EX-99.2

EX-99.2 3 pk-ex99_2.htm EX-99.2 EX-99.2

Exhibit 99.2

PARK HOTELS & RESORTS First Quarter 2021 Supplemental Data MARCH Royal Palm South Beach Miami, a Tribute Portfolio Resort Parc 55 San Francisco, a Hilton Hotel Hilton Hawaiian Village Waikiki Beach Resort



	About Park and Safe Harbor Disclosure

About Park Hotels & Resorts Inc.

Park (NYSE: PK) is the second largest publicly-traded lodging real estate company with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio consists of 53 premium-branded hotels and resorts with approximately 32,000 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 expected dates that its hotels will reopen, break even or achieve positive Hotel Adjusted EBITDA, the impact to the Company's business and financial condition and that of its hotel management companies, measures being taken in response to COVID-19, the impact from macroeconomic factors (including inflation and geopolitical conflicts), the effects of competition and the effects of future legislation or regulations, the expected completion of anticipated dispositions, the declaration and payment 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 the Company’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors continues to be the adverse effect of COVID-19, including actions taken to contain the pandemic or mitigate its effects, the emergences of virus variants and resurgences, on the Company’s financial condition, results of operations, cash flows and performance, its hotel management companies and its hotels’ tenants, and the global economy and financial markets. Investors are cautioned to interpret many of the risks identified in the risk factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as being heightened as a result of the ongoing and numerous adverse effects of COVID-19.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those 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, 2021, as such factors may be updated from time to time in Park’s filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Supplemental Financial Information

Park refers to certain non-generally accepted accounting principles (“GAAP”) financial measures in this presentation, including Funds from (used in) Operations (“FFO”) calculated in accordance with the guidelines of the National Association of Real Estate Investment Trusts (“Nareit”), Adjusted FFO, FFO per share, Adjusted FFO per share, Earnings (loss) before interest expense, taxes and depreciation and amortization (“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.


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		Table of Contents


		1. Financial Statements	4
		2. Supplementary Financial Information	7
		3. Outlook	18
		4. Portfolio and Operating Metrics	22
		5. Properties Acquired and Sold	33
		6. Capital Structure	36
		7. Definitions	38


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		Financial Statements

Casa Marina, a Waldorf Astoria Resort Hilton Chicago Hyatt Regency Mission Bay Spa and Marina


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	Financial Statements

	Condensed Consolidated Balance Sheets

(in millions, except share and per share data)


	March 31, 2022			December 31, 2021
	(unaudited)
ASSETS
Property and equipment, net	$	8,465		$	8,511
Investments in affiliates		16			15
Intangibles, net		44			44
Cash and cash equivalents		639			688
Restricted cash		78			75
Accounts receivable, net of allowance for doubtful accounts of $2 and $2		106			96
Prepaid expenses		58			35
Other assets		65			69
Operating lease right-of-use assets		232			210
TOTAL ASSETS (variable interest entities - $240 and $237)	$	9,703		$	9,743
LIABILITIES AND EQUITY
Liabilities
Debt	$	4,671		$	4,672
Accounts payable and accrued expenses		200			156
Due to hotel managers		113			111
Other liabilities		184			174
Operating lease liabilities		250			227
Total liabilities (variable interest entities - $219 and $219)		5,418			5,340
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 233,835,899 shares issued and 233,324,391 shares outstanding as of March 31, 2022 and 236,888,804 shares issued and 236,483,990 shares outstanding as of December 31, 2021		2			2
Additional paid-in capital		4,473			4,533
Accumulated deficit		(142	)		(83	)
Total stockholders' equity		4,333			4,452
Noncontrolling interests		(48	)		(49	)
Total equity		4,285			4,403
TOTAL LIABILITIES AND EQUITY	$	9,703		$	9,743


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	Financial Statements (continued)

	Condensed Consolidated Statements of Operations

(unaudited, in millions, except per share data)


	Three Months Ended March 31,
	2022			2021			2019
Revenues
Rooms	$	292		$	106		$	403
Food and beverage		110			22			183
Ancillary hotel		61			29			55
Other		16			8			18
Total revenues		479			165			659

Operating expenses
Rooms		85			35			107
Food and beverage		87			21			124
Other departmental and support		133			78			149
Other property-level		50			48			49
Management fees		22			7			33
Depreciation and amortization		69			74			62
Corporate general and administrative		16			18			17
Other		16			7			20
Total expenses		478			288			561

Gain on sales of assets, net		—			—			31

Operating income (loss)		1			(123	)		129

Interest income		—			—			1
Interest expense		(62	)		(63	)		(32	)
Equity in (losses) earnings from investments in affiliates		—			(4	)		5
Other gain, net		5			—			1

(Loss) income before income taxes		(56	)		(190	)		104
Income tax expense		—			(1	)		(7	)
Net (loss) income		(56	)		(191	)		97
Net (income) loss attributable to noncontrolling interests		(1	)		1			(1	)
Net (loss) income attributable to stockholders	$	(57	)	$	(190	)	$	96

(Loss) Earnings per share:
(Loss) Earnings per share - Basic	$	(0.24	)	$	(0.81	)	$	0.48
(Loss) Earnings per share - Diluted	$	(0.24	)	$	(0.81	)	$	0.48

Weighted average shares outstanding – Basic		235			235			201
Weighted average shares outstanding – Diluted		235			236			202


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Supplementary Financial Information

Juniper Hotel Cupertino, Curio Collection Hotel Adagio, Autograph Collection The Reach Key West, Curio Collection


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	Supplementary Financial Information

	EBITDA and Adjusted EBITDA


(unaudited, in millions)	Three Months Ended March 31,
	2022			2021			2019
Net (loss) income	$	(56	)	$	(191	)	$	97
Depreciation and amortization expense		69			74			62
Interest income		—			—			(1	)
Interest expense		62			63			32
Income tax expense		—			1			7
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates		1			1			5
EBITDA		76			(52	)		202
Gain on sales of assets, net		—			—			(31	)
Severance expense		—			—			1
Share-based compensation expense		4			6			4
Other items		2			(3	)		—
Adjusted EBITDA	$	82		$	(49	)	$	176


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	Supplementary Financial Information (continued)

	Pro-forma Hotel Adjusted EBITDA and Pro-forma Hotel Adjusted EBITDA Margin


(unaudited, dollars in millions)
	Three Months Ended March 31,
	2022			2021			2019
Adjusted EBITDA(1)	$	82		$	(49	)	$	176
Less: Adjusted EBITDA from investments in affiliates		(5	)		2			(10	)
Add: All other(1)		12			11			15
Hotel Adjusted EBITDA		89			(36	)		181
Add: Adjusted EBITDA from hotels acquired		—			—			37
Less: Adjusted EBITDA from hotels disposed of		—			4			(23	)
Pro-forma Hotel Adjusted EBITDA	$	89		$	(32	)	$	195


	Three Months Ended March 31,
	2022			2021			2019
Total Revenues	$	479		$	165		$	659
Less: Other revenue		(16	)		(8	)		(18	)
Add: Revenues from hotels acquired		—			—			130
Less: Revenues from hotels disposed of		—			(4	)		(76	)
Pro-forma Hotel Revenues	$	463		$	153		$	695


	Three Months Ended March 31,									2022 vs 2021			2022 vs 2019
	2022			2021			2019			Change(2)			Change(2)
Pro-forma Hotel Revenues	$	463		$	153		$	695			201.6	%		(33.5	)%
Pro-forma Hotel Adjusted EBITDA	$	89		$	(32	)	$	195			376.1	%		(54.3	)%
Pro-forma Hotel Adjusted EBITDA margin(2)		19.3	%		(21.1	)%		28.0	%		4,040	bps		(870	) bps

(1) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the condensed consolidated statements of operations.
(2) Percentages are calculated based on unrounded numbers.


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	Supplementary Financial Information (continued)

	Nareit FFO and Adjusted FFO

(unaudited, in millions, except per share data)


	Three Months Ended March 31,
	2022			2021				2019
Net (loss) income attributable to stockholders	$	(57	)		$	(190	)		$	96
Depreciation and amortization expense		69				74				62
Depreciation and amortization expense attributable to noncontrolling interests		(1	)			(1	)			(1	)
Gain on sales of assets, net		—				—				(31	)
Equity investment adjustments:
Equity in losses (earnings) from investments in affiliates		—				4				(5	)
Pro rata FFO of investments in affiliates		2				(2	)			9
Nareit FFO attributable to stockholders		13				(115	)			130
Severance expense		—				—				1
Share-based compensation expense		4				6				4
Other items		1				(4	)			1
Adjusted FFO attributable to stockholders	$	18			$	(113	)		$	136
Nareit FFO per share - Diluted(1)	$	0.05			$	(0.49	)		$	0.65
Adjusted FFO per share - Diluted(1)	$	0.08			$	(0.48	)		$	0.67
Weighted average shares outstanding - Diluted(2)		235				236				202

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

(2) Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of March 31, 2022, see page 5.


