Form 8-K

8-K — Park Hotels & Resorts Inc.

Accession: 0001617406-26-000030

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0001617406

SIC: 7011 (HOTELS & MOTELS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — pk-20260430.htm (Primary)

EX-99.1 (earningsreleaseex991-live.htm)

EX-99.2 (supplementexhibit992-live.htm)

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8-K

8-K (Primary)

Filename: pk-20260430.htm · Sequence: 1

pk-20260430

0001617406false00016174062026-04-302026-04-30

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): April 30, 2026

______________________________________________________________________________________

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 April 30, 2026, Park Hotels & Resorts Inc. (the “Company”) issued a press release announcing its results of operations for the first quarter ended March 31, 2026 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 April 30, 2026

99.2

First Quarter 2026 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: April 30, 2026

By: /s/ Sean M. Dell’Orto

Sean M. Dell’Orto

Executive Vice President, Chief Operating Officer, Chief Financial Officer and Treasurer

EX-99.1

Filename: earningsreleaseex991-live.htm · Sequence: 2

Document

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 First Quarter 2026 Results

TYSONS, VA (April 30, 2026) – Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the first quarter ended March 31, 2026 and provided an operational update and an update on its Non-Core hotel disposition initiative.

First Quarter Highlights Include:

•Comparable RevPAR was $191.05, an increase of 2.2% compared to the same period in 2025, or a 5.5% increase when excluding the Royal Palm South Beach Miami, a Tribute Portfolio Resort (“Royal Palm”), which suspended operations in mid-May 2025 for a comprehensive renovation;

•Core RevPAR was $210.52, an increase of 1.5% compared to the same period in 2025, or a 5.4% increase when excluding the Royal Palm;

•Net income and net income attributable to stockholders were $12 million and $11 million, respectively;

•Adjusted EBITDA was $143 million;

•Diluted earnings per share was $0.05; and

•Diluted Adjusted FFO per share was $0.45.

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, “I am very pleased with our first quarter results, with Core RevPAR increasing over 5% year-over-year excluding the Royal Palm, driven by continued strength at our resort hotels. At the Bonnet Creek complex in Orlando, combined RevPAR increased approximately 16% as group revenues increased nearly 19%, further demonstrating the continued benefits from our transformative renovation and meeting space expansion. In Hawaii, combined RevPAR increased 2% year-over-year, despite severe storms at the Hilton Hawaiian Village Waikiki Beach Resort that impacted combined Hawaii RevPAR by 340 basis points during the quarter. Additionally, our resort hotels in Santa Barbara and Puerto Rico delivered strong results during the quarter, while our urban hotels in San Francisco, Denver and New York further bolstered our performance with combined RevPAR at our Core urban hotels increasing nearly 2% year-over-year, despite a nearly 170 basis point headwind to Core RevPAR growth from lapping the Super Bowl held in New Orleans last year. Reflecting our strong performance, we have updated our full-year outlook accordingly. While the global environment remains uncertain, including geopolitical tensions in the Middle East and their potential impact on consumer spending and business investment, we expect easier year-over-year comparisons and meaningful demand tailwinds from major events such as the World Cup and the United States’ 250th anniversary celebrations to support lodging fundamentals in key markets.”

Additional Highlights Include:

•Spent $83 million on capital improvements during the first quarter of 2026, including the ongoing comprehensive renovation at the Royal Palm, the final phase of renovations in two of the guestroom towers at both of Park’s Hawaii hotels and the second phase of guestroom renovations at the Hilton New Orleans Riverside;

•Sold two Non-Core hotels thus far in 2026 for gross proceeds of approximately $31 million, which together, contributed approximately $4 million of Hotel Adjusted EBITDA during 2025;

•In April 2026, entered into a new $700 million delayed draw loan facility (“Bonnet Creek Mortgage Loan”), with the ability to draw upon the facility until September 2026. The Bonnet Creek Mortgage Loan will mature in April 2029, and has two consecutive one-year extension options. When drawn upon, the Bonnet Creek Mortgage Loan will be secured by the 1,009-room Signia by Hilton Orlando Bonnet Creek and the 502-room Waldorf Astoria Orlando and associated golf course (collectively, the “Bonnet Creek complex”). The Company expects that the Bonnet Creek Mortgage Loan will be utilized to address upcoming debt maturities, while also extending Park’s overall maturity profile; and

•In April 2026, paid its first quarter cash dividend of $0.25 per share to stockholders of record as of March 31, 2026 and declared its second quarter dividend of $0.25 per share to stockholders of record as of June 30, 2026, to be paid on July 15, 2026.

Non-Core Hotel Dispositions:

•In April 2026, Park sold the 396-room Hilton Seattle Airport & Conference Center, which was subject to a short-term ground lease and had anticipated capital expenditures of over $25 million. In January 2026, Park sold the 193-room Hilton Checkers Los Angeles, which had anticipated capital expenditures of $11 million. The sales generated total gross proceeds of approximately $31 million, which represents 16.3x 2025 EBITDA of both hotels including anticipated capital expenditures. Proceeds from the sales will be used for ongoing return on investment projects in Park’s portfolio and for other general corporate purposes.

Mr. Baltimore added, “We remain laser-focused on enhancing the quality of our iconic portfolio through the disposition of our remaining Non-Core hotels, while continuing to invest in our highest-quality assets and expanding our track record of executing high yielding return on investment projects to create shareholder value. Year-to-date, we have sold two Non-Core hotels for gross proceeds of approximately $31 million and invested $83 million in capital improvements across our Core hotels during the first quarter. The Royal Palm is expected to reopen in June 2026 after its comprehensive renovations and repositioning, and we are excited about the full-scale $96 million renovation of the Ali’i Tower at the Hilton Hawaiian Village Waikiki Beach Resort, with construction expected to begin during the third quarter.”

Selected Statistical and Financial Information

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

Three Months Ended March 31,

2026 2025

Change(1)

Comparable Hotels:

RevPAR(2)

$ 191.05 $ 186.96 2.2 %

Occupancy 71.7 % 70.0 % 1.7 % pts

ADR $ 266.47 $ 267.26 (0.3) %

Total RevPAR $ 321.02 $ 315.66 1.7 %

Core Hotels:

RevPAR(3)

$ 210.52 $ 207.50 1.5 %

Occupancy 73.0 % 72.1 % 0.9 % pts

ADR $ 288.30 $ 287.54 0.3 %

Total RevPAR $ 358.86 $ 353.48 1.5 %

Net income (loss)

$ 12 $ (57) 121.1 %

Net income (loss) attributable to stockholders

$ 11 $ (57) 119.3 %

Operating income $ 62 $ 7 798.4 %

Operating income margin 9.9 % 1.1 % 880 bps

Comparable Hotel Adjusted EBITDA $ 152 $ 153 (0.3) %

Comparable Hotel Adjusted EBITDA margin 25.8 % 26.4 % (60) bps

Core Hotel Adjusted EBITDA $ 141 $ 144 (2.0) %

Core Hotel Adjusted EBITDA margin 27.7 % 28.7 % (100) bps

Adjusted EBITDA $ 143 $ 144 (0.7) %

Adjusted FFO attributable to stockholders $ 90 $ 92 (2.2) %

Earnings (loss) per share – Diluted(1)

$ 0.05 $ (0.29) 117.2 %

Adjusted FFO per share – Diluted(1)

$ 0.45 $ 0.46 (2.2) %

Weighted average shares outstanding – Diluted 200 200 0

______________________________________________

(1)Percentages are calculated based on unrounded numbers.

(2)Comparable RevPAR, excluding the Royal Palm, increased 5.5% for the three months ended March 31, 2026 compared to the same period in 2025.

(3)Core RevPAR, excluding the Royal Palm, increased 5.4% for the three months ended March 31, 2026 compared to the same period in 2025.

