emotion replace vision. Yeon Sang-ho intricately weaves these elements, using the tactile world of seal engraving as both a metaphor and a narrative device. The art form, fading from modern life, symbolizes preservation-not just of tradition, but of pain, hope, and love held in the hands of those who can't always see what others take for granted. Park Jung-min's passionate involvement speaks volumes. It was he who proposed taking both central roles, seeing in Ugly a rare chance to honor stories of resilience and personal connection. The result is a film brimming with empathy, historic richness, and a gentle, persistent suspense.
Time of India
11 hours ago
- Entertainment
- Time of India
Five Cherry Tomatoes, One Icon: Park So-hyun's Unbreakable Ritual that Shocks the Scale!
Tiny Bites, Massive Impact: A Glimpse Behind the Everyday of Park So-hyun Can you imagine surviving on just five cherry tomatoes and an iced latte for lunch? For Park So-hyun , that's not a challenge-it's a routine. She's famous for logging every crumb she eats, transforming " food diary " into an art form since the early '90s. While most K-stars drop INR30,000 a month on luxury convenience foods, Park's weekly grocery run barely touches INR3,000-a fraction of the average Korean bill (Statistics Korea reports an average of ₩3,50,000/month, about INR22,000). What's on her table? Carbs are off limits, especially at night. Instead, she goes for small portions of grilled meat or eggs, plus a heavy lineup of vitamins. Her next-level discipline extends to how she eats: every bite gets chewed for up to two minutes, tricking her body to feel full on almost nothing! To avoid the dreaded side effects of low intake, she's big on hydration (2-3 litres water a day) and, when needed, won't hesitate to pop up to 4,000mg of vitamin C. Forever Trending: Park So-hyun's Surprising Comeback and TV Fame If you think a 30-year media run gets boring, think again. Park So-hyun is still the voice of 'Love Game'-a legendary career stretching over two decades. But her 2025 glow-up is bigger than ever: fans adore her on "Badge War Season 3: No Badge No Power," where her quick wit and unfiltered talk on self-care charm everyone from OG fans to Gen-Z. She's constantly popping up on variety shows, reality TV, and even drama cameos that send "Park So-hyun" trending across Korean social feeds. Clips of her prepping impossibly tidy lunchboxes and doing morning stretches have spawned memes about her superhuman willpower and "rabbit diet"-but the real twist is her boundless energy, outshining idols half her age. More Than Just a Body: Rituals, Warnings, and Real-World Lessons Park So-hyun's mantra is clear: "Routine isn't sacrifice; it's my comfort zone." Her signature morning and night stretching, herbal teas over midnight snacks, and meticulous tracking are habits built over 26 years-not overnight. She confidently claims her methods are personal-what looks extreme is, to her, simply home. Still, she's the first to caution against copying her routine. Medical professionals echo her warning: what works for Park is a product of decades of adjustment and mindful adaptation. For most, ultra-restrictive diets are dangerous without expert supervision and balanced nutrition. About Park So-hyun Park So-hyun has been a symbol of impeccable self-discipline in the Korean entertainment industry for over 30 years, consistently maintaining a weight of 46kg and a 25-inch waist. Since the 1990s, she has meticulously recorded every meal, developing a strict and personal dietary routine. Unshaken by changing trends and eras, she continues to influence multiple generations through her presence on stage and screen. What sets her apart is not just her physique, but her mindset-a powerful attitude toward life rooted in self-management and mental strength.
Asia News Network
12 hours ago
- Entertainment
- Asia News Network
‘Squid Game,' Park Bo-gum and K-pop: Korea continues to attract tourists with K-content
July 30, 2025 SEOUL – Clad in the iconic green tracksuit from 'Squid Game,' Ria dashes through South Korean landmarks, pursued by guards in pink jumpsuits. But this isn't a teaser for a new season of the global Netflix sensation — it's a tourism promotion video that has racked up more than 11 million views since its release on July 3. In another campaign leveraging the popularity of 'All of Us Are Dead,' two high school students and Jason, a friend turning into a zombie, take viewers through major tourist attractions, blending the show's zombie survival theme with explorations of scenic spots. The videos are part of a broader strategy that taps into the global appeal of Korean pop culture to attract international visitors. 'Escape to Korea' (KTO) Park Bo-gum, who recently starred in 'When Life Gives You Tangerines,' appears in three separate tourism videos, including a music video for 'On My Way.' Performed by Park, 'On My Way' is the result of a collaboration between the Korea Tourism Organization, the Ministry of Culture, Sports and Tourism, and the K-pop industry. The track was composed by Kenzie, Andrew Choi, No2zcat, JSONG (Oceancave) and Kim Yoohyun. Kenzie, who also wrote the lyrics, is a prolific K-pop producer behind dozens of hits, while Andrew Choi provided vocals as Jinwoo, a member of the fictional idol group Saja Boys in Netflix's 'KPop Demon Hunters.' Park said that one of his favorite places is the area surrounding Gwanghwamun and Gyeongbokgung. 'But I hope you'll also explore regions outside of Seoul. I'd especially recommend Busan, where I recently filmed 'Good Boy,' he added. He also recommended Seoul's public bike-sharing service, Seoul Bike, officially known as Ddareungi. 'I love riding a Ddareungi along the Han River,' the actor said. 