Park Hotels & Resorts is a REIT that owns a portfolio of 34 large, premium-branded hotels with approximately 23,000 rooms across the U.S. Park does not operate its hotels directly — it leases properties to its own taxable REIT subsidiaries, which contract with third-party managers, primarily Hilton and Marriott, to run day-to-day operations. Park's corporate team focuses on asset management, working with operators to drive revenue, control costs, and execute capital projects. The portfolio is concentrated in the upper upscale and luxury segments, with flagship assets including Hilton Hawaiian Village in Honolulu (nearly 2,900 rooms), the Waldorf Astoria and Signia by Hilton at Bonnet Creek in Orlando, and New York Hilton Midtown. Park's hotels are large, complex assets with significant meeting and convention infrastructure, making group and convention business a key demand driver alongside business and leisure transient. Park divides its portfolio into 21 "Core" hotels, which generate roughly 90% of hotel adjusted EBITDA, and 13 non-core hotels it is actively selling. Park has disposed of 51 non-core hotels for over $3B since its 2017 spin-off from Hilton. Park's strategy centers on concentrating ownership in its core hotels, reinvesting capital in renovations and repositionings targeting 15%–20% unlevered returns, and deleveraging toward below 5x net debt/EBITDA using disposition proceeds and organic EBITDA growth.