# EDGAR Filing Document

**Accession Number:** 0001617406
**File Stem:** 0001617406-25-000051
**Filing Date:** 2025-10
**Character Count:** 160012
**Document Hash:** 92e1b36eeac7d51b34f26aa4e80cc0de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001617406-25-000051.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001617406-25-000051

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**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:** 251435797

**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-20251030

**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): October 30, 2025**

______________________________________________________________________________________

**Park Hotels & Resorts Inc.**

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

______________________________________________________________________________________

---

| | | |
|:---|:---|:---|
| **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:

---

| | | |
|:---|:---|:---|
| 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. □

------

**Item 2.02. Results of Operations and Financial Condition.**

On October 30, 2025, Park Hotels & Resorts Inc. (the "Company") issued a press release announcing its results of operations for the third quarter ended September 30, 2025 and made available certain supplemental information concerning the portfolio and operation of the Company. Copies of the press release and the supplemental information are furnished as Exhibits 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.

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

**Item 9.01. Financial Statements and Exhibits.**

(d)Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | <u>[Press release dated](earningsreleaseex991-live.htm)[O](earningsreleaseex991-live.htm)[ctober](earningsreleaseex991-live.htm)[3](earningsreleaseex991-live.htm)[0](earningsreleaseex991-live.htm)[, 2025](earningsreleaseex991-live.htm)</u> |
| 99.2 | <u>[Thir](supplementexhibit992-live.htm)[d](supplementexhibit992-live.htm)[Quarter 2025 Supplemental Data](supplementexhibit992-live.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| | Park Hotels & Resorts Inc. | Park Hotels & Resorts Inc. |
| Date: October 30, 2025 | By: | /s/ Sean M. Dell'Orto |
|  |  | Sean M. Dell'Orto |
|  |  | Executive Vice President, Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

![symbola.jpg](symbola.jpg)

---

| | |
|:---|:---|
| **Investor Contact** | 1775 Tysons Boulevard, 7th Floor |
| Ian Weissman | Tysons, VA 22102 |
| + 1 571 302 5591 | <u>www.pkhotelsandresorts.com</u> |

---

**Park Hotels & Resorts Inc. Reports Third Quarter 2025 Results**

TYSONS, VA (October 30, 2025) – Park Hotels & Resorts Inc. ("Park" or the "Company") (NYSE: PK) today announced results for the third quarter ended September 30, 2025 and provided an operational update.

**<u>Third Quarter Highlights Include:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;• Comparable RevPAR was $180.93, a decrease of (6.1)% compared to the same period in 2024, or a (4.9)% decrease when excluding the Royal Palm South Beach Miami, a Tribute Portfolio Resort ("Royal Palm"), which suspended operations in mid-May 2025 for a comprehensive renovation;

&nbsp;&nbsp;&nbsp;&nbsp;• Net loss and net loss attributable to stockholders were $(14) million and $(16) million, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA was $130 million;

&nbsp;&nbsp;&nbsp;&nbsp;• Diluted loss per share was $(0.08);

&nbsp;&nbsp;&nbsp;&nbsp;• Diluted Adjusted FFO per share was $0.35;

&nbsp;&nbsp;&nbsp;&nbsp;• In September 2025, amended and restated the Company's existing credit agreement to increase the senior unsecured revolving credit facility ("Revolver") from $950 million to $1 billion and extend its maturity to September 2029, in addition to obtaining a senior unsecured delayed draw term loan facility of up to $800 million ("2025 Delayed Draw Term Loan") maturing in January 2030, which is available for up to three draws through September 2026. Additionally, both the Revolver and 2025 Delayed Draw Term Loan have extension options for up to one year;

&nbsp;&nbsp;&nbsp;&nbsp;• In September 2025, permanently closed the Embassy Suites Kansas City Plaza and terminated its ground lease, returning the property to the ground lessor. The Embassy Suites Kansas City Plaza was projected to generate approximately $0.2 million of EBITDA during 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;• Participated in the 2025 Global Real Estate Sustainability Benchmark ("GRESB") assessment for the sixth consecutive year, receiving an 87 out of 100 – Park's highest score thus far. Park ranked second among publicly listed participating hotel companies in the Americas and in the top 20% of all publicly listed participating companies in the Americas. Park's GRESB Real Estate Assessment score increased 6 points over 2024, and since 2020, has increased 15 points overall, demonstrating Park's continued support of its overall corporate responsibility program and desire to make meaningful improvements toward decarbonization. Furthermore, Park continued to achieve a GRESB Public Disclosure score of "A" in 2025.

