# EDGAR Filing Document

**Accession Number:** 0001617406
**File Stem:** 0001617406-25-000056
**Filing Date:** 2025-12
**Character Count:** 69510
**Document Hash:** 54f1ef52e5199551f380ab926d239501
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001617406-25-000056.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001617406-25-000056

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20251209

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Park Hotels & Resorts Inc.
- **CENTRAL INDEX KEY:** 0001617406
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 362058176
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37795
- **FILM NUMBER:** 251557567

**BUSINESS ADDRESS:**
- **STREET 1:** 1775 TYSONS BLVD
- **STREET 2:** 7TH FLOOR
- **CITY:** TYSONS
- **STATE:** VA
- **ZIP:** 22102
- **BUSINESS PHONE:** (571) 302-5757

**MAIL ADDRESS:**
- **STREET 1:** 1775 TYSONS BLVD
- **STREET 2:** 7TH FLOOR
- **CITY:** TYSONS
- **STATE:** VA
- **ZIP:** 22102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Hilton Worldwide, Inc.
- **DATE OF NAME CHANGE:** 20140820

?xml version='1.0' encoding='ASCII'? pk-20251209

**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): December 9, 2025**

______________________________________________________________________________________

**Park Hotels & Resorts Inc.**

**(Exact name of Registrant as Specified in Its Charter)**

______________________________________________________________________________________

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| | | |
|:---|:---|:---|
| **Delaware** | **001-37795** | **36-2058176** |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission<br>File Number) | (IRS Employer<br>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):

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

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

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

□ 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:

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| | | |
|:---|:---|:---|
| 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 □

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. □

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**Item 7.01. Regulation FD Disclosure.**

On December 9, 2025, the Company made available on its website an updated investor presentation for use at various conferences and meetings in the coming weeks containing, among other things, the Company's progress to dispose of its non-core hotels and the impact of the sales on the Company's portfolio. A copy of the investor presentation is furnished as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein solely for purposes of this Item 7.01 disclosure.

The information contained in this Current Report on Form 8-K, including Exhibit 99.1, 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 such information 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<br>Number** | **Description** |
| 99.1 | [Investor Presentation dated December 9, 2025](nareitdeckdecember202512.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**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. | Park Hotels & Resorts Inc. |
| Date: December 9, 2025 | By: | /s/ Sean M. Dell'Orto |
|  |  | Sean M. Dell'Orto |
|  |  | Executive Vice President, Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

![](nareitdeckdecember202512001.jpg)

INVESTOR PRESENTATION DECEMBER 2025 Exhibit 99.1

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![](nareitdeckdecember202512002.jpg)

2 PARK HOTELS & RESORTS MISSION INVESTMENT STRATEGY GUIDING PRINCIPLES To be the preeminent lodging REIT, focused on consistently delivering superior, risk- adjusted returns to stockholders through active asset management and a thoughtful growth strategy, while maintaining a strong and flexible balance sheet Upper-Upscale & Luxury Full-Service Premier Urban and Resort Destinations Affiliation with Dominant Global Brands Active Asset Management Prudent Capital Allocation Maintain Strong & Flexible Balance Sheet

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![](nareitdeckdecember202512003.jpg)

3 TTM 3Q25 Hotel Adj. EBITDA Comparable1 Core2 1) Hawaii 29% 32% 2) Orlando 17% 16% 3) New York 8% 9% 4) New Orleans 8% 9% 5) Southern California 7% 5% 6) Key West 7% 8% 7) Boston 6% 6% 8) Puerto Rico 4% 4% 9) Chicago 3% 4% 10) Washington D.C. 2% 3% Contract/Other Leisure Group Business Transient PARK AT A GLANCE 35 COMPARABLE HOTELS1 22K COMPARABLE ROOMS1 ROOMS REVENUE SEGMENTATION1,2 HOTEL REVENUE SEGMENTATION1,2 TOP 10 MARKETS Rooms Food & Beverage Ancillary Hotel (Parking, Golf, Spa) Other (Lease Income, Resort Fees) 60% 29% 4% 7% Non-Core Hotels 39% 30% 25% 6% Non-Core Hotels 1. Park's Comparable hotels include its 35 consolidated hotels and exclude its 2 unconsolidated hotels; metrics are based on total Comparable TTM data as of 9/30/2025. Hotel Adjusted EBITDA excludes Q4 2024 strike impact on Park's hotels in Hawaii, Boston and Seattle 2. Park's Core hotels include 20 of its consolidated hotels and 1 of its unconsolidated hotels; metrics are based on TTM data as of 9/30/2025 for Park's 20 consolidated Core hotels only. Hotel Adjusted EBITDA excludes Q4 2024 strike impact on Park's Core hotels in Hawaii and Boston. See slide 29 for Park's portfolio listing SIGNIA BY HILTON ORLANDO BONNET CREEK CASA MARINA KEY WEST, CURIO COLLECTION HILTON HAWAIIAN VILLAGE WAIKIKI BEACH RESORT 20 CORE HOTELS2 16K CORE ROOMS2 Core Hotels 82% Core Hotels 80% CORE HOTEL MARKETS

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![](nareitdeckdecember202512004.jpg)

4 PARK: A COMPELLING INVESTMENT STORY VALUATION CORE PORTFOLIO5 FINANCIAL FLEXIBILITYROI PIPELINE CORE PORTFOLIO AMONG HIGHEST QUALITY IN SECTOR ROI PIPELINE TO DRIVE VALUE CREATION DISCOUNT DESPITE SECTOR OUTPERFORMANCE1 AMPLE LIQUIDITY TO EXECUTE STRATEGY 47% discount to consensus estimate of NAV1 $270K/key implied market value of portfolio2 Approximately $1M/key replacement cost for Core portfolio3 Attractive dividend yield of 9%4 Significant embedded real estate value across the Core portfolio—to be realized through robust ROI pipeline: $1B of potential opportunities Development team has a strong track record of success: past projects generated 20%+ average IRR Royal Palm South Beach Miami: $103M transformative renovation began in May 2025 20 Core hotels5; 16k rooms TTM 3Q25 Operating Metrics:5 RevPAR: $218; Hotel Adj. EBITDA Margin: 30%; EBITDA/Key: $40,000 Above Average Growth:5,6 5Y RevPAR CAGR (2025-2030) nearly 3% including Orlando (5%), Miami (4%), Key West (4%), New Orleans (4%) and Boston (3%) Since 2018, $1.4B of capital will have been invested in Core portfolio5 through 2025, or $87K/key, while nearly two-thirds of rooms (weighted based on the % of Hotel Adjusted EBITDA) have been renovated $100M+ Adjusted EBITDA growth potential as Core markets recover and ROI projects stabilize Over $2B of liquidity, including $1B available under the revolving credit facility ("Revolver") and unsecured $800M delayed-draw term loan ("2025 DDTL") No significant debt maturities until 4Q26 Capital to Shareholders: Over the past 3 years, returned nearly $1.3B (~$940M in dividends + over $340M of stock repurchases) 4. Dividend yield is calculated based upon the $0.25/share quarterly dividend declared for 2025 and Park's closing stock price on 12/1/2025 of $10.62 5. Park's Core hotels include 20 of Park's consolidated hotels and 1 of Park's unconsolidated hotels; metrics are based on Park's 20 consolidated Core hotels only, exclude Q4 2024 strike impact on Park's Core hotels in Hawaii and Boston and utilize expected stabilized data post-renovation for the Royal Palm South Beach Miami. See slide 29 for Park's portfolio listing 6. Compound annual growth rate ("CAGR") based on forecast provided by Lodging Analytics Research and Consulting ("LARC") 1. Based on Park's closing stock price on 12/1/2025 of $10.62; consensus NAV based on current Wall Street estimates 2. Represents the implied value per key of Park's portfolio in the public market 3. Based on Park's internal analysis and construction market pricing for Park's Core hotels as of 2025. Estimated land values are based on market data and recent comparable sales where applicable. This estimate is not intended to be an estimate for the fair market value of the portfolio SIGNIA BY HILTON ORLANDO BONNET CREEK NEW YORK HILTON MIDTOWN HILTON SANTA BARBARA BEACHFRONT RESORT HILTON CHICAGO