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	Supplementary Financial Information (continued)

	Historical Pro-forma Hotel Metrics

The financial information below is for the 48 consolidated hotels owned as of March 31, 2022.


	Three Months Ended
(unaudited)	March 31,
	2022
RevPAR	$	116.42
Occupancy		51.9	%
ADR	$	224.42

Hotel Revenues (in millions)	$	463
Hotel Adjusted EBITDA (in millions)	$	89
Hotel Adjusted EBITDA margin(1)		19.3	%

	Three Months Ended												Full Year
	March 31,			June 30,			September 30,			December 31,			December 31,
	2021			2021			2021			2021			2021
Pro-forma RevPAR	$	41.32		$	78.44		$	105.48		$	110.22		$	84.11
Pro-forma Occupancy		26.6	%		42.2	%		51.3	%		52.5	%		43.2	%
Pro-forma ADR	$	155.60		$	185.74		$	205.56		$	210.00		$	194.53

Pro-forma Hotel Revenues (in millions)	$	153		$	302		$	404		$	435		$	1,294
Pro-forma Hotel Adjusted EBITDA (in millions)	$	(32	)	$	43		$	83		$	85		$	179
Pro-forma Hotel Adjusted EBITDA margin(1)		(21.1	)%		14.1	%		20.6	%		19.7	%		13.8	%


	Three Months Ended												Full Year
	March 31,			June 30,			September 30,			December 31,			December 31,
	2019			2019			2019			2019			2019
Pro-forma RevPAR	$	173.32		$	190.96		$	186.33		$	176.57		$	181.82
Pro-forma Occupancy		77.3	%		85.6	%		84.3	%		80.6	%		81.9	%
Pro-forma ADR	$	224.27		$	223.09		$	220.95		$	219.15		$	221.83

Pro-forma Hotel Revenues (in millions)	$	695		$	764		$	724		$	741		$	2,924
Pro-forma Hotel Adjusted EBITDA (in millions)	$	195		$	238		$	208		$	216		$	857
Pro-forma Hotel Adjusted EBITDA margin(1)		28.0	%		31.2	%		28.7	%		29.1	%		29.3	%

__________________________________________________________________________________

(1) Percentages are calculated based on unrounded numbers.


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	Supplementary Financial Information (continued)

	Hotel Adjusted EBITDA – YTD 2022

The financial information below is for the 48 consolidated hotels owned as of March 31, 2022.


	Three Months Ended
(unaudited, in millions)	March 31,
	2022
Net loss	$	(56	)
Depreciation and amortization expense		69
Interest expense		62
Interest expense, income tax and depreciation and amortization
included in equity in earnings from investments in affiliates		1
EBITDA		76
Share-based compensation expense		4
Other items		2
Adjusted EBITDA		82
Less: Adjusted EBITDA from investments in affiliates		(5	)
Add: All other(1)		12
Hotel Adjusted EBITDA	$	89

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


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	Supplementary Financial Information (continued)

	Historical Pro-forma Hotel Adjusted EBITDA – Full Year 2021

The financial information below is for the 48 consolidated hotels owned as of March 31, 2022.


	Three Months Ended												Full Year
(unaudited, in millions)	March 31,			June 30,			September 30,			December 31,				December 31,
	2021			2021			2021			2021				2021
Net loss	$	(191	)	$	(114	)	$	(82	)	$	(65	)		$	(452	)
Depreciation and amortization expense		74			71			68			68				281
Interest income		—			—			—			(1	)			(1	)
Interest expense		63			66			66			63				258
Income tax expense (benefit)		1			—			(3	)		4				2
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates		1			4			3			3				11
EBITDA		(52	)		27			52			72				99
Loss (gain) on sales of assets, net		—			(6	)		11			—				5
Share-based compensation expense		6			4			5			4				19
Impairment and casualty loss, net		—			5			2			2				9
Other items		(3	)		3			7			3				10
Adjusted EBITDA		(49	)		33			77			81				142
Less: Adjusted EBITDA from hotels disposed of		4			1			(1	)		(2	)			2
Less: Adjusted EBITDA from investments in affiliates disposed of		—			1			—			—				1
Pro-forma Adjusted EBITDA		(45	)		35			76			79				145
Less: Adjusted EBITDA from investments in affiliates		2			(3	)		(4	)		(3	)			(8	)
Add: All other(1)		11			11			11			9				42
Pro-forma Hotel Adjusted EBITDA	$	(32	)	$	43		$	83		$	85			$	179

______________________________________________________________________________________


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	Supplementary Financial Information (continued)

	Historical Pro-forma Hotel Adjusted EBITDA – Full Year 2019

The financial information below is for the 48 consolidated hotels owned as of March 31, 2022.


	Three Months Ended												Full Year
(unaudited, in millions)	March 31,			June 30,			September 30,			December 31,				December 31,
	2019			2019			2019			2019				2019
Net income	$	97		$	84		$	9		$	126			$	316
Depreciation and amortization expense		62			61			61			80				264
Interest income		(1	)		(2	)		(2	)		(1	)			(6	)
Interest expense		32			33			33			42				140
Income tax expense		7			5			—			23				35
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates		5			7			7			4				23
EBITDA		202			188			108			274				772
(Gain) loss on sales of assets, net		(31	)		12			(1	)		1				(19	)
Gain on sale of investments in affiliates(1)		—			—			—			(44	)			(44	)
Acquisition costs		—			6			59			5				70
Severance expense		1			1			—			—				2
Share-based compensation expense		4			4			4			4				16
Casualty loss (gain) and impairment loss, net		—			—			8			(26	)			(18	)
Other items		—			(4	)		2			9				7
Adjusted EBITDA		176			207			180			223				786
Add: Adjusted EBITDA from hotels acquired		37			53			39			—				129
Less: Adjusted EBITDA from hotels disposed of		(23	)		(24	)		(14	)		(13	)			(74	)
Less: Adjusted EBITDA from investments in affiliates disposed of		—			(1	)		(2	)		—				(3	)
Pro-forma Adjusted EBITDA(2)		190			235			203			210				838
Less: Adjusted EBITDA from investments in affiliates		(10	)		(11	)		(7	)		(6	)			(34	)
Add: All other(3)		15			14			12			12				53
Pro-forma Hotel Adjusted EBITDA	$	195		$	238		$	208		$	216			$	857


______________________________________________________________________________________
(1)	Included in other loss, net in the consolidated statements of operations.
(2)	Full year December 31, 2019 includes $15 million associated with 466 rooms at the Hilton Waikoloa Village that were transferred to Hilton Grand Vacations at the end of 2019, $6 million associated with business interruption proceeds related to the loss of income in prior years for the Hilton Caribe and a $6 million operating loss generated from Park’s laundry facilities that were closed in 2021. Excluding these amounts, 2019 Pro-forma Adjusted EBITDA would have been $823 million.
(3)	Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the consolidated statements of operations.


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	Supplementary Financial Information (continued)

	Historical Pro-forma Hotel Revenues – 2022, 2021 and 2019

The financial information below is for the 48 consolidated hotels owned as of March 31, 2022.


