Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________________________________________________________________________________

FORM 8-K

______________________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 19, 2025

______________________________________________________________________________________

Park Hotels & Resorts Inc.

(Exact name of Registrant as Specified in Its Charter)

______________________________________________________________________________________


Delaware	001-37795	36-2058176
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1775 Tysons Blvd., 7th Floor, Tysons, VA		22102
(Address of Principal Executive Offices)		(Zip Code)

(571) 302-5757

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

______________________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):


o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value per share	PK	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

On February 19, 2025, Park Hotels & Resorts Inc. (the “Company”) issued a press release announcing its results of operations for the fourth quarter and full-year ended December 31, 2024 and made available certain supplemental information concerning the portfolio and operation of the Company. Copies of the press release and the supplemental information are furnished as Exhibits 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.

In accordance with General Instructions B.2 of Form 8-K, the information included in Item 2.02 of this Current Report on Form 8-K (including Exhibits 99.1 and 99.2 hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits.


Exhibit Number						Description

99.1						Press release dated February 19, 2025
99.2						Fourth Quarter and Full-Year 2024 Supplemental Data
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Park Hotels & Resorts Inc.

Date: February 19, 2025	By:	/s/ Sean M. Dell’Orto
		Sean M. Dell’Orto
		Executive Vice President, Chief Financial Officer and Treasurer

Exhibit 99.1


Investor Contact			1775 Tysons Boulevard, 7th Floor
Ian Weissman			Tysons, VA 22102
+ 1 571 302 5591			www.pkhotelsandresorts.com

Park Hotels & Resorts Inc. Reports Fourth Quarter and Full-Year 2024 Results

and Announces Transformative Renovation at the Royal Palm South Beach Miami

TYSONS, VA (February 19, 2025) – Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the fourth quarter and full-year ended December 31, 2024 and provided an operational update.

Selected Statistical and Financial Information

(unaudited, amounts in millions, except RevPAR, ADR, Total RevPAR and per share data)


	Three Months Ended December 31,								Year Ended December 31,
	2024			2023			Change(1)		2024			2023			Change(1)
Comparable RevPAR(2)	$	179.02		$	181.52		(1.4)	%	$	186.78		$	181.57		2.9	%
Comparable Occupancy	69.9		%	71.4		%	(1.5)	% pts	74.2		%	73.0		%	1.2	% pts
Comparable ADR	$	255.98		$	254.20		0.7	%	$	251.74		$	248.85		1.2	%

Comparable Total RevPAR	$	287.21		$	292.88		(1.9)	%	$	299.25		$	290.81		2.9	%

Net income	$	73		$	188		(61.2)	%	$	226		$	106		113.2	%
Net income attributable to stockholders	$	66		$	187		(64.7)	%	$	212		$	97		118.6	%

Operating income	$	83		$	276		(69.8)	%	$	391		$	343		13.9	%
Operating income margin	13.3		%	42.0		%	(2,870)	bps	15.0		%	12.7		%	230	bps

Comparable Hotel Adjusted EBITDA	$	147		$	171		(13.7)	%	$	682		$	679		0.5	%
Comparable Hotel Adjusted EBITDA margin(2)	24.6		%	27.9		%	(330)	bps	27.5		%	28.2		%	(70)	bps

Adjusted EBITDA	$	138		$	163		(15.3)	%	$	652		$	659		(1.1)	%
Adjusted FFO attributable to stockholders	$	80		$	110		(27.3)	%	$	430		$	439		(2.1)	%

Earnings per share - Diluted(1)	$	0.32		$	0.88		(63.6)	%	$	1.01		$	0.44		129.5	%
Adjusted FFO per share – Diluted(1)	$	0.39		$	0.52		(25.0)	%	$	2.06		$	2.04		1.0	%
Weighted average shares outstanding – Diluted	206			210			(4)		209			215			(6)

______________________________________________

(1)Amounts are calculated based on unrounded numbers.

(2)Disruption from strike and related labor activity at four of Park's hotels in Hawaii, Seattle and Boston impacted Comparable RevPAR and Comparable Hotel Adjusted EBITDA margin by (450) bps and (350) bps, respectively, for the three months ended December 31, 2024 and (130) bps and (100) bps, respectively, for the full-year ended December 31, 2024.

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, "I am extremely pleased with our fourth quarter and full-year performance, which exceeded expectations despite the impact of renovations and strike activity in the second half of the year. When adjusting for the impact of strike activity, fourth quarter Comparable RevPAR would have increased more than 3%, while full-year Comparable RevPAR would have grown by a sector-leading 4.2%. Exceptional performance at our Bonnet Creek and Key West hotels drove our 2024 results, underscoring the success of our transformative renovations at these properties. Looking ahead, we anticipate continued strength in group demand, with Comparable Group Revenue Pace for 2025 up nearly 6% year-over-year, driven by

increased corporate demand, with active citywide convention calendars in many of our markets and more in-house group events in our Florida and Hawaii hotels, including the Hilton Waikoloa Village where 2025 Group Revenue Pace has surged nearly 70% compared to the same time last year.

We continue to execute on our strategic priorities, disposing of three non-core assets in 2024, including the sale of two joint venture hotels for a combined $200 million, and since 2017, we have disposed of 45 hotels for over $3 billion as we continue to make significant progress reshaping our portfolio. Additionally, we returned over $400 million of capital back to our shareholders, including repurchasing 8.0 million shares of our common stock, addressed our 2025 debt maturities and reinvested nearly $230 million back into our portfolio. Building on this momentum, we are excited to announce the $100 million transformative renovation at the Royal Palm South Beach Miami, scheduled to begin late spring, alongside the second phase of guestroom renovations and room conversions at our Hawaii and New Orleans hotels. We remain laser-focused on creating long-term shareholder value, and despite expected renovation disruption at the Royal Palm South Beach Miami of 110 basis points to 2025 Comparable RevPAR, we expect Comparable RevPAR growth to be between 0.0% and 3.0%.”

Additional Highlights

•During 2024, repurchased 8.0 million shares of common stock for a total purchase price of $116 million at an average purchase price of $14.44 per share;

•Declared a total of $1.40 of dividends to stockholders in 2024, which includes a dividend of $0.65 during the fourth quarter, comprised of a regular quarterly dividend and a top-off dividend based on 2024 operating results;

•Recognized by Newsweek as one of America's Most Responsible Companies in 2024 and 2025, the fifth time Park has been included in the annual survey, as well as one of America's Most Trustworthy Companies for 2024. Park also received the 2024 ENERGY STAR Partner of the Year Award for Energy Management for the second consecutive year, the only hotel company to once again earn this recognition for its energy management program;

•The Waldorf Astoria Orlando was ranked 9th in the world by Condé Nast Traveler in its prestigious 2024 Readers’ Choice Awards for the Best Resorts in the World, following the over $220 million transformative expansion and full-scale renovation of the Waldorf Astoria Orlando and Signia by Hilton Orlando Bonnet Creek hotels, including the opening of the Waterside Ballroom, in January 2024;

•In December 2024, the consolidated joint venture that owned the 375-room DoubleTree Hotel Spokane City Center sold the hotel for gross proceeds of $35 million, or approximately $93,000 per key. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 6.2% capitalization rate on trailing 12-month net operating income (9.2% excluding capex), or 13.0x trailing 12-month EBITDA (8.7x excluding capex). Proceeds from the sale were used to repay the $13.5 million mortgage on the property and the approximately $10 million representing Park's pro rata share of the remaining net proceeds will be used for general corporate purposes;

•In August 2024, permanently closed the 360-room Hilton Oakland Airport, which incurred an EBITDA loss of nearly $4 million for the trailing twelve months, and subsequently terminated its ground lease, returning the property to the ground lessor;

•In July 2024, the unconsolidated joint venture that owned and operated the Hilton La Jolla Torrey Pines sold the hotel for gross proceeds of approximately $165 million, and the Company's pro-rata share of the gross proceeds was approximately $41 million, which was reduced by Park's portion of debt of approximately $17 million; and

•In May 2024, issued $550 million of 7.0% senior notes due 2030 ("2030 Senior Notes") and amended the Company's existing credit agreement to include a new $200 million senior unsecured term loan facility due May 2027 ("2024 Term Loan"). Net proceeds from the 2030 Senior Notes and the 2024 Term Loan were used to repurchase or redeem all of the $650 million of 7.5% senior notes due in 2025 ("2025 Senior Notes"), and the remainder was used for general corporate purposes.

Operational Update

Results for Park's Comparable hotels in each of the Company’s key markets and by hotel type are as follows:


(unaudited)			Comparable ADR						Comparable Occupancy						Comparable RevPAR
	Hotels	Rooms	4Q24		4Q23		Change(1)		4Q24		4Q23		Change		4Q24		4Q23		Change(1)
Hawaii(2)	2	3,525	$	296.45	$	313.30	(5.4	%)	65.6	%	84.8	%	(19.2	% pts)	$	194.33	$	265.50	(26.8	%)
Orlando	3	2,325	252.89		231.79		9.1		75.6		65.2		10.4		191.20		151.18		26.5
New York	1	1,878	402.05		391.98		2.6		90.7		89.9		0.8		364.48		352.03		3.5
New Orleans	1	1,622	221.16		214.82		2.9		59.5		68.7		(9.2)		131.69		147.64		(10.8)
Boston(2)	3	1,536	243.45		240.47		1.2		80.3		79.5		0.8		195.43		191.04		2.3
Southern California	5	1,773	203.88		211.95		(3.8)		74.9		72.5		2.4		152.70		153.65		(0.6)
Key West	2	461	540.03		500.78		7.8		73.0		56.3		16.7		394.47		282.40		39.7
Chicago	3	2,467	233.51		220.54		5.9		60.1		56.5		3.6		140.25		124.42		12.7
Puerto Rico	1	652	298.30		283.61		5.2		71.4		68.3		3.1		212.90		193.72		9.9
Washington, D.C.	2	1,085	195.36		189.29		3.2		65.0		65.4		(0.4)		127.03		123.84		2.6
Denver	1	613	177.98		180.17		(1.2)		56.8		69.9		(13.1)		101.05		125.94		(19.8)
Miami	1	393	257.11		243.58		5.6		76.8		80.1		(3.3)		197.44		195.00		1.3
Seattle(2)	2	1,246	132.98		136.55		(2.6)		69.4		65.6		3.8		92.22		89.47		3.1
San Francisco	2	660	214.08		241.97		(11.5)		77.1		71.6		5.5		165.13		173.38		(4.8)
Other	8	2,475	190.59		186.44		2.2		63.5		63.4		0.1		121.04		118.24		2.4
All Markets(2)	37	22,711	$	255.98	$	254.20	0.7	%	69.9	%	71.4	%	(1.5	% pts)	$	179.02	$	181.52	(1.4	%)


			Comparable ADR						Comparable Occupancy						Comparable RevPAR
	Hotels	Rooms	4Q24		4Q23		Change(1)		4Q24		4Q23		Change		4Q24		4Q23		Change(1)
Resort(2)	12	8,313	$	288.99	$	288.31	0.2	%	70.4	%	74.4	%	(4.0)	% pts	$	203.56	$	214.60	(5.1)	%
Urban	13	8,963	268.96		263.12		2.2		69.6		70.1		(0.5)		187.20		184.40		1.5
Airport(2)	6	3,464	175.52		176.32		(0.5)		72.1		72.2		(0.1)		126.59		127.33		(0.6)
Suburban	6	1,971	199.62		196.67		1.5		65.5		63.3		2.2		130.76		124.49		5.0
All Types(2)	37	22,711	$	255.98	$	254.20	0.7	%	69.9	%	71.4	%	(1.5)	% pts	$	179.02	$	181.52	(1.4	%)

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(1)Calculated based on unrounded numbers.

(2)Beginning in late September 2024, four of Park's hotels in Hawaii, Seattle and Boston were impacted by strike and related labor activity, which was resolved during October and November 2024.

During 2024, Park continued to see improvements in group demand at its resort hotels that benefited from comprehensive renovation and expansion projects, as well as certain of its urban hotels, with Comparable group revenues increasing by over 8% year-over-year despite the impact of strike and related labor activity primarily during the fourth quarter. During the fourth quarter, excluding the impact of strike and related labor activity, Comparable RevPAR growth was over 3% year-over-year, driven by increased group business at Park's Florida hotels. Following recent transformative renovations, group revenues at the Waldorf Astoria Orlando increased nearly 56%, driving an increase in RevPAR of over 76%, compared to the fourth quarter of 2023, and group revenues at the Casa Marina Key West, Curio Collection, increased by nearly 89%, driving RevPAR growth of nearly 77% as rooms were closed until December 2023. Additionally, the Hilton New York Midtown and the Hilton Chicago benefited from increased group revenues of 16% and 7%, respectively, compared to the fourth quarter of 2023, which drove increases in RevPAR of nearly 4% and 15%, respectively.

At the end of December 2024, Comparable Group Revenue Pace and room night bookings for 2025 increased nearly 6% and 2%, respectively, as compared to what 2024 group bookings were at the end of December 2023, with 2025 average Comparable group rates projected to exceed 2024 average Comparable group rates by nearly 4% for the same time period.

Strike and Related Labor Activity Update

Beginning in late September 2024, the operations at four of Park's hotels were impacted by strike and related labor activity including: the 2,860-room Hilton Hawaiian Village Waikiki Beach Resort; the 604-room Hilton Boston Logan Airport; the 850-room DoubleTree Hotel Seattle Airport; and the 396-room Hilton Seattle Airport & Conference Center. Following negotiations between the operators and labor unions at these hotels, in November 2024, long-term labor agreements were ratified, and standard hotel operations resumed. Park experienced $32 million of Comparable Hotel Adjusted EBITDA disruption related to strike and related labor activity during the full-year ended December 31, 2024, with minimal impact expected on 2025 performance.