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![](nareitdeckdecember202512005.jpg)

5 Capital Allocation: Acquired Chesapeake Lodging Trust for $2.5B, improving the overall quality of the portfolio; Sold or disposed of 47 hotels1 for over $3B; invested $330M on value-enhancing ROI projects at returns averaging in excess of 20% Operational Excellence: Delivered 2024 Comparable RevPAR growth of 3%, or a sector-leading 4.3%, excluding strike and related labor activity, while 2025 Comparable RevPAR is forecasted to change by (1.5)% to (0.7)% compared to 2024, excluding the Royal Palm South Beach Miami, due to economic uncertainty compounded by the government shutdown; despite that, this team has kept expense growth at 1% YTD2 Balance Sheet Management: Issued nearly $2.9B of corporate debt to repay $2.5B of near-term debt Return of Capital: Returned approximately $3.9B of capital to shareholders in the form of stock repurchases and dividends since 2017 Corporate Responsibility: Named by Newsweek to America's Most Responsible Companies list 2020-2022 and 2024-2025 and America's Most Trustworthy Companies list 2023-2025; published TCFD report; annual participation in GRESB KEY ACCOMPLISHMENTS: EIGHT-YEAR TRACK RECORD OF CREATING VALUE EXPERIENCED MANAGEMENT TEAM EXECUTIVE MANAGEMENT Chairman, President & CEO Thomas J. Baltimore, Jr. EVP, CFO & Treasurer Sean Dell'Orto EVP, Design & Construction Carl Mayfield EVP & CIO Tom Morey EVP, HR Jill Olander EVP, Asset Management Joe Piantedosi EVP, General Counsel & Secretary Nancy Vu SENIOR MANAGEMENT SVP, Investments & Portfolio Mgmt Rebecca Flemming SVP, Corporate Finance & Analytics Diem Larsen SVP & CAO Darren Robb SVP, Strategy Ian Weissman SVP, Tax Scott Winer WITH TRACK RECORD OF SUCCESS 1. To date, Park has sold its interest in 39 hotels. In addition, six 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 Hilton San Francisco Union Square and Parc 55 San Francisco - A Hilton Hotel (collectively, the "Hilton San Francisco Hotels"), which secured the $725M non- recourse CMBS loan ("SF Mortgage Loan"), and were placed into receivership in October 2023 were sold by the court-appointed receiver in November 2025 2. Based on Comparable data for YTD 9/30/2025 Stephanie Wingader SVP & Assistant General Counsel

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![](nareitdeckdecember202512006.jpg)

6 THE CORE HOTELS ICONIC PORTFOLIO WALDORF ASTORIA ORLANDO CASA MARINA KEY WEST, CURIO COLLECTION HILTON WAIKOLOA VILLAGE ROYAL PALM SOUTH BEACH MIAMI HILTON HAWAIIAN VILLAGE WAIKIKI BEACH RESORT HILTON SANTA BARBARA BEACHFRONT RESORT CASA MARINA KEY WEST, CURIO COLLECTION HYATT REGENCY MISSION BAY SPA AND MARINAHILTON WAIKOLOA VILLAGE SIGNIA BY HILTON ORLANDO BONNET CREEK THE REACH KEY WEST, CURIO COLLECTION CARIBE HILTON

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![](nareitdeckdecember202512007.jpg)

7 ICONIC PORTFOLIO THE CORE HOTELS (CONTINUED) HILTON NEW ORLEANS RIVERSIDE HILTON DENVER CITY CENTER NEW YORK HILTON MIDTOWN HYATT REGENCY BOSTON JW MARRIOTT SAN FRANCISCO UNION SQUARE HILTON CHICAGO HILTON BOSTON LOGAN AIRPORT DOUBLE TREE WASHINGTON DC - CRYSTAL CITY JUNIPER HOTEL CUPERTINO, CURIO COLLECTION HILTON MCLEAN TYSONS CORNER HYATT REGENCY BOSTON

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![](nareitdeckdecember202512008.jpg)

BUILDING BLOCKS FOR GROWTH HILTON WAIKOLOA VILLAGE

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![](nareitdeckdecember202512009.jpg)

9 PARK STRATEGY: FOCUS ON CORE HOTELS Strategic Plan: Disposing of Remaining Non-Core Hotels Over the Next 12+ Months Materially Enhances Growth and Quality Why Focus on the Core Hotels 2017 Portfolio Narrow Focus to Just Core Hotels 2025 Core Portfolio 2025 Non-Core Portfolio 21 Hotels 17K Rooms 16 Hotels 7K Rooms $129 RevPAR4 14% Hotel Adj. EBITDA Margin4 67 Hotels 35K Rooms $162 RevPAR1 28% Hotel Adj. EBITDA Margin1 Core hotels account for 90%+ of value2 Reshaped Portfolio to 16 Remaining Non-Core Hotels $218 RevPAR3 30% Hotel Adj. EBITDA Margin3 Superior RevPAR: $218, or 69% higher than Non-Core hotels More Profitable: 30% Hotel Adjusted EBITDA Margin, or 1,600 bps higher than Non-Core hotels EBITDA/Key: $40K, or 300% higher than Non-Core hotels Higher Growth: 5Y RevPAR CAGR ('25-'30) for Core markets is nearly 3% Significant Earnings Upside: $100M+ of Adjusted EBITDA upside potential upon stabilization Limited Supply : 0.7% supply CAGR forecasted through 2030 Valuation Upside: Superior quality and growth of Core hotels, combined with lower leverage from Non-Core sale proceeds, support a materially higher valuation Embedded Value: Robust pipeline to fuel additional growth and value creation QUALITY3,4 GROWTH VALUE CREATION 1. Metrics are based on FY 2017 data 2. Based on TTM Comparable Hotel Adjusted EBITDA as of 9/30/2025 3. Metrics are TTM as of 9/30/2025 for Park's 20 consolidated Core hotels, exclude strike impact on Park's Core hotels in Hawaii and Boston and utilize expected stabilized data post-renovation for the Royal Palm South Beach Miami 4. Metrics are TTM as of 9/30/2025 for Park's 15 consolidated Non-Core hotels and exclude strike impact on Park's hotels in Seattle