	Three Months Ended
(unaudited, in millions)	March 31,
	2022
Total Revenues	$	479
Less: Other revenue		(16	)
Hotel Revenues	$	463


	Three Months Ended												Full Year
	March 31,			June 30,			September 30,			December 31,			December 31,
	2021			2021			2021			2021			2021
Total Revenues	$	165		$	323		$	423		$	451		$	1,362
Less: Other revenue		(8	)		(12	)		(15	)		(16	)		(51	)
Less: Revenues from hotels disposed of		(4	)		(9	)		(4	)		—			(17	)
Pro-forma Hotel Revenues	$	153		$	302		$	404		$	435		$	1,294


	Three Months Ended												Full Year
	March 31,			June 30,			September 30,			December 31,			December 31,
	2019			2019			2019			2019			2019
Total Revenues	$	659		$	703		$	672		$	810		$	2,844
Less: Other revenue		(18	)		(19	)		(22	)		(18	)		(77	)
Add: Revenues from hotels acquired		130			151			125			—			406
Less: Revenues from hotels disposed of		(76	)		(71	)		(51	)		(51	)		(249	)
Pro-forma Hotel Revenues	$	695		$	764		$	724		$	741		$	2,924


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	Supplementary Financial Information (continued)

	General and Administrative Expenses


(unaudited, in millions)	Three Months Ended
	March 31,
	2022		2021
Corporate general and administrative expenses	$	16	$	18
Less:
Share-based compensation expense		4		6
Other items		2		1
G&A, excluding expenses not included in Adjusted EBITDA and Adjusted FFO	$	10	$	11


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	Supplementary Financial Information (continued)

	Net Debt and Net Debt to Pro-forma Adjusted EBITDA Ratio


(unaudited, in millions)
	March 31, 2022			December 31, 2021			December 31, 2020
Debt	$	4,671		$	4,672		$	5,121
Add: unamortized deferred financing costs and discount		37			38			38
Less: unamortized premium		(4	)		(4	)		(3	)
Debt, excluding unamortized deferred financing cost, premiums and discounts		4,704			4,706			5,156
Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs		225			225			225
Less: cash and cash equivalents		(639	)		(688	)		(951	)
Less: restricted cash		(78	)		(75	)		(30	)
Net debt	$	4,212		$	4,168		$	4,400
2019 Pro-forma Adjusted EBITDA(1)	$	838		$	838		$	838
Net debt to Pro-forma Adjusted EBITDA ratio	5.03x			4.97x			5.25x

(1) See page 14 for Pro-forma Adjusted EBITDA for the year ended December 31, 2019.


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		Outlook


	Outlook

	Q2 2022 Outlook and Assumptions


(unaudited, dollars in millions, except per share amounts and RevPAR)
	Q2 2022 Outlook
	as of May 2, 2022
Metric	Low			High

RevPAR	$	160		$	164
RevPAR Growth vs. 2019		(16	)%		(14	)%
RevPAR Growth vs. 2021		104	%		109	%

Net income	$	16		$	36
Net income attributable to stockholders	$	13		$	33
Earnings per share - Diluted(1)	$	0.05		$	0.14

Adjusted EBITDA	$	160		$	180
Hotel Adjusted EBITDA margin change vs. 2019		(390	) bps		(240	) bps
Hotel Adjusted EBITDA margin change vs. 2021		1,320	bps		1,470	bps
Adjusted FFO per share - Diluted(1)	$	0.40		$	0.49



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

Q2 2022 outlook is based in part on the following assumptions:

•

Fully diluted weighted average shares are expected to be 233 million; and

•

Does not take into account potential future acquisitions and dispositions, including those currently under contract, which could result in a material change to Park’s outlook.


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	Outlook (continued)

	EBITDA and Adjusted EBITDA


	Three Months Ended
(unaudited, in millions)	June 30, 2022
	Low Case		High Case
Net income	$	16	$	36
Depreciation and amortization expense		69		69
Interest expense		61		61
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates		3		3
EBITDA		149		169
Share-based compensation expense		4		4
Other items		7		7
Adjusted EBITDA	$	160	$	180


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	Outlook (continued)

	Nareit FFO and Adjusted FFO


	Three Months Ended
(unaudited, in millions except per share data)	June 30, 2022
	Low Case			High Case
Net income attributable to stockholders	$	13		$	33
Depreciation and amortization expense		69			69
Depreciation and amortization expense attributable to noncontrolling interests		(1	)		(1	)
Equity investment adjustments:
Equity in earnings from investments in affiliates		(4	)		(4	)
Pro rata FFO of equity investments		5			5
Nareit FFO attributable to stockholders		82			102
Share-based compensation expense		4			4
Other items		7			7
Adjusted FFO attributable to stockholders	$	93		$	113
Adjusted FFO per share - Diluted(1)	$	0.40		$	0.49
Weighted average diluted shares outstanding		233.0			233.0

(1)

Per share amounts are calculated based on unrounded numbers.


21 \|

Portfolio and Operating Metrics

Hilton Santa Barbara Beachfront Resort Hilton New Orleans Riverside Waldorf Astoria Orlando


22 \|


	Portfolio and Operating Metrics

	Hotel Portfolio as of May 2, 2022


Hotel Name	Total Rooms		Operating Status	Reopening Date	Market	Meeting Space (square feet)		Ownership	Equity Ownership	Debt (in millions)
Consolidated Portfolio

Hilton Hawaiian Village Waikiki Beach Resort		2,860	Open	12/15/2020	Hawaii		150,000	Fee Simple	100%	$	1,275
Hilton San Francisco Union Square		1,921	Open	5/24/2021	San Francisco		135,000	Fee Simple	100%	$	725	(2)
New York Hilton Midtown		1,878	Open	10/4/2021	New York		151,000	Fee Simple	100%		—
Hilton New Orleans Riverside		1,622	Open	7/9/2020	New Orleans		130,000	Fee Simple	100%		—
Hilton Chicago		1,544	Open	6/10/2021	Chicago		234,000	Fee Simple	100%		—
Parc 55 San Francisco - a Hilton Hotel		1,024	Suspended	5/19/2022(1)	San Francisco		32,000	Fee Simple	100%		—	(2)
Signia by Hilton Orlando Bonnet Creek		1,009	Open	7/1/2020	Orlando		157,000	Fee Simple	100%		—
DoubleTree Hotel Seattle Airport		850	Open	3/21/2021	Seattle		41,000	Leasehold	100%		—
Hilton Orlando Lake Buena Vista		814	Open	11/2/2020	Orlando		78,000	Leasehold	100%		—
Caribe Hilton		652	Open	10/8/2020	Other U.S.		65,000	Fee Simple	100%		—
Hilton Waikoloa Village		647	Open	11/13/2020	Hawaii		241,000	Fee Simple	100%		—
DoubleTree Hotel Washington DC – Crystal City		627	Open		Washington, D.C.		36,000	Fee Simple	100%		—
Hilton Denver City Center		613	Open	7/1/2020	Denver		50,000	Fee Simple	100%	$	58
Hilton Boston Logan Airport		604	Open		Boston		30,000	Leasehold	100%		—
W Chicago - Lakeshore		520	Open		Chicago		20,000	Fee Simple	100%		—
Hilton Miami Airport		508	Open	6/4/2020	Miami		30,000	Fee Simple	100%		—
DoubleTree Hotel San Jose		505	Open		Other U.S.		48,000	Fee Simple	100%		—
Hyatt Regency Boston		502	Open	6/21/2020	Boston		30,000	Fee Simple	100%	$	134
Waldorf Astoria Orlando		502	Open	7/1/2020	Orlando		33,000	Fee Simple	100%		—
Hilton Salt Lake City Center		499	Open		Other U.S.		24,000	Leasehold	100%		—
DoubleTree Hotel Ontario Airport		482	Open		Southern California		27,000	Fee Simple	67%	$	30
Hilton McLean Tysons Corner		458	Open		Washington, D.C.		28,000	Fee Simple	100%		—
Hyatt Regency Mission Bay Spa and Marina		438	Open	6/25/2020	Southern California		24,000	Leasehold	100%		—
Boston Marriott Newton		430	Open		Boston		34,000	Fee Simple	100%		—
W Chicago - City Center		403	Open	5/13/2021	Chicago		13,000	Fee Simple	100%	$	75
Hilton Seattle Airport & Conference Center		396	Open		Seattle		40,000	Leasehold	100%		—
Royal Palm South Beach Miami, a Tribute Portfolio Resort		393	Open	6/1/2020	Miami		11,000	Fee Simple	100%		—
DoubleTree Hotel Spokane City Center		375	Open		Other U.S.		21,000	Fee Simple	10%	$	14
Hilton Santa Barbara Beachfront Resort		360	Open		Southern California		62,000	Fee Simple	50%	$	164
Hilton Oakland Airport		360	Open		Other U.S.		15,000	Leasehold	100%		—
JW Marriott San Francisco Union Square		344	Open		San Francisco		12,000	Leasehold	100%		—
Hyatt Centric Fisherman's Wharf		316	Open		San Francisco		19,000	Fee Simple	100%		—
Hilton Short Hills		314	Open	3/1/2022	Other U.S.		21,000	Fee Simple	100%		—
Casa Marina Key West, Curio Collection		311	Open	6/1/2020	Key West		21,000	Fee Simple	100%		—
DoubleTree Hotel San Diego – Mission Valley		300	Open	9/14/2020	Southern California		24,000	Leasehold	100%		—

Barbara Beachfront Resort Hilton New Orleans Riverside Waldorf Astoria Orlando

(1) As of May 2, 2022, the current projected reopening date for Parc 55 San Francisco – a Hilton Hotel is estimated.

