Hospitality | Tourism 2025: THOMAS J. BALTIMORE JR.

Park Hotels & Resorts fell off the Fortune 1000 list this year, after ranking No. 957 in 2024. The lodging real estate investment trust reported more than $2.59 billion in 2024 revenues, down from more than $2.69 billion in 2023. Nonetheless, it had a 2.9% year-over-year increase in comparable and total revenue per available room.

Park plans to dispose of $300 million to $400 million of noncore hotel assets in 2025, Baltimore said in February on an earnings call. In May, the company announced it had sold the 316-room Hyatt Centric Fisherman’s Wharf hotel in San Francisco for $80 million. Park is also spending approximately $310 million to $330 million on renovations across several properties.

Baltimore joined Park in 2016, shortly before its 2017 spinoff from McLean-based Hilton Worldwide Holdings. He was previously president and CEO of RLJ Lodging Trust. He co-founded RLJ Development, RLJ’s predecessor, and served as its president from 2000 to 2011.

The University of Virginia double graduate is on the boards of directors of American Express and Comcast. In January, he was one of 12 recipients of the Horatio Alger Association of Distinguished Americans’ 2025 Horatio Alger Award.

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