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![](nareitdeckdecember202512010.jpg)

10 1. Based on TTM Comparable data as of 9/30/2017 and 9/30/2025; excludes unconsolidated hotels 2. TTM Comparable metrics as of 9/30/2025 exclude strike impact on Park's Core hotels in Hawaii and Boston and Park's Non-Core hotels in Seattle and utilize expected stabilized data post-renovation for the Royal Palm South Beach Miami (Core hotel) CORE VS. NON-CORE HIGHER QUALITY, MORE PROFITABLE, BETTER GROWTH Consolidated Core (20) Hotels Core hotels have significantly outperformed Park's Non-Core hotels since 20171,2 SIGNIA BY HILTON ORLANDO BONNET CREEK Consolidated Non-Core (15) Hotels ($56M) Decrease in Hotel Adjusted EBITDA $75M Increase in Hotel Adjusted EBITDA Park's Non-Core hotel portfolio has accounted for a 125 basis point annual drag on Hotel Adjusted EBITDA growth since 2017, while diluting overall portfolio quality and valuation. Divesting these assets is expected to significantly enhance growth, elevate portfolio quality, and reduce leverage. 2017 vs. 2025 Total RevPAR CAGR: 2.2% Hotel Adjusted EBITDA Margin: (10 bps) R ev P A R $218 $129 Core Non-Core E B IT D A /K ey $40,000 $10,000 Core Non-Core H ot el A d ju st ed EB IT D A M ar g in 30% 14% Core Non-Core 2017 vs. 2025 Total RevPAR CAGR: (1.0)% Hotel Adjusted EBITDA Margin: (1,080 bps) 2 2 2

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![](nareitdeckdecember202512011.jpg)

11 Targeted disposal of Non-Core hotels; Proceeds expected to be used for debt paydown $560M to $600M Estimated proceeds from Non-Core hotel sales3 0.3x to 0.4x Expected reduction in leverage (net-debt to EBITDA) over the next two years driven by Non-Core hotel sales3 PARK: PLAN TO DISPOSE OF NON-CORE HOTELS Sale Tranche Non-Core Dispositions # of Hotels Pro-Rata Keys Pro-Rata EBITDA1 FY 2025E RevPAR Estimated Sale Proceeds Estimated Multiple Estimated Timing (1) Sold/In Contract/Closed2 5 1,541 $6.7M $140 $161M 27.3x N/A (2) Expiring Safehold Leases 2 1,095 $(0.5)M $105 $0 N/A YE 2025 (3) Awarded Deals 1 520 $(1.3)M $123 $37M N/A 1Q26 (4) Active Sale Process 5 1,566 $16.4M $145 $162M - $177M 10.0x - 11.0x 2026 (5) Other Non-Core 3 1,558 $30.2M $132 $200M - $225M 6.5x - 7.5x 2026 Total/Average: 16 6,280 $51.5M $132 $560M - $600M 10.9x - 11.7x (6) Safehold Leases3 3 959 $16.5M $150 TBD TBD TBD Plan to dispose of Non-Core hotels in next 12+ months; proceeds expected for debt paydown 1. Based on TTM Hotel Adjusted EBITDA as of 9/30/2025 or, for sold or closed hotels, FY 2024 Hotel Adjusted EBITDA; includes Park's share from unconsolidated joint ventures 2. Includes the sale of the Hyatt Centric Fisherman's Wharf in May 2025, closure of the Embassy Suites Kansas City Plaza in September 2025 and the sale of Park's interest in the Capital Hilton in November 2025 3. Timing for the three remaining hotels under the Safehold ground lease agreement cannot be determined given ongoing litigation; excluded from estimated proceeds and expected reduction in Park's leverage ratio DOUBLETREE HOTEL SAN JOSE HILTON SHORT HILLS DOUBLETREE SEATTLE AIRPORT NON-CORE STRATEGY $161M Non-Core hotels sold or in contract 2025 PROGRESS CAPITAL HILTON

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![](nareitdeckdecember202512012.jpg)

12 Shedding the Non-Core hotels will further highlight the significant earnings potential in Park's Core portfolio 1. Based on the midpoint of Park's FY 2025 Adjusted EBITDA outlook 2. Other Resort includes Casa Marina Key West The Reach Resort. Hilton Caribe, Hilton Santa Barbara, and Hyatt Regency San Diego. Excludes ROI projects at Hilton Santa Barbara and Casa Marina Key West $608 $(66) $542 $57 $38 $28 $24 $15 $709 Urban: Delayed post- pandemic recovery in New Orleans, Chicago and San Francisco PARK HOTELS: BRIDGING THE EARNINGS POTENTIAL Adjusted EBITDA Bridge ($M) Other Resort2 Santa Barbara/ Casa ROI Dispositions Hawaii: Tailwinds from lingering impacts of strike (+$18M), renovation disruption (+$11M), and rebound of Oahu Market and international demand (+$28M) Orlando: Continued group outperformance supported by the Bonnet Creek ballroom expansion, the $900M two-phase expansion of the Orlando Convention Center adding nearly 150K square feet, and Disney's ongoing $17B investment in its theme parks Royal Palm South Beach Miami: Following the $103M comprehensive renovation, stabilized Adjusted EBITDA expected to double 2025E1 Stabilized $100M+ Net Adjusted EBITDA Growth Potential $5 2025E1 Adjusted

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![](nareitdeckdecember202512013.jpg)

13 POTENTIALLY HIGHER GROWTH = HIGHER MULTIPLE 1. Bridge to Potentially Higher Valuation Given Strong Correlation to Growth and Quality Valuation Multiple1,2 9.3x 11.0x PK Adjusted EBITDA Multiple (2026E) Average Peer Group Adjusted EBITDA Multiple Stock Price $11 $23 PK Stock Price2 Potential PK Stock Price5 • Accelerated Growth: $100M+ Adjusted EBITDA upside (+17% from 2025E3) • Higher RevPAR: $218 TTM 3Q25; +$33 vs. 2025E4 • Higher Hotel Adjusted EBITDA Margin: 30% TTM 3Q25; +365 bps vs. 2025E4 • Lower Leverage: Inside of 5.0x; estimated reduction of 1.6x including embedded Adjusted EBITDA upside from Core hotels Potential Impact on PK Valuation CARIBE HILTON HILTON WAIKOLOA VILLAGE 1. Current Adjusted EBITDA multiples based on current Wall Street consensus estimates for 2026 and historical Adjusted EBITDA multiple based peer data for approximately 25 years; peer group includes full- service lodging REITs with market cap over $1B- HST, PEB, SHO, DRH, RHP and XHR 2. Based on stock prices as of 12/1/2025 Anticipated Benefits of Disposing of Non-Core Hotels WALDORF ASTORIA ORLANDO Current 12.3x Based on Current Avg. Peer Group Multiple Current Current $27 Historical Based on Historical Avg. Peer Group Multiple 3. Based on the midpoint of Park's FY 2025 Adjusted EBITDA outlook 4. Compares TTM Core metrics as of 9/30/2025 vs. the midpoint of Park's FY 2025 outlook on a Comparable basis 5. Based on Park's expected stabilized Adjusted EBITDA - see slide 12