(2) Single $725 million CMBS loan secured by Hilton San Francisco Union Square and Parc 55 San Francisco – a Hilton Hotel.


23 \|


	Portfolio and Operating Metrics (continued)

	Hotel Portfolio as of May 2, 2022


Hotel Name	Total Rooms		Operating Status	Reopening Date	Market	Meeting Space (square feet)		Ownership	Equity Ownership	Debt(1) (in millions)
Consolidated Portfolio (continued)

Embassy Suites Kansas City Plaza		266	Open	7/16/2020	Other U.S.		11,000	Leasehold	100%		—
Embassy Suites Austin Downtown South Congress		262	Open	7/1/2020	Other U.S.		2,000	Leasehold	100%		—
DoubleTree Hotel Sonoma Wine Country		245	Open	6/4/2020	Other U.S.		50,000	Leasehold	100%		—
Juniper Hotel Cupertino, Curio Collection		224	Open	7/9/2020	Other U.S.		5,000	Fee Simple	100%		—
Hilton Chicago/Oak Brook Suites		211	Open		Chicago		3,000	Fee Simple	100%		—
Homewood Suites by Hilton Seattle Convention Center Pike Street		195	Open		Seattle		1,000	Fee Simple	100%		—
Hilton Checkers Los Angeles		193	Open	7/20/2020	Southern California		3,000	Fee Simple	100%	$	26
Embassy Suites Phoenix Airport		182	Open	6/12/2020	Other U.S.		5,000	Leasehold	100%		—
Hilton Garden Inn LAX/El Segundo		162	Open	7/1/2020	Southern California		3,000	Fee Simple	100%		—
DoubleTree Hotel Durango		159	Open	6/1/2020	Other U.S.		7,000	Leasehold	100%		—
The Reach Key West, Curio Collection		150	Open	6/1/2020	Key West		18,000	Fee Simple	100%		—
Hilton Garden Inn Chicago/Oak Brook Terrace		128	Open	6/1/2021	Chicago		2,000	Fee Simple	100%		—
Total Consolidated Portfolio (47 Hotels)		27,758					2,197,000			$	2,501

Unconsolidated Joint Venture Portfolio

Hilton Orlando		1,424	Open		Orlando		249,000	Fee Simple	20%	$	95
Hilton San Diego Bayfront		1,190	Open	8/15/2020	Southern California		170,000	Leasehold	25%	$	55
Capital Hilton		550	Open	8/20/2020	Washington, D.C.		30,000	Fee Simple	25%	$	25
Hilton La Jolla Torrey Pines		394	Open		Southern California		41,000	Leasehold	25%	$	24
Embassy Suites Alexandria Old Town		288	Open	7/1/2020	Washington, D.C.		11,000	Fee Simple	50%	$	26
DoubleTree Hotel Las Vegas Airport		190	Open		Other U.S.		3,000	Fee Simple	50%		—
Total Unconsolidated Joint Venture Portfolio (6 Hotels)		4,036					504,000			$	225

TOTAL PARK HOTELS & RESORTS PORTFOLIO (53 Hotels)		31,794					2,701,000			$	2,726

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


24 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Hotels by Market: Q1 2022 vs. Q1 2021


(unaudited)				Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
	Hotels	Rooms		1Q22		1Q21		Change(1)			1Q22			1Q21			Change				1Q22		1Q21		Change(1)			1Q22		1Q21		Change(1)
Hawaii	2		3,507	$	270.20	$	199.42		35.5	%		77.5	%		25.0	%		52.5	%	pts	$	209.44	$	49.81		320.5	%	$	368.93	$	91.84		301.7	%
San Francisco	4		3,605		202.36		147.58		37.1			24.7			5.1			19.6				50.05		7.51		566.7			75.40		10.14		643.5
Orlando	3		2,325		279.55		175.94		58.9			58.7			26.2			32.5				164.17		46.18		255.5			318.66		93.90		239.4
New Orleans	1		1,622		204.48		62.02		229.7			53.6			50.8			2.8				109.58		31.50		247.8			187.62		45.06		316.4
Boston	3		1,536		161.77		116.28		39.1			57.0			26.3			30.7				92.16		30.60		201.2			125.33		39.91		214.1
New York	1		1,878		237.96		—		100.0			33.8			—			33.8				80.41		—		100.0			134.91		1.46		9,140.9
Southern California	6		1,935		200.03		149.54		33.8			67.1			37.9			29.2				134.20		56.73		136.6			198.68		79.60		149.6
Chicago	5		2,806		151.76		117.51		29.2			29.2			5.6			23.6				44.36		6.62		570.2			69.09		8.57		706.0
Key West	2		461		752.55		522.14		44.1			83.1			84.3			(1.2	)			625.18		440.21		42.0			854.94		610.64		40.0
Denver	1		613		140.46		102.94		36.4			55.5			23.8			31.7				78.01		24.51		218.2			115.08		29.77		286.6
Miami	2		901		269.87		181.15		49.0			82.3			65.6			16.7				222.18		118.94		86.8			286.02		164.73		73.6
Washington, D.C.	2		1,085		130.98		114.08		14.8			46.1			44.1			2.0				60.43		50.41		19.9			86.65		56.12		54.4
Seattle	3		1,441		122.73		97.50		25.9			57.5			27.4			30.1				70.59		26.70		164.4			102.26		33.43		205.9
Other	13		4,174		178.27		122.90		45.0			52.7			38.7			14.0				93.98		47.59		97.5			128.35		60.61		111.8
All Markets	48		27,889	$	224.42	$	155.60		44.2	%		51.9	%		26.6	%		25.3	%	pts	$	116.42	$	41.32		181.7	%	$	184.11	$	61.04		201.6	%

(1) Calculated based on unrounded numbers.


25 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Hotels by Market: Q1 2022 vs. Q1 2021


(unaudited, dollars in millions)				Pro-forma Hotel Adjusted EBITDA									Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
	Hotels	Rooms		1Q22			1Q21			Change(1)			1Q22		1Q21		Change(1)			1Q22			1Q21			Change
Hawaii	2		3,507	$	42		$	(2	)		2,551.7	%	$	116	$	29		301.7	%		36.1	%		(6.0	)%		4,210		bps
San Francisco	4		3,605		(11	)		(14	)		21.0			24		3		643.5			(46.9	)		(442.0	)		39,510
Orlando	3		2,325		25			—			8,636.5			67		20		239.4			37.0			(1.5	)		3,850
New Orleans	1		1,622		10			(1	)		1,802.9			27		7		316.4			36.6			(8.9	)		4,550
Boston	3		1,536		1			(4	)		112.2			17		6		214.1			3.0			(77.4	)		8,040
New York	1		1,878		(12	)		(9	)		(26.8	)		23		—		100.0			(50.7	)		(3,692.8	)		364,210
Southern California	6		1,935		9			—			15,561.2			35		14		149.6			25.8			(0.4	)		2,620
Chicago	5		2,806		(7	)		(8	)		18.8			17		2		706.0			(39.5	)		(392.1	)		35,260
Key West	2		461		19			12			49.7			35		25		40.0			52.6			49.2			340
Denver	1		613		1			(1	)		186.9			6		2		286.6			15.4			(68.5	)		8,390
Miami	2		901		10			4			131.8			23		13		73.6			44.6			33.4			1,120
Washington, D.C.	2		1,085		(1	)		—			(675.8	)		8		5		54.4			(7.9	)		2.1			(1,000	)
Seattle	3		1,441		—			(3	)		88.5			13		4		205.9			(2.7	)		(70.8	)		6,810
Other	13		4,174		3			(6	)		162.8			52		23		111.8			7.9			(26.6	)		3,450
All Markets	48		27,889	$	89		$	(32	)		376.1	%	$	463	$	153		201.6	%		19.3	%		(21.1	)%		4,040		bps

(1) Calculated based on unrounded numbers.