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, "During the third quarter, we remained laser-focused on our strategic objective to preserve a strong and flexible balance sheet. We significantly increased our liquidity to $2.1 billion to address maturing loans. In addition, we continued to reshape our portfolio through non-core asset dispositions, with the permanent closure of the Embassy Suites Kansas City Plaza at the end of September, while continuing to invest in our core portfolio with significant renovations ongoing at our two Hawaii resorts and the Hilton New Orleans Riverside, and our transformative ROI project at the Royal Palm in Miami.

Comparable RevPAR declined by 4.9% for the third quarter compared to prior year when excluding the Royal Palm, as softer leisure and government transient demand added to an expected decrease in group demand, due to tough comparisons from strong citywide calendars in many of our markets last year, negatively impacting our hotels in Hawaii, New Orleans, San Diego and Washington D.C. Partially offsetting those headwinds was otherwise strong performance at our hotels in San Francisco, Puerto Rico, New York, Orlando and Key West, with combined Comparable RevPAR across these markets increasing by over 4% when compared to prior year.

------

Looking ahead, we expect a meaningful improvement in group demand as Comparable Group Revenue Pace for the fourth quarter is projected to increase over 12%, compared to the same period in 2024, with double-digit increases across several of our key hotels, including the JW Marriott San Francisco Union Square, our Hawaii and Bonnet Creek Orlando hotels, the Hilton Denver City Center, the Hilton Caribe in Puerto Rico and the New York Hilton Midtown. We expect the Hilton Hawaiian Village Waikiki Beach Resort to considerably improve as we lap the labor strike that disrupted operations during the fourth quarter last year, with Group Revenue Pace projected to increase nearly 57%. I continue to be incredibly proud of our team's disciplined execution on cost controls, which further limited total expense growth at our Comparable hotels to just 10 basis points this quarter, and we expect additional savings to flow through in the fourth quarter."

**<u>Selected Statistical and Financial Information</u>**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Change**<sup>(1)</sup> | **Change**<sup>(1)</sup> | **2025** | **2024** | **Change**<sup>(1)</sup> | **Change**<sup>(1)</sup> |
| Comparable RevPAR<sup>(2)</sup> | $180.93 | $192.59 | (6.1) | % | $185.85 | $191.31 | (2.9) | % |
| Comparable Occupancy | 74.7% | 78.2% | (3.5) | % pts | 73.6% | 75.8% | (2.2) | % pts |
| Comparable ADR | $242.25 | $246.38 | (1.7) | % | $252.45 | $252.19 | 0.1 | % |
| Comparable Total RevPAR | $287.20 | $300.29 | (4.4) | % | $302.56 | $307.35 | (1.6) | % |
| Net (loss) income | $(14) | $57 | (124.6) | % | $(73) | $153 | (147.7) | % |
| Net (loss) income attributable to stockholders | $(16) | $54 | (129.6) | % | $(78) | $146 | (153.4) | % |
| Operating income | $59 | $95 | (37.5) | % | $131 | $308 | (57.4) | % |
| Operating income margin | 9.7% | 14.6% | (490) | bps | 6.8% | 15.6% | (880) | bps |
| Comparable Hotel Adjusted EBITDA | $141 | $167 | (15.9) | % | $483 | $533 | (9.4) | % |
| Comparable Hotel Adjusted EBITDA margin | 24.1% | 27.4% | (330) | bps | 26.4% | 28.6% | (220) | bps |
| Adjusted EBITDA | $130 | $159 | (18.2) | % | $457 | $514 | (11.1) | % |
| Adjusted FFO attributable to stockholders | $70 | $102 | (31.4) | % | $291 | $350 | (16.9) | % |
| (Loss) earnings per share – Diluted<sup>(1)</sup> | $(0.08) | $0.26 | (130.8) | % | $(0.40) | $0.69 | (158.0) | % |
| Adjusted FFO per share – Diluted<sup>(1)</sup> | $0.35 | $0.49 | (28.6) | % | $1.45 | $1.67 | (13.2) | % |
| Weighted average shares outstanding – Diluted<sup>(3)</sup> | 200 | 208 | (8) | (8) | 200 | 210 | (10) | (10) |

---

______________________________________________

<sup>(1)</sup> Amounts are calculated based on unrounded numbers.