The impact of strike and related labor activity on quarterly and full-year 2024 Comparable RevPAR and Comparable Hotel Adjusted EBITDA margin is outlined below:


	Comparable RevPAR						Comparable Hotel Adjusted EBITDA Margin
	Unadjusted		Adjusted		Impact		Unadjusted		Adjusted		Impact
Q1 2024	$	178.94	$	178.94	—	%	27.7	%	27.7	%	—	bps
Q2 2024	198.26		198.26		—		30.2		30.2		—
Q3 2024	190.94		192.01		(0.6)		27.2		27.7		(50)
Q4 2024	179.02		187.14		(4.5)		24.6		28.1		(350)
Full-Year 2024	$	186.78	$	189.09	(1.3)	%	27.5	%	28.5	%	(100)	bps

Balance Sheet and Liquidity

As of December 31, 2024, Park's liquidity was approximately $1.4 billion, including $950 million of available capacity under the Company's revolving credit facility ("Revolver"). In addition, Park's Net Debt was approximately $3.6 billion, which excludes the $725 million non-recourse CMBS Loan ("SF Mortgage Loan") secured by the 1,921-room Hilton San Francisco Union Square and 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the "Hilton San Francisco Hotels"), which were placed in receivership in October 2023.

As of December 31, 2024, the weighted average maturity of Park's consolidated debt, excluding the SF Mortgage Loan, is 3.2 years.

Park had the following debt outstanding as of December 31, 2024:

(unaudited, dollars in millions)

Debt

Collateral

Interest Rate

Maturity Date

As of

December 31, 2024

Fixed Rate Debt

Mortgage loan

Hilton Denver City Center

4.90%

June 2025(1)

Mortgage loan

Hyatt Regency Boston

4.25%

July 2026

125

Mortgage loan

Hilton Hawaiian Village Beach Resort

4.20%

November 2026

1,275

Mortgage loan

Hilton Santa Barbara Beachfront Resort

4.17%

December 2026

156

Mortgage loan

DoubleTree Hotel Ontario Airport

5.37%

May 2027

2028 Senior Notes

Unsecured

5.88%

October 2028

725

2029 Senior Notes

Unsecured

4.88%

May 2029

750

2030 Senior Notes

Unsecured

7.00%

February 2030

550

Finance lease obligations

7.04%

2025 to 2028

Total Fixed Rate Debt

5.11%(2)

3,665

Variable Rate Debt

Revolver(3)

Unsecured

SOFR + 1.80%(4)

December 2026

—

2024 Term Loan

Unsecured

SOFR + 1.75%(4)

May 2027

200

Total Variable Rate Debt

6.21%

200

Add: unamortized premium

—

Less: unamortized deferred financing costs and discount

(24)

Total Debt(5)(6)

5.17%(2)

3,841

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(1)The loan matures in August 2042 but became callable by the lender in August 2022 with six months of notice. As of December 31, 2024, Park had not received notice from the lender.

(2)Calculated on a weighted average basis.

(3)As of February 19, 2025, Park has $950 million of available capacity under the Revolver.

(4)SOFR includes a credit spread adjustment of 0.1%.

(5)Excludes $157 million of Park’s share of debt of its unconsolidated joint ventures.

(6)Excludes the SF Mortgage Loan, which is included in debt associated with hotels in receivership in Park's consolidated balance sheets. In October 2023, the Hilton San Francisco Hotels were placed into court-ordered receivership, and thus, Park has no further economic interest in the operations of the hotels.

Capital Investments

In January 2024, Park completed the over $220 million project at its Bonnet Creek Orlando complex. The project included the addition of the Waterside Ballroom and Central Park Ballroom, as well as renovations to guestrooms, existing meeting space, lobbies, food and beverage outlets, the golf course, and other recreational amenities. In November 2024, Park completed phase one of guestroom renovations totaling $16 million at the Main Tower at the Hilton New Orleans Riverside, and, thus far in 2025, Park has completed the first phase of guestroom renovations and room conversions of the Rainbow Tower at the Hilton Hawaiian Village Waikiki Beach Resort and of the Palace Tower at the Hilton Waikoloa Village, totaling nearly $76 million. During 2024, Park spent nearly $230 million on capital improvements at its hotels, with nearly $65 million spent during the fourth quarter.

During 2025, Park expects to spend approximately $310 million to $330 million in capital expenditures, including the $100 million transformative renovation at the Royal Palm South Beach Miami, a Tribute Portfolio Resort, as well as continuing the second phase of guestroom renovations and room conversions at its Hawaii and New Orleans hotels.

The transformative renovation at the Royal Palm South Beach Miami, a Tribute Portfolio Resort, will include a full renovation of all 393 guestrooms at the oceanfront hotel, along with the addition of 11 new guestrooms. The project is expected to generate a 15% to 20% return on investment. Hotel operations are currently expected to be suspended in mid-May 2025, with reopening planned for May 2026, resulting in an anticipated $17 million of disruption to Hotel Adjusted EBITDA for 2025.

Recent and upcoming renovations and return on investment projects ("ROI") include:

(dollars in millions)

Projects & Scope of Work

Start Date(1)

Completion Date(1)

Budget

Total Incurred as of December 31, 2024

Royal Palm South Beach Miami, a Tribute Portfolio Resort

Full property renovation, including the renovation of 393 guestrooms and the addition of 11 guestrooms to increase the room count to 404

Q2 2025

Q2 2026

103

Hilton Hawaiian Village Waikiki Beach Resort

Phase 1: Renovation of 392 guestrooms and the addition of 12 guestrooms through the conversion of suites to increase room count at the Rainbow Tower to 808

Started in Q3 2024

Completed in February 2025

Phase 2: Renovation of 404 guestrooms and the addition of 14 guestrooms through the conversion of suites to increase room count at the Rainbow Tower to 822

Q3 2025

Q1 2026

Hilton Waikoloa Village

Phase 1: Renovation of 197 guestrooms and the addition of 6 guestrooms through the conversion of suites to increase room count at the Palace Tower to 406

Started in Q3 2024

Completed in January 2025

Phase 2: Renovation of 203 guestrooms and the addition of 8 guestrooms through the conversion of suites to increase room count at the Palace Tower to 414

Q3 2025

Q1 2026

Hilton New Orleans Riverside

Phase 1: Renovation of 250 guestrooms at the 1,167-room Main Tower

Started in Q3 2024

Completed in November 2024

Phase 2: Renovation of 428 guestrooms at the 1,167-room Main Tower

Q2 2025

Q4 2025

—

______________________________________________

(1)Start dates and completion dates are estimates unless noted.

Dividends

Park declared a fourth quarter 2024 cash dividend of $0.65 per share to stockholders of record as of December 31, 2024, which included Park’s regular quarterly dividend of $0.25 coupled with a $0.40 top off dividend based on 2024 operating results. The fourth quarter 2024 cash dividend was paid on January 15, 2025. The fourth quarter dividend, together with the regular cash dividends declared for the first three quarters of 2024, represent an annual yield of 10% based on the closing stock price as of December 31, 2024.

On February 14, 2025, Park declared a first quarter 2025 cash dividend of $0.25 per share to be paid on April 15, 2025 to stockholders of record as of March 31, 2025.

Full-Year 2025 Outlook

Park expects full-year 2025 operating results to be as follows:


(unaudited, dollars in millions, except per share amounts and RevPAR)

	Full-Year 2025 Outlook as of February 19, 2025
Metric		Low			High

Comparable RevPAR		$	187		$	192
Comparable RevPAR change vs. 2024		0.0		%	3.0		%
Comparable RevPAR, excluding the Royal Palm South Beach Miami		$	188		$	194
Comparable RevPAR change vs. 2024, excluding the Royal Palm South Beach Miami		1.0		%	4.0		%

Net income		$	87		$	147
Net income attributable to stockholders		$	79		$	139
Earnings per share – Diluted(1)		$	0.39		$	0.69
Operating income		$	338		$	398
Operating income margin		13.0		%	14.9		%

Adjusted EBITDA		$	610		$	670
Comparable Hotel Adjusted EBITDA margin(1)		26.1		%	27.7		%
Comparable Hotel Adjusted EBITDA margin change vs. 2024(1)		(140)		bps	20		bps
Adjusted FFO per share – Diluted(1)		$	1.90		$	2.20

______________________________________________

(1)Amounts are calculated based on unrounded numbers.

Park's outlook is based in part on the following assumptions:

•Except where noted, includes the impact of renovations at the Royal Palm South Beach Miami, a Tribute Portfolio Resort, of approximately $17 million of Hotel Adjusted EBITDA and 40 bps of Comparable Hotel Adjusted EBITDA margin;

•Adjusted FFO excludes $35 million of default interest and late payment administrative fees associated with default of the SF Mortgage Loan through July 15, 2025 (when foreclosure is expected), which began in June 2023 and is required to be recognized in interest expense until legal title to the Hilton San Francisco Hotels are transferred;

•Fully diluted weighted average shares for the full-year 2025 of 202 million; and

•Park's portfolio as of February 19, 2025 and does not take into account potential future acquisitions, dispositions or any financing transactions, which could result in a material change to Park’s outlook.

Park's full-year 2025 outlook is based on a number of factors, many of which are outside the Company's control, including uncertainty surrounding macro-economic factors, such as inflation, changes in interest rates and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of which are subject to change.

Supplemental Disclosures

In conjunction with this release, Park has furnished a financial supplement with additional disclosures on its website. Visit www.pkhotelsandresorts.com for more information. Park has no obligation to update any of the information provided to conform to actual results or changes in Park’s portfolio, capital structure or future expectations.

Corporate Responsibility

In December 2024, Park published its 2024 Annual Corporate Responsibility Report ("CR Report"), which aligns with globally utilized frameworks including the Task Force on Climate-Related Financial Disclosures (“TCFD”), Sustainability Accounting Standards Board (“SASB”), United Nations Sustainable Development Goals (“UNSDGs”) and Global Reporting Initiative (“GRI”). The 2024 CR Report details Park's energy, carbon, water and waste metrics and also highlights the Company's sustainability and corporate responsibility efforts, including the efforts of Park's subcommittees - the Green Park Committee and the Park Cares Committee.

Park participated in the 2024 Global Real Estate Sustainability Benchmark ("GRESB") assessment for the fifth consecutive year, demonstrating the Company's continued support of its overall corporate responsibility program and desire to make meaningful improvements toward decarbonization. Park ranked in the top 30% of all publicly listed GRESB participant companies in the Americas and registered a one-point increase over 2023. Since 2020, Park’s GRESB Real Estate Assessment score has increased nine points overall. Furthermore, Park continued to achieve a GRESB Public Disclosure score of “A” in 2024.

Additionally, Park was recognized by Newsweek as one of America's Most Responsible Companies in 2024 and 2025, the fifth time Park has been included in the annual survey, as well as one of America's Most Trustworthy Companies for 2024. The Company was named an ENERGY STAR® Partner of the Year in 2024 for Energy Management for its outstanding contributions in the transition to a clean energy economy for the second consecutive year. Furthermore, eight of Park's properties earned the ENERGY STAR® Certification for Superior Energy Performance during 2024, including its largest hotel, the Hilton Hawaiian Village Waikiki Beach Resort.

Conference Call

Park will host a conference call for investors and other interested parties to discuss fourth quarter and full-year 2024 results on February 20, 2025 beginning at 11 a.m. Eastern Time. Participants may listen to the live webcast by logging onto the Investors section of the website at www.pkhotelsandresorts.com. Alternatively, participants may listen to the live call by dialing (877) 451-6152 in the United States or (201) 389-0879 internationally and requesting Park Hotels & Resorts’ Fourth Quarter and Full-Year 2024 Earnings Conference Call. Participants are encouraged to dial into the call or link to the webcast at least ten minutes prior to the scheduled start time.

A replay of the webcast will be available within 24 hours after the live event on the Investors section of Park’s website.

Annual Stockholders Meeting

Park will host its 2025 Annual Stockholders Meeting on April 25, 2025 at 8:00 am ET at 1775 Tysons Boulevard, Tysons, Virginia. Park's Board has established the close of business on March 3, 2025 as the record date for determining those stockholders that are entitled to vote at the 2025 Annual Stockholders Meeting.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to the effects of Park's decision to cease payments on its $725 million SF Mortgage Loan secured by the Hilton San Francisco Hotels and the lender's exercise of its remedies, including placing such hotels into receivership, the impact of strike and related labor activity on Park (and its third-party managers' ability to rebook group events that have been cancelled as a result of such activity) or any future strike or related labor activity, as well as Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including anticipated repayment of certain of Park's indebtedness, the completion of capital allocation priorities, the expected repurchase of Park's stock, the impact from macroeconomic factors (including elevated inflation and interest rates, potential economic slowdown or a recession and geopolitical conflicts), the effects of competition and the effects of future legislation, executive action or regulations, tariffs, the expected completion of anticipated dispositions, the declaration, payment and any change in amounts of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Park’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events.

All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in Park’s filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

Park presents certain non-GAAP financial measures in this press release, including Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, FFO per share, Adjusted FFO per share, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin and Net Debt. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of its operating performance. Please see the schedules included in this press release including the “Definitions” section for additional information and reconciliations of such non-GAAP financial measures.

About Park

Park is one of the largest publicly-traded lodging real estate investment trusts ("REIT") with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 40 premium-branded hotels and resorts with approximately 25,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

PARK HOTELS & RESORTS INC.

CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)


	December 31,
	2024		2023

ASSETS
Property and equipment, net	$	7,398	$	7,459
Contract asset	820		760
Intangibles, net	41		42
Cash and cash equivalents	402		717
Restricted cash	38		33
Accounts receivable, net of allowance for doubtful accounts of $4 and $3	131		112
Prepaid expenses	69		59
Other assets	71		40
Operating lease right-of-use assets	191		197
TOTAL ASSETS (variable interest entities – $223 and $236)	$	9,161	$	9,419
LIABILITIES AND EQUITY
Liabilities
Debt	$	3,841	$	3,765
Debt associated with hotels in receivership	725		725
Accrued interest associated with hotels in receivership	95		35
Accounts payable and accrued expenses	226		210
Dividends payable	138		362
Due to hotel managers	138		131
Other liabilities	179		200
Operating lease liabilities	225		223
Total liabilities (variable interest entities – $201 and $218)	5,567		5,651
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 203,407,320 shares issued and 202,553,194 shares outstanding as of December 31, 2024 and 210,676,264 shares issued and 209,987,581 shares outstanding as of December 31, 2023	2		2
Additional paid-in capital	4,063		4,156
Accumulated deficit	(420)		(344)
Total stockholders' equity	3,645		3,814
Noncontrolling interests	(51)		(46)
Total equity	3,594		3,768
TOTAL LIABILITIES AND EQUITY	$	9,161	$	9,419

PARK HOTELS & RESORTS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except per share data)


	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Revenues
Rooms	$	376	$	397	$	1,569	$	1,653
Food and beverage	167		178		688		696
Ancillary hotel	60		61		256		264
Other	22		21		86		85
Total revenues	625		657		2,599		2,698

Operating expenses
Rooms	105		106		419		449
Food and beverage	118		124		474		501
Other departmental and support	151		151		605		635
Other property	57		59		231		241
Management fees	32		31		125		126
Casualty and impairment loss	1		—		14		204
Depreciation and amortization	65		94		257		287
Corporate general and administrative	17		15		69		65
Other	20		22		82		83
Total expenses	566		602		2,276		2,591

Gain on sale of assets, net	8		—		8		15
Gain on derecognition of assets	16		221		60		221

Operating income	83		276		391		343

Interest income	5		9		21		38
Interest expense	(53)		(52)		(214)		(207)
Interest expense associated with hotels in receivership	(16)		(14)		(60)		(45)
Equity in earnings from investments in affiliates	2		2		31		11
Other (loss) gain, net	—		—		(4)		4

Income before income taxes	21		221		165		144
Income tax benefit (expense)	52		(33)		61		(38)
Net income	73		188		226		106
Net income attributable to noncontrolling interests	(7)		(1)		(14)		(9)
Net income attributable to stockholders	$	66	$	187	$	212	$	97

Earnings per share:
Earnings per share - Basic	$	0.32	$	0.89	$	1.02	$	0.44
Earnings per share - Diluted	$	0.32	$	0.88	$	1.01	$	0.44

Weighted average shares outstanding – Basic	204		209		207		214
Weighted average shares outstanding – Diluted	206		210		209		215

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

EBITDA AND ADJUSTED EBITDA


(unaudited, in millions)	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Net income	$	73	$	188	$	226	$	106
Depreciation and amortization expense	65		94		257		287
Interest income	(5)		(9)		(21)		(38)
Interest expense	53		52		214		207
Interest expense associated with hotels in receivership(1)	16		14		60		45
Income tax (benefit) expense	(52)		33		(61)		38
Interest income and expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	1		1		10		8
EBITDA	151		373		685		653
Gain on sales of assets, net	(8)		—		(8)		(15)
Gain on derecognition of assets(1)	(16)		(221)		(60)		(221)
Gain on sale of investments in affiliates(2)	—		—		(19)		(3)
Share-based compensation expense	5		4		19		18
Casualty and impairment loss	1		—		14		204
Other items	5		7		21		23
Adjusted EBITDA	$	138	$	163	$	652	$	659

______________________________________________

(1)For the three months and year ended December 31, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender. For the three months and year ended December 31, 2023, represents accrued interest expense associated with the default of the SF Mortgage Loan and the gain from derecognizing the Hilton San Francisco Hotels from its consolidated balance sheet in October 2023, when the receiver took control of the hotels.

(2)For the year ended December 31, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates. For the year ended December 31, 2023, the $3 million gain on sale of investments in affiliates is included in other (loss) gain, net.

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

COMPARABLE HOTEL ADJUSTED EBITDA AND

COMPARABLE HOTEL ADJUSTED EBITDA MARGIN


(unaudited, dollars in millions)	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Adjusted EBITDA	$	138	$	163	$	652	$	659
Less: Adjusted EBITDA from investments in affiliates	(4)		(5)		(23)		(24)
Add: All other(1)	13		11		54		51
Hotel Adjusted EBITDA	147		169		683		686
Less: Adjusted EBITDA from hotels disposed of	—		—		(1)		(4)
Less: Adjusted EBITDA from the Hilton San Francisco Hotels	—		2		—		(3)
Comparable Hotel Adjusted EBITDA	$	147	$	171	$	682	$	679

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Total Revenues	$	625	$	657	$	2,599	$	2,698
Less: Other revenue	(22)		(21)		(86)		(85)
Less: Revenues from hotels disposed of	(3)		(8)		(28)		(42)
Less: Revenues from the Hilton San Francisco Hotels	—		(17)		—		(162)
Comparable Hotel Revenues	$	600	$	611	$	2,485	$	2,409


	Three Months Ended December 31,								Year Ended December 31,
	2024			2023			Change(2)		2024			2023			Change(2)
Total Revenues	$	625		$	657		(4.9)	%	$	2,599		$	2,698		(3.7)	%
Operating income	$	83		$	276		(69.8)	%	$	391		$	343		13.9	%
Operating income margin(2)	13.3		%	42.0		%	(2,870)	bps	15.0		%	12.7		%	230	bps

Comparable Hotel Revenues	$	600		$	611		(1.9)	%	$	2,485		$	2,409		3.2	%
Comparable Hotel Adjusted EBITDA	$	147		$	171		(13.7)	%	$	682		$	679		0.5	%
Comparable Hotel Adjusted EBITDA margin(2)	24.6		%	27.9		%	(330)	bps	27.5		%	28.2		%	(70)	bps

______________________________________________

(1)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated statements of operations.

(2)Percentages are calculated based on unrounded numbers.

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

NAREIT FFO AND ADJUSTED FFO

(unaudited, in millions, except per share data)


	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Net income attributable to stockholders	$	66	$	187	$	212	$	97
Depreciation and amortization expense	65		94		257		287
Depreciation and amortization expense attributable to noncontrolling interests	(1)		(1)		(4)		(4)
Gain on sales of assets, net	(8)		—		(8)		(15)
Gain on sale of assets, net, attributable to noncontrolling interests	5		—		5		—
Gain on derecognition of assets(1)	(16)		(221)		(60)		(221)
Gain on sale of investments in affiliates(2)	—		—		(19)		(3)
Impairment loss	—		—		12		202
Equity investment adjustments:
Equity in earnings from investments in affiliates(3)	(2)		(2)		(12)		(11)
Pro rata FFO of investments in affiliates	2		2		16		14
Nareit FFO attributable to stockholders	111		59		399		346
Casualty loss	1		—		2		2
Share-based compensation expense	5		4		19		18
Interest expense associated with hotels in receivership(1)	16		12		60		20
Release of deferred tax valuation allowance	(54)		—		(54)		—
Other items(4)	1		35		4		53
Adjusted FFO attributable to stockholders	$	80	$	110	$	430	$	439
Nareit FFO per share – Diluted(5)	$	0.54	$	0.28	$	1.91	$	1.61
Adjusted FFO per share – Diluted(5)	$	0.39	$	0.52	$	2.06	$	2.04
Weighted average shares outstanding – Diluted	206		210		209		215

______________________________________________

(1)For the three months and year ended December 31, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender. For the three months and year ended December 31, 2023, reflects incremental default interest expense and late payment administrative fees associated with the default of the SF Mortgage Loan beginning in June 2023 and the gain from derecognizing the Hilton San Francisco Hotels from Park's consolidated balance sheet in October 2023, when the receiver took control of the hotels.

(2)For the years ended December 31, 2024 and 2023, the gain on sale of investments in affiliates is included in equity in earnings from investments in affiliates and other (loss) gain, net, respectively.

(3)For the year ended December 31, 2024, the gain of $19 million on the sale of the Hilton La Jolla Torrey Pines is presented within gain on sale of investments in affiliates above.

(4)For the three months and year ended December 31, 2023, includes $28 million of income tax expense primarily associated with the effective exit from the Hilton San Francisco Hotels, of which $19 million was reversed during the year ended December 31, 2024 as it is no longer expected to be incurred.

(5)Per share amounts are calculated based on unrounded numbers.

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

NET DEBT


(unaudited, in millions)
	December 31, 2024
Debt	$	3,841
Add: unamortized deferred financing costs and discount	24
Less: unamortized premium	—
Debt, excluding unamortized deferred financing cost, premiums and discounts	3,865
Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs	157
Less: cash and cash equivalents	(402)
Less: restricted cash	(38)
Net Debt	$	3,582

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

OUTLOOK – EBITDA, ADJUSTED EBITDA, COMPARABLE HOTEL ADJUSTED EBITDA

AND COMPARABLE HOTEL ADJUSTED EBITDA MARGIN


(unaudited, in millions)	Year Ending
	December 31, 2025
		Low Case			High Case







Net income		$	87		$	147
Depreciation and amortization expense		263			263
Interest income		(8)			(8)
Interest expense		210			210
Interest expense associated with hotels in receivership		35			35
Income tax expense		14			14
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates		8			8
EBITDA		609			669

Gain on derecognition of assets		(35)			(35)

Share-based compensation expense		19			19

Other items		17			17
Adjusted EBITDA		610			670
Less: Adjusted EBITDA from investments in affiliates		(18)			(18)
Add: All other		61			61


Comparable Hotel Adjusted EBITDA		$	653		$	713

	Year Ending
	December 31, 2025
		Low Case			High Case
Total Revenues		$	2,598		$	2,673
Less: Other revenue		(93)			(93)


Comparable Hotel Revenues		$	2,505		$	2,580

	Year Ending
	December 31, 2025
		Low Case			High Case
Total Revenues		$	2,598		$	2,673
Operating income		$	338		$	398
Operating income margin(1)		13.0		%	14.9		%

Comparable Hotel Revenues		$	2,505		$	2,580
Comparable Hotel Adjusted EBITDA		$	653		$	713
Comparable Hotel Adjusted EBITDA margin(1)		26.1		%	27.7		%

______________________________________________

(1)Percentages are calculated based on unrounded numbers.

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

OUTLOOK – NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND

ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS


(unaudited, in millions except per share data)	Year Ending
	December 31, 2025
		Low Case		High Case
Net income attributable to stockholders		$	79	$	139
Depreciation and amortization expense		263		263
Depreciation and amortization expense attributable to noncontrolling interests		(3)		(3)

Gain on derecognition of assets		(35)		(35)


Equity investment adjustments:
Equity in earnings from investments in affiliates		—		—
Pro rata FFO of equity investments		5		5
Nareit FFO attributable to stockholders		309		369

Share-based compensation expense		19		19
Interest expense associated with hotels in receivership		35		35
Other items		20		22
Adjusted FFO attributable to stockholders		$	383	$	445
Adjusted FFO per share – Diluted(1)		$	1.90	$	2.20
Weighted average diluted shares outstanding		202		202

______________________________________________

(1)Per share amounts are calculated based on unrounded numbers.

PARK HOTELS & RESORTS INC.

DEFINITIONS

Comparable

The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s Comparable metrics include results from hotels that were active and operating in Park's portfolio since January 1st of the previous year and property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable metrics exclude results from property dispositions that have occurred through February 19, 2025 and the Hilton San Francisco Hotels, which were placed into receivership at the end of October 2023.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin

Earnings before interest expense, taxes and depreciation and amortization (“EBITDA”), presented herein, reflects net income (loss) excluding depreciation and amortization, interest income, interest expense, income taxes and also interest income and expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates.

Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude the following items that are not reflective of Park's ongoing operating performance or incurred in the normal course of business, and thus, excluded from management's analysis in making day-to-day operating decisions and evaluations of Park's operating performance against other companies within its industry:

•Gains or losses on sales of assets for both consolidated and unconsolidated investments;

•Costs associated with hotel acquisitions or dispositions expensed during the period;

•Severance expense;

•Share-based compensation expense;

•Impairment losses and casualty gains or losses; and

•Other items that management believes are not representative of the Company’s current or future operating performance.

Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company’s consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company’s profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company’s consolidated hotels.

Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (“U.S.”) GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, the Company’s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies.

The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company’s management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by removing the effect of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results; and (ii) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in the industry.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company’s operating performance and results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available to the Company to meet its obligations. Further, the Company does not use or present EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin as measures of liquidity or cash flows.

Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – diluted and Adjusted FFO per share – diluted

Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP measures of the Company’s performance. The Company calculates funds from (used in) operations (“FFO”) attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), as net income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect the Company’s pro rata share of the FFO of those entities on the same basis. As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper – 2018 Restatement,” since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company’s presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.

The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding the Company’s ongoing operating performance. Management historically has made the adjustments detailed below in evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful supplemental information that is beneficial to an investor’s complete understanding of operating performance. The Company adjusts Nareit FFO attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO attributable to stockholders:

•Costs associated with hotel acquisitions or dispositions expensed during the period;

•Severance expense;

•Share-based compensation expense;

•Casualty gains or losses; and

•Other items that management believes are not representative of the Company’s current or future operating performance.

Net Debt

Net Debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net Debt is calculated as (i) debt excluding unamortized deferred financing costs; and (ii) the Company’s share of investments in affiliate debt, excluding unamortized deferred financing costs; reduced by (a) cash and cash equivalents; and (b) restricted cash and cash equivalents. Net Debt also excludes Debt associated with hotels in receivership.

The Company believes Net Debt provides useful information about its indebtedness to investors as it is frequently used by securities analysts, investors and other interested parties to compare the indebtedness of companies. Net Debt should not be considered as a substitute to debt presented in accordance with U.S. GAAP. Net Debt may not be comparable to a similarly titled measure of other companies.

Occupancy

Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. Occupancy measures the utilization of the Company’s hotels’ available capacity. Management uses Occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help management determine achievable Average Daily Rate (“ADR”) levels as demand for rooms increases or decreases.

Average Daily Rate

ADR (or rate) represents rooms revenue divided by total number of room nights sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in the hotel industry, and management uses ADR to assess pricing levels that the Company is able to generate by type of customer, as changes in rates have a more pronounced effect on overall revenues and incremental profitability than changes in Occupancy, as described above.

Revenue per Available Room

Revenue per Available Room (“RevPAR”) represents rooms revenue divided by the total number of room nights available to guests for a given period. Management considers RevPAR to be a meaningful indicator of the Company’s performance as it provides a metric correlated to two primary and key factors of operations at a hotel or group of hotels: Occupancy and ADR. RevPAR is also a useful indicator in measuring performance over comparable periods.

Total RevPAR

Total RevPAR represents rooms, food and beverage and other hotel revenues divided by the total number of room nights available to guests for a given period. Management considers Total RevPAR to be a meaningful indicator of the Company’s performance as approximately one-third of revenues are earned from food and beverage and other hotel revenues. Total RevPAR is also a useful indicator in measuring performance over comparable periods.

Group Revenue Pace

Group Revenue Pace represents bookings for future business and is calculated as group room nights multiplied by the contracted room rate expressed as a percentage of a prior period relative to a prior point in time.

Exhibit 99.2



			About Park and Safe Harbor Disclosure

About Park Hotels & Resorts Inc.

