Park Hotels & Resorts is one of the largest publicly-traded lodging REITs, owning and operating a portfolio of premium-branded hotels and resorts located in prime U.S. markets, predominantly featuring luxury and upper upscale properties under brands such as Hilton, Hyatt Regency, Waldorf Astoria, and JW Marriott. The company generates revenue through management agreements with third-party operators, who pay base fees typically ranging from 1–4% of gross hotel revenues plus incentive fees, and through franchise agreements that involve royalty fees on rooms revenue of 5–6% plus food and beverage fees. Park Hotels pursues value creation through active asset management collaboration with operators, selective capital projects to enhance property performance, opportunistic acquisitions and dispositions to optimize portfolio quality, and leveraging its scale and expertise across lodging cycles.