26 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: Q1 2022 vs. Q1 2021


	(unaudited)	Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
		1Q22		1Q21		Change(1)			1Q22			1Q21			Change				1Q22		1Q21		Change(1)			1Q22		1Q21		Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	255.57	$	200.30		27.6	%		77.0	%		21.3	%		55.7	%	pts	$	196.80	$	42.69		361.0	%	$	314.55	$	68.07		362.1	%
2	Hilton Waikoloa Village		332.61		197.40		68.5			79.8			41.2			38.6				265.34		81.26		226.5			609.31		196.90		209.5
3	Hilton San Francisco Union Square		203.52		—		100.0			25.9			—			25.9				52.76		—		100.0			79.31		0.83		9,485.9
4	Parc 55 San Francisco - a Hilton Hotel		—		—		—			—			—			—				—		—		—			0.81		1.31		(38.1	)
5	JW Marriott San Francisco Union Square		247.88		168.70		46.9			55.7			26.1			29.6				138.02		44.07		213.2			216.10		51.49		319.7
6	Hyatt Centric Fisherman's Wharf		156.36		127.97		22.2			64.0			29.6			34.4				100.03		37.88		164.1			140.15		50.35		178.4
7	Signia by Hilton Orlando Bonnet Creek		250.30		143.67		74.2			52.6			30.9			21.7				131.71		44.37		196.8			295.10		92.71		218.3
8	Waldorf Astoria Orlando		486.94		345.32		41.0			55.9			24.4			31.5				272.29		84.19		223.4			506.81		179.96		181.6
9	Hilton Orlando Lake Buena Vista		202.46		115.38		75.5			68.0			21.6			46.4				137.73		24.98		451.4			231.84		42.29		448.2
10	Hilton New Orleans Riverside		204.48		62.02		229.7			53.6			50.8			2.8				109.58		31.50		247.8			187.62		45.06		316.4
11	Hyatt Regency Boston		175.39		98.62		77.8			46.9			27.1			19.8				82.21		26.71		207.8			111.70		37.15		200.7
12	Hilton Boston Logan Airport		160.56		128.84		24.6			81.7			34.5			47.2				131.14		44.46		194.9			172.11		55.53		209.9
13	Boston Marriott Newton		143.95		112.66		27.8			34.1			14.0			20.1				49.03		15.68		212.7			75.54		21.18		256.6
14	New York Hilton Midtown		237.96		—		100.0			33.8			—			33.8				80.41		—		100.0			134.91		1.46		9,140.9
15	Hilton Santa Barbara Beachfront Resort		302.39		258.07		17.2			69.7			42.3			27.4				210.66		109.05		93.2			293.18		155.12		89.0
16	Hyatt Regency Mission Bay Spa and Marina		228.84		172.67		32.5			53.8			26.4			27.4				123.14		45.54		170.4			223.15		84.92		162.8
17	Hilton Checkers Los Angeles		225.60		122.37		84.4			49.4			22.0			27.4				111.38		26.88		314.3			126.36		31.35		303.0
18	Hilton Chicago		162.46		—		100.0			26.4			—			26.4				42.93		—		100.0			79.58		1.33		5,896.6
19	W Chicago - City Center		208.54		—		100.0			21.2			—			21.2				44.19		—		100.0			55.36		—		276,890.9
20	W Chicago - Lakeshore		138.53		134.15		3.3			26.4			18.4			8.0				36.52		24.59		48.5			45.37		28.80		57.5
21	Casa Marina Key West, Curio Collection		748.98		550.24		36.1			85.3			83.3			2.0				638.60		458.20		39.4			869.49		642.02		35.4
22	The Reach Key West, Curio Collection		760.58		466.02		63.2			78.5			86.4			(7.9	)			597.37		402.92		48.3			824.77		545.57		51.2
23	Hilton Denver City Center		140.46		102.94		36.4			55.5			23.8			31.7				78.01		24.51		218.2			115.08		29.77		286.6
24	Royal Palm South Beach Miami		358.06		221.85		61.4			79.2			82.0			(2.8	)			283.45		181.92		55.8			357.46		252.69		41.5
25	DoubleTree Hotel Washington DC – Crystal City		122.89		116.62		5.4			51.1			43.8			7.3				62.84		51.15		22.8			84.40		55.76		51.3
26	DoubleTree Hotel San Jose		147.03		110.35		33.2			45.8			27.0			18.8				67.31		29.80		125.9			100.11		38.06		163.0
27	Juniper Hotel Cupertino, Curio Collection		127.65		87.77		45.4			40.8			33.0			7.8				52.11		29.01		79.6			65.72		31.61		107.9
	Sub-total Core Hotels	$	249.29	$	178.12		40.0	%		49.4	%		22.4	%		27.0	%		$	123.05	$	39.87		208.6	%	$	201.24	$	62.18		223.6	%

	All Other Hotels	$	164.10	$	117.72		39.4	%		59.2	%		38.7	%		20.5	%		$	97.14	$	45.55		113.2	%	$	134.27	$	57.73		132.6	%
	Total Consolidated Portfolio	$	224.42	$	155.60		44.2	%		51.9	%		26.6	%		25.3	%	pts	$	116.42	$	41.32		181.7	%	$	184.11	$	61.04		201.6	%

(1) Calculated based on unrounded numbers.


27 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: Q1 2022 vs. Q1 2021


	(unaudited, dollars in millions)	Pro-forma Hotel Adjusted EBITDA									Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
		1Q22			1Q21			Change(1)			1Q22		1Q21		Change(1)			1Q22			1Q21			Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	29		$	(3	)		1,049.1	%	$	81	$	18		362.1	%		35.4	%		(17.2	)%		5,260		bps
2	Hilton Waikoloa Village		13			1			930.8			35		11		209.5			37.8			11.3			2,650
3	Hilton San Francisco Union Square		(7	)		(7	)		(1.2	)		14		—		100.0			(54.1	)		(5,120.6	)		506,650
4	Parc 55 San Francisco - a Hilton Hotel		(4	)		(4	)		(8.7	)		—		—		—			(5,732.0	)		(3,262.1	)		(246,990	)
5	JW Marriott San Francisco Union Square		—			(2	)		105.9			7		2		319.7			2.1			(150.5	)		15,260
6	Hyatt Centric Fisherman's Wharf		—			(1	)		109.8			4		1		178.4			2.1			(60.7	)		6,280
7	Signia by Hilton Orlando Bonnet Creek		9			—			3,753.7			27		8		218.3			34.9			(3.1	)		3,800
8	Waldorf Astoria Orlando		9			1			688.4			23		8		181.6			40.9			14.6			2,630
9	Hilton Orlando Lake Buena Vista		6			(1	)		588.5			17		3		448.2			35.1			(39.3	)		7,440
10	Hilton New Orleans Riverside		10			(1	)		1,802.9			27		7		316.4			36.6			(8.9	)		4,550
11	Hyatt Regency Boston		—			(2	)		110.1			5		2		200.7			3.2			(94.8	)		9,800
12	Hilton Boston Logan Airport		1			(2	)		137.0			9		3		209.9			6.7			(56.6	)		6,330
13	Boston Marriott Newton		—			(1	)		72.4			3		1		256.6			(9.2	)		(118.7	)		10,950
14	New York Hilton Midtown		(12	)		(9	)		(26.8	)		23		—		100.0			(50.7	)		(3,692.8	)		364,210
15	Hilton Santa Barbara Beachfront Resort		4			2			139.1			9		5		89.0			38.5			30.4			810
16	Hyatt Regency Mission Bay Spa and Marina		2			—			499.9			9		3		162.8			19.2			(12.7	)		3,190
17	Hilton Checkers Los Angeles		—			(1	)		137.7			2		1		303.0			11.3			(121.1	)		13,240
18	Hilton Chicago		(3	)		(5	)		25.2			11		—		100.0			(31.4	)		(2,516.6	)		248,520
19	W Chicago - City Center		(1	)		(1	)		(15.5	)		2		—		100.0			(70.0	)		(167,781.6	)		16,771,160
20	W Chicago - Lakeshore		(2	)		(2	)		(9.9	)		2		1		57.5			(105.7	)		(151.5	)		4,580
21	Casa Marina Key West, Curio Collection		13			9			39.4			24		18		35.4			52.9			51.4			150
22	The Reach Key West, Curio Collection		6			3			79.1			11		7		51.2			52.0			43.9			810
23	Hilton Denver City Center		1			(1	)		186.9			6		2		286.6			15.4			(68.5	)		8,390
24	Royal Palm South Beach Miami		6			4			66.7			13		9		41.5			47.3			40.1			720
25	DoubleTree Hotel Washington DC – Crystal City		—			1			(54.6	)		5		3		51.3			5.6			18.7			(1,310	)
26	DoubleTree Hotel San Jose		(1	)		(1	)		53.3			5		2		163.0			(14.0	)		(79.0	)		6,500
27	Juniper Hotel Cupertino, Curio Collection		(1	)		(1	)		27.9			1		1		107.9			(42.0	)		(121.2	)		7,920
	Sub-total Core Hotels	$	78		$	(24	)		414.8	%	$	375	$	116		223.6	%		20.6	%		(21.2	)%		4,180		bps

	All Other Hotels	$	11		$	(8	)		251.8	%	$	88	$	37		132.6	%		13.5	%		(20.7	)%		3,420		bps
	Total Consolidated Portfolio	$	89		$	(32	)		376.1	%	$	463	$	153		201.6	%		19.3	%		(21.1	)%		4,040		bps

(1) Calculated based on unrounded numbers.