Park (NYSE: PK) is one of the largest publicly-traded lodging real estate investment trusts (“REIT”) with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 40 premium-branded hotels and resorts with approximately 25,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

Forward-Looking Statements

This supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to the effects of Park's decision to cease payments on its $725 million non-recourse CMBS loan (“SF Mortgage Loan”) secured by two of Park’s San Francisco hotels – the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the “Hilton San Francisco Hotels”) and the lender's exercise of its remedies, including placing such hotels into receivership, the impact of strike and related labor activity on Park (and its third-party managers' ability to rebook group events that have been cancelled as a result of such activity) or any future strike or related labor activity, as well as Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including anticipated repayment of certain of Park's indebtedness, the completion of capital allocation priorities, the expected repurchase of Park's stock, the impact from macroeconomic factors (including elevated inflation and interest rates, potential economic slowdown or a recession and geopolitical conflicts), the effects of competition and the effects of future legislation, executive action or regulations, tariffs, the expected completion of anticipated dispositions, the declaration, payment and any change in amounts of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Park’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events.

Supplemental Financial Information

Park presents certain non-generally accepted accounting principles (“GAAP”) financial measures in this presentation, including Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, FFO per share, Adjusted FFO per share, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin, Net Debt and Net Debt to Adjusted EBITDA ratio. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of its operating performance. Please see the schedules included in this presentation including the “Definitions” section for additional information and reconciliations of such non-GAAP financial measures.


2



			Table of Contents


			1. Financial Statements			4
			2. Supplementary Financial Information			7
			3. Outlook and Assumptions			13
			4. Portfolio and Operating Metrics			18
			5. Properties Acquired and Sold			29
			6. Comparable Supplementary Financial Information			32
			7. Capital Structure			38
			8. Definitions			40
			9. Analyst Coverage			45


3



			Financial Statements


4



			Financial Statements


			Consolidated Balance Sheets


(in millions, except share and per share data)	December 31, 2024		December 31, 2023
	(unaudited)
ASSETS
Property and equipment, net	$	7,398	$	7,459
Contract asset	820		760
Intangibles, net	41		42
Cash and cash equivalents	402		717
Restricted cash	38		33
Accounts receivable, net of allowance for doubtful accounts of $4 and $3	131		112
Prepaid expenses	69		59
Other assets	71		40
Operating lease right-of-use assets	191		197
TOTAL ASSETS (variable interest entities – $223 and $236)	$	9,161	$	9,419
LIABILITIES AND EQUITY
Liabilities
Debt	$	3,841	$	3,765
Debt associated with hotels in receivership	725		725
Accrued interest associated with hotels in receivership	95		35
Accounts payable and accrued expenses	226		210
Dividends payable	138		362
Due to hotel managers	138		131
Other liabilities	179		200
Operating lease liabilities	225		223
Total liabilities (variable interest entities – $201 and $218)	5,567		5,651
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 203,407,320 shares issued and 202,553,194 shares outstanding as of December 31, 2024 and 210,676,264 shares issued and 209,987,581 shares outstanding as of December 31, 2023	2		2
Additional paid-in capital	4,063		4,156
Accumulated deficit	(420)		(344)
Total stockholders' equity	3,645		3,814
Noncontrolling interests	(51)		(46)
Total equity	3,594		3,768
TOTAL LIABILITIES AND EQUITY	$	9,161	$	9,419


5



			Financial Statements (continued)


			Consolidated Statements of Operations

			(unaudited, in millions, except per share data)


	Three Months Ended December 31,				Year Ended December 31,
	2024		2023			2024		2023
Revenues
Rooms	$	376	$	397		$	1,569	$	1,653
Food and beverage	167		178			688		696
Ancillary hotel	60		61			256		264
Other	22		21			86		85
Total revenues	625		657			2,599		2,698

Operating expenses
Rooms	105		106			419		449
Food and beverage	118		124			474		501
Other departmental and support	151		151			605		635
Other property	57		59			231		241
Management fees	32		31			125		126
Casualty and impairment loss	1		—			14		204
Depreciation and amortization	65		94			257		287
Corporate general and administrative	17		15			69		65

Other	20		22			82		83
Total expenses	566		602			2,276		2,591

Gain on sale of assets, net	8		—			8		15
Gain on derecognition of assets	16		221			60		221

Operating income	83		276			391		343

Interest income	5		9			21		38
Interest expense	(53)		(52)			(214)		(207)
Interest expense associated with hotels in receivership	(16)		(14)			(60)		(45)
Equity in earnings from investments in affiliates	2		2			31		11
Other (loss) gain, net	—		—			(4)		4

Income before income taxes	21		221			165		144
Income tax benefit (expense)	52		(33)			61		(38)
Net income	73		188			226		106
Net income attributable to noncontrolling interests	(7)		(1)			(14)		(9)
Net income attributable to stockholders	$	66	$	187		$	212	$	97

Earnings per share:
Earnings per share – Basic	$	0.32	$	0.89		$	1.02	$	0.44
Earnings per share – Diluted	$	0.32	$	0.88		$	1.01	$	0.44

Weighted average shares outstanding – Basic	204		209			207		214
Weighted average shares outstanding – Diluted	206		210			209		215


6



			Supplementary Financial Information


7



			Supplementary Financial Information


			EBITDA and Adjusted EBITDA


(unaudited, in millions)	Three Months Ended December 31,				Year Ended December 31,
	2024		2023			2024		2023
Net income	$	73	$	188		$	226	$	106
Depreciation and amortization expense	65		94			257		287
Interest income	(5)		(9)			(21)		(38)
Interest expense	53		52			214		207
Interest expense associated with hotels in receivership(1)	16		14			60		45
Income tax (benefit) expense	(52)		33			(61)		38
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	1		1			10		8
EBITDA	151		373			685		653
Gain on sale of assets, net	(8)		—			(8)		(15)
Gain on derecognition of assets(1)	(16)		(221)			(60)		(221)
Gain on sale of investments in affiliates(2)	—		—			(19)		(3)


Share-based compensation expense	5		4			19		18
Casualty and impairment loss	1		—			14		204
Other items	5		7			21		23
Adjusted EBITDA	$	138	$	163		$	652	$	659

_____________________________________


8



			Supplementary Financial Information (continued)


			Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin


(unaudited, dollars in millions)
	Three Months Ended December 31,				Year Ended December 31,
	2024		2023			2024		2023
Adjusted EBITDA	$	138	$	163		$	652	$	659
Less: Adjusted EBITDA from investments in affiliates	(4)		(5)			(23)		(24)
Add: All other(1)	13		11			54		51
Hotel Adjusted EBITDA	147		169			683		686

Less: Adjusted EBITDA from hotels disposed of	—		—			(1)		(4)
Less: Adjusted EBITDA from the Hilton San Francisco Hotels	—		2			—		(3)
Comparable Hotel Adjusted EBITDA	$	147	$	171		$	682	$	679

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023			2024		2023
Total Revenues	$	625	$	657		$	2,599	$	2,698
Less: Other revenue	(22)		(21)			(86)		(85)

Less: Revenues from hotels disposed of	(3)		(8)			(28)		(42)
Less: Revenue from the Hilton San Francisco Hotels	—		(17)			—		(162)
Comparable Hotel Revenues	$	600	$	611		$	2,485	$	2,409


	Three Months Ended December 31,								Year Ended December 31,
	2024			2023			Change(2)		2024			2023			Change(2)
Total Revenues	$	625		$	657		(4.9)	%	$	2,599		$	2,698		(3.7)	%
Operating income	$	83		$	276		(69.8)	%	$	391		$	343		13.9	%
Operating income margin(2)	13.3		%	42.0		%	(2,870)	bps	15.0		%	12.7		%	230	bps

Comparable Hotel Revenues	$	600		$	611		(1.9)	%	$	2,485		$	2,409		3.2	%
Comparable Hotel Adjusted EBITDA	$	147		$	171		(13.7)	%	$	682		$	679		0.5	%
Comparable Hotel Adjusted EBITDA margin(2)	24.6		%	27.9		%	(330)	bps	27.5		%	28.2		%	(70)	bps

______________________________________________________________

(2)Percentages are calculated based on unrounded numbers.


9



			Supplementary Financial Information (continued)


			Nareit FFO and Adjusted FFO


(unaudited, in millions, except per share data)	Three Months Ended December 31,				Year Ended December 31,
	2024		2023			2024		2023
Net income attributable to stockholders	$	66	$	187		$	212	$	97
Depreciation and amortization expense	65		94			257		287
Depreciation and amortization expense attributable to noncontrolling interests	(1)		(1)			(4)		(4)
Gain on sale of assets, net	(8)		—			(8)		(15)
Gain on sale of assets, net, attributable to noncontrolling interests	5		—			5		—
Gain on derecognition of assets(1)	(16)		(221)			(60)		(221)
Gain on sale of investments in affiliates(2)	—		—			(19)		(3)
Impairment loss	—		—			12		202
Equity investment adjustments:
Equity in earnings from investments in affiliates(3)	(2)		(2)			(12)		(11)
Pro rata FFO of investments in affiliates	2		2			16		14
Nareit FFO attributable to stockholders	111		59			399		346
Casualty loss	1		—			2		2


Share-based compensation expense	5		4			19		18
Interest expense associated with hotels in receivership(1)	16		12			60		20
Release of deferred tax valuation allowance	(54)		—			(54)		—
Other items(4)	1		35			4		53
Adjusted FFO attributable to stockholders	$	80	$	110		$	430	$	439
Nareit FFO per share – Diluted(5)	$	0.54	$	0.28		$	1.91	$	1.61
Adjusted FFO per share – Diluted(5)	$	0.39	$	0.52		$	2.06	$	2.04
Weighted average shares outstanding – Diluted(6)	206		210			209		215

__________________________________________________________________________

(1)For the three months and year ended December 31, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender. For the three months and year ended December 31, 2023, reflects incremental default interest expense and late payment administrative fees associated with the default of the SF Mortgage Loan beginning in June 2023 and the gain from derecognizing the Hilton San Francisco Hotels from Park's consolidated balance sheet in October 2023, when the receiver took control of the hotels.

(3)For the year ended December 31, 2024, the gain of $19 million on the sale of the Hilton La Jolla Torrey Pines is presented within gain on sale of investments in affiliates above.

(5)Per share amounts are calculated based on unrounded numbers.

(6)Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of December 31, 2024, see page 5.


10



			Supplementary Financial Information (continued)


			General and Administrative Expenses


(unaudited, in millions)	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Corporate general and administrative expenses	$	17	$	15	$	69	$	65
Less:
Share-based compensation expense	5		4		19		18
Other corporate expenses	1		—		4		2
G&A, excluding expenses not included in Adjusted EBITDA	$	11	$	11	$	46	$	45


11



			Supplementary Financial Information (continued)


			Net Debt and Net Debt to Comparable Adjusted EBITDA Ratio


(unaudited, in millions)
	December 31, 2024		December 31, 2023
Debt	$	3,841	$	3,765
Add: unamortized deferred financing costs and discount	24		22
Less: unamortized premium	—		(1)
Debt, excluding unamortized deferred financing cost, premiums and discounts	3,865		3,786
Add: Park’s share of unconsolidated affiliates debt, excluding unamortized deferred financing costs(1)	157		147
Less: cash and cash equivalents(2)	(402)		(555)
Less: restricted cash	(38)		(33)
Net Debt	$	3,582	$	3,345
Full-year Comparable Adjusted EBITDA(3)	$	649	$	648
Net Debt to full-year Comparable Adjusted EBITDA ratio	5.52x		5.16x

_____________________________________

(1)As of December 31, 2023, excludes approximately $17 million of Park’s share of debt that was repaid in connection with the sale of the Hilton La Jolla Torrey Pines in July 2024.

(2)As of December 31, 2023, considers the additional distribution of $162 million (or approximately $0.77 per share) in connection with the effective exit from the Hilton San Francisco Hotels. The cash dividend of $0.77 per share was declared on October 27, 2023 and paid on January 16, 2024 to stockholders of record as of December 29, 2023.

(3)See pages 34 and 35 for full-year Comparable Adjusted EBITDA as of December 31, 2024 and 2023, respectively.


12



			Outlook and Assumptions


13



			Outlook and Assumptions


			Full-Year 2025 Outlook


Park expects full-year 2025 operating results to be as follows:

(unaudited, dollars in millions, except per share amounts and RevPAR)
	Full-Year 2025 Outlook as of February 19, 2025
Metric	Low			High

Comparable RevPAR	$	187		$	192
Comparable RevPAR change vs. 2024	0.0		%	3.0		%
Comparable RevPAR, excluding the Royal Palm South Beach Miami	$	188		$	194
Comparable RevPAR change vs. 2024, excluding the Royal Palm South Beach Miami	1.0		%	4.0		%

Net income	$	87		$	147
Net income attributable to stockholders	$	79		$	139
Earnings per share – Diluted(1)	$	0.39		$	0.69
Operating income	$	338		$	398
Operating income margin	13.0		%	14.9		%

Adjusted EBITDA	$	610		$	670
Comparable Hotel Adjusted EBITDA margin(1)	26.1		%	27.7		%
Comparable Hotel Adjusted EBITDA margin change vs. 2024(1)	(140)		bps	20		bps
Adjusted FFO per share – Diluted(1)	$	1.90		$	2.20

__________________________________________________________________________

(1)Amounts are calculated based on unrounded numbers.

Park’s outlook is based in part on the following assumptions:

•Fully diluted weighted average shares for the full-year 2025 of 202 million; and


14



			Outlook and Assumptions (continued)


			EBITDA, Adjusted EBITDA, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin


	Year Ending
(unaudited, in millions)	December 31, 2025
		Low Case		High Case







Net income		$	87	$	147
Depreciation and amortization expense		263		263
Interest income		(8)		(8)
Interest expense		210		210
Interest expense associated with hotels in receivership		35		35
Income tax expense		14		14
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates		8		8
EBITDA		609		669


Gain on derecognition of assets		(35)		(35)

Share-based compensation expense		19		19

Other items		17		17
Adjusted EBITDA		610		670
Less: Adjusted EBITDA from investments in affiliates		(18)		(18)
Add: All other		61		61


Comparable Hotel Adjusted EBITDA		$	653	$	713


15



			Outlook and Assumptions (continued)


			EBITDA, Adjusted EBITDA, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin (continued)


	Year Ending
	December 31, 2025
		Low Case		High Case
Total Revenues		$	2,598	$	2,673
Less: Other revenue		(93)		(93)


Comparable Hotel Revenues		$	2,505	$	2,580



	Year Ending
	December 31, 2025
	Low Case			High Case
Total Revenues	$	2,598		$	2,673
Operating income	$	338		$	398
Operating income margin(1)	13.0		%	14.9		%

Comparable Hotel Revenues	$	2,505		$	2,580
Comparable Hotel Adjusted EBITDA	$	653		$	713
Comparable Hotel Adjusted EBITDA margin(1)	26.1		%	27.7		%

_______________________________________________________________________________

(1)Percentages are calculated based on unrounded numbers.


