On February 17, 2026, Connecticut-based H/2 Credit Manager disclosed in a Securities and Exchange Commission filing that it sold 741,040 shares of Park Hotels & Resorts (PK 2.49%), an estimated $7.94 million transaction based on quarterly average pricing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, H/2 Credit Manager LP sold 741,040 shares of Park Hotels & Resorts (PK 2.49%) during the fourth quarter of 2025. The estimated transaction value is $7.94 million, calculated using the quarter’s average closing price. The fund’s quarter-end position value in Park Hotels & Resorts declined by $10.17 million, a figure that includes both the sale and changes in share price.
What else to know
- Top five fund holdings after the filing:
- NYSE: VRE: $81.44 million (17.8% of AUM)
- NASDAQ: DHC: $72.35 million (15.8% of AUM)
- NYSE:RLJ: $71.39 million (15.6% of AUM)
- NYSE: INN: $44.45 million (9.7% of AUM)
- NASDAQ: DRH: $36.51 million (8.0% of AUM)NASDAQ:DHC: $72.35 million (15.8% of AUM)
- As of February 17, 2026, shares of Park Hotels & Resorts were priced at $11.47, down 4.3% over the past year and trailing the S&P 500 by 14.13 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $2.54 billion |
| Net Income (TTM) | ($12.00 million) |
| Dividend Yield | 8.70% |
| Price (as of market close February 17, 2026) | $11.47 |
Company snapshot
Park Hotels & Resorts is one of the largest publicly traded lodging real estate investment trusts (REITs) in the United States. The company leverages its diverse property portfolio to capture demand from multiple travel segments, emphasizing prime locations and brand strength.
What this transaction means for investors
Park Hotels just finished a year that looks messy on the surface and far more nuanced underneath. Full-year adjusted EBITDA came in at $609 million, while comparable RevPAR for the fourth quarter ticked up to $182.49. Core hotels did even better, with RevPAR up 3.2% year over year and margins expanding meaningfully. The headline net loss was driven largely by $318 million of impairment tied to non-core assets, not collapsing fundamentals.
The company is actively shedding lower-quality properties and redeploying capital into higher-return renovations, including the Royal Palm overhaul that management expects to generate a 15% to 20% ROI. Meanwhile, liquidity sits around $2.0 billion, and management is guiding to 2026 adjusted FFO per share of $1.73 to $1.89.
For long-term investors, the real question is portfolio quality and balance sheet risk. This fund’s top holdings remain concentrated in lodging and diversified REITs like VRE, RLJ and INN, so trimming exposure here does not signal an exit from the theme. It looks more like risk calibration in a rate-sensitive sector.