Operational Update on Core Hotels

Results for Park’s Core hotels and Core hotels by type are as follows:

(unaudited, dollars in millions) RevPAR Hotel Revenue Hotel Adjusted EBITDA

Rooms 1Q26 1Q25

Change(1)

1Q26 1Q25 Change 1Q26 1Q25

Change(1)

Hilton Hawaiian Village Waikiki Beach Resort 2,886 $ 230.18 $ 228.03 0.9 % $ 101 $ 97 4.1 % $ 34 $ 32 4.1 %

Hilton Waikoloa Village 661 297.23 281.38 5.6 36 36 (2.0) 11 13 (15.2)

Signia by Hilton Orlando Bonnet Creek 1,009 249.73 220.06 13.5 59 54 10.3 26 23 14.2

Waldorf Astoria Orlando 502 417.28 353.35 18.1 34 29 19.3 14 11 32.7

New York Hilton Midtown 1,878 207.88 189.87 9.5 54 51 5.2 (5) (4) (10.0)

Hilton New Orleans Riverside 1,622 153.24 180.02 (14.9) 42 47 (12.2) 16 20 (21.0)

Caribe Hilton 652 353.12 315.29 12.0 31 27 14.7 12 9 29.8

Hilton Boston Logan Airport 604 198.65 182.39 8.9 14 13 8.7 2 2 (4.3)

Hyatt Regency Boston 502 142.02 136.02 4.4 9 8 8.4 1 1 (54.6)

Hilton Santa Barbara Beachfront Resort 360 209.18 170.74 22.5 11 9 23.1 4 3 40.7

Hyatt Regency Mission Bay Spa and Marina 438 178.01 158.57 12.3 13 12 14.1 2 2 29.2

Casa Marina Key West, Curio Collection 311 693.60 633.58 9.5 29 26 9.5 15 13 12.1

The Reach Key West, Curio Collection 150 598.00 562.23 6.4 11 11 0.6 5 5 3.6

Hilton Chicago 1,544 71.16 80.72 (11.8) 19 23 (16.2) (6) (3) (98.1)

Hilton Denver City Center 613 113.38 95.77 18.4 9 9 7.4 2 2 49.8

DoubleTree Hotel Washington DC – Crystal City 627 125.38 137.11 (8.6) 10 11 (4.2) 2 3 (14.0)

Hilton McLean Tysons Corner 458 118.32 138.75 (14.7) 8 9 (15.7) — 1 (65.7)

JW Marriott San Francisco Union Square 344 376.59 296.35 27.1 16 13 26.2 6 4 46.7

Juniper Hotel Cupertino, Curio Collection 224 172.23 133.75 28.8 4 3 30.0 1 — 125.0

Total Core Hotels excluding Royal Palm 15,385 215.90 204.89 5.4 510 488 4.6 142 137 4.0

Royal Palm South Beach Miami(2)

393 — 309.76 (100.0) — 14 (100.0) (1) 7 (116.8)

Total Core Hotels (20 Hotels) 15,778 210.52 207.50 1.5 510 502 1.7 141 144 (2.0)

Non-Core Hotels (11 Hotels)

4,689 125.52 117.92 6.4 81 79 2.7 11 9 26.7

Total Comparable Hotels (31 Hotels)

20,467 $ 191.05 $ 186.96 2.2 % $ 591 $ 581 1.8 % $ 152 $ 153 (0.3) %

Core ADR Core Occupancy Core RevPAR

Hotels Rooms 1Q26 1Q25

Change(1)

1Q26 1Q25 Change 1Q26 1Q25

Change(1)

Resort 10 7,362 $ 341.59 $ 339.07 0.7 % 80.0 % 79.5 % 0.5 % pts $ 273.18 $ 269.45 1.4 %

Urban 6 6,503 238.84 243.92 (2.1) 65.6 63.2 2.4 156.72 154.11 1.7

Airport/Suburban 4 1,913 213.19 202.64 5.2 71.4 74.7 (3.3) 152.31 151.41 0.6

All Types - Core Hotels 20 15,778 $ 288.30 $ 287.54 0.3 % 73.0 % 72.1 % 0.9 % pts $ 210.52 $ 207.50 1.5 %

______________________________________________

(1)Calculated based on unrounded numbers.

(2)The Royal Palm suspended operations in mid-May 2025 for a comprehensive renovation.

For the three months ended March 31, 2026, Park’s resort hotels drove the performance of its portfolio. The Signia by Hilton Orlando Bonnet Creek and Waldorf Astoria Orlando continued to benefit from the comprehensive renovation and expansion projects completed in early 2024, increasing both group and transient demand, which increased combined RevPAR by approximately 16% and resulted in a combined increase in food and beverage revenue of nearly 15%, or approximately $6 million, for the three months ended March 31, 2026 compared to the same period in 2025. The Hilton Hawaiian Village Waikiki Beach Resort and Hilton Waikoloa Village benefited from an increase in transient demand following the completion of the first phase of guestroom renovations at both hotels last year, with RevPAR at the Hilton Hawaiian Village Waikiki Beach Resort increasing slightly, despite the impact from severe storms, and RevPAR at the Hilton Waikoloa Village increasing nearly 6% for the three months ended March 31, 2026 compared to the same period in 2025. The Caribe Hilton in Puerto Rico benefited from a nearly 95% increase in group revenues, which increased RevPAR by 12% for the three months ended March 31, 2026 compared to the same period in 2025. The Casa Marina Key West, Curio Collection and The Reach Key West, Curio Collection both benefited from strong transient demand, with combined RevPAR increasing approximately 9% for the three months ended March 31, 2026 compared to the same period in 2025. Group and transient revenues at the Hilton Santa Barbara Beachfront Resort and Hyatt Regency Mission Bay Spa and Marina increased a combined 21% and 12%, respectively, driving increases in RevPAR of nearly 23% and 12%, respectively. Additionally, Park’s urban hotel performance was led by the JW Marriott San Francisco Union Square with RevPAR increasing over 27% as group and transient revenues each increased approximately 25%.

These increases were offset by the Royal Palm, which suspended operations in mid-May 2025 for a comprehensive renovation, impacting Core RevPAR by over 390 basis points for the three months ended March 31, 2026 compared to the same period in 2025, as well as the decrease in group and transient demand at the Hilton New Orleans Riverside, primarily due to the Super Bowl being held in New Orleans in 2025, which impacted Core RevPAR by nearly 170 basis points. In addition, group revenues at the Hilton Chicago declined nearly 24% for the three months ended March 31, 2026 compared to the same period in 2025, primarily due to a loss of non-repeating corporate events occurring last year during the typically low demand season. The New York Hilton Midtown also had a slight decrease in Hotel Adjusted EBITDA as a result of higher union-related, utility and other administrative expenses, despite RevPAR increasing nearly 10%.

Additionally, increases in hotel operating expenses were limited to approximately 2.5% for the first quarter of 2026 compared to the same period in 2025, which is within the lower end of the expected full-year range of 2.4% to 3.4%, despite headwinds from an inflationary environment.

Non-Core Disposition Initiative

The status of Park’s Non-Core dispositions since January 1, 2026 is as follows:

(unaudited, dollars in millions)

Status # of Hotels

Room Count

2025 Hotel Adjusted EBITDA(1)

Sold in 2026

2 589 $4

Remaining Non-Core Hotels To Be Sold

9 4,018 $41

Remaining Safehold Leases(2)

3 959 $16

Total Remaining Non-Core Hotels 12 4,977 $57

______________________________________________

(1)Includes Park’s share from its Non-Core unconsolidated joint venture.

(2)Timing for the disposition of the Hilton Salt Lake City Center, DoubleTree Hotel San Diego - Mission Valley and DoubleTree Hotel Durango cannot be determined given ongoing litigation.

Balance Sheet and Liquidity

As of March 31, 2026, Park’s liquidity was approximately $2.0 billion, including $1 billion of available capacity under the senior unsecured revolving credit facility (“Revolver”) and the undrawn $800 million senior unsecured delayed draw term loan facility (“2025 Delayed Draw Term Loan”). Park expects to draw from both the Bonnet Creek Mortgage Loan and the 2025 Delayed Draw Term Loan to fully prepay, without penalty i) the $121 million secured mortgage loan encumbering the Hyatt Regency Boston at the end of the second quarter, and ii) the $1.275 billion secured mortgage loan encumbering the Hilton Hawaiian Village Waikiki Beach Resort during the third quarter. Park also intends to refinance the $152 million secured mortgage loan encumbering the Hilton Santa Barbara Beachfront Resort during the fourth quarter. As of March 31, 2026, Park’s Net Debt was approximately $3.8 billion, and the weighted average maturity of Park’s consolidated debt is 1.9 years.

Park had the following debt outstanding as of March 31, 2026:

(unaudited, dollars in millions)

Debt Collateral Interest Rate Maturity Date

As of

March 31, 2026

Fixed Rate Debt

Mortgage loan Hilton Denver City Center 4.90%

September 2026(1)

$ 50

Mortgage loan Hyatt Regency Boston 4.25% July 2026 121

Mortgage loan Hilton Hawaiian Village Waikiki Beach Resort 4.20% November 2026 1,275

Mortgage loan Hilton Santa Barbara Beachfront Resort 4.17% December 2026 152

Mortgage loan DoubleTree Hotel Ontario Airport 5.37% May 2027 30

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 6.88% 2027 to 2030 1

Total Fixed Rate Debt

5.11%(2)

3,654

Variable Rate Debt

Revolver(3)

Unsecured

SOFR + 2.25%

September 2029 —

2024 Term Loan

Unsecured

SOFR + 2.20%

May 2027 200

2025 Delayed Draw Term Loan(3)

Unsecured

SOFR + 2.20%

January 2030 —

Total Variable Rate Debt 5.88% 200

Less: unamortized deferred financing costs and discount (16)

Total Debt(4)

5.15%(2)

$ 3,838

_____________________________________________

(1)The loan matures in August 2042 but became callable by the lender in August 2022 with six months notice. As of March 31, 2026, Park had not received notice from the lender.