16



			Outlook and Assumptions (continued)


			Nareit FFO and Adjusted FFO


	Year Ending
(unaudited, in millions except per share data)	December 31, 2025
		Low Case		High Case
Net income attributable to stockholders		$	79	$	139
Depreciation and amortization expense		263		263
Depreciation and amortization expense attributable to noncontrolling interests		(3)		(3)

Gain on derecognition of assets		(35)		(35)


Equity investment adjustments:
Equity in earnings from investments in affiliates		—		—
Pro rata FFO of equity investments		5		5
Nareit FFO attributable to stockholders		309		369

Share-based compensation expense		19		19
Interest expense associated with hotels in receivership		35		35
Other items		20		22
Adjusted FFO attributable to stockholders		$	383	$	445
Adjusted FFO per share – Diluted(1)		$	1.90	$	2.20
Weighted average diluted shares outstanding		202		202

_____________________________________

(1)Per share amounts are calculated based on unrounded numbers.


17



			Portfolio and Operating Metrics


18



			Portfolio and Operating Metrics


			Hotel Portfolio as of February 19, 2025


Hotel Name	Total Rooms	Market	Meeting Space (square feet)	Ownership	Equity Ownership	Debt (in millions)
Comparable Portfolio

Hilton Hawaiian Village Waikiki Beach Resort	2,872	Hawaii	150,000	Fee Simple	100%	$	1,275
New York Hilton Midtown	1,878	New York	151,000	Fee Simple	100%	—
Hilton New Orleans Riverside	1,622	New Orleans	158,000	Fee Simple	100%	—
Hilton Chicago	1,544	Chicago	234,000	Fee Simple	100%	—
Signia by Hilton Orlando Bonnet Creek	1,009	Orlando	234,000	Fee Simple	100%	—
DoubleTree Hotel Seattle Airport	850	Seattle	41,000	Leasehold	100%	—
Hilton Orlando Lake Buena Vista	814	Orlando	86,000	Leasehold	100%	—
Hilton Waikoloa Village	653	Hawaii	241,000	Fee Simple	100%	—
Caribe Hilton	652	Puerto Rico	65,000	Fee Simple	100%	—
DoubleTree Hotel Washington DC – Crystal City	627	Washington, D.C.	36,000	Fee Simple	100%	—
Hilton Denver City Center	613	Denver	50,000	Fee Simple	100%	$	53
Hilton Boston Logan Airport	604	Boston	30,000	Leasehold	100%	—
The Wade(1)	520	Chicago	20,000	Fee Simple	100%	—
DoubleTree Hotel San Jose	505	Other U.S.	48,000	Fee Simple	100%	—
Hyatt Regency Boston	502	Boston	30,000	Fee Simple	100%	$	125
Waldorf Astoria Orlando	502	Orlando	121,000	Fee Simple	100%	—
Hilton Salt Lake City Center	500	Other U.S.	24,000	Leasehold	100%	—
DoubleTree Hotel Ontario Airport	482	Southern California	27,000	Fee Simple	67%	$	30
Hilton McLean Tysons Corner	458	Washington, D.C.	28,000	Fee Simple	100%	—
Hyatt Regency Mission Bay Spa and Marina	438	Southern California	24,000	Leasehold	100%	—
Boston Marriott Newton	430	Boston	34,000	Fee Simple	100%	—
The Midland Hotel, a Tribute Portfolio Hotel(2)	403	Chicago	13,000	Fee Simple	100%	—
Hilton Seattle Airport & Conference Center	396	Seattle	40,000	Leasehold	100%	—
Royal Palm South Beach Miami, a Tribute Portfolio Resort	393	Miami	11,000	Fee Simple	100%	—
Hilton Santa Barbara Beachfront Resort	360	Southern California	62,000	Fee Simple	50%	$	156
JW Marriott San Francisco Union Square	344	San Francisco	12,000	Leasehold	100%	—
Hyatt Centric Fisherman's Wharf	316	San Francisco	19,000	Fee Simple	100%	—
Hilton Short Hills	314	Other U.S.	21,000	Fee Simple	100%	—
Casa Marina Key West, Curio Collection	311	Key West	53,000	Fee Simple	100%	—

_____________________________________

(1)In February 2025, the W Chicago – Lakeshore was converted to The Wade.

(2)In January 2025, the W Chicago – City Center was converted to The Midland Hotel, a Tribute Portfolio Hotel.


19



			Portfolio and Operating Metrics (continued)


			Hotel Portfolio as of February 19, 2025


Hotel Name	Total Rooms	Market	Meeting Space (square feet)	Ownership	Equity Ownership	Debt(1) (in millions)
Comparable Portfolio (continued)

DoubleTree Hotel San Diego – Mission Valley	300	Southern California	34,000	Leasehold	100%	—
Embassy Suites Kansas City Plaza	266	Other U.S.	11,000	Leasehold	100%	—
Embassy Suites Austin Downtown South Congress	262	Other U.S.	2,000	Leasehold	100%	—
DoubleTree Hotel Sonoma Wine Country	245	Other U.S.	27,000	Leasehold	100%	—
Juniper Hotel Cupertino, Curio Collection	224	Other U.S.	5,000	Fee Simple	100%	—
Hilton Checkers Los Angeles	193	Southern California	3,000	Fee Simple	100%	—
DoubleTree Hotel Durango	159	Other U.S.	7,000	Leasehold	100%	—
The Reach Key West, Curio Collection	150	Key West	18,000	Fee Simple	100%	—
Total Comparable Portfolio (37 Hotels)	22,711		2,170,000			$	1,639

Unconsolidated Joint Venture Portfolio

Hilton Orlando	1,424	Orlando	236,000	Fee Simple	20%	$	105
Capital Hilton	559	Washington, D.C.	30,000	Fee Simple	25%	$	27
Embassy Suites Alexandria Old Town	288	Washington, D.C.	11,000	Fee Simple	50%	$	25
Total Unconsolidated Joint Venture Portfolio (3 Hotels)	2,271		277,000			$	157

Grand Total (40 Hotels)	24,982		2,447,000			$	1,796

_____________________________________

(1)Debt related to unconsolidated joint ventures is presented on a pro-rata basis.


20



			Portfolio and Operating Metrics (continued)


			Comparable Hotels by Market: Q4 2024 vs. Q4 2023


(unaudited)			Comparable ADR						Comparable Occupancy						Comparable RevPAR						Comparable Total RevPAR
	Hotels	Rooms	4Q24		4Q23		Change(1)		4Q24		4Q23		Change		4Q24		4Q23		Change(1)		4Q24		4Q23		Change(1)
Hawaii(2)	2	3,525	$	296.45	$	313.30	(5.4)	%	65.6	%	84.8	%	(19.2)	% pts	$	194.33	$	265.50	(26.8)	%	$	333.09	$	451.51	(26.2)	%
Orlando	3	2,325	252.89		231.79		9.1		75.6		65.2		10.4		191.20		151.18		26.5		384.97		321.40		19.8
New York	1	1,878	402.05		391.98		2.6		90.7		89.9		0.8		364.48		352.03		3.5		554.00		535.74		3.4
New Orleans	1	1,622	221.16		214.82		2.9		59.5		68.7		(9.2)		131.69		147.64		(10.8)		246.80		256.21		(3.7)
Boston(2)	3	1,536	243.45		240.47		1.2		80.3		79.5		0.8		195.43		191.04		2.3		256.40		256.34		—
Southern California	5	1,773	203.88		211.95		(3.8)		74.9		72.5		2.4		152.70		153.65		(0.6)		249.38		247.79		0.6
Key West(3)	2	461	540.03		500.78		7.8		73.0		56.3		16.7		394.47		282.40		39.7		612.58		420.26		45.8
Chicago	3	2,467	233.51		220.54		5.9		60.1		56.5		3.6		140.25		124.42		12.7		215.81		199.36		8.3
Puerto Rico	1	652	298.30		283.61		5.2		71.4		68.3		3.1		212.90		193.72		9.9		355.90		333.26		6.8
Washington, D.C.	2	1,085	195.36		189.29		3.2		65.0		65.4		(0.4)		127.03		123.84		2.6		198.22		195.99		1.1
Denver	1	613	177.98		180.17		(1.2)		56.8		69.9		(13.1)		101.05		125.94		(19.8)		150.24		180.77		(16.9)
Miami	1	393	257.11		243.58		5.6		76.8		80.1		(3.3)		197.44		195.00		1.3		259.28		256.79		1.0
Seattle(2)	2	1,246	132.98		136.55		(2.6)		69.4		65.6		3.8		92.22		89.47		3.1		127.84		137.71		(7.2)
San Francisco	2	660	214.08		241.97		(11.5)		77.1		71.6		5.5		165.13		173.38		(4.8)		211.93		230.25		(8.0)
Other	8	2,475	190.59		186.44		2.2		63.5		63.4		0.1		121.04		118.24		2.4		170.76		165.70		3.1
All Markets	37	22,711	$	255.98	$	254.20	0.7	%	69.9	%	71.4	%	(1.5)	% pts	$	179.02	$	181.52	(1.4)	%	$	287.21	$	292.88	(1.9)	%

_____________________________________

(1)Calculated based on unrounded numbers.

(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.

(3)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.


21



			Portfolio and Operating Metrics (continued)


			Comparable Hotels by Market: Q4 2024 vs. Q4 2023


(unaudited, dollars in millions)			Comparable Hotel Adjusted EBITDA						Comparable Hotel Revenue						Comparable Hotel Adjusted EBITDA Margin
	Hotels	Rooms	4Q24		4Q23		Change(1)		4Q24		4Q23		Change(1)		4Q24		4Q23		Change
Hawaii(2)	2	3,525	$	26	$	54	(52.7)	%	$	107	$	146	(26.2)	%	23.9	%	37.3	%	(1,340)	bps
Orlando	3	2,325	27		22		27.3		82		69		19.8		33.1		31.1		200
New York	1	1,878	28		26		8.0		96		93		3.4		29.1		27.9		120
New Orleans	1	1,622	13		14		(6.0)		37		38		(3.7)		35.7		36.6		(90)
Boston(2)	3	1,536	9		11		(12.6)		36		36		—		25.2		28.8		(360)
Southern California	5	1,773	10		11		(10.3)		41		40		0.6		24.0		26.9		(290)
Key West(3)	2	461	10		5		96.4		26		18		45.8		40.3		29.9		1,040
Chicago	3	2,467	6		4		36.7		49		45		8.3		12.0		9.4		260
Puerto Rico	1	652	5		5		6.1		21		20		6.8		23.9		24.1		(20)
Washington, D.C.	2	1,085	4		4		(8.7)		20		20		1.1		20.7		22.9		(220)
Denver	1	613	3		3		(22.1)		8		10		(16.9)		31.4		33.5		(210)
Miami	1	393	3		4		(18.1)		9		9		1.0		31.3		38.6		(730)
Seattle(2)	2	1,246	(1)		—		(467.6)		15		16		(7.2)		(10.2)		2.6		(1,280)
San Francisco	2	660	(1)		2		(141.8)		13		14		(8.0)		(4.4)		9.7		(1,410)
Other	8	2,475	5		6		(13.0)		40		37		3.1		13.6		16.1		(250)
All Markets	37	22,711	$	147	$	171	(13.7)	%	$	600	$	611	(1.9)	%	24.6	%	27.9	%	(330)	bps

_____________________________________

(1)Calculated based on unrounded numbers.

(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.


22



			Portfolio and Operating Metrics (continued)


			Comparable Hotels by Market: Full-Year 2024 vs. Full-Year 2023


(unaudited)			Comparable ADR						Comparable Occupancy						Comparable RevPAR						Comparable Total RevPAR
	Hotels	Rooms	2024		2023		Change(1)		2024		2023		Change		2024		2023		Change(1)		2024		2023		Change(1)
Hawaii(2)	2	3,525	$	306.85	$	308.66	(0.6)	%	82.4	%	89.5	%	(7.1)	% pts	$	252.82	$	276.24	(8.5)	%	$	428.26	$	478.28	(10.5)	%
Orlando	3	2,325	245.89		233.13		5.5		70.8		66.5		4.3		174.14		155.07		12.3		376.21		320.99		17.2
New York	1	1,878	322.03		316.99		1.6		86.3		84.5		1.8		277.92		267.91		3.7		434.48		408.14		6.5
New Orleans	1	1,622	210.65		206.02		2.2		66.3		66.0		0.3		139.64		135.97		2.7		253.71		248.75		2.0
Boston(2)	3	1,536	251.11		242.00		3.8		82.0		79.6		2.4		205.94		192.77		6.8		265.94		252.36		5.4
Southern California	5	1,773	220.80		231.80		(4.7)		79.1		75.8		3.3		174.63		175.76		(0.6)		275.55		278.45		(1.0)
Key West(3)	2	461	541.57		521.30		3.9		74.8		50.7		24.1		405.35		264.45		53.3		619.07		387.15		59.9
Chicago	3	2,467	227.48		221.48		2.7		62.5		58.9		3.6		142.08		130.30		9.0		219.73		203.04		8.2
Puerto Rico	1	652	302.02		288.95		4.5		74.6		75.8		(1.2)		225.25		218.85		2.9		351.76		345.01		2.0
Washington, D.C.	2	1,085	193.51		182.76		5.9		72.2		72.0		0.2		139.66		131.62		6.1		206.34		195.74		5.4
Denver	1	613	190.84		191.51		(0.3)		66.0		71.8		(5.8)		125.97		137.58		(8.4)		189.31		200.18		(5.4)
Miami	1	393	264.69		254.47		4.0		80.0		80.1		(0.1)		211.82		203.92		3.9		279.24		272.50		2.5
Seattle(2)	2	1,246	156.04		161.62		(3.5)		75.5		69.1		6.4		117.78		111.62		5.5		159.50		155.88		2.3
San Francisco	2	660	244.83		264.41		(7.4)		73.2		70.7		2.5		179.23		186.98		(4.1)		236.01		250.65		(5.8)
Other	8	2,475	189.35		189.47		(0.1)		66.5		64.8		1.7		125.85		122.78		2.5		173.24		168.98		2.5
All Markets	37	22,711	$	251.74	$	248.85	1.2	%	74.2	%	73.0	%	1.2	% pts	$	186.78	$	181.57	2.9	%	$	299.25	$	290.81	2.9	%

_____________________________________

(1)Calculated based on unrounded numbers.