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![](nareitdeckdecember202512014.jpg)

14 COMPLETED ~$330M (2018-2024) IN PLANNING/UNDER CONSTRUCTION ~$1B ADDITIONAL POTENTIAL PROJECTS VALUE CREATION $1B Potential ROI Pipeline 15%-20% Potential IRR SIGNIFICANT EMBEDDED VALUE ROBUST ROI PIPELINE: HILTON NEW YORK MIDTOWN • Bonnet Creek Renovation & Expansion ($220M) • Casa Marina and The Reach Key West Renovation ($93M) • Hilton Santa Barbara Renovation ($14M) • Royal Palm South Beach Repositioning1 ($103M) • Casa Marina Key West Outparcel ($80M-$90M) • Hilton Santa Barbara Expansion ($55M-$60M) • Hilton Hawaiian Village Expansion ($485M-$530M) • Hilton Waikoloa Village Expansion ($225M-$250M) • DoubleTree Crystal City Redevelopment • Hilton New Orleans Mixed-Use Expansion • Hilton New York Midtown Alternative Use HILTON SANTA BARBARACASA MARINA KEY WEST • Value producing use of capital with expected returns above acquisition yields • Materially improve portfolio quality = expected higher valuation multiple • Target markets forecasted to generate above average RevPAR growth through 2028 1. Began in May 2025 2. Based on Hotel Adjusted EBITDA of hotels before vs. after renovations; see slide 15 for additional information 3. Based on FY 2024 Hotel Adjusted EBITDA, excluding strike impact on the Hilton Hawaiian Village Waikiki Beach Resort, and estimated stabilized Hotel Adjusted EBITDA based on potential IRR at the midpoint (18%) RATIONALE E B IT D A (M) $110 $164 Before After +$54M 22 E B IT D A (M) $299 $477 Before After +$178M 33

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![](nareitdeckdecember202512015.jpg)

15 HILTON SANTA BARBARA BEACHFRONT RESORT THE REACH KEY WEST, CURIO COLLECTION CASA MARINA KEY WEST, CURIO COLLECTION TRACK RECORD OF SUCCESS VALUE ENHANCING ROIs: Hotels with completed major ROI projects generating an additional $50M+ of EBITDA1 upon stabilization $14M renovation completed 2018 IRR: 25% IRR: 25% Est. IRR2: 17%+ Est. IRR2: 20%+ SIGNIA BY HILTON ORLANDO BONNET CREEK & WALDORF ASTORIA ORLANDO E B IT D A (M) $17 $22 2017 2019 +$5M $13M renovation completed 2019 E B IT D A (M) $8 $12 2018 2021 +$4M $80M renovation completed 2023 E B IT D A (M) $23 $34 2019 2025E +$11M $220M renovation completed Jan. 2024 E B IT D A (M) $62 $96 2022 2025E +$34M 1. Based on the change in Hotel Adjusted EBITDA of hotels shown before vs. after renovation 2. Estimated 7-year IRR

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![](nareitdeckdecember202512016.jpg)

16 MAJOR PROJECTS UNDERWAY From 2018 to 2025, $1.4B of value-enhancing capex projects invested in Park's Core portfolio, resulting in material market share gains. Current projects include: Royal Palm South Beach Miami $103M • Full property renovation • Renovation of 393 guestrooms, +11 guestrooms • Estimated completion in Q2 2026 Hilton Hawaiian Village Waikiki Beach Resort Rainbow Tower $94M • Phase 1: Renovation of 392 guestrooms, +12 guestrooms; completed in February 2025 • Phase 2: Renovation of 404 guestrooms, +14 guestrooms; estimated completion in Q2 2026 Hilton Waikoloa Village Palace Tower $71M • Phase 1: Renovation of 197 guestrooms, +6 guestrooms; completed in January 2025 • Phase 2: Renovation of 203 guestrooms, +8 guestrooms; estimated completion in Q1 2026 Hilton New Orleans Riverside Main Tower $83M • Phase 1: Renovation of 250 guestrooms; completed in November 2024 • Phase 2: Renovation of 428 guestrooms; estimated completion in Q1 2026 • Phase 3: Renovation of 489 guestrooms; estimated completion in Q4 2026 COMMITTED TO INVEST:

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![](nareitdeckdecember202512017.jpg)

17 • Overall, Park anticipates 0.7% average annual supply growth through 2030 across its primary markets versus the 2.0% annual supply growth forecasted in Q4 20192 prior to the pandemic, tied for lowest in the peer group • Over 70% of Park's 2025E Core EBITDA exposed to markets with 1.0% or less annual supply growth through 2030 • Escalating construction and labor costs are expected to slow the pace of new supply over the near term and create further barriers to entry CORE PORTFOLIO: WELL-INSULATED FROM SUPPLY 1.2% 1.1% 0.9% 0.9% 0.8% 0.8% 0.7% 0.7% 0.5% 0.4% 0.1% 2025-2030 Avg. Supply Growth Park (Core) FY 2025E EBITDA Contribution (%) National Average San Diego Denver New York Washington D.C. Boston Orlando Miami New Orleans Oahu Chicago San Francisco 0.0% 5.0% 10.0% 15.0% 1. Supply growth data from CBRE Q2 2025 Hotel Horizons forecast 2. CBRE Q4 2019 Hotel Horizons forecast 3. Peer group includes full-service lodging REITs with market cap over $1B- HST, PEB, SHO, DRH, RHP and XHR National Supply Growth Average: 0.7% Favorable supply picture for Park through 20301 20.0% Supply Growth1 Exposure for Lodging REIT Peer Group3 1.2% 0.9% 0.8% 0.8% 0.7% 0.7% 0.7% 2025-2030 Avg. Supply Growth Peer Group Average RHP XHR HST DRH SHO PEB PK (Core) Peer Growth Average: 0.9%