(2)Calculated on a weighted average basis.

(3)As of April 30, 2026, Park has approximately $1 billion of available capacity under the Revolver with no outstanding letters of credit and $800 million of its 2025 Delayed Draw Term Loan available.

(4)Excludes $130 million of Park’s share of debt of its unconsolidated joint ventures.

Capital Investments

During the first quarter of 2026, Park spent $83 million on capital improvements at its hotels, and expects to spend between $230 million to $260 million in capital expenditures during 2026. During the first quarter of 2026, Park successfully completed the second and final phase of guestroom renovations and room conversions, totaling approximately $85 million that began in 2025, at two towers of its flagship properties in Hawaii – the 822-room Rainbow Tower at the Hilton Hawaiian Village Waikiki Beach Resort and the 414-room Palace Tower at the Hilton Waikoloa Village. Additionally, in January 2026, Park completed the second of three phases of guestroom renovations, which also commenced in 2025 and totaled over $30 million, in the 1,169-room main tower at the Hilton New Orleans Riverside.

The comprehensive renovation at the Royal Palm, which began in mid-May 2025 and includes a full renovation of all 393 guestrooms at the oceanfront hotel, along with the addition of 11 new guestrooms, is expected to generate a 15% to 20% return on investment. Hotel operations were suspended beginning in mid-May 2025 with an expected reopening in June 2026. Additionally, Park expects to begin $96 million of renovations at the 348-room Ali’i Tower at the Hilton Hawaiian Village Waikiki Beach Resort, along with the addition of three new guestrooms at the premium oceanfront tower, during the third quarter of 2026, continuing its upgrades of the iconic hotel, and expects to complete the third and final phase of the main tower at the Hilton New Orleans Riverside during the fourth quarter of 2026.

Dividends

Park declared a first quarter 2026 cash dividend of $0.25 per share to stockholders of record as of March 31, 2026. The first quarter dividend was paid on April 15, 2026.

On April 24, 2026, Park declared a second quarter 2026 cash dividend of $0.25 per share to be paid on July 15, 2026 to stockholders of record as of June 30, 2026. The declared dividends translate to an annualized yield of approximately 9.0% based on Park’s recent trading levels.

Full-Year 2026 Outlook

Park expects full-year 2026 operating results to be as follows:

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

Full-Year 2026 Outlook

as of April 30, 2026

Full-Year 2026 Outlook

as of February 19, 2026

Change at

Midpoint

Metric Low High Low High

RevPAR $ 192 $ 196 $ 190 $ 194 $ 2

RevPAR change vs. 2025 0.5 % 2.5 % 0.0 % 2.0 % 50 bps

Net income $ 66 $ 96 $ 69 $ 99 $ (3)

Net income attributable to stockholders $ 58 $ 88 $ 62 $ 92 $ (4)

Earnings per share – Diluted(1)

$ 0.29 $ 0.44 $ 0.31 $ 0.46 $ (0.02)

Adjusted EBITDA $ 587 $ 617 $ 580 $ 610 $ 7

Adjusted FFO per share – Diluted(1)

$ 1.74 $ 1.90 $ 1.73 $ 1.89 $ 0.01

______________________________________________

(1)Amounts are calculated based on unrounded numbers.

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

•Includes the impact of renovations at the Royal Palm of 30 basis points to RevPAR growth;

•Includes approximately $13 million of incremental interest expense from the expected refinancing of $1.4 billion of mortgage debt maturing in 2026;

•Operating expenses for Park’s hotels are expected to increase 2.4% to 3.4%;

•Fully diluted weighted average shares for the full-year 2026 of 200 million; and

•Park’s current portfolio as of April 30, 2026 and does not take into account potential future acquisitions, dispositions or any financing transactions, except as noted above, which could result in a material change to Park’s outlook.

Park’s full-year 2026 outlook is based on several factors, many of which are outside the Company’s control, including uncertainty surrounding macroeconomic 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. Additionally, Park’s full-year 2026 outlook does not include assumptions around the incremental impact of tariff announcements (including any foreign tariffs announced in response to changes in U.S. trade policy), changes in travel patterns to or in the U.S. as a result of foreign conflicts, disapproval of U.S. foreign or domestic policy, or government or agency shutdowns as the net effect of such announcements or events cannot be ascertained or quantified at this time.

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.

Conference Call

Park will host a conference call for investors and other interested parties to discuss first quarter 2026 results on May 1, 2026 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’ First Quarter 2026 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.

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 Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including the use of proceeds from Park’s 2025 Delayed Draw Term Loan and its Bonnet Creek Mortgage Loan, and the anticipated repayment and refinancing of certain of Park’s indebtedness, the completion of capital allocation priorities and expected returns on such projects, 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 or trends, including trade policy, travel barriers or changes in travel preferences for U.S. destinations, including as a result of government and agency shutdowns), the effects of competition and the effects of future legislation, executive action or regulations, tariffs, the expected completion of anticipated dispositions, including of Park’s Non-Core hotels (as defined below), and 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, 2025, as such factors may be updated from time to time in Park’s filings with the Securities and Exchange Commission (“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 33 premium-branded hotels and resorts with over 22,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

PARK HOTELS & RESORTS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)

March 31, 2026 December 31, 2025

ASSETS (unaudited)

Property and equipment, net $ 6,976 $ 6,955

Assets held for sale, net — 14

Intangibles, net 41 41

Cash and cash equivalents 156 232

Restricted cash 34 32

Accounts receivable, net of allowance for doubtful accounts of $3 and $2

142 116

Prepaid expenses 66 60

Other assets 77 80

Operating lease right-of-use assets 166 170

TOTAL ASSETS (variable interest entities – $207 and $207)

$ 7,658 $ 7,700

LIABILITIES AND EQUITY

Liabilities

Debt $ 3,838 $ 3,838

Accounts payable and accrued expenses 225 198

Dividends payable 50 56

Due to hotel managers 104 134

Other liabilities 201 189

Operating lease liabilities 207 209

Total liabilities (variable interest entities – $197 and $198)

4,625 4,624

Stockholders’ Equity

Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 202,511,845 shares issued and 201,249,407 shares outstanding as of March 31, 2026 and 200,938,658 shares issued and 199,901,086 shares outstanding as of December 31, 2025

2 2

Additional paid-in capital 4,023 4,031

Accumulated deficit (937) (902)

Total stockholders’ equity 3,088 3,131

Noncontrolling interests (55) (55)

Total equity 3,033 3,076

TOTAL LIABILITIES AND EQUITY $ 7,658 $ 7,700

PARK HOTELS & RESORTS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except per share data)

Three Months Ended March 31,

2026 2025

Revenues

Rooms $ 356 $ 363

Food and beverage 182 182

Ancillary hotel 60 63

Other 24 22

Total revenues 622 630

Operating expenses

Rooms 97 100

Food and beverage 122 123

Other departmental and support 145 151

Other property 54 57

Management fees 30 30

Impairment 5 70

Depreciation and amortization 64 69

Corporate general and administrative 18 18

Other 24 21

Total expenses 559 639

Loss on sale of assets, net (1) —

Gain on derecognition of assets — 16

Operating income 62 7

Interest income 1 3

Interest expense (51) (52)

Interest expense associated with hotels in receivership — (16)

Equity in earnings from investments in affiliates 1 —

Other gain, net — 2

Income (loss) before income taxes 13 (56)

Income tax expense

(1) (1)

Net income (loss) 12 (57)

Net income attributable to noncontrolling interests (1) —

Net income (loss) attributable to stockholders $ 11 $ (57)

Earnings (loss) per share:

Earnings (loss) per share – Basic $ 0.05 $ (0.29)

Earnings (loss) per share – Diluted $ 0.05 $ (0.29)

Weighted average shares outstanding – Basic 199 200

Weighted average shares outstanding – Diluted 200 200

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

EBITDA AND ADJUSTED EBITDA

(unaudited, in millions) Three Months Ended

March 31,

2026 2025

Net income (loss) $ 12 $ (57)

Depreciation and amortization expense 64 69

Interest income (1) (3)

Interest expense 51 52

Interest expense associated with hotels in receivership(1)

— 16

Income tax expense 1 1

Interest income and expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates — 2

EBITDA 127 80

Loss on sale of assets, net

1 —

Gain on derecognition of assets(1)

— (16)

Share-based compensation expense 4 4

Impairment 5 70

Other items 6 6

Adjusted EBITDA $ 143 $ 144

______________________________________________

(1)For the three months ended March 31, 2025, represents accrued interest expense associated with the default of the $725 million non-recourse CMBS loan (“SF Mortgage Loan”), which was offset by a gain on derecognition for the corresponding increase of the contract asset on Park’s condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of 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”), which were sold by the court-appointed receiver on November 21, 2025.