28 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Hotels by Market: Q1 2022 vs. Q1 2019


(unaudited)				Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
	Hotels	Rooms		1Q22		1Q19		Change(1)			1Q22			1Q19			Change				1Q22		1Q19		Change(1)			1Q22		1Q19		Change(1)
Hawaii	2		3,507	$	270.20	$	255.24		5.9	%		77.5	%		90.1	%		(12.6	)%	pts	$	209.44	$	229.88		(8.9	)%	$	368.93	$	389.68		(5.3	)%
San Francisco	4		3,605		202.36		321.33		(37.0	)		24.7			87.5			(62.8	)			50.05		281.26		(82.2	)		75.40		369.76		(79.6	)
Orlando	3		2,325		279.55		230.25		21.4			58.7			86.1			(27.4	)			164.17		198.33		(17.2	)		318.66		414.25		(23.1	)
New Orleans	1		1,622		204.48		215.74		(5.2	)		53.6			76.1			(22.5	)			109.58		164.10		(33.2	)		187.62		285.74		(34.3	)
Boston	3		1,536		161.77		180.14		(10.2	)		57.0			76.6			(19.6	)			92.16		138.01		(33.2	)		125.33		198.10		(36.7	)
New York	1		1,878		237.96		227.91		4.4			33.8			79.1			(45.3	)			80.41		180.26		(55.4	)		134.91		308.07		(56.2	)
Southern California	6		1,935		200.03		174.06		14.9			67.1			81.8			(14.7	)			134.20		142.39		(5.7	)		198.68		227.64		(12.7	)
Chicago	5		2,806		151.76		139.81		8.5			29.2			55.2			(26.0	)			44.36		77.26		(42.6	)		69.09		134.03		(48.5	)
Key West	2		461		752.55		464.03		62.2			83.1			90.7			(7.6	)			625.18		420.58		48.6			854.94		597.85		43.0
Denver	1		613		140.46		163.18		(13.9	)		55.5			74.6			(19.1	)			78.01		121.82		(36.0	)		115.08		187.77		(38.7	)
Miami	2		901		269.87		237.08		13.8			82.3			90.9			(8.6	)			222.18		215.47		3.1			286.02		292.73		(2.3	)
Washington, D.C.	2		1,085		130.98		163.60		(19.9	)		46.1			65.8			(19.7	)			60.43		107.64		(43.9	)		86.65		162.41		(46.6	)
Seattle	3		1,441		122.73		140.79		(12.8	)		57.5			76.4			(18.9	)			70.59		107.63		(34.4	)		102.26		155.36		(34.2	)
Other	13		4,174		178.27		182.83		(2.5	)		52.7			63.2			(10.5	)			93.98		115.56		(18.7	)		128.35		159.15		(19.4	)
All Markets	48		27,889	$	224.42	$	224.27		0.1	%		51.9	%		77.3	%		(25.4	)%	pts	$	116.42	$	173.32		(32.8	)%	$	184.11	$	272.49		(32.4	)%

(1) Calculated based on unrounded numbers.


29 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Hotels by Market: Q1 2022 vs. Q1 2019


(unaudited, dollars in millions)				Pro-forma Hotel Adjusted EBITDA									Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
	Hotels	Rooms		1Q22			1Q19			Change(1)			1Q22		1Q19		Change(1)			1Q22			1Q19			Change
Hawaii	2		3,507	$	42		$	51			(17.3	)%	$	116	$	139		(16.4	)%		36.1	%		36.5	%		(40	)	bps
San Francisco	4		3,605		(11	)		41			(128.0	)		24		120		(79.6	)		(46.9	)		34.2			(8,110	)
Orlando	3		2,325		25			35			(28.7	)		67		87		(23.1	)		37.0			39.9			(290	)
New Orleans	1		1,622		10			18			(43.1	)		27		42		(34.3	)		36.6			42.2			(560	)
Boston	3		1,536		1			5			(90.3	)		17		27		(36.6	)		3.0			19.7			(1,670	)
New York	1		1,878		(12	)		(2	)		(444.5	)		23		52		(56.2	)		(50.7	)		(4.1	)		(4,660	)
Southern California	6		1,935		9			10			(14.1	)		35		40		(12.5	)		25.8			26.3			(50	)
Chicago	5		2,806		(7	)		(5	)		(26.0	)		17		34		(48.5	)		(39.5	)		(16.2	)		(2,330	)
Key West	2		461		19			11			65.0			35		25		43.0			52.6			45.6			700
Denver	1		613		1			4			(72.3	)		6		10		(38.7	)		15.4			34.1			(1,870	)
Miami	2		901		10			11			(6.2	)		23		24		(2.3	)		44.6			46.5			(190	)
Washington, D.C.	2		1,085		(1	)		2			(133.4	)		8		16		(46.6	)		(7.9	)		12.7			(2,060	)
Seattle	3		1,441		—			3			(111.4	)		13		20		(34.2	)		(2.7	)		15.3			(1,800	)
Other	13		4,174		3			11			(67.0	)		52		59		(19.3	)		7.9			19.3			(1,140	)
All Markets	48		27,889	$	89		$	195			(54.3	)%	$	463	$	695		(33.5	)%		19.3	%		28.0	%		(870	)	bps

(1) Calculated based on unrounded numbers.


30 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: Q1 2022 vs. Q1 2019


	(unaudited)	Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
		1Q22		1Q19		Change(1)			1Q22			1Q19			Change				1Q22		1Q19		Change(1)			1Q22		1Q19		Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	255.57	$	260.34		(1.8	)%		77.0	%		92.6	%		(15.6	)%	pts	$	196.80	$	240.99		(18.3	)%	$	314.55	$	386.99		(18.7	)%
2	Hilton Waikoloa Village		332.61		240.69		38.2			79.8			83.6			(3.8	)			265.34		201.24		31.8			609.31		396.59		53.6
3	Hilton San Francisco Union Square		203.52		320.01		(36.4	)		25.9			85.0			(59.1	)			52.76		271.96		(80.6	)		79.31		383.65		(79.3	)
4	Parc 55 San Francisco - a Hilton Hotel		—		309.13		(100.0	)		—			87.6			(87.6	)			—		270.94		(100.0	)		0.81		308.89		(99.7	)
5	JW Marriott San Francisco Union Square		247.88		424.88		(41.7	)		55.7			92.4			(36.7	)			138.02		392.35		(64.8	)		216.10		522.54		(58.6	)
6	Hyatt Centric Fisherman's Wharf		156.36		256.98		(39.2	)		64.0			97.4			(33.4	)			100.03		250.28		(60.0	)		140.15		316.31		(55.7	)
7	Signia by Hilton Orlando Bonnet Creek		250.30		223.66		11.9			52.6			85.4			(32.8	)			131.71		191.00		(31.0	)		295.10		457.91		(35.6	)
8	Waldorf Astoria Orlando		486.94		334.46		45.6			55.9			78.3			(22.4	)			272.29		261.81		4.0			506.81		514.18		(1.4	)
9	Hilton Orlando Lake Buena Vista		202.46		183.10		10.6			68.0			91.9			(23.9	)			137.73		168.26		(18.1	)		231.84		298.51		(22.3	)
10	Hilton New Orleans Riverside		204.48		215.74		(5.2	)		53.6			76.1			(22.5	)			109.58		164.10		(33.2	)		187.62		285.74		(34.3	)
11	Hyatt Regency Boston		175.39		175.14		0.1			46.9			91.3			(44.4	)			82.21		159.91		(48.6	)		111.70		212.83		(47.5	)
12	Hilton Boston Logan Airport		160.56		194.42		(17.4	)		81.7			77.5			4.2				131.14		150.65		(13.0	)		172.11		208.12		(17.3	)
13	Boston Marriott Newton		143.95		162.79		(11.6	)		34.1			58.3			(24.2	)			49.03		94.79		(48.3	)		75.54		166.94		(54.8	)
14	New York Hilton Midtown		237.96		227.91		4.4			33.8			79.1			(45.3	)			80.41		180.26		(55.4	)		134.91		308.07		(56.2	)
15	Hilton Santa Barbara Beachfront Resort		302.39		233.48		29.5			69.7			75.9			(6.2	)			210.66		177.14		18.9			293.18		294.11		(0.3	)
16	Hyatt Regency Mission Bay Spa and Marina		228.84		164.08		39.5			53.8			73.4			(19.6	)			123.14		120.45		2.2			223.15		239.05		(6.6	)
17	Hilton Checkers Los Angeles		225.60		231.69		(2.6	)		49.4			76.2			(26.8	)			111.38		176.49		(36.9	)		126.36		202.45		(37.6	)
18	Hilton Chicago		162.46		138.29		17.5			26.4			54.7			(28.3	)			42.93		75.72		(43.3	)		79.58		158.86		(49.9	)
19	W Chicago - City Center		208.54		190.17		9.7			21.2			58.5			(37.3	)			44.19		111.19		(60.3	)		55.36		147.51		(62.5	)
20	W Chicago - Lakeshore		138.53		124.84		11.0			26.4			45.8			(19.4	)			36.52		57.15		(36.1	)		45.37		76.89		(41.0	)
21	Casa Marina Key West, Curio Collection		748.98		476.63		57.1			85.3			91.5			(6.2	)			638.60		436.07		46.4			869.49		625.86		38.9
22	The Reach Key West, Curio Collection		760.58		437.15		74.0			78.5			88.8			(10.3	)			597.37		388.48		53.8			824.77		539.76		52.8
23	Hilton Denver City Center		140.46		163.18		(13.9	)		55.5			74.6			(19.1	)			78.01		121.82		(36.0	)		115.08		187.77		(38.7	)
24	Royal Palm South Beach Miami		358.06		276.66		29.4			79.2			96.9			(17.7	)			283.45		268.03		5.8			357.46		356.46		0.3
25	DoubleTree Hotel Washington DC – Crystal City		122.89		150.08		(18.1	)		51.1			62.4			(11.3	)			62.84		93.66		(32.9	)		84.40		127.73		(33.9	)
26	DoubleTree Hotel San Jose		147.03		231.69		(36.5	)		45.8			83.4			(37.6	)			67.31		193.12		(65.1	)		100.11		274.48		(63.5	)
27	Juniper Hotel Cupertino, Curio Collection		127.65		272.68		(53.2	)		40.8			79.9			(39.1	)			52.11		217.82		(76.1	)		65.72		257.62		(74.5	)
	Sub-total Core Hotels	$	249.29	$	243.58		2.3	%		49.4	%		79.8	%		(30.4	)%	pts	$	123.05	$	194.46		(36.7	)%	$	201.24	$	310.68		(35.2	)%