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18 • Adjusted FFO excludes $58M of default interest and late payment administrative fees associated with default of the SF Mortgage Loan that began in June 2023 and were required to be recognized in interest expense until legal titles to the Hilton San Francisco Hotels were transferred and the SF Mortgage Loan was assumed by the buyer, which occurred in November 2025 when the hotels were sold by the court-appointed receiver • Fully diluted weighted average shares for the full-year 2025 of 200M 2025 OUTLOOK: No Change to Guidance OUTLOOK ASSUMPTIONS AND CONSIDERATIONS FY 2025 Outlook as of December 8, 2025 Change at Midpoint1Metrics Low High Comparable RevPAR $184 $185 $0 Y/Y Growth (2.5)% (1.8)% 0 bps Comparable RevPAR, excluding the Royal Palm South Beach Miami $186 $187 $0 Y/Y Growth (1.5)% (0.7)% 0 bps Adjusted EBITDA $595 $620 $0 Y/Y Change (9.0)% (5.0)% 0.0% Comparable Hotel Adjusted EBITDA margin 26.3% 26.9% 0 bps Y/Y Change (130 bps) (70 bps) 0 bps Adjusted FFO per share - Diluted $1.85 $1.97 $0.00 Y/Y Change (10.0)% (4.0)% 0.0% • Portfolio as of December 8, 2025 and does not take into account potential future acquisitions, dispositions, or any financing transactions, which could result in a material change to Park's outlook • 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 United States as a result of tariff or trade policy, as the net effect of such announcements cannot be ascertained or quantified at this time 1. 2025 outlook as of 12/8/2025 compared to 10/30/2025 2. Comparable RevPAR growth compared to the same period in 2024 Core Portfolio Growth (excluding Royal Palm)2 3.8% Preliminary October Comparable RevPAR 5.5% Preliminary November Comparable RevPAR Preliminary November Comparable RevPAR Growth2 ~2% Preliminary November Comparable RevPAR (ex-Royal Palm South Beach Miami Hotel) was in line with expectation despite a slightly higher than expected impact from the government shutdown

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APPENDIX CASA MARINA KEY WEST, CURIO COLLECTION

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20 FORTIFIED BALANCE SHEET WITH A PLAN TO EXTEND NEAR-TERM MATURITIES Park's balance sheet remains strong with ample liquidity and improved financial flexibility for growth while providing protection during economic uncertainty ADJUSTED CONSOLIDATED DEBT MATURITY SCHEDULE ($ IN MILLIONS)1,2 1. Excludes the $725M SF Mortgage Loan, which was assumed by the buyer of the Hilton San Francisco Hotels in November 2025, and $157M of debt from unconsolidated joint ventures. Adjustments include the expected repayment of $1.4B of mortgage loans maturing in 2026, fully drawing on the $800M 2025 DDTL and completing a potential $600M-$700M financing transaction (shown at midpoint) during the second half of 2026 2. As of 9/30/2025, excludes principal payment amortization

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21 $725 $750 $550$200$154 $30$51 $1,000 $800 $650 Senior Notes 2024 Term Loan Cons JV Debt Property Mortgages Revolver 2025 DDTL 1H 2026 Transaction 2026 2027 2028 2029 2030 2031 FORTIFIED BALANCE SHEET FOCUS ON 2026 Park has taken steps towards a more comprehensive recapitalization to transform the balance sheet CONSOLIDATED DEBT MATURITY SCHEDULE ($ IN MILLIONS)1 $725 $750 $550$200 $1,448 $154 $30 $1,000 $800 Senior Notes 2024 Term Loan Property Mortgages Cons JV Debt Revolver 2025 DDTL 2026 2027 2028 2029 2030 2031 1. Excludes the $725M SF Mortgage Loan, which was assumed by the buyer of the Hilton San Francisco Hotels in November 2025, and $157M of debt from unconsolidated joint ventures. Adjustments include the expected repayment of $1.4B of mortgage loans maturing in 2026, fully drawing on the $800M 2025 DDTL and completing a potential $600M-$700M financing transaction (shown at the midpoint) during the second half of 2026 2 4 As of September 30, 2025 Adjusted1 2. $51M loan secured by the Hilton Denver City Center matures in 2042 but is callable by the lender with six months of notice. As of 9/30/2025, Park had not received notice from the lender 3. Includes $157M of debt from unconsolidated joint ventures 4. $1.0B Revolver assumes fully-extended maturity to September 2030 5. $800M 2025 DDTL assumes fully-extended maturity to January 2031 6. 2H 2026 Transaction amount reflects midpoint of $600M-$700M range of potential proceeds 2 5,64 5 Actual Adjusted 3Q251 3Q251 % of Debt Maturing through 20272 48% 11% % of Fixed Rate Debt 95% 58% % of Secured Debt 42% 23% Liquidity Available $2.1B $1.3B Net Debt3 $3.7B $3.7B Corporate Credit Rating (S&P/Moody's) BB-/B1 BB-/B1 • Amended and restated Park's credit facility in September 2025, increasing the Revolver to $1.0B and adding an $800M 2025 DDTL to assist in addressing $1.4B of mortgage debt maturing in the second half of 2026 • Currently exploring secured debt options with execution expected in the second half of 2026 • Q3 2025 Net Debt to TTM Comparable Adjusted EBITDA was 6.23x3 COMMENTARY

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22 • Position hotel as an upper upscale alternative to existing (and soon-to-open) luxury accommodations in the market • Enhance and reconfigure public spaces, F&B outlets, and amenity areas to improve flow and increase utilization, including adding an indoor/outdoor lobby bar, activating the breezeway with a trellis system and fire pits, and creating an indoor/outdoor fitness center • Renovate all meeting and function spaces to enhance overall group experience • Complete guestroom renovation (including case goods) will position property competitively against renovated comp set; current condition limits ability to drive ADR • Increase capture and improve profitability of F&B outlets through additional seating, menu redesign, and operating changes • Addition of new rooms and creation of new event terrace to drive incremental profit • Pursue LEED certification $103M transformative renovation of oceanfront hotel RATIONALE & EXPECTED ROI DRIVERS ROYAL PALM SOUTH BEACH REPOSITIONING PROJECT SUMMARY • Comprehensive renovation of all 393 rooms, addition of 11 new rooms • Scope will address all areas of hotel and incorporate amenities that are commensurate with other lifestyle hotels 1. Represents total hotel performance; estimated incremental Hotel Adjusted EBITDA attributable to renovation is forecasted at approximately $14M/year POTENTIAL VALUE CREATION $117M+ Estimated NPV1 15%-20% Estimated IRR1 ESTIMATED BUDGET $103M Expected to double Hotel EBITDA once stabilized to nearly $28M

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23 Signia by Hilton • Conversion to elevated, group-focused Signia by Hilton brand from standard Hilton brand • Addition of 90,000 sf of meeting space, including 30,000 sf of outdoor event lawn space • Comprehensive renovation of 1,009 guestrooms, meeting space, lobby, coffee shop, bar, pool and lazy river Waldorf Astoria • 17,000 sf meeting space addition • Comprehensive renovation of 502 guestrooms, meeting space, lobby, spa, bar, restaurant and pool • Renovation of Rees Jones Signature 18-hole golf course ROI CASE STUDY: $220M meeting space expansion and comprehensive renovation completed in 2024 elevates group profile of iconic complex SCOPE SIGNIA + WALDORF BONNET CREEK FINANCIAL HIGHLIGHTS1 RESORT COMPLEX PROFILE • 1,511 guestrooms • 296,000 sf of meeting and event space • 11 dining options • 2 pools and 1 lazy river • 18-hole golf course • 1 spa 1. Forecast as of 9/30/25 • $96M Hotel Adjusted EBITDA expected for 2025, a 17% increase over 2024 • Catered F&B pace up 13% in 2025 vs 2024 • Waldorf Astoria Orlando named #9 resort in the world in 2024 by Condé Nast Traveler, Reader's Choice Awards • Ranked #4 in Best Resorts in Florida in 2025 by Travel + Leisure magazine RECOGNITION

