Exhibit 99.1

Park Hotels & Resorts Inc. Reports Second Quarter 2021 Results

TYSONS, VA (August 5, 2021) – Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the second quarter ended June 30, 2021 and provided an operational update on COVID-19.

Second quarter financial highlights include:

Additional highlights include:

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, “I am extremely pleased by the accelerated improvement of our portfolio, with our hotels generating positive Hotel Adjusted EBITDA for the second quarter. Our hotels in drive-to and fly-to resort markets continue to outperform, producing solid increases in both rate and occupancy as exceptionally strong leisure demand drove many of our resort assets to pre-pandemic performance. During the second half of 2021, we look forward to a sequential increase in leisure demand through the summer followed by the expected recovery of group and business transient demand. Also, with the sale of an additional four hotels and one pending sale, totaling $477 million in gross proceeds, our team will have exceeded our stated goal of selling $300 million to $400 million of hotels in 2021 to further de-leverage our balance sheet. We look forward to

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continuing this path of recovery throughout the remainder of this year and anticipate the return of group business, for which forward bookings continue to strengthen in 2022 with three consecutive quarters of increases, including a 10% increase in the second quarter.”

Selected Statistical and Financial Information

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

Operational Update

Park reopened four hotels during the second quarter, increasing total rooms by 3,996 rooms. The timing of reopening our remaining three suspended hotels will depend primarily on demand recovery in their respective markets.

The current status of Park’s hotels as of August 5, 2021 is as follows (for a list of status by hotel please see Park’s financial supplement):

Changes in Pro-forma ADR, Occupancy and RevPAR compared to the same periods in 2020 and 2019 and Pro-forma Occupancy for Park’s 49 consolidated hotels were as follows:

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Changes in Pro-forma ADR, Occupancy and RevPAR for each month in 2021 compared to the same periods in 2020 and 2019 and Pro-forma Occupancy for 2021 for only the consolidated hotels open during the entirety of each month were as follows:

As expected, strong demand trends continued in July 2021. Changes in Pro-Forma ADR, Occupancy and RevPAR for July 2021 compared to July 2020 for the 46 consolidated hotels open during the entirety of the month are preliminarily estimated to be 45.0%, 48.0% pts and 470.6%, respectively. Total Pro-forma occupancy for July 2021 for the 46 consolidated hotels open during the entirety of the month is preliminarily estimated to be 64.4%.

For the second quarter of 2021, Park’s portfolio generated positive Hotel Adjusted EBITDA with over half of Park’s open consolidated hotels achieving break-even levels. In June 2021, Park broke even at the corporate level and anticipates positive cash flow for the third quarter, based on current trends.

Domestic leisure transient demand continued to grow significantly during the second quarter of 2021 as COVID-19 vaccinations rates increased, domestic restrictions eased and restrictions on international travel continued. The Pro-forma Rooms Revenue mix for each of three and six months ended June 30, 2021, 2020 and 2019 for the 42 consolidated hotels open during the entirety the second quarter of 2021 or 40 consolidated hotels open during the entirety of the first half of 2021 were as follows:

The change in Pro-forma Rooms Revenue for the three and six months ended June 30, 2021 compared to the same periods in 2019 for the 42 consolidated hotels open during the entirety the second quarter of 2021 or 40 consolidated hotels open during the entirety of the first half of 2021 were as follows:

Group demand is showing signs of recovery with lead volume continuing to increase, up from 50% of 2019 levels in January to 96% of 2019 levels in July. In the quarter for the quarter bookings through June were better than expected, driven by smaller groups (up to 300 peak room nights) holding events in locations with fewer restrictions. Assuming the reopening momentum across the U.S. continues, Park expects to see a return of larger groups late in the third quarter in select markets. Looking further out, group bookings for 2022 have increased each of the past three quarters, growing by over 200,000 room nights, or nearly 25%, since September 30, 2020 with acceleration following the approval of COVID-19 vaccines for emergency use in November 2020. As of June 30, 2021, 2022 group bookings are approximately 72% of what 2019 group bookings were as of June 30, 2018.

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Highlights for Park's consolidated hotels owned as of August 5, 2021 in each of the Company’s key markets, segmented between leisure and other markets, are as follows:

Leisure Markets

Other Markets

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Balance Sheet and Liquidity

Park and its hotel managers have taken several proactive steps to reduce its burn rate, increase liquidity and mitigate the effects of COVID-19 on its business, including reducing labor and other operating expenses and cutting budgeted expenditures for 2021 to approximately $40 million for maintenance projects. As a result of these measures, coupled with expected continued leisure demand and the continued distribution of COVID-19 vaccines, Park's portfolio generated positive Hotel Adjusted EBITDA during the second quarter. In June 2021, Park broke even at the corporate level and anticipates positive cash flow for the third quarter, based on current trends.

Park’s Net Debt as of June 30, 2021 was $4.4 billion. Following the sales of the Hotel Indigo San Diego Gaslamp Quarter, Courtyard Washington Capitol Hill Navy Yard and Hotel Adagio, Autograph Collection, Park reduced its outstanding debt by $223 million. Park's current liquidity is over $1.8 billion, including approximately $1.1 billion of available capacity under the Company's Revolver. As a result of the expected sale of the Le Meridien San Francisco, Park expects to further reduce its outstanding debt by approximately $208 million.

Park had the following debt outstanding as of June 30, 2021:

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Dividends

In light of the COVID-19 pandemic, Park suspended dividend payments following the payment of its first quarter 2020 dividend.

Full-Year 2021 Outlook

Given the continued economic uncertainty, travel restrictions and rapidly changing circumstances related to the COVID-19 pandemic, Park is not providing an outlook for full-year 2021 at this time.

The Company’s ability to predict future operating results remains significantly impacted by the current COVID-19 pandemic. Park expects that the trends affecting the economy will continue to depress hotel operating results across the portfolio. While recent trends have shown signs of improvement, the economic environment continues to lack sufficient clarity at this time to provide accurate guidance.

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 second quarter 2021 results on August 6, 2021 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’ Second Quarter 2021 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 expected reopening dates for the Company’s hotels and dates that its properties will 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 (including through potential alternative sources of revenue) being taken in response to COVID-19, 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 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. COVID-19 has significantly affected the Company’s business, and the extent to which COVID-19 continues to affect the Company, its hotel managers, tenants and guests at the Company’s hotels will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its effect, the emergence of virus variants, the efficacy, availability and deployment of vaccinations and other treatments to combat COVID-19, including public adoption rates of COVID-19 vaccines, additional closures that may be mandated or advisable even after the reopening of certain of the Company’s hotels on a limited basis, whether due to an increased number of COVID-19 cases or otherwise, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, investors are cautioned to interpret many of

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the risks identified in the risk factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as being heightened as a result of the ongoing and numerous adverse impacts 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, 2020, as such factors may be updated from time to time in Park’s filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

Park presents certain non-GAAP financial measures in this press release, including Nareit FFO attributable to stockholders Adjusted FFO attributable to stockholders, 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 the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 56 premium-branded hotels and resorts with over 32,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

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PARK HOTELS & RESORTS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions, except share and per share data)

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PARK HOTELS & RESORTS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except per share data)

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PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

EBITDA AND ADJUSTED EBITDA