	All Other Hotels	$	164.10	$	158.49		3.5	%		59.2	%		69.7	%		(10.5	)%	pts	$	97.14	$	110.46		(12.1	)%	$	134.27	$	158.92		(15.5	)%
	Total Consolidated Portfolio	$	224.42	$	224.27		0.1	%		51.9	%		77.3	%		(25.4	)%	pts	$	116.42	$	173.32		(32.8	)%	$	184.11	$	272.49		(32.4	)%

(1) Calculated based on unrounded numbers.


31 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: Q1 2022 vs. Q1 2019


	(unaudited, dollars in millions)	Pro-forma Hotel Adjusted EBITDA									Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
		1Q22			1Q19			Change(1)			1Q22		1Q19		Change(1)			1Q22			1Q19			Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	29		$	39			(25.8	)%	$	81	$	100		(18.7	)%		35.4	%		38.8	%		(340	)	bps
2	Hilton Waikoloa Village		13			12			9.5			35		40		(10.4	)		37.8			30.9			690
3	Hilton San Francisco Union Square		(7	)		23			(132.4	)		14		66		(79.3	)		(54.1	)		34.4			(8,850	)
4	Parc 55 San Francisco - a Hilton Hotel		(4	)		10			(143.0	)		—		28		(99.7	)		(5,732.0	)		35.1			(576,710	)
5	JW Marriott San Francisco Union Square		—			5			(97.4	)		7		16		(58.6	)		2.1			33.8			(3,170	)
6	Hyatt Centric Fisherman's Wharf		—			3			(96.8	)		4		9		(55.7	)		2.1			29.7			(2,760	)
7	Signia by Hilton Orlando Bonnet Creek		9			18			(47.3	)		27		42		(35.6	)		34.9			42.7			(780	)
8	Waldorf Astoria Orlando		9			9			8.9			23		23		(1.4	)		40.9			37.0			390
9	Hilton Orlando Lake Buena Vista		6			8			(28.0	)		17		22		(22.3	)		35.1			37.8			(270	)
10	Hilton New Orleans Riverside		10			18			(43.1	)		27		42		(34.3	)		36.6			42.2			(560	)
11	Hyatt Regency Boston		—			3			(94.0	)		5		10		(47.5	)		3.2			27.8			(2,460	)
12	Hilton Boston Logan Airport		1			2			(63.0	)		9		11		(16.7	)		6.7			15.1			(840	)
13	Boston Marriott Newton		—			1			(126.7	)		3		6		(54.8	)		(9.2	)		15.5			(2,470	)
14	New York Hilton Midtown		(12	)		(2	)		(444.5	)		23		52		(56.2	)		(50.7	)		(4.1	)		(4,660	)
15	Hilton Santa Barbara Beachfront Resort		4			3			15.3			9		10		(0.3	)		38.5			33.3			520
16	Hyatt Regency Mission Bay Spa and Marina		2			1			22.1			9		9		(5.8	)		19.2			14.8			440
17	Hilton Checkers Los Angeles		—			1			(74.3	)		2		4		(37.6	)		11.3			27.4			(1,610	)
18	Hilton Chicago		(3	)		(3	)		(8.8	)		11		22		(49.9	)		(31.4	)		(14.5	)		(1,690	)
19	W Chicago - City Center		(1	)		—			(217.0	)		2		5		(62.5	)		(70.0	)		(8.3	)		(6,170	)
20	W Chicago - Lakeshore		(2	)		(2	)		2.4			2		4		(41.0	)		(105.7	)		(63.9	)		(4,180	)
21	Casa Marina Key West, Curio Collection		13			8			61.5			24		18		38.9			52.9			45.5			740
22	The Reach Key West, Curio Collection		6			3			73.4			11		7		52.8			52.0			45.8			620
23	Hilton Denver City Center		1			4			(72.3	)		6		10		(38.7	)		15.4			34.1			(1,870	)
24	Royal Palm South Beach Miami		6			6			(3.8	)		13		13		0.3			47.3			49.3			(200	)
25	DoubleTree Hotel Washington DC – Crystal City		—			1			(50.3	)		5		7		(33.9	)		5.6			7.4			(180	)
26	DoubleTree Hotel San Jose		(1	)		4			(117.1	)		5		12		(63.5	)		(14.0	)		29.9			(4,390	)
27	Juniper Hotel Cupertino, Curio Collection		(1	)		2			(128.3	)		1		5		(74.5	)		(42.0	)		37.8			(7,980	)
	Sub-total Core Hotels	$	78		$	177			(55.6	)%	$	375	$	593		(36.6	)%		20.6	%		29.4	%		(880	)	bps

	All Other Hotels	$	11		$	18			(43.4	)%	$	88	$	102		(15.5	)%		13.5	%		20.1	%		(660	)	bps
	Total Consolidated Portfolio	$	89		$	195			(54.3	)%	$	463	$	695		(33.5	)%		19.3	%		28.0	%		(870	)	bps

(1) Calculated based on unrounded numbers.


32 \|

Properties Acquired and Sold

Hyatt Regency Boston Caribe Hilton W New Orleans - French Quarter


33 \|


	Properties Acquired and Sold

	Properties Acquired



Hotel	Location	Room Count
2019 Acquisitions:

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

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

(2) Sold in December 2019.

(3) Sold in August 2021.

(4) Sold in June 2021.

(5) Sold in July 2021.

(6) Sold in April 2021.