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24 • Cutting-edge technology for air purification/ indoor air quality • Relocation of critical electrical equipment from lower levels • Installation of drains, sump pumps and leak detection monitoring for areas below sea level • Tiger Dam™ portable protective barrier for storm surge • Dorada oceanfront restaurant • 8 walk-out suites with lanais • Creation of QQ room types • Added 7 pool-side cabanas • Updated water sports amenities • Added 6k sf event lawn • Modernize 7 elevators ROI CASE STUDY: $80M investment in transformative rebranding, renovation and resiliency upgrade of iconic Key West resort EFFICIENCY & RESILIENCY UPGRADES FINANCIAL HIGHLIGHTS • $442 YTD 20251 RevPAR, up 7% to last year. FY 2024 RevPAR up 110%+ to 2023 (lapping renovation disruption) • $105,900 2025 TTM2 EBITDA/Key, highest in the portfolio. YTD1 EBITDA/Key up 13% to last year • 2025 expected to be a record year for F&B revenue at Casa Marina INVESTMENT UPGRADES Interior • Complete renovation of 311 guestrooms • Complete restoration of historic lobby, ballrooms and meeting rooms • Re-concepting of Cigar Bar into Morrison's Market • Re-concepting existing tenant retail into the Canary Room SCOPE Exterior • Complete façade restoration • Complete restoration of both pools • Renovate exterior guestroom terraces • Restoration of both historic piers • Beach nourishment CASA MARINA KEY WEST, CURIO COLLECTION 1. Based on YTD Comparable data as of 9/30/2025 2. Based on TTM Comparable data as of 9/30/2025

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25 HILTON SANTA BARBARA1 EXPECTED DEVELOPMENT • Create ~73 net new keys through redevelopment of existing tennis courts and portion of parking lot • Development plan requires transfer of development rights from adjacent parcel that is owned by JV partner • Add keys to premier drive-to resort in highly-desirable California submarket • Leverage hotel's name and reputation to reduce ramp up risk • New room product with dedicated amenities will help secure higher-rated transient and group business • Capitalize on opportunity to drive F&B and other revenues generated by a larger captive resort audience • JV partner is engaged and aligned with the economic potential of new development on the site • Development cost estimated to be well below per key value of hotel PROJECT SUMMARY RATIONALE & EXPECTED ROI DRIVERS POTENTIAL VALUE CREATION $13M+ Estimated NPV 15%-20% Estimated IRR ESTIMATED BUDGET $55M - $60M 1. Hotel is owned by a consolidated joint venture

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26 CASA MARINA OUTPARCEL PLANNED DEVELOPMENT • Develop two land parcels adjacent to Casa Marina that are currently occupied by admin offices and vacant structures • Requires zoning change and legislative measures to permit commercial transient rentals (vs. current residential designation) • Programming expected to include ~23 rental or transient hotel villas, ~88 workforce housing beds, parking, new resort fitness center, and refurbishment of on-site historic structures • Add keys to Core resort asset in market with limited developable land and heavy restrictions on Airbnb, Vrbo, etc. • Overall opportunity for operational improvement for Casa Marina and The Reach by reducing leased labor costs and lowering in-house laundry expense • Capitalize on significant demand for villa units in Key West, one of the highest-performing post-COVID submarkets • Address a root cause of labor challenges: lack of affordable housing PROJECT SUMMARY RATIONALE & EXPECTED ROI DRIVERS Potential Development Site Casa Marina The Reach 1. Based on combined financial performance of (i) transient villas, (ii) workforce housing, and (iii) operational synergies POTENTIAL VALUE CREATION $6.5M+ Estimated NPV1 15%-20% Estimated IRR1 ESTIMATED BUDGET $80M - $90M

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27 HILTON HAWAIIAN VILLAGE ALA MOANA TOWER EXPECTED DEVELOPMENT • Develop a ~400K sf, 515-key high-rise tower adjacent to HHV – Park's most iconic asset and largest EBITDA producer • Amenities expected to include arrivals/departures lounge, 8th floor outdoor pool and bar, 1st floor retail (flagship ABC Store) • Unique opportunity to build on last undeveloped parcels contiguous to HHV by utilizing existing unused density • Introduce first new hotel product in Waikiki since 2016 • Increase room inventory in one of US' highest occupancy markets with significant barriers to entry • Leverage HHV's name/reputation to reduce ramp up risk • Realize labor cost synergies and economies of scale with HHV • Potential for 39-key expansion in Diamondhead tower by relocating existing admin & sales office to new AMB tower • Development not expected to disrupt HHV and will be developed on an acquired parcel of land PROJECT SUMMARY RATIONALE & EXPECTED ROI DRIVERS 1. Based on combined financial performance of (i) new 515-key tower, (ii) 39-key Diamondhead expansion, and (iii) campus-wide savings resulting from contemplated base management fee reduction AMB Tower Site AMB Tower Rendering POTENTIAL VALUE CREATION $140M+ Estimated NPV1 15%-20% Estimated IRR1 ESTIMATED BUDGET $485M - $530M

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28 HILTON WAIKOLOA VILLAGE EXPECTED DEVELOPMENT • Utilize existing density to develop up to 213 additional keys (hotel or timeshare) on existing parking and tennis court area • Park could develop additional hotel keys or pursue alternative use or monetization strategy for excess land (e.g., timeshare) • Optimize under-utilized spaces on campus • Create additional hotel keys in high barrier to entry market that has reached record-high RevPAR levels in recent years • Capitalize on opportunity to drive F&B and other revenues generated by a larger captive resort audience • Improve competitiveness within renovated comp set • Realize expense and labor synergies between existing resort and new tower in operations, admin and sales functions • Alternative development use (e.g., timeshare) could provide additional resort demand with minimum capital outlay • Development not expected to disrupt existing hotel and will be developed on an existing parking lot and tennis court area PROJECT SUMMARY RATIONALE & EXPECTED ROI DRIVERS POTENTIAL VALUE CREATION $45M+ Estimated NPV 15%-20% Estimated IRR ESTIMATED BUDGET $225M - $250M