'If you haven't tried it yet, I'd really like to introduce you to it.' Official music video for 'On My Way' (KTO) This year's campaign also includes two videos promoting Korea's regional charm — one spotlighting the Gyeongsang region and another focused on the Jeolla provinces. The video on Gyeongsang captures the energy and cultural richness of the North and South Gyeongsang provinces through a modern reinterpretation of the traditional sword dance, 'geommu.' Meanwhile, the video on Jeolla provinces showcases the region's serene natural beauty through 'seungmu,' a meditative and graceful dance. Both videos are set to a fusion of traditional and modern music. Through these new videos, the campaign aims to showcase the regions' cultural and scenic appeal while highlighting areas still healing from hardship, according to the Ministry of Culture, Sports and Tourism. A promotional video for the Gyeongsang provinces, 'Echoes of Korea – Gyeongsang' (KTO) These two regions were the sites of tragic incidents last year: wildfires that lasted for 10 days in South Gyeongsang Province in March and a plane crash in Muan-gun, South Jeolla Province, in December that killed all but two on board. A promotional video for the Jeolla provinces, 'Echoes of Korea – Jeolla' (KTO) First launched in 2015, South Korea's tourism promotional videos, featuring top celebrities such as BTS, Lee Jung-jae and NewJeans, have drawn increasing global attention, particularly following the breakout success of the 'Feel the Rhythm of Korea' series in 2020. The series has since become a cultural phenomenon, with its videos collectively amassing over 240 million views across multiple platforms. BTS also appeared on several 'Feel the Rhythm of Korea' videos in 2022, which reached over 230 million views on YouTube less than three weeks after their release. Last year, South Korea welcomed approximately 16.37 million overseas visitors, a 48.4 percent increase from the previous year and reaching 94 percent of the pre‑COVID‑19 peak of around 17.5 million in 2019, according to the KTO. The country aims to attract 18.5 million overseas visitors this year, up 13 percent from 2024. By 2027, Korea hopes to welcome 30 million international visitors annually by expanding cultural exports and enhancing tourism infrastructure across the country. gypark@
Business Upturn
a day ago
- Business
- Business Upturn
The Tile Shop Debuts Exclusive Designer Tile Collection With Artist Laura Park
The new collaboration brings Park's vibrant, painterly aesthetic to tile for the first time MINNEAPOLIS, July 30, 2025 (GLOBE NEWSWIRE) — The Tile Shop (Nasdaq: TTSH), a specialty retailer of natural stone and man-made tiles, is proud to announce the launch of an exclusive new collaboration with acclaimed artist and designer Laura Park. The Tile Shop x Laura Park, available now, showcases Park's signature bold brushwork, joyful color palettes, and modern abstract style across a fresh, artistic range of tiles crafted to bring warmth and creativity to every corner of the home. 'We are thrilled to partner with the incredibly talented Laura Park,' said Kirsty Froelich, Senior Director of Design and Product Development at The Tile Shop. 'Her stunning artwork comes to life beautifully on tile, bringing a rich, artistic, and coastal vibe that instantly elevates any space. Her captivating collection is expansive, giving our customers the opportunity to design the perfect space—filled with beauty, inspiration, and joyful character.' Available now at all U.S. Tile Shop showrooms and online at , each piece in the collection captures the energy and movement of Park's original artworks in tile formats that translate effortlessly to walls and floors. With a carefully curated palette of uplifting yet versatile tones—ranging from ocean-inspired blues to neutral taupes and whites—these tiles were created to mix and match across rooms and design styles, from bold feature walls to quiet, artful accents. 'I'm so excited to partner with The Tile Shop and see my designs take on new life in tile, because tile has the power to truly define a space,' said Park. 'My tiles are designed to work together and offer flexibility in layout and design. I hope people use them to create spaces that inspire them and bring joy.' Park, a self-taught artist whose work is rooted in a lifelong love of interior design, textiles, and color, approached the collection with the intention of turning tile into art for the home. From bathrooms and kitchens to living areas and entryways, the collection offers options for every surface—and every style of self-expression. 'For me, art is about bringing joy into the everyday,' said Park. 'Every tile in the collection is meant to brighten your space with beauty and cheer.' In addition to The Tile Shop x Laura Park, the retailer's growing portfolio of exclusive collections includes collaborations with celebrated designers Alison Victoria, Jeffrey Alan Marks, Kelli Fontana, Nikki Chu, and Nate Berkus (launching fall 2026), as well as heritage brands Laura Ashley and Morris & Co. ABOUT LAURA PARK Laura Park's signature patterns bring her original artwork to life, with bold brushstrokes and vibrant colors weaving together into playful, abstract prints. A self-taught artist, Laura's creative journey began in her grandmother's art studio and evolved through her travels and experience in the world of interiors. In 2016, she founded Laura Park Designs, transforming her digital patterns into textiles. What started as a collection of signature pillows has since blossomed into a diverse range of products, including bedding, fabric, wallpaper, lifestyle accessories, and tabletop décor—each piece a reflection of Laura's unique blend of artistry and modern design. Explore the full collection at . ABOUT THE TILE SHOP Tile Shop Holdings, Inc. (Nasdaq: TTSH) is a leading specialty retailer of natural stone, man-made and luxury vinyl tiles, setting and maintenance materials, and related accessories in the United States. The Tile Shop offers a wide selection of high-quality products, exclusive designs, knowledgeable staff and exceptional customer service in an extensive showroom environment. The Tile Shop currently operates 141 stores in 31 states and the District of Columbia. The Tile Shop is a proud member of the American Society of Interior Designers (ASID), National Association of Homebuilders (NAHB), National Kitchen and Bath Association (NKBA), and the National Tile Contractors Association (NTCA). For more information, visit . Join The Tile Shop (#thetileshop) on Instagram, TikTok, Facebook, Pinterest and YouTube. Tile Shop Media Contact: [email protected] A photo accompanying this announcement is available at Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
