Park Hotels & Resorts secures $2 billion in credit facilities

TYSONS, Va. - Park Hotels & Resorts Inc. (NYSE:PK) has amended and restated its credit agreement to increase its total financing capacity to $2 billion, according to a company press release.

The hotel real estate investment trust expanded its senior secured revolving credit facility from $950 million to $1 billion and extended its maturity date from December 2026 to September 2029. Additionally, Park added a new $800 million senior unsecured delayed draw term loan facility, available for up to one year after closing, with a January 2030 maturity date.

The amended agreement also includes a $200 million senior unsecured term loan that was incurred in May 2024. The credit facilities include options to extend the revolving facility and the 2025 term facility by up to one additional year.

Park plans to use funds from the 2025 term facility to repay a $123 million secured mortgage loan on the Hyatt Regency Boston hotel maturing in July 2026. The company also intends to address its $1.275 billion secured mortgage loan on the Hilton Hawaiian Village Waikiki Beach Resort, which matures in November 2026, through a combination of the term facility and a subsequent financing transaction planned for early 2026.

"The upsize of our Revolving Facility to $1 billion, together with the $800 million 2025 Term Facility, gives us significant liquidity to address our 2026 maturities," said Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park Hotels & Resorts.

The credit facility was jointly arranged by several financial institutions including Wells Fargo Securities, BofA Securities, and JPMorgan Chase Bank, with Wells Fargo Bank serving as Administrative Agent.

Park Hotels & Resorts currently owns 39 premium-branded hotels and resorts with approximately 25,000 rooms located in city centers and resort destinations.

In other recent news, Park Hotels & Resorts Inc. reported its earnings for the second quarter of 2025, highlighting a significant gap between projected and actual earnings per share (EPS). The company recorded an EPS of -0.02, which was well below the expected 0.21, marking a negative surprise of 109.52%. Despite this earnings shortfall, Park Hotels & Resorts exceeded revenue expectations, bringing in $672 million compared to the forecast of $670 million. This revenue performance provides a slight positive note amid the disappointing EPS results. These recent developments are crucial for investors to consider when evaluating the company’s financial health. Additionally, no information regarding analyst upgrades or downgrades was provided in the recent reports. Investors may want to monitor further updates from financial analysts and the company for additional insights.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.