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29 PORTFOLIO: CORE VS. NON-CORE NON-CORE PORTFOLIO Hotel Name Total Rooms Market Equity Ownership Consolidated Non-Core Hotels DoubleTree Hotel Seattle Airport 850 Seattle 100% Hilton Orlando Lake Buena Vista 814 Orlando 100% The Wade 520 Chicago 100% DoubleTree Hotel San Jose 505 Other U.S. 100% Hilton Salt Lake City Center 500 Other U.S. 100% DoubleTree Hotel Ontario Airport 482 Southern California 67% Boston Marriott Newton 430 Boston 100% The Midland Hotel, a Tribute Portfolio Hotel 403 Chicago 100% Hilton Seattle Airport & Conference Center 396 Seattle 100% Hilton Short Hills 314 Other U.S. 100% DoubleTree Hotel San Diego – Mission Valley 300 Southern California 100% Embassy Suites Austin Downtown South Congress 262 Other U.S. 100% DoubleTree Hotel Sonoma Wine Country 245 Other U.S. 100% Hilton Checkers Los Angeles 193 Southern California 100% DoubleTree Hotel Durango 159 Other U.S. 100% Total Consolidated Non-Core Hotels (15 Hotels) 6,373 Unconsolidated Non-Core Hotel Embassy Suites Alexandria Old Town 288 Washington, D.C. 50% Total Unconsolidated Non-Core Hotel (1 Hotel) 288 Total Non-Core Hotels (16 Hotels) 6,661 CORE PORTFOLIO Hotel Name Total Rooms Market Equity Ownership Consolidated Core Hotels Hilton Hawaiian Village Waikiki Beach Resort 2,872 Hawaii 100% New York Hilton Midtown 1,878 New York 100% Hilton New Orleans Riverside 1,622 New Orleans 100% Hilton Chicago 1,544 Chicago 100% Signia by Hilton Orlando Bonnet Creek 1,009 Orlando 100% Hilton Waikoloa Village 653 Hawaii 100% Caribe Hilton 652 Puerto Rico 100% DoubleTree Hotel Washington DC – Crystal City 627 Washington, D.C. 100% Hilton Denver City Center 613 Denver 100% Hilton Boston Logan Airport 604 Boston 100% Waldorf Astoria Orlando 502 Orlando 100% Hyatt Regency Boston 502 Boston 100% Hilton McLean Tysons Corner 458 Washington, D.C. 100% Hyatt Regency Mission Bay Spa and Marina 438 Southern California 100% Royal Palm South Beach Miami, a Tribute Portfolio Resort 393 Miami 100% Hilton Santa Barbara Beachfront Resort 360 Southern California 50% JW Marriott San Francisco Union Square 344 San Francisco 100% Casa Marina Key West, Curio Collection 311 Key West 100% Juniper Hotel Cupertino, Curio Collection 224 Other U.S. 100% The Reach Key West, Curio Collection 150 Key West 100% Total Consolidated Core Hotels (20 Hotels) 15,756 Unconsolidated Core Hotel Hilton Orlando 1,424 Orlando 20% Total Unconsolidated Core Hotel (1 Hotel) 1,424 Total Core Hotels (21 Hotels) 17,180

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30 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 consolidated hotels. The Company's Comparable metrics include results from hotels that were active and operating in Park's portfolio since January 1st of the previous year and property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable metrics exclude results from property dispositions that have occurred through December 4, 2025. Core/Non-Core The Company's Core portfolio includes 20 of Park's consolidated hotels and 1 of Park's unconsolidated hotels; however, metrics presented for its Core hotels are based on Park's 20 consolidated Core hotels only. The remaining 15 consolidated hotels and 1 unconsolidated hotel represent Park's Non-Core hotels. See slide 29 for Park's portfolio listing. 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. DEFINITIONS

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31 Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – diluted and Adjusted FFO per share – diluted Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP measures of the Company's performance. The Company calculates funds from (used in) operations ("FFO") attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts ("Nareit"), as net income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect the Company's pro rata share of the FFO of those entities on the same basis. As noted by Nareit in its December 2018 "Nareit Funds from Operations White Paper – 2018 Restatement," since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company's presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period. The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding the Company's ongoing operating performance. Management historically has made the adjustments detailed below in evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful supplemental information that is beneficial to an investor's complete understanding of operating performance. The Company adjusts Nareit FFO attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO attributable to stockholders: Costs associated with hotel acquisitions or dispositions expensed during the period; Severance expense; Share-based compensation expense; Casualty gains or losses; and Other items that management believes are not representative of the Company's current or future operating performance. Net Debt Net Debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net Debt is calculated as (i) debt excluding unamortized deferred financing costs; and (ii) the Company's share of investments in affiliate debt, excluding unamortized deferred financing costs; reduced by (a) cash and cash equivalents; and (b) restricted cash and cash equivalents. Net Debt also excludes Debt associated with hotels in receivership. The Company believes Net Debt provides useful information about its indebtedness to investors as it is frequently used by securities analysts, investors and other interested parties to compare the indebtedness of companies. Net Debt should not be considered as a substitute to debt presented in accordance with U.S. GAAP. Net Debt may not be comparable to a similarly titled measure of other companies. 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. DEFINITIONS (continued)

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32 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. Trailing Twelve Months Trailing twelve months ("TTM") calculated as full-year December 31, 2024, plus nine months ended September 30, 2025, less nine months ended September 30, 2024. DEFINITIONS (continued)

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33 NON-GAAP FINANCIAL MEASURES Comparable, Core and Non-Core Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Revenues (unaudited, in millions) TTM Nine Months Ended Year Ended September 30, 2025 September 30, 2025 September 30, 2024 December 31, 2024 Net (loss) income $— $(73) $153 $226 Depreciation and amortization expense 334 269 192 257 Interest income (13) (8) (16) (21) Interest expense 211 158 161 214 Interest expense associated with hotels in receivership1 64 48 44 60 Income tax (benefit) expense (44) 8 (9) (61) Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 7 6 9 10 EBITDA 559 408 534 685 Gain on sales of assets, net2 (9) (1) (19) (27) Gain on derecognition of assets1 (64) (48) (44) (60) Share-based compensation expense 19 14 14 19 Impairment and casualty loss 71 70 13 14 Other items 19 14 16 21 Adjusted EBITDA 595 457 514 652 Less: Adjusted EBITDA from hotels disposed of — — (3) (3) Less: Adjusted EBITDA from investments in affiliates disposed of — — (2) (2) Comparable Adjusted EBITDA 595 457 509 647 Less: Adjusted EBITDA from investments in affiliates (20) (16) (17) (21) Add: All other3 55 42 41 54 Comparable Hotel Adjusted EBITDA, as reported 630 483 533 680 Less: Hotel Adjusted EBITDA from Non-Core hotels, as reported 62 48 63 77 Consolidated Core Hotel Adjusted EBITDA, as reported $568 $435 $470 $603 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, as Park expected to be released from this obligation upon final resolution with the lender. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels when the hotels were sold in November 2025 by the court-appointed receiver 2. For 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates 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 (unaudited, in millions) TTM Nine Months Ended Year Ended September 30, 2025 September 30, 2025 September 30, 2024 December 31, 2024 Total Revenues $2,537 $1,912 $1,974 $2,599 Less: Other Revenues (90) (68) (64) $(86) Less: Revenues from hotels disposed of (26) (16) (48) $(58) Comparable Hotel Revenues, as reported 2,421 1,828 1,862 2,455 Less: Hotel Revenues from Non-Core hotels, as reported (437) (329) (340) (448) Consolidated Core Hotel Revenues, as reported $1,984 $1,499 $1,522 $2,007