(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.


23



			Portfolio and Operating Metrics (continued)


			Comparable Hotels by Market: Full-Year 2024 vs. Full-Year 2023


(unaudited, dollars in millions)			Comparable Hotel Adjusted EBITDA						Comparable Hotel Revenue						Comparable Hotel Adjusted EBITDA Margin
	Hotels	Rooms	2024		2023		Change(1)		2024		2023		Change(1)		2024		2023		Change
Hawaii(2)(3)	2	3,525	$	202	$	244	(17.2)	%	$	550	$	612	(10.2)	%	36.7	%	39.8	%	(310)	bps
Orlando	3	2,325	102		81		26.4		320		272		17.5		32.0		29.8		220
New York	1	1,878	53		45		17.3		299		280		6.7		17.6		16.0		160
New Orleans	1	1,622	52		54		(4.1)		151		147		2.3		34.4		36.7		(230)
Boston(2)(4)	3	1,536	50		43		16.6		150		141		5.7		33.4		30.3		310
Southern California	5	1,773	51		54		(5.4)		179		180		(0.8)		28.8		30.2		(140)
Key West(5)	2	461	42		19		121.8		104		65		60.3		40.1		29.0		1,110
Chicago(6)	3	2,467	27		27		(3.0)		198		183		8.5		13.5		15.1		(160)
Puerto Rico	1	652	22		22		1.0		84		82		2.2		26.0		26.3		(30)
Washington, D.C.	2	1,085	20		19		7.1		82		78		5.7		24.5		24.2		30
Denver	1	613	15		16		(9.7)		42		45		(5.2)		34.6		36.3		(170)
Miami	1	393	14		14		0.4		40		39		2.8		35.6		36.4		(80)
Seattle(2)	2	1,246	5		8		(32.0)		73		71		2.6		7.2		10.9		(370)
San Francisco	2	660	4		9		(57.2)		57		61		(5.6)		6.4		14.1		(770)
Other	8	2,475	23		24		(3.1)		156		153		2.8		15.3		16.2		(90)
All Markets	37	22,711	$	682	$	679	0.5	%	$	2,485	$	2,409	3.2	%	27.5	%	28.2	%	(70)	bps

_____________________________________

(1)Calculated based on unrounded numbers.

(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.

(3)During Q1 2024, Park’s Hawaii hotels benefited from a state unemployment tax refund of approximately $4 million.

(4)During Q1 2024, Park’s Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation’s Hotel & Motel Relief Grant Program.

(5)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.

(6)In Q3 2023, Park’s Chicago hotels benefited from a property tax reassessment resulting in an approximately $8 million benefit. Additionally, Park’s Chicago hotels received a grant of approximately $2 million under the Back-to-Business Illinois Hotel Jobs and Recovery Grant Program, which offset payroll expenses.


24



			Portfolio and Operating Metrics (continued)


			Core Hotels: Q4 2024 vs. Q4 2023


	(unaudited)	ADR						Occupancy						RevPAR						Total RevPAR
		4Q24		4Q23		Change(1)		4Q24		4Q23		Change		4Q24		4Q23		Change(1)		4Q24		4Q23		Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort(2)	$	292.16	$	305.11	(4.2)	%	65.7	%	84.4	%	(18.7)	% pts	$	191.95	$	257.60	(25.5)	%	$	304.75	$	413.03	(26.2)	%
2	Hilton Waikoloa Village(3)	315.62		348.78		(9.5)		64.9		86.1		(21.2)		204.87		300.45		(31.8)		458.38		621.57		(26.3)
3	Signia by Hilton Orlando Bonnet Creek	233.98		225.98		3.5		71.6		69.7		1.9		167.44		157.45		6.3		413.62		391.91		5.5
4	Waldorf Astoria Orlando	402.33		375.25		7.2		79.8		48.5		31.3		320.96		182.06		76.3		556.06		349.52		59.1
5	Hilton Orlando Lake Buena Vista	180.17		177.63		1.4		78.1		70.1		8.0		140.63		124.36		13.1		243.95		216.65		12.6
6	New York Hilton Midtown	402.05		391.98		2.6		90.7		89.9		0.8		364.48		352.03		3.5		554.00		535.74		3.4
7	Hilton New Orleans Riverside	221.16		214.82		2.9		59.5		68.7		(9.2)		131.69		147.64		(10.8)		246.80		256.21		(3.7)
8	Hilton Boston Logan Airport(2)	250.25		243.74		2.7		86.7		90.8		(4.1)		217.05		221.39		(2.0)		269.11		283.13		(5.0)
9	Hyatt Regency Boston	264.37		262.01		0.9		86.3		80.6		5.7		228.11		211.18		8.0		286.72		271.42		5.6
10	Boston Marriott Newton	197.70		201.11		(1.7)		64.2		62.1		2.1		126.89		124.90		1.6		203.17		201.12		1.0
11	Hilton Santa Barbara Beachfront Resort	307.48		302.80		1.5		65.0		70.3		(5.3)		199.92		212.84		(6.1)		331.02		345.28		(4.1)
12	Hyatt Regency Mission Bay Spa and Marina	212.02		221.09		(4.1)		72.4		65.4		7.0		153.44		144.62		6.1		276.72		271.71		1.8
13	Hilton Checkers Los Angeles	187.59		218.82		(14.3)		72.6		70.5		2.1		136.23		154.31		(11.7)		173.84		187.22		(7.1)
14	Casa Marina Key West, Curio Collection(4)	562.09		507.49		10.8		74.4		46.7		27.7		417.97		236.66		76.6		651.25		353.59		84.2
15	The Reach Key West, Curio Collection	491.67		492.31		(0.1)		70.3		76.6		(6.3)		345.74		377.23		(8.3)		532.41		558.49		(4.7)
16	Hilton Chicago	224.74		213.10		5.5		61.4		56.4		5.0		137.96		120.25		14.7		238.55		220.90		8.0
17	The Midland Hotel, a Tribute Portfolio Hotel	293.40		280.53		4.6		55.7		56.0		(0.3)		163.32		157.02		4.0		193.10		195.39		(1.2)
18	The Wade	216.95		196.64		10.3		59.5		56.7		2.8		129.18		111.52		15.8		165.89		138.48		19.8
19	DoubleTree Hotel Washington DC – Crystal City	183.74		180.66		1.7		65.3		65.9		(0.6)		120.05		119.06		0.8		162.67		167.44		(2.8)
20	Hilton Denver City Center	177.98		180.17		(1.2)		56.8		69.9		(13.1)		101.05		125.94		(19.8)		150.24		180.77		(16.9)
21	Royal Palm South Beach Miami	257.11		243.58		5.6		76.8		80.1		(3.3)		197.44		195.00		1.3		259.28		256.79		1.0
22	Hyatt Centric Fisherman’s Wharf	169.45		189.62		(10.6)		72.8		73.8		(1.0)		123.31		139.98		(11.9)		166.95		190.12		(12.2)
23	JW Marriott San Francisco Union Square	250.84		292.94		(14.4)		81.1		69.6		11.5		203.55		204.06		(0.3)		253.24		267.11		(5.2)
24	DoubleTree Hotel San Jose	181.49		182.42		(0.5)		58.4		61.6		(3.2)		106.01		112.32		(5.6)		154.42		162.93		(5.2)
25	Juniper Hotel Cupertino, Curio Collection	203.13		187.41		8.4		67.5		63.1		4.4		137.16		118.37		15.9		158.84		137.93		15.2
	Total Core Hotels	274.44		271.66		1.0		70.1		72.6		(2.5)		192.36		197.07		(2.4)		310.85		319.67		(2.8)

	All Other Hotels(2)	187.99		185.55		1.3		69.4		67.3		2.1		130.40		124.81		4.5		201.00		195.20		3.0
	Total Comparable Hotels	$	255.98	$	254.20	0.7	%	69.9	%	71.4	%	(1.5)	% pts	$	179.02	$	181.52	(1.4)	%	$	287.21	$	292.88	(1.9)	%

_____________________________________

(1)Calculated based on unrounded numbers.

(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.

(3)Beginning in August 2024, operations at the Hilton Waikoloa Village were disrupted by the first phase of comprehensive guestroom renovations at the Palace Tower, which were completed by January 2025.

(4)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.


25



			Portfolio and Operating Metrics (continued)


			Core Hotels: Q4 2024 vs. Q4 2023


	(unaudited, dollars in millions)	Hotel Adjusted EBITDA						Hotel Revenue						Hotel Adjusted EBITDA Margin
		4Q24		4Q23		Change(1)		4Q24		4Q23		Change(1)		4Q24		4Q23		Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort(2)	$	18	$	40	(56.0)	%	$	80	$	109	(26.2)	%	21.9	%	36.8	%	(1,490)	bps
2	Hilton Waikoloa Village(3)	8		14		(43.3)		27		37		(26.3)		29.8		38.8		(900)
3	Signia by Hilton Orlando Bonnet Creek	14		14		(3.3)		38		36		5.5		35.3		38.5		(320)
4	Waldorf Astoria Orlando	8		3		209.1		26		16		59.1		34.5		17.8		1,670
5	Hilton Orlando Lake Buena Vista	5		5		6.9		18		16		12.6		26.6		28.0		(140)
6	New York Hilton Midtown	28		26		8.0		96		93		3.4		29.1		27.9		120
7	Hilton New Orleans Riverside	13		14		(6.0)		37		38		(3.7)		35.7		36.6		(90)
8	Hilton Boston Logan Airport(2)	3		4		(15.6)		15		16		(5.0)		26.0		29.3		(330)
9	Hyatt Regency Boston	4		4		(4.2)		13		13		5.6		28.1		31.0		(290)
10	Boston Marriott Newton	2		2		(22.0)		8		8		1.0		19.0		24.6		(560)
11	Hilton Santa Barbara Beachfront Resort	4		5		(11.9)		11		11		(4.1)		40.5		44.1		(360)
12	Hyatt Regency Mission Bay Spa and Marina	2		2		(9.1)		11		11		1.8		15.2		17.0		(180)
13	Hilton Checkers Los Angeles	—		—		(25.8)		3		3		(7.1)		9.9		12.4		(250)
14	Casa Marina Key West, Curio Collection(4)	8		3		209.0		19		10		84.2		41.7		24.9		1,680
15	The Reach Key West, Curio Collection	2		3		(3.9)		7		8		(4.7)		36.9		36.6		30
16	Hilton Chicago	5		5		11.9		34		31		8.0		15.4		14.9		50
17	The Midland Hotel, a Tribute Portfolio Hotel	1		—		30.0		7		7		(1.2)		9.0		6.8		220
18	The Wade	—		(1)		103.4		8		7		19.8		0.4		(12.8)		1,320
19	DoubleTree Hotel Washington DC – Crystal City	2		2		(16.3)		9		10		(2.8)		19.4		22.5		(310)
20	Hilton Denver City Center	3		3		(22.1)		8		10		(16.9)		31.4		33.5		(210)
21	Royal Palm South Beach Miami	3		4		(18.1)		9		9		1.0		31.3		38.6		(730)
22	Hyatt Centric Fisherman’s Wharf	—		1		(141.3)		5		6		(12.2)		(5.2)		11.1		(1,630)
23	JW Marriott San Francisco Union Square	—		1		(142.2)		8		8		(5.2)		(3.9)		8.8		(1,270)
24	DoubleTree Hotel San Jose	—		1		(67.7)		8		8		(5.2)		3.7		10.8		(710)
25	Juniper Hotel Cupertino, Curio Collection	1		—		63.9		4		3		15.2		21.6		15.2		640
	Total Core Hotels	134		155		(13.5)		509		524		(2.8)		26.3		29.6		(330)

	All Other Hotels(2)	13		16		(15.1)		91		87		3.0		14.9		18.1		(320)
	Total Comparable Hotels	$	147	$	171	(13.7)	%	$	600	$	611	(1.9)	%	24.6	%	27.9	%	(330)	bps

_____________________________________

(1)Calculated based on unrounded numbers.

(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.


