HST vs PK: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: HST is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. HST and PK share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined HST and PK exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Host Hotels & Resorts owns 75 hotels, 70 in the United States and five abroad, covering roughly ~41,300 rooms in the luxury and upper upscale tiers. The properties fly flags such as Marriott, Ritz-Carlton, Hyatt, Hilton and Four Seasons, and third party managers run day to day operations while Host supplies the buildings, the capital and the renovation decisions. Because these are big convention and resort hotels, rooms are only part of the income: second quarter comparable total RevPAR of ~$417.58 against room RevPAR of ~$251.53 means food, beverage, banquets and other services generate close to ~40% of revenue. Trailing twelve month revenue is ~$6.23 billion, and the structure is a REIT, so most taxable income has to go out as distributions.

Full HST guide

Park Hotels & Resorts is a real estate investment trust that owns a concentrated portfolio of large, premium-branded hotels and resorts, primarily in prime city-center and resort locations. Park owns the buildings and land rather than operating the hotels itself; third parties such as Hilton manage the properties under brand and management agreements. The company's revenue comes mainly from rooms, food and beverage, and other guest spending at those owned hotels, so its results track RevPAR (revenue per available room, a blend of occupancy and average daily rate). Its portfolio of roughly 34 hotels with about 23,000 rooms includes marquee assets such as the Hilton Hawaiian Village Waikiki Beach Resort, Signia by Hilton Orlando Bonnet Creek, and Casa Marina Key West.

Full PK guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• HST drivers: Rate led RevPAR growth in luxury and resort hotels; Group pace and returning business travel.
• PK drivers: High-quality, irreplaceable hotel real estate; RevPAR and travel-demand leverage.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Lodging reprices every single night, which makes it the most economically sensitive form of real estate, and a downturn reaches Host's income statement in weeks instead of at lease renewal. For PK, park is highly exposed to the travel cycle: hotel revenue can fall sharply in recessions, during shocks to business or group travel, or when leisure demand cools, and it has no long-term contracted rents to cushion downturns.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick HST if you believe its drivers more; PK if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the HST and PK guides.

HST. Host guides to ~$2.15 to ~$2.18 of adjusted FFO per share for 2026 and ~$1.82 billion to ~$1.84 billion of adjusted EBITDAre, which places a ~$22.90 share price near ~10.5x FFO. Trailing net income of ~$1.03 billion and the resulting ~15x reported P/E are inflated by roughly ~$242 million of gains on hotel sales, so FFO and EBITDA multiples describe the operating business more honestly. Enterprise value of about ~$19.6 billion works out near ~11.6x trailing EBITDA and closer to ~10.7x the guided number.

PK. Lodging REITs like Park are usually judged on RevPAR and FFO (funds from operations) rather than standard net income, because large non-cash depreciation and one-time impairments distort earnings. Park's 2025 net loss, for example, was driven by about $318 million of impairments even as adjusted FFO stayed positive at roughly $1.97 per share. Investors also weigh the dividend yield against how cyclical the cash flow is, since hotel income can swing far more than the rents of an apartment or warehouse REIT. The high stated yield reflects both income appeal and the cyclicality and capital intensity that come with owning hotels.

Headline figures (approximate, August 2026): HST shows revenue (ttm) ~$6.23B, adjusted ffo per share (2026 guidance) ~$2.15 to ~$2.18, adjusted ebitdare (2026 guidance) ~$1.82B to ~$1.84B, enterprise value / ebitda ~11.6x trailing, ~10.7x on guidance; PK shows core revpar (fy2025) ~$208.85 (about -1.3% vs 2024), adjusted ffo per share (fy2025) ~$1.97 (diluted), total revenue (fy2025) ~$2.5 billion, hotels / rooms ~34 hotels, ~23,000 rooms.

HST and PK are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined HST and PK exposure against your real portfolio. It is not an investment adviser.