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34 NON-GAAP FINANCIAL MEASURES Core and Non-Core Hotel Adjusted EBITDA, Hotel Revenues and Hotel Adjusted EBITDA Margin (unaudited, dollars in millions) TTM September 30, 2025 Consolidated Core Hotel Adjusted EBITDA, as reported $568 Add: Incremental Hotel Adjusted EBITDA expected from Royal Palm renovation 19 Add: Strike impact on Core hotels 39 Consolidated Core Hotel Adjusted EBITDA, as adjusted $626 Consolidated Non-Core Hotel Adjusted EBITDA, as adjusted1 $62 TTM September 30, 2025 Consolidated Core Hotel Revenues, as reported $1,984 Add: Incremental Hotel Revenues expected from Royal Palm renovation 34 Add: Strike impact on Core hotels 52 Consolidated Core Hotel Revenues, as adjusted $2,070 Consolidated Non-Core Hotel Revenues, as reported $437 Add: Strike impact on Non-Core hotels 1 Consolidated Non-Core Hotel Revenues, as adjusted $438 1. Adjusted for less than $0.5M of strike impact 2. Percentages are calculated based on unrounded numbers TTM September 30, 2025 Consolidated Core Hotel Revenues, as adjusted $2,070 Consolidated Core Hotel Adjusted EBITDA, as adjusted $626 Consolidated Core Hotel Adjusted EBITDA margin, as adjusted2 30 % Consolidated Non-Core Hotel Revenues, as adjusted $438 Consolidated Non-Core Hotel Adjusted EBITDA, as adjusted $62 Consolidated Non-Core Hotel Adjusted EBITDA margin, as adjusted2 14 %

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35 NON-GAAP FINANCIAL MEASURES Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin - FY 2017 (unaudited, dollars in millions) Year Ended December 31, 2017 Net income $2,631 Depreciation and amortization expense 288 Interest income (2) Interest expense 124 Income tax benefit (2,346) Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 24 EBITDA 719 Gain on sales of assets, net (1) Loss on foreign currency transactions 4 Transition costs 9 Transaction costs 2 Severance costs 1 Share-based compensation expense 14 Casualty and impairment loss, net 26 Other items1 (17) Adjusted EBITDA 757 Less: Adjusted EBITDA from investments in affiliates 45 Less: All other2 (46) Hotel Adjusted EBITDA $758 Year Ended December 31, 2017 Total Revenues $2,791 Less: Other revenues (64) Hotel Revenues $2,727 Year Ended December 31, 2017 Hotel Revenues $2,727 Hotel Adjusted EBITDA $758 Hotel Adjusted EBITDA margin3 28 % 1. Includes $18 million of distributions received from investments in affiliates in excess of the investment balance that were included within equity in earnings from investments in affiliates in the consolidated statements of operations 2. Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the consolidated statements of operations 3. Percentage is calculated based on unrounded numbers

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36 NON-GAAP FINANCIAL MEASURES (continued) Net Debt to Comparable Adjusted EBITDA (unaudited, in millions) September 30, 2025 September 30, 2024 Debt $3,839 $3,855 Add: unamortized deferred financing costs and discount 19 25 Debt, excluding unamortized deferred financing cost, premiums and discounts 3,858 3,880 Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs 157 157 Less: cash and cash equivalents (278) (480) Less: restricted cash (31) (38) Net Debt $3,706 $3,519 TTM Comparable Adjusted EBITDA 595 Net Debt to TTM Comparable Adjusted EBITDA ratio 6.23x

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37 NON-GAAP FINANCIAL MEASURES (continued) Outlook - Comparable Hotel Adjusted EBITDA, Comparable Hotel Revenues and Comparable Hotel Adjusted EBITDA Margin Year Ending December 31, 2025 Low Case High Case Net loss $(60) $(35) Depreciation and amortization expense 334 334 Interest income (9) (9) Interest expense 209 209 Interest expense associated with hotels in receivership 58 58 Income tax expense 11 11 Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 8 8 EBITDA 551 576 Gain on sale of assets, net (1) (1) Gain on derecognition of assets (58) (58) Share-based compensation expense 19 19 Impairment loss 70 70 Other items 14 14 Adjusted EBITDA 595 620 Less: Adjusted EBITDA from investments in affiliates (18) (20) Add: All other 57 57 Comparable Hotel Adjusted EBITDA $634 $657 Year Ending December 31, 2025 Low Case High Case Total Revenues $2,521 $2,549 Less: Other revenue (93) (93) Hotel Revenues 2,428 2,456 Less: Revenues from hotels disposed of (15) (15) Comparable Hotel Revenues $2,413 $2,441 Year Ending December 31, 2025 Low Case High Case Total Revenues $2,521 $2,549 Operating income $206 $231 Operating income margin1 8.2 % 9.1 % Comparable Hotel Revenues $2,413 $2,441 Comparable Hotel Adjusted EBITDA $634 $657 Comparable Hotel Adjusted EBITDA margin1 26.3 % 26.9 % 1. Percentages are calculated based on unrounded numbers

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38 NON-GAAP FINANCIAL MEASURES (continued) Outlook - Nareit FFO Attributable to Stockholders and Adjusted FFO Attributable to Stockholders Year Ending December 31, 2025 Low Case High Case Net loss attributable to stockholders $(66) $(41) Depreciation and amortization expense 334 334 Depreciation and amortization expense attributable to noncontrolling interests (4) (4) Gain on sale of assets, net (1) (1) Gain on derecognition of assets (58) (58) Impairment loss 70 70 Equity investment adjustments: Equity in earnings from investments in affiliates (3) (4) Pro rata FFO of equity investments 7 7 Nareit FFO attributable to stockholders 279 303 Share-based compensation expense 19 19 Interest expense associated with hotels in receivership 58 58 Other items 14 13 Adjusted FFO attributable to stockholders $370 $393 Adjusted FFO per share – Diluted1 $1.85 $1.97 Weighted average diluted shares outstanding 200 200 1. Percentages are calculated based on unrounded numbers

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39 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 37 premium- branded hotels and resorts with approximately 24,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information. FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to the effects of Park's decision to cease payments on its $725 million SF Mortgage Loan secured by the Hilton San Francisco Hotels and the sale on November 21, 2025 by the court-appointed receiver of the Hilton San Francisco Hotels, with the buyer assuming the SF Mortgage Loan, as well as Park's current expectations regarding the performance of its business, financial results, liquidity and capital resources, including the use of proceeds from Park's new 2025 Delayed Draw Term Loan and the anticipated repayment of certain of Park's indebtedness, the completion of capital allocation priorities, the expected repurchase of Park's stock, the impact from macroeconomic factors (including elevated inflation and interest rates, potential economic slowdown or a recession and geopolitical conflicts or trends, including trade policy, travel barriers or changes in travel preferences for U.S. destinations, including as a result of government shutdowns), the effects of competition and the effects of future legislation, executive action or regulations, tariffs, the expected completion of anticipated dispositions, the declaration, payment and any change in amounts of future dividends and other non- historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," "hopes" or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Park's control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events. All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: "Risk Factors" in Park's Annual Report on Form 10-K for the year ended December 31, 2024, 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-GAAP financial measures in this presentation, including Funds from (used in) Operations ("FFO") attributable to stockholders calculated in accordance with the guidelines of the National Association of Real Estate Investment Trusts ("Nareit"), Adjusted FFO attributable to stockholders, 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 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. 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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