26



			Portfolio and Operating Metrics (continued)


			Core Hotels: Full-Year 2024 vs. Full-Year 2023


	(unaudited)	ADR						Occupancy						RevPAR						Total RevPAR
		2024		2023		Change(1)		2024		2023		Change		2024		2023		Change(1)		2024		2023		Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort(2)	$	303.95	$	302.01	0.6	%	84.1	%	90.8	%	(6.7)	% pts	$	255.69	$	274.17	(6.7)	%	$	406.39	$	445.04	(8.7)	%
2	Hilton Waikoloa Village(3)	321.28		340.53		(5.7)		74.7		83.8		(9.1)		240.12		285.37		(15.9)		524.91		625.22		(16.0)
3	Signia by Hilton Orlando Bonnet Creek	233.06		219.76		6.1		72.8		69.8		3.0		169.71		153.47		10.6		433.00		364.19		18.9
4	Waldorf Astoria Orlando	383.24		363.04		5.6		66.3		54.8		11.5		254.15		199.01		27.7		477.56		378.00		26.3
5	Hilton Orlando Lake Buena Vista	183.18		186.67		(1.9)		71.1		69.6		1.5		130.28		129.97		0.2		243.33		232.30		4.8
6	New York Hilton Midtown	322.03		316.99		1.6		86.3		84.5		1.8		277.92		267.91		3.7		434.48		408.14		6.5
7	Hilton New Orleans Riverside	210.65		206.02		2.2		66.3		66.0		0.3		139.64		135.97		2.7		253.71		248.75		2.0
8	Hilton Boston Logan Airport(2)	258.15		246.77		4.6		91.3		92.9		(1.6)		235.72		229.30		2.8		290.82		290.72		—
9	Hyatt Regency Boston	273.73		263.37		3.9		85.4		79.4		6.0		233.65		209.01		11.8		293.92		265.00		10.9
10	Boston Marriott Newton	202.56		199.59		1.5		65.0		61.3		3.7		131.74		122.52		7.5		198.32		183.71		8.0
11	Hilton Santa Barbara Beachfront Resort	331.55		337.95		(1.9)		72.0		71.7		0.3		238.55		242.16		(1.5)		375.12		389.99		(3.8)
12	Hyatt Regency Mission Bay Spa and Marina	244.85		276.05		(11.3)		78.4		68.4		10.0		192.02		188.91		1.6		337.25		336.75		0.1
13	Hilton Checkers Los Angeles	196.02		216.85		(9.6)		72.1		72.8		(0.7)		141.26		157.80		(10.5)		176.74		186.17		(5.1)
14	Casa Marina Key West, Curio Collection(4)	555.92		528.79		5.1		74.7		37.4		37.3		415.20		197.46		110.3		638.29		292.93		117.9
15	The Reach Key West, Curio Collection	512.03		513.91		(0.4)		75.2		78.5		(3.3)		384.93		403.34		(4.6)		579.21		582.50		(0.6)
16	Hilton Chicago	214.93		211.81		1.5		64.5		58.3		6.2		138.68		123.43		12.4		241.92		219.27		10.3
17	The Midland Hotel, a Tribute Portfolio Hotel	297.23		280.27		6.1		56.6		58.2		(1.6)		168.11		162.89		3.2		201.77		200.08		0.8
18	The Wade	216.75		205.49		5.5		60.9		61.0		(0.1)		132.02		125.42		5.3		167.75		157.13		6.8
19	DoubleTree Hotel Washington DC – Crystal City	184.99		175.63		5.3		74.1		74.5		(0.4)		137.14		130.97		4.7		186.04		186.25		(0.1)
20	Hilton Denver City Center	190.84		191.51		(0.3)		66.0		71.8		(5.8)		125.97		137.58		(8.4)		189.31		200.18		(5.4)
21	Royal Palm South Beach Miami	264.69		254.47		4.0		80.0		80.1		(0.1)		211.82		203.92		3.9		279.24		272.50		2.5
22	Hyatt Centric Fisherman’s Wharf	186.13		201.42		(7.6)		74.8		74.0		0.8		139.29		149.15		(6.6)		185.40		204.65		(9.4)
23	JW Marriott San Francisco Union Square	301.10		327.74		(8.1)		71.7		67.6		4.1		215.92		221.73		(2.6)		282.50		292.90		(3.6)
24	DoubleTree Hotel San Jose	183.20		174.14		5.2		60.4		60.6		(0.2)		110.56		105.37		4.9		159.11		159.40		(0.2)
25	Juniper Hotel Cupertino, Curio Collection	200.25		191.63		4.5		71.9		62.9		9.0		144.03		120.57		19.5		163.12		139.69		16.8
	Total Core Hotels	267.41		263.11		1.6		74.4		73.5		0.9		198.98		193.33		2.9		324.10		314.91		2.9

	All Other Hotels(2)	193.85		195.11		(0.6)		73.4		71.1		2.3		142.29		138.69		2.6		208.61		202.93		2.8
	Total Comparable Hotels	$	251.74	$	248.85	1.2	%	74.2	%	73.0	%	1.2	% pts	$	186.78	$	181.57	2.9	%	$	299.25	$	290.81	2.9	%

_______________________________________________________________

(1)Calculated based on unrounded numbers.

(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.


27



			Portfolio and Operating Metrics (continued)


			Core Hotels: Full-Year 2024 vs. Full-Year 2023


	(unaudited, dollars in millions)	Hotel Adjusted EBITDA						Hotel Revenue						Hotel Adjusted EBITDA Margin
		2024		2023		Change(1)		2024		2023		Change(1)		2024		2023		Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort(2)(3)	$	161	$	188	(14.2)	%	$	426	$	464	(8.4)	%	37.9	%	40.5	%	(260)	bps
2	Hilton Waikoloa Village(4)	41		56		(27.3)		124		148		(15.8)		32.8		38.0		(520)
3	Signia by Hilton Orlando Bonnet Creek	57		46		22.3		160		134		19.2		35.6		34.7		90
4	Waldorf Astoria Orlando	25		14		84.3		88		69		26.7		28.7		19.7		900
5	Hilton Orlando Lake Buena Vista	20		21		(2.7)		72		69		5.0		27.9		30.1		(220)
6	New York Hilton Midtown	53		45		17.3		299		280		6.7		17.6		16.0		160
7	Hilton New Orleans Riverside	52		54		(4.1)		151		147		2.3		34.4		36.7		(230)
8	Hilton Boston Logan Airport(2)(4)	20		19		6.7		64		64		0.3		31.0		29.2		180
9	Hyatt Regency Boston(4)	21		17		22.9		55		49		11.2		38.6		34.9		370
10	Boston Marriott Newton(4)	9		7		27.8		31		29		8.2		29.4		24.9		450
11	Hilton Santa Barbara Beachfront Resort	22		23		(5.3)		49		51		(3.5)		44.6		45.4		(80)
12	Hyatt Regency Mission Bay Spa and Marina	12		13		(5.3)		54		54		0.4		23.1		24.5		(140)
13	Hilton Checkers Los Angeles	2		1		14.9		12		13		(4.8)		13.3		11.0		230
14	Casa Marina Key West, Curio Collection(5)	30		7		353.2		73		33		118.5		41.3		19.9		2,140
15	The Reach Key West, Curio Collection	12		12		(3.0)		32		32		(0.3)		37.4		38.4		(100)
16	Hilton Chicago(6)	22		20		7.4		137		124		10.6		15.8		16.3		(50)
17	The Midland Hotel, a Tribute Portfolio Hotel(6)	4		5		(32.7)		30		29		1.1		12.1		18.2		(610)
18	The Wade(6)	1		2		(28.2)		32		30		7.1		4.5		6.7		(220)
19	DoubleTree Hotel Washington DC – Crystal City	11		12		(3.6)		43		43		0.2		27.1		28.2		(110)
20	Hilton Denver City Center	15		16		(9.7)		42		45		(5.2)		34.6		36.3		(170)
21	Royal Palm South Beach Miami	14		14		0.4		40		39		2.8		35.6		36.4		(80)
22	Hyatt Centric Fisherman’s Wharf	1		4		(64.5)		21		24		(9.2)		5.8		14.9		(910)
23	JW Marriott San Francisco Union Square	2		5		(52.1)		36		37		(3.3)		6.8		13.7		(690)
24	DoubleTree Hotel San Jose	3		3		(1.5)		29		29		0.1		8.5		8.6		(10)
25	Juniper Hotel Cupertino, Curio Collection	3		2		79.0		13		11		17.1		24.0		15.7		830
	Total Core Hotels	613		606		1.2		2,113		2,047		3.2		29.0		29.6		(60)

	All Other Hotels(2)	69		73		(5.3)		372		362		3.1		18.5		20.1		(160)
	Total Comparable Hotels	$	682	$	679	0.5	%	$	2,485	$	2,409	3.2	%	27.5	%	28.2	%	(70)	bps

____________________________________________________

(1)Calculated based on unrounded numbers.

(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.

(3)During Q1 2024, Park’s Hawaii hotels benefited from a state unemployment tax refund of approximately $4 million.

(4)Beginning in August 2024, operations at the Hilton Waikoloa Village were disrupted by the first phase of comprehensive guestroom renovations at the Palace Tower, which were completed by January 2025.

(5)During Q1 2024, Park’s Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation’s Hotel & Motel Relief Grant Program.

(6)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.

(7)In Q3 2023, Park’s Chicago hotels benefited from a property tax reassessment resulting in an approximately $8 million benefit. Additionally, Park’s Chicago hotels received a grant of approximately $2 million under the Back-to-Business Illinois Hotel Jobs and Recovery Grant Program, which offset payroll expenses.


28



			Properties Acquired and Sold


29



			Properties Acquired and Sold


			Properties Acquired


Hotel	Location	Room Count
2019 Acquisitions:

Chesapeake Lodging Trust Acquisition(1)
Hilton Denver City Center	Denver, CO	613
The Wade(2)	Chicago, IL	520
Hyatt Regency Boston	Boston, MA	502
Hyatt Regency Mission Bay Spa and Marina	San Diego, CA	438
Boston Marriott Newton	Newton, MA	430
Le Meridien New Orleans(3)	New Orleans, LA	410
The Midland Hotel, a Tribute Portfolio Hotel(4)	Chicago, IL	403
Royal Palm South Beach Miami, a Tribute Portfolio Resort	Miami Beach, FL	393
Le Meridien San Francisco(5)	San Francisco, CA	360
JW Marriott San Francisco Union Square	San Francisco, CA	344
Hyatt Centric Fisherman’s Wharf	San Francisco, CA	316
Hotel Indigo San Diego Gaslamp Quarter(6)	San Diego, CA	210
Courtyard Washington Capitol Hill/Navy Yard(6)	Washington, DC	204
Homewood Suites by Hilton Seattle Convention Center Pike Street(7)	Seattle, WA	195
Hilton Checkers Los Angeles	Los Angeles, CA	193
Ace Hotel Downtown Los Angeles(3)	Los Angeles, CA	182
Hotel Adagio, Autograph Collection(8)	San Francisco, CA	171
W New Orleans – French Quarter(9)	New Orleans, LA	97
		5,981

_____________________________________

(1)Park’s acquisition of Chesapeake Lodging Trust closed in September 2019 for total consideration of approximately $2.5 billion, including acquisition costs.

(2)In February 2025, the W Chicago – Lakeshore was converted to The Wade.

(3)Sold in December 2019.

(4)In January 2025, the W Chicago – City Center was converted to The Midland Hotel, a Tribute Portfolio Hotel.

(5)Sold in August 2021.

(6)Sold in June 2021.

(7)Sold in June 2022.

(8)Sold in July 2021.

(9)Sold in April 2021.


30



			Properties Acquired and Sold (continued)


			Properties Sold


Hotel	Location	Month Sold	Room Count	Gross Proceeds
				(in millions)






2018 Total Sales (13 Hotels)			3,193	$	519.0










2019 Total Sales (8 Hotels)			2,597	$	496.9




2020 Total Sales (2 Hotels)			700	$	207.9







2021 Total Sales (5 Hotels)			1,042	$	476.6

2022 Sales:
Hampton Inn & Suites Memphis – Shady Grove	Memphis, Tennessee	April 2022	131	$	11.5
Hilton Chicago/Oak Brook Suites	Chicago, Illinois	May 2022	211	10.3
Homewood Suites by Hilton Seattle Convention Center Pike Street	Seattle, Washington	June 2022	195	80.0
Hilton San Diego Bayfront(1)	San Diego, California	June 2022	1,190	157.0
Hilton Garden Inn Chicago/Oakbrook Terrace	Chicago, Illinois	July 2022	128	9.4
Hilton Garden Inn LAX/El Segundo	El Segundo, California	September 2022	162	37.5
DoubleTree Hotel Las Vegas Airport(2)	Las Vegas, Nevada	October 2022	190	11.2
2022 Total (7 Hotels)			2,207	$	316.9

2023 Sales:
Hilton Miami Airport	Miami, Florida	February 2023	508	$	118.3
2023 Total (1 Hotel)			508	$	118.3

2024 Sales:
Hilton La Jolla Torrey Pines(3)	La Jolla, California	July 2024	394	$	41.3
DoubleTree Hotel Spokane City Center(4)	Spokane, Washington	December 2024	375	35.0
2024 Total (2 Hotels)			769	$	76.3

Grand Total(5) (38 Hotels)			11,016	$	2,211.9

_____________________________________

(1)Park sold its 25% interests in the joint ventures that own and operate this unconsolidated hotel for total gross proceeds of approximately $157 million, which were reduced by $55 million for Park’s share of the mortgage debt.

(2)The unconsolidated hotel was sold for total gross proceeds of approximately $22 million, of which $11.2 million represents Park’s pro-rata share.

(3)The unconsolidated hotel was sold for total gross proceeds of approximately $165 million, of which $41.3 million represents Park’s pro-rata share.

(4)The hotel that was owned by a consolidated joint venture was sold for total gross proceeds of approximately $35 million, which were reduced for the repayment of the $14 million mortgage loan. Park’s pro-rata share of the net proceeds was approximately $10 million.

(5)To date, Park has sold its interest in 38 hotels. In addition, five other properties were subject to ground leases that either expired or were terminated by Park or the landlord, and consequently turned over to the landlord. Further, the two Hilton San Francisco Hotels were placed into receivership in October 2023.


31



			Comparable Supplementary Financial Information


32



			Comparable Supplementary Financial Information

			Historical Comparable Full-Year Hotel Metrics


(unaudited, dollars in millions)
	Three Months Ended												Full-Year
	March 31,			June 30,			September 30,			December 31,			December 31,
	2024			2024			2024			2024			2024
Comparable RevPAR	$	178.94		$	198.26		$	190.94		$	179.02		$	186.78
Comparable Occupancy	71.4		%	77.5		%	78.0		%	69.9		%	74.2		%
Comparable ADR	$	250.75		$	255.83		$	244.82		$	255.98		$	251.74

Total Revenues	$	639		$	686		$	649		$	625		$	2,599
Operating income	$	92		$	121		$	95		$	83		$	391
Operating income margin(1)	14.5		%	17.5		%	14.6		%	13.3		%	15.0		%

Comparable Hotel Revenues	$	610		$	655		$	620		$	600		$	2,485
Comparable Hotel Adjusted EBITDA	$	169		$	198		$	168		$	147		$	682
Comparable Hotel Adjusted EBITDA margin(1)	27.7		%	30.2		%	27.2		%	24.6		%	27.5		%

	Three Months Ended												Full-Year
	March 31,			June 30,			September 30,			December 31,			December 31,
	2023			2023			2023			2023			2023
Comparable RevPAR	$	165.89		$	193.81		$	184.85		$	181.52		$	181.57
Comparable Occupancy	67.8		%	77.1		%	75.5		%	71.4		%	73.0		%
Comparable ADR	$	244.75		$	251.42		$	244.81		$	254.20		$	248.85

Total Revenues	$	648		$	714		$	679		$	657		$	2,698
Operating income (loss)	$	80		$	(98)		$	85		$	276		$	343
Operating income (loss) margin(1)	12.4		%	(13.7)		%	12.5		%	42.0		%	12.7		%

Comparable Hotel Revenues	$	567		$	634		$	597		$	611		$	2,409
Comparable Hotel Adjusted EBITDA	$	146		$	190		$	172		$	171		$	679
Comparable Hotel Adjusted EBITDA margin(1)	25.8		%	30.1		%	28.8		%	27.9		%	28.2		%

	Three Months Ended												Full-Year
	March 31,			June 30,			September 30,			December 31,			December 31,
	2019			2019			2019			2019			2019
Comparable RevPAR	$	165.70		$	190.25		$	184.48		$	175.77		$	179.09
Comparable Occupancy	76.2		%	84.7		%	83.2		%	79.6		%	81.0		%
Comparable ADR	$	217.44		$	224.59		$	221.65		$	220.71		$	221.21

Total Revenues	$	659		$	703		$	672		$	810		$	2,844
Operating income	$	129		$	111		$	38		$	148		$	426
Operating income margin(1)	19.5		%	15.8		%	5.8		%	18.2		%	15.0		%

Comparable Hotel Revenues	$	569		$	642		$	607		$	626		$	2,444
Comparable Hotel Adjusted EBITDA	$	153		$	202		$	176		$	189		$	720
Comparable Hotel Adjusted EBITDA margin(1)	26.9		%	31.5		%	28.9		%	30.1		%	29.4		%

_____________________________________

(1)Percentages are calculated based on unrounded numbers.