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

HOTEL ADJUSTED EBITDA AND HOTEL ADJUSTED EBITDA MARGIN

COMPARABLE AND CORE HOTELS

(unaudited, dollars in millions) Three Months Ended

March 31,

2026 2025

Adjusted EBITDA $ 143 $ 144

Less: Adjusted EBITDA from investments in affiliates (6) (8)

Add: All other(1)

14 15

Hotel Adjusted EBITDA 151 151

Less: Adjusted EBITDA from hotels disposed of 1 2

Comparable Hotel Adjusted EBITDA 152 153

Less: Adjusted EBITDA from Non-Core hotels (11) (9)

Core Hotel Adjusted EBITDA $ 141 $ 144

Three Months Ended

March 31,

2026 2025

Total Revenues $ 622 $ 630

Less: Other revenue (24) (22)

Less: Revenues from hotels disposed of (7) (27)

Comparable Hotel Revenues 591 581

Less: Hotel Revenues from Non-Core hotels (81) (79)

Core Hotel Revenues $ 510 $ 502

Three Months Ended March 31,

2026 2025

Change(2)

Total Revenues $ 622 $ 630 (1.4) %

Operating income $ 62 $ 7 798.4 %

Operating income margin(2)

9.9 % 1.1 % 880 bps

Comparable Hotel Revenues $ 591 $ 581 1.8 %

Comparable Hotel Adjusted EBITDA $ 152 $ 153 (0.3) %

Comparable Hotel Adjusted EBITDA margin(2)

25.8 % 26.4 % (60) bps

Core Hotel Revenues $ 510 $ 502 1.7 %

Core Hotel Adjusted EBITDA $ 141 $ 144 (2.0) %

Core Hotel Adjusted EBITDA margin(2)

27.7 % 28.7 % (100) 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

HOTEL ADJUSTED EBITDA

COMPARABLE, CORE AND NON-CORE HOTELS

(unaudited, in millions) Three Months Ended March 31, 2026

Total Core Hotels Non-Core Hotels

Rooms $ 356 $ 299 $ 57

Food and beverage 182 157 25

Ancillary hotel 60 54 6

Total hotel revenues 598 510 88

Less:

Rooms expense 97 80 17

Food and beverage expense 122 106 16

Other departmental and support expense 145 117 28

Management fees 30 26 4

Other property expenses(1)

53 40 13

Total hotel expenses 447 369 78

Hotel Adjusted EBITDA 151 141 10

Less: Adjusted EBITDA from hotels disposed of 1 — 1

Comparable Hotel Adjusted EBITDA $ 152 $ 141 $ 11

______________________________________________

(1)Total other property expenses primarily include real and personal property taxes, other local taxes, ground rent, equipment rent and property insurance incurred in the normal course of business.

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

NAREIT FFO AND ADJUSTED FFO

(unaudited, in millions, except per share data)

Three Months Ended

March 31,

2026 2025

Net income (loss) attributable to stockholders $ 11 $ (57)

Depreciation and amortization expense 64 69

Depreciation and amortization expense attributable to noncontrolling interests (1) (1)

Loss on sale of assets, net

1 —

Gain on derecognition of assets(1)

— (16)

Impairment 5 70

Equity investment adjustments:

Equity in earnings from investments in affiliates

(1) —

Pro rata FFO of investments in affiliates — 1

Nareit FFO attributable to stockholders 79 66

Share-based compensation expense 4 4

Interest expense associated with hotels in receivership(1)

— 16

Other items

7 6

Adjusted FFO attributable to stockholders $ 90 $ 92

Nareit FFO per share – Diluted(2)

$ 0.39 $ 0.33

Adjusted FFO per share – Diluted(2)

$ 0.45 $ 0.46

Weighted average shares outstanding – Diluted

200 200

______________________________________________

(1)For the three months ended March 31, 2025, 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 Park’s condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which were sold by the court-appointed receiver on November 21, 2025.

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

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

NET DEBT

(unaudited, in millions)

March 31, 2026

Debt $ 3,838

Add: unamortized deferred financing costs and discount 16

Debt, excluding unamortized deferred financing cost, premiums and discounts 3,854

Add: Park’s share of unconsolidated affiliates debt, excluding unamortized deferred financing costs

130

Less: cash and cash equivalents (156)

Less: restricted cash (34)

Net Debt $ 3,794

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

OUTLOOK – EBITDA AND ADJUSTED EBITDA

(unaudited, in millions) Year Ending

December 31, 2026

Low Case

High Case

Net income $ 66 $ 96

Depreciation and amortization expense 252 252

Interest income (5) (5)

Interest expense 222 222

Income tax expense 8 8

Interest expense, income tax and depreciation and amortization included in equity in earnings

from investments in affiliates

2 2

EBITDA 545 575

Loss on sales of assets, net 2 2

Share-based compensation expense 19 19

Impairment 5 5

Other items 16 16

Adjusted EBITDA $ 587 $ 617

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, 2026

Low Case High Case

Net income attributable to stockholders $ 58 $ 88

Depreciation and amortization expense 252 252

Depreciation and amortization expense attributable to noncontrolling interests (3) (3)

Loss on sales of assets, net 2 2

Impairment 5 5

Equity investment adjustments:

Equity in earnings from investments in affiliates (5) (5)

Pro rata FFO of equity investments 5 5

Nareit FFO attributable to stockholders 314 344

Share-based compensation expense 19 19

Other items 16 18

Adjusted FFO attributable to stockholders $ 349 $ 381

Adjusted FFO per share – Diluted(1)

$ 1.74 $ 1.90

Weighted average diluted shares outstanding 200 200

______________________________________________

(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 hotel financial data includes results from Park’s consolidated hotels and property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable hotel financial data excludes results from property dispositions that have occurred prior to April 30, 2026.

Core/Non-Core

The Company’s Core portfolio includes 20 of Park’s consolidated hotels and 1 of Park’s unconsolidated hotels and consists primarily of hotels and resorts that cater to group and leisure demand. As of March 31, 2026, Park’s Non-Core portfolio included 12 consolidated hotels and 1 unconsolidated hotel. As of April 30, 2026, Park had 11 consolidated hotels and 1 unconsolidated hotel remaining in its Non-Core portfolio. Financial data presented for Park’s Core and Non-Core hotels are based on its consolidated hotels only.

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.

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.

EX-99.2

Filename: supplementexhibit992-live.htm · Sequence: 3

Supplement Exhibit 99.2 - LIVE

Exhibit 99.2

FIRST QUARTER 2026

SUPPLEMENTAL DATA

MARCH 31, 2026

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 33 premium-branded hotels and resorts with over 22,000 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 Park’s current expectations

regarding the performance of its business, financial results, liquidity and capital resources, including the use of proceeds from Park’s $800 million senior unsecured

delayed draw term loan facility (“2025 Delayed Draw Term Loan”) and Park’s $700 million delayed draw loan facility (“Bonnet Creek Mortgage Loan”), which will be

secured by the 1,009-room Signia by Hilton Orlando Bonnet Creek and 502-room Waldorf Astoria Bonnet Creek and associated golf course (collectively, the

“Bonnet Creek complex”) when drawn upon, and the anticipated repayment and refinancing 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 or trends, including trade policy, travel barriers or changes in travel preferences for U.S. destinations, including

as a result of government and agency shutdowns), the effects of competition and the effects of future legislation, executive action or regulations, tariffs, the

expected completion of anticipated dispositions, including of Park’s Non-Core hotels (as defined below), and 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, 2025, as such factors may be updated from time to time in Park’s

filings with the Securities and Exchange Commission (“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.

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.

HILTON NEW ORLEANS RIVERSIDE

TABLE OF CONTENTS

Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Supplementary Financial Information . . . . . . . . . . . . . . . . . . . .

Outlook and Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Portfolio and Operating Metrics . . . . . . . . . . . . . . . . . . . . . . . . .

Properties Acquired and Sold . . . . . . . . . . . . . . . . . . . . . . . . . . .

Comparable Supplementary Financial Information . . . . . . . . .