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	Properties Acquired and Sold (continued)

	Properties Sold


Hotel	Location	Month Sold	Room Count		Gross Proceeds
					(in millions)
2018 Sales:
Hilton Rotterdam	Rotterdam, Netherlands	January 2018		254	$	62.2
Embassy Suites Portfolio - 3 Hotels	Domestic US	February 2018		676		95.8
UK Portfolio - 7 Hotels	United Kingdom	February 2018		1,334		188.5
Hilton Durban	Durban, South Africa	February 2018		328		32.5
Hilton Berlin(1)	Berlin, Germany	May 2018		601		140.0
2018 Total (13 Hotels)				3,193	$	519.0

2019 Sales:
Pointe Hilton Squaw Peak Resort	Phoenix, Arizona	February 2019		563	$	51.4
Hilton Nuremberg	Nuremberg, Germany	March 2019		152		17.5
Hilton Atlanta Airport	Atlanta, Georgia	June 2019		507		101.0
Hilton New Orleans Airport(2)	New Orleans, Louisiana	June 2019		317		48.0
Embassy Suites Parsippany(2)	Parsippany, New Jersey	June 2019		274		17.0
Conrad Dublin(3)	Dublin, Ireland	November 2019		192		61.0
Ace Hotel Downtown Los Angeles	Los Angeles, California	December 2019		182		117.0
Le Meridien New Orleans	New Orleans, Louisiana	December 2019		410		84.0
2019 Total (8 Hotels)				2,597	$	496.9

2020 Sales:
Hilton São Paulo Morumbi	São Paulo, Brazil	February 2020		503	$	117.5
Embassy Suites Washington DC Georgetown	Washington, D.C.	February 2020		197		90.4
2020 Total (2 Hotels)				700	$	207.9

2021 Sales:
W New Orleans - French Quarter	New Orleans, Louisiana	April 2021		97	$	24.1
Hotel Indigo San Diego Gaslamp Quarter(2)	San Diego, California	June 2021		210		78.0
Courtyard Washington Capitol Hill/Navy Yard(2)	Washington, District of Columbia	June 2021		204		71.0
Hotel Adagio, Autograph Collection	San Francisco, California	July 2021		171		82.0
Le Meridien San Francisco	San Francisco, California	August 2021		360		221.5
2021 Total (5 Hotels)				1,042	$	476.6

2022 Sales:
Hampton Inn & Suites Memphis – Shady Grove	Memphis, Tennessee	April 2022		131	$	11.5
2022 Total (1 Hotel)				131	$	11.5

Grand Total(4) (29 Hotels)				7,663	$	1,711.9

(1) The unconsolidated hotel was sold for total gross proceeds of approximately $350 million, of which $140 million represents Park’s pro rata share.

(2) Hotels were sold as a portfolio in the same transaction.

(3) The unconsolidated hotel was sold for total gross proceeds of approximately $128 million, of which $61 million represents Park’s pro rata share.

(4) To date, Park has sold a total of 29 hotels. In addition, in December 2019, Park terminated the ground lease on the Hilton Sheffield Hotel.


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Capital Structure

Debt Summary Casa Marina, a Waldorf Astoria Resort Hilton Orlando Bonnet Creek New York Hilton Midtown

asa Marina, a Waldorf Astoria Resort Hilton Orlando Bonnet Creek New York Hilton Midtown


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	Capital Structure

	Fixed and Variable Rate Debt

(unaudited, dollars in millions)

Debt

Collateral

Interest Rate

Maturity Date

As of March 31, 2022

Fixed Rate Debt

Mortgage loan

Hilton Denver City Center

4.90%

September 2022(1)

Mortgage loan

Hilton Checkers Los Angeles

4.11%

March 2023

Mortgage loan

W Chicago - City Center

4.25%

August 2023

Mortgage loan

Hilton San Francisco Union Square, Parc 55 San Francisco - a Hilton Hotel

4.11%

November 2023

725

Mortgage loan

Hyatt Regency Boston

4.25%

July 2026

134

Mortgage loan

DoubleTree Hotel Spokane City Center

3.62%

July 2026

Mortgage loan

Hilton Hawaiian Village Beach Resort

4.20%

November 2026

1,275

Mortgage loan

Hilton Santa Barbara Beachfront Resort

4.17%

December 2026

164

2025 Senior Secured Notes

7.50%

June 2025

650

2028 Senior Secured Notes

5.88%

October 2028

725

2029 Senior Secured Notes

4.88%

May 2029

750

Total Fixed Rate Debt

5.03%(2)

4,596

Variable Rate Debt

Mortgage loan

DoubleTree Hotel Ontario Airport

L + 3.00%(3)

May 2022(3)

Revolving credit facility(4)

Unsecured

L + 3.00%

December 2023

—

2019 Term Facility(4)(5)

Unsecured

L + 2.65%

August 2024

Total Variable Rate Debt

3.32%(2)

108

Add: unamortized premium

Less: unamortized deferred financing costs and discount

(37

)

Total Debt(6)

5.02%(2)

4,671

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

(2) Calculated on a weighted average basis.

(3) In April 2022, Park's joint venture refinanced the mortgage loan secured by the DoubleTree Hotel Ontario Airport, which extended the maturity date to May 2027 with a fixed interest rate of 5.37%.

(4) In May 2020, Park amended its credit and term loan facilities to add a LIBOR floor of 25 basis points. As of March 31, 2022, Park had $901 million of available capacity under the Revolver.

(5) The outstanding balance of the 2019 Term Facility was hedged by an interest rate swap with a fixed interest rate of 1.86% per annum, which matured in April 2022.

(6) Excludes $225 million of Park’s share of debt of its unconsolidated joint ventures.


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Definitions

Definitions Hilton Orlando Bonnet Creek Hilton Denver City Center W Chicago –City Center

Hilton Orlando Bonnet Creek Hilton Denver City Center W Chicago - City Center


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	Definitions

Pro-forma

The Company presents certain data for its consolidated hotels on a pro-forma hotel basis as supplemental information for investors: Pro-forma Hotel Revenues, Pro-forma RevPAR, Pro-forma Total RevPAR, Pro-forma Occupancy, Pro-forma ADR, Pro-forma Adjusted EBITDA, Pro-forma Hotel Adjusted EBITDA and Pro-forma Hotel Adjusted EBITDA Margin and Net debt to Pro-forma Adjusted EBITDA ratio. The Company presents pro-forma hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s pro-forma metrics exclude results from property dispositions that have occurred through March 31, 2022 and include results from property acquisitions as though such acquisitions occurred on the earliest period presented.

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

Earnings (loss) 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 interest expense, income tax and depreciation and amortization included in equity in earnings (losses) from investments in affiliates.

Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude:

• 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;

• Casualty gains or losses;

• Impairment 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.


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	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 Park’s business or as measures of cash that will be available to us to meet our obligations. 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.


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	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 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) long-term debt, including current maturities and 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. Room nights available to guests have not been adjusted for suspended or reduced operations at certain of Park’s hotels as a result of COVID-19. 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 hotel rooms increases or decreases.


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	Definitions (continued)

Average Daily Rate

ADR 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 total number of room nights available to guests for a given period. Room nights available to guests have not been adjusted for suspended or reduced operations at certain of Park’s hotels as a result of COVID-19. 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. Room nights available to guests have not been adjusted for suspended or reduced operations at certain of Park’s hotels as a result of COVID-19. 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.

References to RevPAR, Total RevPAR and ADR are presented on a currency neutral basis (prior periods are reflected using current period exchange rates), unless otherwise noted.


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	Analyst Coverage


Analyst	Company	Phone	Email
Dany Asad	Bank of America	(646) 855-5238	dany.asad@bofa.com
Anthony Powell	Barclays	(212) 526-8768	anthony.powell@barclays.com
Ari Klein	BMO Capital Markets	(212) 885-4103	ari.klein@bmo.com
Neil Malkin	Capital One Securities	(571) 633-8191	neil.malkin@capitalone.com
Smedes Rose	Citi Research	(212) 816-6243	smedes.rose@citi.com
Floris Van Dijkum	Compass Point	(646) 757-2621	fvandijkum@compasspointllc.com
Chris Woronka	Deutsche Bank	(212) 250-9376	chris.woronka@db.com
Richard Hightower	Evercore ISI	(212) 752-0886	rich.hightower@evercoreisi.com
Stephen Grambling	Goldman Sachs	(212) 902-7832	stephen.grambling@gs.com
Christopher Darling	Green Street	(949) 640-8780	cdarling@greenstreet.com
David Katz	Jefferies	(212) 323-3355	dkatz@jefferies.com
Joe Greff	JP Morgan	(212) 622-0548	joseph.greff@jpmorgan.com
Bill Crow	Raymond James	(727) 567-2594	bill.crow@raymondjames.com
Rich Anderson	SMBC Nikko Securities	(646) 521-2351	randerson@smbcnikko-si.com
Patrick Scholes	Truist Securities	(212) 319-3915	patrick.scholes@research.Truist.com
Robin Farley	UBS	(212) 713-2060	robin.farley@ubs.com
Dori Kesten	Wells Fargo	(617) 603-4262	dori.kesten@wellsfargo.com


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