33



			Comparable Supplementary Financial Information (continued)

			Historical Comparable Hotel Adjusted EBITDA – Full-Year 2024


	Three Months Ended								Full-Year
(unaudited, in millions)	March 31,		June 30,		September		December 31,		December 31,
	2024		2024		2024		2024		2024
Net income	$	29	$	67	$	57	$	73	$	226
Depreciation and amortization expense	65		64		63		65		257
Interest income	(5)		(5)		(6)		(5)		(21)
Interest expense	53		54		54		53		214
Interest expense associated with hotels in receivership(1)	14		15		15		16		60
Income tax expense (benefit)	1		(12)		2		(52)		(61)
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	3		2		4		1		10
EBITDA	160		185		189		151		685
Gain on sales of assets, net	—		—		—		(8)		(8)
Gain on derecognition of assets(1)	(14)		(15)		(15)		(16)		(60)
Gain on sale of investments in affiliates(2)	—		—		(19)		—		(19)
Share-based compensation expense	4		5		5		5		19
Impairment and casualty loss	6		7		—		1		14
Other items	6		11		(1)		5		21
Adjusted EBITDA	162		193		159		138		652
Less: Adjusted EBITDA from hotels disposed of	—		(1)		—		—		(1)
Less: Adjusted EBITDA from investments in affiliates disposed of	(1)		(1)		—		—		(2)

Comparable Adjusted EBITDA	161		191		159		138		649
Less: Adjusted EBITDA from investments in affiliates	(7)		(7)		(3)		(4)		(21)
Add: All other(3)	15		14		12		13		54
Comparable Hotel Adjusted EBITDA	$	169	$	198	$	168	$	147	$	682

_____________________________________

(1)For the year ended December 31, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender.

(3)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the consolidated statements of operations.


34



			Comparable Supplementary Financial Information (continued)

			Historical Comparable Hotel Adjusted EBITDA – Full-Year 2023


	Three Months Ended								Full-Year
(unaudited, in millions)	March 31,		June 30,		September 30,		December 31,		December 31,
	2023		2023		2023		2023		2023
Net income (loss)	$	33	$	(146)	$	31	$	188	$	106
Depreciation and amortization expense	64		64		65		94		287
Interest income	(10)		(10)		(9)		(9)		(38)
Interest expense	52		52		51		52		207
Interest expense associated with hotels in receivership	8		9		14		14		45
Income tax expense	2		3		—		33		38
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	3		2		2		1		8
EBITDA	152		(26)		154		373		653
Gain on sales of assets, net	(15)		—		—		—		(15)
Gain on derecognition of assets(1)	—		—		—		(221)		(221)
Gain on sale of investments in affiliates(2)	—		(3)		—		—		(3)
Share-based compensation expense	4		5		5		4		18
Casualty and impairment loss	1		203		—		—		204
Other items	4		8		4		7		23
Adjusted EBITDA	146		187		163		163		659
Less: Adjusted EBITDA from hotels disposed of	(1)		(3)		—		—		(4)
Less: Adjusted EBITDA from investments in affiliates disposed of	(1)		(1)		(1)		(1)		(4)
Less: Adjusted EBITDA from the Hilton San Francisco Hotels	(5)		1		(1)		2		(3)
Comparable Adjusted EBITDA	139		184		161		164		648
Less: Adjusted EBITDA from investments in affiliates	(6)		(7)		(3)		(4)		(20)
Add: All other(3)	13		13		14		11		51
Comparable Hotel Adjusted EBITDA	$	146	$	190	$	172	$	171	$	679

_____________________________________

(1)For the three months and year ended December 31, 2023, represents the gain from derecognizing the Hilton San Francisco Hotels from Park’s consolidated balance sheet in October 2023, when the receiver took control of the hotels.

(2)Included in other (loss) gain, net in the consolidated statements of operations.


35



			Comparable Supplementary Financial Information (continued)

			Historical Comparable Hotel Adjusted EBITDA – Full-Year 2019


	Three Months Ended								Full-Year
(unaudited, in millions)	March 31,		June 30,		September 30,		December 31,		December 31,
	2019		2019		2019		2019		2019
Net income	$	97	$	84	$	9	$	126	$	316
Depreciation and amortization expense	62		61		61		80		264
Interest income	(1)		(2)		(2)		(1)		(6)
Interest expense	25		26		25		34		110
Interest expense associated with hotels in receivership	7		7		8		8		30
Income tax expense	7		5		—		23		35
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	5		7		7		4		23
EBITDA	202		188		108		274		772
(Gain) loss on sales of assets, net	(31)		12		(1)		1		(19)
Gain on sale of investments in affiliates(1)	—		—		—		(44)		(44)
Acquisition costs	—		6		59		5		70
Severance expense	1		1		—		—		2
Share-based compensation expense	4		4		4		4		16
Casualty loss (gain) and impairment loss, net	—		—		8		(26)		(18)
Other items	—		(4)		2		9		7
Adjusted EBITDA	176		207		180		223		786
Add: Adjusted EBITDA from hotels acquired	37		53		39		—		129
Less: Adjusted EBITDA from hotels disposed of	(32)		(33)		(21)		(19)		(105)
Less: Adjusted EBITDA from investments in affiliates disposed of	(4)		(6)		(6)		(4)		(20)






Less: Adjusted EBITDA from the Hilton San Francisco Hotels	(33)		(27)		(25)		(21)		(106)
Comparable Adjusted EBITDA(2)	144		194		167		179		684
Less: Adjusted EBITDA from investments in affiliates	(6)		(6)		(3)		(2)		(17)
Add: All other(3)	15		14		12		12		53
Comparable Hotel Adjusted EBITDA	$	153	$	202	$	176	$	189	$	720

_____________________________________

(1)Included in other (loss) gain, net in the consolidated statements of operations.

(2)Full--year December 31, 2019 includes $15 million associated with 466 rooms at the Hilton Waikoloa Village that were transferred to Hilton Grand Vacations at the end of 2019, $6 million associated with business interruption proceeds related to the loss of income in prior years for the Hilton Caribe and a $6 million operating loss generated from Park’s laundry facilities that were closed in 2021. Excluding these amounts, 2019 Comparable Adjusted EBITDA would have been $669 million.


36



			Comparable Supplementary Financial Information (continued)

			Historical Comparable Full-Year Hotel Revenues – 2024, 2023 and 2019


	Three Months Ended								Full-Year
(unaudited, in millions)	March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024		December 31, 2024
Total Revenues	$	639	$	686	$	649	$	625	$	2,599
Less: Other revenue	(21)		(22)		(21)		(22)		(86)
Less: Revenues from hotels disposed of	(8)		(9)		(8)		(3)		(28)

Comparable Hotel Revenues	$	610	$	655	$	620	$	600	$	2,485

	Three Months Ended								Full-Year
	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		December 31, 2023
Total Revenues	$	648	$	714	$	679	$	657	$	2,698
Less: Other revenue	(20)		(22)		(22)		(21)		(85)
Less: Revenues from hotels disposed of	(13)		(12)		(9)		(8)		(42)

Less: Revenues from the Hilton San Francisco Hotels	(48)		(46)		(51)		(17)		(162)
Comparable Hotel Revenues	$	567	$	634	$	597	$	611	$	2,409

	Three Months Ended								Full-Year
	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		December 31, 2019
Total Revenues	$	659	$	703	$	672	$	810	$	2,844
Less: Other revenue	(18)		(19)		(22)		(18)		(77)
Add: Revenues from hotels acquired	130		151		125		—		406
Less: Revenues from hotels disposed of	(107)		(105)		(82)		(81)		(375)

Less: Revenues from the Hilton San Francisco Hotels	(95)		(88)		(86)		(85)		(354)
Comparable Hotel Revenues	$	569	$	642	$	607	$	626	$	2,444


37



			Capital Structure


38



			Capital Structure


			Fixed and Variable Rate Debt

(unaudited, dollars in millions)

As of December 31, 2024

Debt

Collateral

Interest Rate

Maturity Date

Fixed Rate Debt

Mortgage loan

Hilton Denver City Center

4.90%

June 2025(1)

Mortgage loan

Hyatt Regency Boston

4.25%

July 2026

125

Mortgage loan

Hilton Hawaiian Village Beach Resort

4.20%

November 2026

1,275

Mortgage loan

Hilton Santa Barbara Beachfront Resort

4.17%

December 2026

156

Mortgage loan

DoubleTree Hotel Ontario Airport

5.37%

May 2027

2028 Senior Notes

Unsecured

5.88%

October 2028

725

2029 Senior Notes

Unsecured

4.88%

May 2029

750

2030 Senior Notes

Unsecured

7.00%

February 2030

550

Finance lease obligations

7.04%

2025 to 2028

Total Fixed Rate Debt

5.11%(2)

3,665

Variable Rate Debt

Revolver(3)

Unsecured

SOFR + 1.80%(4)

December 2026

—

2024 Term Loan

Unsecured

SOFR + 1.75%(4)

May 2027

200

Total Variable Rate Debt

6.21%

200

Add: unamortized premium

—

Less: unamortized deferred financing costs and discount

(24)

Total Debt(5)(6)

5.17%(2)

3,841

(1)The loan matures in August 2042 but became callable by the lender in August 2022 with six months of notice. As of December 31, 2024, Park had not received notice from the lender.

(2)Calculated on a weighted average basis.

(3)As of February 19, 2025, Park has $950 million of available capacity under the Revolver.

(4)SOFR includes a credit spread adjustment of 0.1%.

(5)Excludes $157 million of Park’s share of debt of its unconsolidated joint ventures.


39



			Definitions


40



			Definitions

Comparable

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin

•Gains or losses on sales of assets for both consolidated and unconsolidated investments;

•Costs associated with hotel acquisitions or dispositions expensed during the period;

•Severance expense;

•Share-based compensation expense;

•Impairment losses and casualty gains or losses; and

•Other items that management believes are not representative of the Company’s current or future operating performance.

Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.


41



			Definitions (continued)

Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – Diluted and Adjusted FFO per share – Diluted

As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper – 2018 Restatement,” since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company’s presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.


42



			Definitions (continued)

•Costs associated with hotel acquisitions or dispositions expensed during the period;

•Severance expense;

•Share-based compensation expense;

•Casualty gains or losses; and

•Other items that management believes are not representative of the Company’s current or future operating performance.

Net Debt

Net Debt to Adjusted EBITDA Ratio

Net Debt to Adjusted EBITDA ratio, presented herein, is a non-GAAP financial measure and is included as it is frequently used by securities analysts, investors and other interested parties to compare the financial condition of companies. Net Debt to Adjusted EBITDA ratio should not be considered as an alternative to measures of financial condition derived in accordance with U.S. GAAP and it may not be comparable to a similarly titled measure of other companies.

Occupancy


43



			Definitions (continued)

Average Daily Rate

Revenue per Available Room

Total RevPAR


44



			Analyst Coverage


Analyst	Company	Phone	Email
Dany Asad	Bank of America	(646) 855-5238	dany.asad@bofa.com
Ari Klein	BMO Capital Markets	(212) 885-4103	ari.klein@bmo.com
Smedes Rose	Citi Research	(212) 816-6243	smedes.rose@citi.com
Floris Van Dijkum	Compass Point	(646) 757-2621	fvandijkum@compasspointllc.com
Chris Woronka	Deutsche Bank	(212) 250-9376	chris.woronka@db.com
Duane Pfennigwerth	Evercore ISI	(212) 497-0817	duane.pfennigwerth@evercoreisi.com
Christopher Darling	Green Street	(949) 640-8780	cdarling@greenstreet.com
Meredith Jensen	HSBC Global Research	(212) 525-6858	meredith.jensen@us.hsbc.com
David Katz	Jefferies	(212) 323-3355	dkatz@jefferies.com
Joe Greff	JP Morgan	(212) 622-0548	joseph.greff@jpmorgan.com
Stephen Grambling	Morgan Stanley	(212) 761-1010	stephen.grambling@morganstanley.com
RJ Milligan	Raymond James	(727) 567-2585	rjmilligan@raymondjames.com
Patrick Scholes	Truist Securities	(212) 319-3915	patrick.scholes@research.Truist.com
Robin Farley	UBS	(212) 713-2060	robin.farley@ubs.com
Richard Anderson	Wedbush Securities Inc.	(212) 938-9949	richard.anderson@wedbush.com
Dori Kesten	Wells Fargo	(617) 603-4262	dori.kesten@wellsfargo.com
Keegan Carl	Wolfe Research	(646) 582-9251	kcarl@wolferesearch.com


45

Cover Page	Feb. 19, 2025
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 19, 2025
Entity Registrant Name	Park Hotels & Resorts Inc.
Entity Incorporation State Country Code	DE
Entity File Number	001-37795
Entity Tax Identification Number	36-2058176
Entity Address, Address Line One	1775 Tysons Blvd.
Entity Address, Address Line Two	7th Floor
Entity Address, City or Town	Tysons
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	(571)
Local Phone Number	302-5757
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, $0.01 par value per share
Trading Symbol	PK
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001617406
Amendment Flag	false

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