Capital Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Analyst Coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

WALDORF ASTORIA ORLANDO

FINANCIAL

STATEMENTS

HILTON WAIKOLOA VILLAGE

FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)

March 31, 2026

December 31, 2025

(unaudited)

ASSETS

Property and equipment, net

$6,976

$6,955

Assets held for sale, net

—

Intangibles, net

Cash and cash equivalents

156

232

Restricted cash

Accounts receivable, net of allowance for doubtful accounts of $3 and $2

142

116

Prepaid expenses

Other assets

Operating lease right-of-use assets

166

170

TOTAL ASSETS (variable interest entities – $207 and $207)

$7,658

$7,700

LIABILITIES AND EQUITY

Liabilities

Debt

$3,838

Accounts payable and accrued expenses

225

198

Dividends payable

Due to hotel managers

104

134

Other liabilities

201

189

Operating lease liabilities

207

209

Total liabilities (variable interest entities – $197 and $198)

4,625

4,624

Stockholders’ Equity

Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 202,511,845 shares

issued and 201,249,407 shares outstanding as of March 31, 2026 and 200,938,658 shares issued

and 199,901,086 shares outstanding as of December 31, 2025

Additional paid-in capital

4,023

4,031

Accumulated deficit

(937)

(902)

Total stockholders’ equity

3,088

3,131

Noncontrolling interests

(55)

Total equity

3,033

3,076

TOTAL LIABILITIES AND EQUITY

$7,658

$7,700

HILTON WAIKOLOA VILLAGE

FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except per share data)

Three Months Ended March 31,

2026

2025

Revenues

Rooms

$356

$363

Food and beverage

182

Ancillary hotel

Other

Total revenues

622

630

Operating expenses

Rooms

100

Food and beverage

122

123

Other departmental and support

145

151

Other property

Management fees

Impairment

Depreciation and amortization

Corporate general and administrative

Other

Total expenses

559

639

Loss on sale of assets, net

(1)

—

Gain on derecognition of assets

—

Operating income

Interest income

Interest expense

(51)

(52)

Interest expense associated with hotels in receivership

—

(16)

Equity in earnings from investments in affiliates

—

Other gain, net

—

Income (loss) before income taxes

(56)

Income tax expense

(1)

Net income (loss)

(57)

Net income attributable to noncontrolling interests

(1)

—

Net income (loss) attributable to stockholders

$11

$(57)

Earnings (loss) per share:

Earnings (loss) per share – Basic

$0.05

$(0.29)

Earnings (loss) per share – Diluted

$0.05

$(0.29)

Weighted average shares outstanding – Basic

199

200

Weighted average shares outstanding – Diluted

200

NEW YORK HILTON MIDTOWN

SUPPLEMENTARY

FINANCIAL

INFORMATION

NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

EBITDA AND ADJUSTED EBITDA

(unaudited, in millions)

Three Months Ended March 31,

2026

2025

Net income (loss)

$12

$(57)

Depreciation and amortization expense

Interest income

(1)

(3)

Interest expense

Interest expense associated with hotels in receivership(1)

—

Income tax expense

Interest income and expense, income tax and depreciation and amortization included in equity in earnings

from investments in affiliates

—

EBITDA

127

Loss on sale of assets, net

—

Gain on derecognition of assets(1)

—

(16)

Share-based compensation expense

Impairment

Other items

Adjusted EBITDA

$143

$144

_____________________________________

gain on derecognition for the corresponding increase of the contract asset on Park’s condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of 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”), which were sold by the court-appointed receiver on

November 21, 2025.

NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

COMPARABLE AND CORE HOTEL ADJUSTED EBITDA, HOTEL REVENUES AND

HOTEL ADJUSTED EBITDA MARGIN

(unaudited, dollars in millions)

Three Months Ended March 31,

2026

2025

Adjusted EBITDA

$143

$144

Less: Adjusted EBITDA from investments in affiliates

(6)

(8)

Add: All other(1)

Hotel Adjusted EBITDA

151

Less: Adjusted EBITDA from hotels disposed of

Comparable Hotel Adjusted EBITDA

152

153

Less: Adjusted EBITDA from Non-Core hotels

(11)

(9)

Core Hotel Adjusted EBITDA

$141

$144

Three Months Ended March 31,

2026

2025

Total Revenues

$622

$630

Less: Other revenue

(24)

(22)

Less: Revenues from hotels disposed of

(7)

(27)

Comparable Hotel Revenues

591

581

Less: Hotel Revenues from Non-Core hotels

(81)

(79)

Core Hotel Revenues

$510

$502

Three Months Ended March 31,

2026

2025

Change(2)

Total Revenues

$622

$630

(1.4)%

Operating income

$62

798.4%

Operating income margin(2)

9.9%

1.1%

880 bps

Comparable Hotel Revenues

$591

$581

1.8%

Comparable Hotel Adjusted EBITDA

$152

$153

(0.3)%

Comparable Hotel Adjusted EBITDA margin(2)

25.8%

26.4%

(60) bps

Core Hotel Revenues

$510

$502

1.7%

Core Hotel Adjusted EBITDA

$141

$144

(2.0)%

Core Hotel Adjusted EBITDA margin(2)

27.7%

28.7%

(100) 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.

NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

COMPARABLE, CORE AND NON-CORE HOTEL ADJUSTED EBITDA

(unaudited, in millions)

Three Months Ended March 31, 2026

Total

Core Hotels

Non-Core Hotels

Hotel Revenues

Rooms

$356

$299

$57

Food and beverage

182

157

Ancillary hotel

Total hotel revenues

598

510

Less:

Rooms expense

Food and beverage expense

122

106

Other departmental and support expense

145

117

Management fees

Other property expenses(1)

Total hotel expenses

447

369

Hotel Adjusted EBITDA

151

141

Less: Adjusted EBITDA from hotels disposed of

—

Comparable Hotel Adjusted EBITDA

$152

$141

$11

______________________________________________________________

(1)Total other property expenses primarily include real and personal property taxes, other local taxes, ground rent, equipment rent and property insurance incurred in the normal course of business.

NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

NAREIT FFO AND ADJUSTED FFO

(unaudited, in millions, except per share data)

Three Months Ended March 31,

2026

2025

Net income (loss) attributable to stockholders

$11

$(57)

Depreciation and amortization expense

Depreciation and amortization expense attributable to noncontrolling interests

(1)

Loss on sale of assets, net

—

Gain on derecognition of assets(1)

—

(16)

Impairment

Equity investment adjustments:

Equity in earnings from investments in affiliates

(1)

—

Pro rata FFO of investments in affiliates

—

Nareit FFO attributable to stockholders

Share-based compensation expense

Interest expense associated with hotels in receivership(1)

—

Other items

Adjusted FFO attributable to stockholders

$90

$92

Nareit FFO per share – Diluted(2)

$0.39

$0.33

Adjusted FFO per share – Diluted(2)

$0.45

$0.46

Weighted average shares outstanding – Diluted(3)

200

__________________________________________________________________________

(1)For the three months ended March 31, 2025, 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 Park’s condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which were sold

by the court-appointed receiver on November 21, 2025.

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

(3)Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of March 31, 2026, see page 5.

NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

GENERAL AND ADMINISTRATIVE EXPENSES

(unaudited, in millions)

Three Months Ended March 31,

2026

2025

Corporate general and administrative expenses

$18

Less:

Share-based compensation expense

Other corporate expenses

G&A, excluding expenses not included in Adjusted EBITDA

$13

NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

NET DEBT AND NET DEBT TO COMPARABLE ADJUSTED EBITDA RATIO

(unaudited, in millions)

March 31, 2026

December 31, 2025

Debt

$3,838

Add: unamortized deferred financing costs and discount

Debt, excluding unamortized deferred financing cost, premiums and discounts

3,854

3,856

Add: Park’s share of unconsolidated affiliates debt, excluding unamortized deferred financing costs

130

129

Less: cash and cash equivalents

(156)

(232)

Less: restricted cash

(34)

(32)

Net Debt

$3,794

$3,721

TTM Comparable Adjusted EBITDA(1)

$601

$602

Net Debt to TTM Comparable Adjusted EBITDA ratio

6.31x

6.18x

_____________________________________

(1)See pages 28 and 29 for trailing twelve months (“TTM”) Comparable Adjusted EBITDA as of March 31, 2026 and December 31, 2025, respectively.

CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND

ASSUMPTIONS

CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS

FULL-YEAR 2026 OUTLOOK

Park expects full-year 2026 operating results to be as follows:

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

Full-Year 2026 Outlook

as of April 30, 2026

Full-Year 2026 Outlook

as of February 19, 2026

Change at

Midpoint

Metric

Low

High

Low

High

RevPAR

$192

$196

$190

$194

RevPAR change vs. 2025

0.5%

2.5%

0.0%

2.0%

50 bps

Net income

$66

$96

$69

$99

$(3)

Net income attributable to stockholders

$58

$88

$62

$92

$(4)

Earnings per share – Diluted(1)

$0.29

$0.44

$0.31

$0.46

$(0.02)

Adjusted EBITDA

$587

$617

$580

$610

Adjusted FFO per share – Diluted(1)

$1.74

$1.90

$1.73

$1.89

$0.01

__________________________________________________________________________

(1)Amounts are calculated based on unrounded numbers.

