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What factors drove the changes in Park Hotels & Resorts's revenue and profit?

- **Strategic Growth**: 2026 group bookings up 12% YoY, excluding Hawaii; $325M invested in 15-20% IRR projects
- **Financial Resilience**: Q3 EBITDA down 12% YoY but 0.5% expense growth; $2.1B liquidity post-debt restructuring
- **Hawaii Recovery**: 2026 EBITDA rebound expected post-renovations; 2025 impact: $2.5M Q4 revenue loss
- **Risk Management**: Government shutdown could reduce Q4 RevPAR by 180bps; 2026 outlook hinges on Japan demand recovery

**【CEO Summary Section】**
- **Strategic Portfolio Refinement**: Sold 47 non-core assets since spin, focusing on 20 high-quality hotels (90% of portfolio value). 2026 group pace up 12% YoY, excluding Hawaii. 
- **Capital Allocation**: $325M invested in high ROI projects (15-20% IRR), e.g., Royal Palm renovation ($103M) targeting $28M EBITDA. 2026 outlook: mid-single-digit RevPAR growth with 2026 World Cup, Super Bowl, and 250th anniversary events.
- **Hawaii Challenges**: 2025 RevPAR down 18% in Q1, 13% in Q2, 9% in Q3; expects Q4 down ~20% due to strike and Japan demand lag. 2026 recovery driven by Waikoloa Phase 2 and Rainbow Tower completion.
- **Government Shutdown Impact**: $2.5M Q4 revenue loss, 180bps RevPAR drag. Lower end of guidance assumes shutdown continues; upper end assumes resolution.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: 
  - Total revenue: $585M (-6% YoY)
  - Adjusted EBITDA: $130M (-12% YoY)
  - Adjusted FFO: $0.35/share
  - Expense growth: 0.5% YoY (vs. +2.7% in Q1)
- **Updated Guidance**: 
  - Full year RevPAR: -2.5% to -1.75% (vs. prior -1.5% to -0.5%)
  - Adjusted EBITDA: $595M-$620M (-$12.5M YoY)
  - Adjusted FFO: $1.85-$1.97/share
- **Balance Sheet**: 
  - $2.1B liquidity post-amended credit facility
  - 2026 debt repayments secured
  - No special dividend; $0.25Q4 dividend maintains 9% yield

**【Q&A Highlights】**
- **Expense Management**: 3Q cost control (0.5% YoY growth) driven by: 
  - Staffing adjustments
  - Procurement savings
  - Insurance premium reductions
  - Tax appeals
- **Dividend Policy**: 9% yield prioritized over buybacks; $50M retained for debt reduction/reinvestments
- **Hawaii Recovery**: 2026 EBITDA expected to rebound post-renovations; 2025 EBITDA: ~$150M (vs. $177M pre-strike)
- **Asset Sales Progress**: 2 assets under LOI, 3+ in active marketing; 2025 sales target: $300M-$400M

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