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

•Includes the impact of renovations at the Royal Palm South Beach Miami, a Tribute Portfolio Resort (“Royal Palm”) of 30 basis points to RevPAR

growth;

•Includes approximately $13 million of incremental interest expense from the expected refinancing of $1.4 billion of mortgage debt maturing in 2026;

•Operating expenses for Park’s hotels are expected to increase 2.4% to 3.4%;

•Fully diluted weighted average shares for the full-year 2026 of 200 million; and

•Park’s current portfolio as of April 30, 2026 and does not take into account potential future acquisitions, dispositions or any financing transactions,

except as noted above, which could result in a material change to Park’s outlook.

Park’s full-year 2026 outlook is based on several factors, many of which are outside the Company’s control, including uncertainty surrounding macroeconomic

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. Additionally, Park’s full-year 2026 outlook does not include assumptions around the incremental impact of tariff announcements

(including any foreign tariffs announced in response to changes in U.S. trade policy), changes in travel patterns to or in the U.S. as a result of foreign conflicts,

disapproval of U.S. foreign or domestic policy, or government or agency shutdowns as the net effect of such announcements or events cannot be ascertained or

quantified at this time.

CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS

EBITDA AND ADJUSTED EBITDA

Year Ending

(unaudited, in millions)

December 31, 2026

Low Case

High Case

Net income

$66

$96

Depreciation and amortization expense

252

Interest income

(5)

Interest expense

222

Income tax expense

Interest expense, income tax and depreciation and amortization included in equity in earnings

from investments in affiliates

EBITDA

545

575

Loss on sales of assets, net

Share-based compensation expense

Impairment

Other items

Adjusted EBITDA

$587

$617

CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS

NAREIT FFO AND ADJUSTED FFO

Year Ending

(unaudited, in millions except per share data)

December 31, 2026

Low Case

High Case

Net income attributable to stockholders

$58

$88

Depreciation and amortization expense

252

Depreciation and amortization expense attributable to noncontrolling interests

(3)

Loss on sales of assets, net

Impairment

Equity investment adjustments:

Equity in earnings from investments in affiliates

(5)

Pro rata FFO of equity investments

Nareit FFO attributable to stockholders

314

344

Share-based compensation expense

Other items

Adjusted FFO attributable to stockholders

$349

$381

Adjusted FFO per share – Diluted(1)

$1.74

$1.90

Weighted average diluted shares outstanding

200

_____________________________________

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

HILTON WAIKOLOA VILLAGE

PORTFOLIO

AND

OPERATING

METRICS

HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

HOTEL PORTFOLIO AS OF APRIL 30, 2026

Hotel Name

Total Rooms

Market

Meeting Space

(square feet)

Ownership

Equity

Ownership

Debt

(in millions)

Consolidated Core Hotels

Hilton Hawaiian Village Waikiki Beach Resort

2,886

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%

—

Hilton Waikoloa Village

661

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%

$50

Hilton Boston Logan Airport

604

Boston

30,000

Leasehold

100%

—

Hyatt Regency Boston

502

Boston

30,000

Fee Simple

100%

$121

Waldorf Astoria Orlando

502

Orlando

121,000

Fee Simple

100%

—

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%

—

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%

$152

JW Marriott San Francisco Union Square

344

San Francisco

12,000

Leasehold

100%

—

Casa Marina Key West, Curio Collection

311

Key West

53,000

Fee Simple

100%

—

Juniper Hotel Cupertino, Curio Collection

224

Other U.S.

5,000

Fee Simple

100%

—

The Reach Key West, Curio Collection

150

Key West

18,000

Fee Simple

100%

—

Total Consolidated Core Hotels (20 Hotels)

15,778

1,713,000

$1,598

HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

HOTEL PORTFOLIO AS OF APRIL 30, 2026 (CONTINUED)

Hotel Name

Total Rooms

Market

Meeting Space

(square feet)

Ownership

Equity

Ownership

Debt(1)

(in millions)

Consolidated Non-Core Hotels

Hilton Orlando Lake Buena Vista

814

Orlando

87,000

Leasehold

100%

—

The Wade

520

Chicago

21,000

Fee Simple

100%

—

DoubleTree Hotel San Jose

505

Other U.S.

48,000

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

Boston Marriott Newton

430

Boston

35,000

Fee Simple

100%

—

The Midland Hotel, a Tribute Portfolio Hotel

403

Chicago

13,000

Fee Simple

100%

—

Hilton Short Hills

314

Other U.S.

22,000

Fee Simple

100%

—

DoubleTree Hotel San Diego – Mission Valley

300

Southern California

35,000

Leasehold

100%

—

Embassy Suites Austin Downtown South Congress

262

Other U.S.

2,000

Leasehold

100%

—

DoubleTree Hotel Durango

159

Other U.S.

7,000

Leasehold

100%

—

Total Consolidated Non-Core Hotels (11 Hotels)

4,689

321,000

$30

Unconsolidated Joint Ventures

Hilton Orlando(2)

1,424

Orlando

236,000

Fee Simple

20%

$105

Embassy Suites Alexandria Old Town(3)

288

Washington, D.C.

11,000

Fee Simple

50%

$25

Total Unconsolidated Joint Ventures (2 Hotels)

1,712

247,000

$130

Grand Total (33 Hotels)

22,179

2,281,000

$1,758

_____________________________________

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

(2)Included in Park’s Core portfolio.

(3)Included in Park’s Non-Core portfolio.

HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

COMPARABLE, CORE AND NON-CORE HOTELS: Q1 2026 VS Q1 2025

(unaudited)

ADR

Occupancy

RevPAR

Total RevPAR

1Q26

1Q25

Change(1)

1Q26

1Q25

Change

1Q26

1Q25

Change(1)

1Q26

1Q25

Change(1)

Consolidated Core Hotels

Hilton Hawaiian Village Waikiki Beach Resort

$280.09

$294.20

(4.8)%

82.2%

77.5%

4.7% pts

$230.18

$228.03

0.9%

$388.56

$375.14

3.6%

Hilton Waikoloa Village

347.02

342.90

1.2

85.7

82.1

3.6

297.23

281.38

5.6

600.61

620.37

(3.2)

Signia by Hilton Orlando Bonnet Creek

296.25

282.00

5.1

84.3

78.0

6.3

249.73

220.06

13.5

650.57

589.74

10.3

Waldorf Astoria Orlando

489.06

471.63

3.7

85.3

74.9

10.4

417.28

353.35

18.1

762.98

639.58

19.3

New York Hilton Midtown

265.67

269.13

(1.3)

78.2

70.5

7.7

207.88

189.87

9.5

320.18

304.26

5.2

Hilton New Orleans Riverside

225.43

260.85

(13.6)

68.0

69.0

(1.0)

153.24

180.02

(14.9)

284.35

323.96

(12.2)

Caribe Hilton

375.67

341.93

9.9

94.0

92.2

1.8

353.12

315.29

12.0

524.09

456.78

14.7

Hilton Boston Logan Airport

217.53

201.80

7.8

91.3

90.4

0.9

198.65

182.39

8.9

256.05

235.51

8.7

Hyatt Regency Boston

191.16

198.14

(3.5)

74.3

68.7

5.6

142.02

136.02

4.4

194.85

179.83

8.4

Hilton Santa Barbara Beachfront Resort

267.68

260.95

2.6

78.1

65.4

12.7

209.18

170.74

22.5

350.11

284.34

23.1

Hyatt Regency Mission Bay Spa and Marina

226.49

215.94

4.9

78.6

73.4

5.2

178.01

158.57

12.3

333.53

292.34

14.1

Casa Marina Key West, Curio Collection

737.33

712.26

3.5

94.1

89.0

5.1

693.60

633.58

9.5

1,019.99

931.20

9.5

The Reach Key West, Curio Collection

641.32

634.57

1.1

93.2

88.6

4.6

598.00

562.23

6.4

835.25

830.59

0.6

Hilton Chicago

158.35

166.23

(4.7)

44.9

48.5

(3.6)

71.16

80.72

(11.8)

139.78

166.71

(16.2)

Hilton Denver City Center

174.46

166.01

5.1

65.0

57.7

7.3

113.38

95.77

18.4

165.65

154.19

7.4

DoubleTree Hotel Washington DC – Crystal City

192.11

191.95

0.1

65.3

71.5

(6.2)

125.38

137.11

(8.6)

178.93

186.86

(4.2)

Hilton McLean Tysons Corner

216.74

211.82

2.3

54.6

65.5

(10.9)

118.32

138.75

(14.7)

183.49

217.55

(15.7)

JW Marriott San Francisco Union Square

563.55

471.60

19.5

66.8

62.8

4.0

376.59

296.35

27.1

512.11

405.93

26.2

Juniper Hotel Cupertino, Curio Collection

247.47

221.00

12.0

69.6

60.5

9.1

172.23

133.75

28.8

192.60

148.17

30.0

Total Consolidated Core Hotels excluding

Royal Palm

288.30

285.35

1.0

74.9

71.8

3.1

215.90

204.89

5.4

368.02

352.27

4.5

Royal Palm South Beach Miami(2)

—

358.65

(100.0)

—

86.4

(86.4)

—

309.76

(100.0)

—

400.66

(100.0)

Total Consolidated Core Hotels (20 Hotels)

288.30

287.54

0.3

73.0

72.1

0.9

210.52

207.50

1.5

358.86

353.48

1.5

Total Consolidated Non-Core Hotels

(11 Hotels)

186.68

188.61

(1.0)

67.2

62.5

4.7

125.52

117.92

6.4

193.69

188.61

2.7

Total Comparable Hotels (31 Hotels)

$266.47

$267.26

(0.3)%

71.7%

70.0%

1.7% pts

$191.05

$186.96

2.2%

$321.02

$315.66

1.7%

_____________________________________

(1)Calculated based on unrounded numbers.

(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.

HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

COMPARABLE, CORE AND NON-CORE HOTELS: Q1 2026 VS Q1 2025 (CONTINUED)

(unaudited, dollars in millions)

Hotel Adjusted EBITDA

Hotel Revenue

Hotel Adjusted EBITDA Margin

1Q26

1Q25

Change(1)

1Q26

1Q25

Change(1)

1Q26

1Q25

Change

Consolidated Core Hotels

Hilton Hawaiian Village Waikiki Beach Resort

$34

$32

4.1%

$101

$97

4.1%

33.4%

—

bps

Hilton Waikoloa Village

(15.2)

(2.0)

31.7

36.6

(490)

Signia by Hilton Orlando Bonnet Creek

14.2

10.3

44.5

43.0

150

Waldorf Astoria Orlando

32.7

19.3

40.8

36.7

410

New York Hilton Midtown

(5)

(4)

(10.0)

5.2

(8.9)

(8.5)

(40)

Hilton New Orleans Riverside

(21.0)

(12.2)

37.9

42.1

(420)

Caribe Hilton

29.8

14.7

38.8

34.3

450

Hilton Boston Logan Airport

(4.3)

8.7

15.3

17.4

(210)

Hyatt Regency Boston

(54.6)

8.4

5.7

13.7

(800)

Hilton Santa Barbara Beachfront Resort

40.7

23.1

31.5

27.6

390

Hyatt Regency Mission Bay Spa and Marina

29.2

14.1

19.0

16.8

220

Casa Marina Key West, Curio Collection

12.1

9.5

51.5

50.3

120

The Reach Key West, Curio Collection

3.6

0.6

48.6

47.2

140

Hilton Chicago

(6)

(3)

(98.1)

(16.2)

(33.4)

(14.1)

(1,930)

Hilton Denver City Center

49.8

7.4

26.5

19.0

750

DoubleTree Hotel Washington DC – Crystal City

(14.0)

(4.2)

22.5

25.1

(260)

Hilton McLean Tysons Corner

—

(65.7)

(15.7)

6.5

16.0

(950)

JW Marriott San Francisco Union Square

46.7

26.2

35.3

30.4

490

Juniper Hotel Cupertino, Curio Collection

—

125.0

30.0

27.8

16.0

1,180

Total Consolidated Core Hotels excluding Royal Palm

142

137

4.0

510

488

4.6

28.0

28.2

(20)

Royal Palm South Beach Miami(2)

(1)

(116.8)

—

(100.0)

—

50.2

(5,020)

Total Consolidated Core Hotels (20 Hotels)

141

144

(2.0)

510

502

1.7

27.7

28.7

(100)

Total Consolidated Non-Core Hotels (11 Hotels)

26.7

2.7

13.4

10.9

250

Total Comparable Hotels (31 Hotels)

$152

$153

(0.3)%

$591

$581

1.8%

25.8%

26.4%

(60)

bps

_____________________________________

(1)Calculated based on unrounded numbers.

(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.

HILTON DENVER CITY CENTER

PROPERTIES

ACQUIRED AND

SOLD

HILTON DENVER CITY CENTER

PROPERTIES ACQUIRED AND SOLD

TOTAL ACQUISITIONS

Year

Number of Hotels

Room Count

Total Consideration

(in millions)

2019

5,981

$2,500.0

5,981

$2,500.0

TOTAL SALES

Year

Number of Hotels

Room Count

Gross Proceeds(1)

(in millions)

2018

3,193

$519.0

2019

2,597

496.9

2020

700

207.9

2021

1,042

476.6

2022

2,207

316.9

2023

508

118.3

2024

769

76.3

2025

875

120.0

2026

589

30.5

42(2)

12,480

$2,362.4

____________________________________

(1)Gross proceeds from the sale of joint ventures represent Park’s pro-rata share.

(2)To date, Park has sold its interest in 42 hotels. In addition, eight 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, which were placed into receivership in October 2023, were sold by the court-appointed

receiver in November 2025.

HILTON DENVER CITY CENTER

PROPERTIES ACQUIRED AND SOLD

NON-CORE DISPOSITION INITIATIVE - STATUS SINCE JANUARY 1, 2026

(unaudited, dollars in millions)

Status

# of Hotels

Room Count

2025 Hotel Adjusted EBITDA(1)

Sold in 2026

589

Remaining Non-Core Hotels To Be Sold

4,018

$41

Remaining Safehold Leases(2)

959

$16

Total Remaining Non-Core Hotels

4,977

$57

____________________________________

(1)Includes Park’s share from its Non-Core unconsolidated joint venture.

(2)Timing for the disposition of the Hilton Salt Lake City Center, DoubleTree Hotel San Diego - Mission Valley and DoubleTree Hotel Durango cannot be determined given ongoing litigation.

SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE

SUPPLEMENTARY

FINANCIAL

INFORMATION

SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION

HISTORICAL COMPARABLE TTM HOTEL METRICS

Three Months Ended

TTM

(unaudited, dollars in millions)

June 30,

September 30,

December 31,

March 31,

2025

2026

Comparable RevPAR(1)

$203.11

$183.49

$190.83

$191.05

$192.10

Comparable Occupancy

77.0%

74.0%

71.1%

71.7%

73.4%

Comparable ADR

$263.94

$248.07

$268.53

$266.47

$261.64

Total Revenues

$672

$610

$629

$622

$2,533

Operating income (loss)

$65

$59

$(164)

$62

$22

Operating income (loss) margin(2)

9.6%

9.7%

(26.0)%

9.9%

0.9%

Comparable Hotel Revenues (in millions)

$617

$554

$587

$591

$2,349

Comparable Hotel Adjusted EBITDA (in millions)

$188

$137

$163

$152

$640

Comparable Hotel Adjusted EBITDA margin(2)

30.5%

24.6%

27.7%

25.8%

27.2%

Three Months Ended

Full Year

March 31,

June 30,

September 30,

December 31,

2025

Comparable RevPAR

$186.96

$203.11

$183.49

$190.83

$191.09

Comparable Occupancy

70.0%

77.0%

74.0%

71.1%

73.0%

Comparable ADR

$267.26

$263.94

$248.07

$268.53

$261.80

Total Revenues

$630

$672

$610

$629

$2,541

Operating income (loss)

$65

$59

$(164)

$(33)

Operating income (loss) margin(2)

1.1%

9.6%

9.7%

(26.0)%

(1.3)%

Comparable Hotel Revenues (in millions)

$581

$617

$554

$587

$2,339

Comparable Hotel Adjusted EBITDA (in millions)

$153

$188

$137

$163

$641

Comparable Hotel Adjusted EBITDA margin(2)

26.4%

30.5%

24.6%

27.7%

27.4%

________________________________________

(1)Comparable RevPAR, excluding the Royal Palm, which suspended operations in mid-May 2025 for a comprehensive renovation, increased 5.5% for the three months ended March 31, 2026 compared to

the same period in 2025.

(2)Percentages are calculated based on unrounded numbers.

SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION

HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – TTM 2026

Three Months Ended

TTM

(unaudited, in millions)

June 30,

September 30,

December 31,

March 31,

2025

2026

Net (loss) income

$(2)

$(14)

$(204)

$12

$(208)

Depreciation and amortization expense

122

331

Interest income

(2)

(3)

(2)

(1)

(8)

Interest expense

208

Interest expense associated with hotels in receivership(1)

—

Income tax expense (benefit)

(1)

Interest expense, income tax and depreciation and amortization

included in equity in earnings from investments in affiliates

—

EBITDA

190

138

(78)

127

377

(Gain) loss on sales of assets, net(2)

(1)

—

(17)

Gain on derecognition of assets(1)

(16)

(10)

—

(42)

Share-based compensation expense

Impairment and casualty loss

—

249

254

Other items

Adjusted EBITDA

183

130

152

143

608

Less: Adjusted EBITDA from hotels disposed of

(3)

(4)

Less: Adjusted EBITDA from investments in affiliates disposed of

(2)

—

(1)

—

(3)

Comparable Adjusted EBITDA

178

126

153

144

601

Less: Adjusted EBITDA from investments in affiliates

(3)

(2)

(6)

(14)

Add: All other(3)

Comparable Hotel Adjusted EBITDA

$188

$137

$163

$152

$640

_____________________________________

(1)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. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which were sold by the court-appointed receiver on November 21, 2025.

(2)For the three months ended December 31, 2025, includes a gain of $16 million on the sale of Park’s ownership interest in the Capital Hilton included in other gain (loss), net in the condensed

consolidated statements of operations.

(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 condensed consolidated

statements of operations.

SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION

HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – FULL-YEAR 2025

Three Months Ended

Full-Year

(unaudited, in millions)

March 31,

June 30,

September 30,

December 31,

2025

Net income

$(57)

$(2)

$(14)

$(204)

$(277)

Depreciation and amortization expense

122

336

Interest income

(3)

(2)

(3)

(2)

(10)

Interest expense

209

Interest expense associated with hotels in receivership(1)

Income tax expense (benefit)

(1)

Interest expense, income tax and depreciation and amortization

included in equity in earnings from investments in affiliates

EBITDA

190

138

(78)

330

Gain on sales of assets, net(2)

—

(1)

—

(17)

(18)

Gain on derecognition of assets(1)

(16)

(10)

(58)

Share-based compensation expense

Impairment and casualty loss

—

249

319

Other items

Adjusted EBITDA

144

183

130

152

609

Less: Adjusted EBITDA from hotels disposed of

(3)

(4)

(3)

Less: Adjusted EBITDA from investments in affiliates disposed of

(1)

(2)

—

(1)

(4)

Comparable Adjusted EBITDA

145

178

126

153

602

Less: Adjusted EBITDA from investments in affiliates

(7)

(3)

(2)

(15)

Add: All other(3)

Comparable Hotel Adjusted EBITDA

$153

$188

$137

$163

$641

_____________________________________

(1)For the year ended December 31, 2025, 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 Park’s condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which were sold by the court-

appointed receiver on November 21, 2025.

(2)For the year ended December 31, 2025, includes a gain of $16 million on the sale of Park’s ownership interest in the Capital Hilton included in other gain (loss), net in the condensed consolidated

statements of operations.

(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 condensed consolidated

statements of operations.

SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION

HISTORICAL COMPARABLE TTM HOTEL REVENUES – 2026 AND 2025

Three Months Ended

TTM

(unaudited, in millions)

June 30,

2025

September 30,

2025

December 31,

2025

March 31,

2026

March 31,

2026

Total Revenues

$672

$610

$629

$622

$2,533

Less: Other revenue

(23)

(24)

(94)

Less: Revenues from hotels disposed of

(32)

(33)

(18)

(7)

(90)

Comparable Hotel Revenues

$617

$554

$587

$591

$2,349

Three Months Ended

Full-Year

March 31,

2025

June 30,

2025

September 30,

2025

December 31,

2025

December 31,

2025

Total Revenues

$630

$672

$610

$629

$2,541

Less: Other revenue

(22)

(23)

(24)

(92)

Less: Revenues from hotels disposed of

(27)

(32)

(33)

(18)

(110)

Comparable Hotel Revenues

$581

$617

$554

$587

$2,339

ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO

CAPITAL

STRUCTURE

ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO

CAPITAL STRUCTURE

FIXED AND VARIABLE RATE DEBT

(unaudited, dollars in millions)

As of March 31, 2026

Debt

Collateral

Interest Rate

Maturity Date

Fixed Rate Debt

Mortgage loan

Hilton Denver City Center

4.90%

September 2026(1)

$50

Mortgage loan

Hyatt Regency Boston

4.25%

July 2026

121

Mortgage loan

Hilton Hawaiian Village Waikiki Beach Resort

4.20%

November 2026

1,275

Mortgage loan

Hilton Santa Barbara Beachfront Resort

4.17%

December 2026

152

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

6.88%

2027 to 2030

Total Fixed Rate Debt

5.11%(2)

3,654

Variable Rate Debt

Revolver(3)

Unsecured

SOFR + 2.25%

September 2029

—

2024 Term Loan

Unsecured

SOFR + 2.20%

May 2027

200

2025 Delayed Draw Term Loan(3)

Unsecured

SOFR + 2.20%

January 2030

—

Total Variable Rate Debt

5.88%

200

Less: unamortized deferred financing costs and discount

(16)

Total Debt(4)

5.15%(2)

$3,838

_____________________________________

(1)The loan matures in August 2042 but became callable by the lender in August 2022 with six months notice. As of March 31, 2026, Park had not received notice from the lender.

(2)Calculated on a weighted average basis.

(3)As of April 30, 2026, Park has approximately $1 billion of available capacity under the senior unsecured revolving credit facility (“Revolver”) with no outstanding letters of credit and $800 million of its

2025 Delayed Draw Term Loan available.

(4)Excludes $130 million of Park’s share of debt of its unconsolidated joint ventures.

HYATT REGENCY BOSTON

DEFINITIONS

HYATT REGENCY BOSTON

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 hotel financial data includes results from Park’s consolidated hotels and

property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable hotel financial data

excludes results from property dispositions that have occurred prior to April 30, 2026.

Core/Non-Core

The Company’s Core portfolio includes 20 of Park’s consolidated hotels and 1 of Park’s unconsolidated hotels and consists primarily of hotels

and resorts that cater to group and leisure demand. As of March 31, 2026, Park’s Non-Core portfolio included 12 consolidated hotels and 1

unconsolidated hotel. As of April 30, 2026, Park had 11 consolidated hotels and 1 unconsolidated hotel remaining in its Non-Core portfolio.

Financial data presented for Park’s Core and Non-Core hotels are based on its consolidated hotels only.

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.

HYATT REGENCY BOSTON

DEFINITIONS

(CONTINUED)

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.

HYATT REGENCY BOSTON

DEFINITIONS

(CONTINUED)

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.

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.

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

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.

HYATT REGENCY BOSTON

DEFINITIONS

(CONTINUED)

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.

HILTON SANTA BARBARA BEACHFRONT RESORT

ANALYST

COVERAGE

HILTON SANTA BARBARA BEACHFRONT RESORT

ANALYST COVERAGE

Analyst

Company

Phone

Dany Asad

Bank of America Merrill Lynch

(646) 855-5238

dany.asad@bofa.com

Rich Hightower

Barclays

(212) 526-8768

richard.hightower@barclays.com

Ari Klein

BMO Capital Markets

(212) 885-4103

ari.klein@bmo.com

Jay Kornreich

Cantor Fitzgerald & Co.

(602) 214-6027

jay.kornreich@cantor.com

Smedes Rose

Citi Research

(212) 816-6243

smedes.rose@citi.com

Ken Billingsley

Compass Point

(202) 534-1393

kbillingsley@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 Advisors

(949) 640-8780

cdarling@greenstreet.com

David Katz

Jefferies

(212) 323-3355

dkatz@jefferies.com

Daniel Politzer

JP Morgan

(212) 622-0110

daniel.politzer@jpmorgan.com

Floris van Dijkum

Ladenburg Thalmann

(212) 409-2075

fvandijkum@ladenburg.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

(212) 319-3915

patrick.scholes@truist.com

Robin Farley

UBS Investment Bank

(212) 713-2060

robin.farley@ubs.com

Cooper Clark

Wells Fargo Securities

(212) 214-1146

cooper.clark@wellsfargo.com

Logan Epstein

Wolfe Research

(646) 582-9267

lepstein@wolferesearch.com

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v3.26.1

Cover Page

Apr. 30, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

Apr. 30, 2026

Entity Registrant Name

Park Hotels & Resorts Inc.

Entity Incorporation State Country Code

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

Entity Address, Postal Zip Code

22102

City Area Code

(571)

Local Phone Number

302-5757

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Area code of city

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No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

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