<sup>(2)</sup> For the three and nine months ended September 30, 2025, Comparable RevPAR excluding the Royal Palm, which suspended operations in mid-May 2025 for a comprehensive renovation, decreased (4.9)% and (2.1)%, respectively, compared to the same periods in 2024.

<sup>(3)</sup> Diluted loss per share for the three and nine months ended September 30, 2025 was calculated based on weighted average shares of 199 million for both periods, which excludes shares that were anti-dilutive. For purposes of Diluted Adjusted FFO per share, weighted average shares were 200 million for both periods.

------

**<u>Operational Update</u>**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(unaudited)* |  |  | **Comparable ADR** | **Comparable ADR** | **Comparable ADR** | **Comparable Occupancy** | **Comparable Occupancy** | **Comparable Occupancy** | **Comparable Occupancy** | **Comparable RevPAR** | **Comparable RevPAR** | **Comparable RevPAR** |
|  | **Hotels** | **Rooms** | **3Q25** | **3Q24** | **Change**<sup>(1)</sup> | **3Q25** | **3Q24** | **Change** | **Change** | **3Q25** | **3Q24** | **Change**<sup>(1)</sup> |
| Hawaii | 2 | 3525 | $295.48 | $312.86 | (5.6)% | 81.4% | 87.0% | (5.6) | % pts | $240.57 | $272.29 | (11.6)% |
| Orlando | 3 | 2325 | 207.43 | 201.39 | 3.0 | 64.4 | 65.1 | (0.7) |  | 133.67 | 131.18 | 1.9 |
| New York | 1 | 1878 | 320.25 | 304.42 | 5.2 | 89.9 | 91.0 | (1.1) |  | 287.95 | 277.19 | 3.9 |
| New Orleans | 1 | 1622 | 168.64 | 173.42 | (2.8) | 56.0 | 64.2 | (8.2) |  | 94.46 | 111.44 | (15.2) |
| Boston | 3 | 1536 | 266.30 | 281.13 | (5.3) | 88.0 | 87.5 | 0.5 |  | 234.46 | 246.23 | (4.8) |
| Southern California | 5 | 1773 | 235.96 | 250.89 | (5.9) | 80.6 | 85.0 | (4.4) |  | 190.13 | 213.29 | (10.9) |
| Key West | 2 | 461 | 341.44 | 362.17 | (5.7) | 69.7 | 65.3 | 4.4 |  | 238.06 | 236.53 | 0.6 |
| Chicago | 3 | 2467 | 229.31 | 237.93 | (3.6) | 78.1 | 77.1 | 1.0 |  | 179.10 | 183.56 | (2.4) |
| Puerto Rico | 1 | 652 | 241.04 | 264.86 | (9.0) | 84.0 | 68.5 | 15.5 |  | 202.55 | 181.39 | 11.7 |
| Washington, D.C. | 2 | 1085 | 181.83 | 181.93 | (0.1) | 63.0 | 75.0 | (12.0) |  | 114.64 | 136.56 | (16.1) |
| Denver | 1 | 613 | 184.67 | 204.78 | (9.8) | 77.9 | 74.4 | 3.5 |  | 143.84 | 152.25 | (5.5) |
| Miami<sup>(2)</sup> | 1 | 393 |  | 185.86 | (100.0) |  | 72.9 | (72.9) |  |  | 135.57 | (100.0) |
| Seattle | 2 | 1246 | 181.15 | 182.67 | (0.8) | 88.7 | 86.0 | 2.7 |  | 160.69 | 157.16 | 2.2 |
| San Francisco | 1 | 344 | 294.09 | 271.12 | 8.5 | 72.1 | 68.9 | 3.2 |  | 211.96 | 186.79 | 13.5 |
| Other | 7 | 2209 | 193.44 | 191.67 | 0.9 | 66.6 | 72.2 | (5.6) |  | 128.77 | 138.40 | (7.0) |
| **All Markets** | **35** | **22129** | $**242.25** | $**246.38** | **(1.7)%** | **74.7%** | **78.2%** | **(3.5)** | **% pts** | $**180.93** | $**192.59** | **(6.1)%** |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Comparable ADR** | **Comparable ADR** | **Comparable ADR** | **Comparable Occupancy** | **Comparable Occupancy** | **Comparable Occupancy** | **Comparable Occupancy** | **Comparable RevPAR** | **Comparable RevPAR** | **Comparable RevPAR** |
| |<br>**Hotels** |<br>**Rooms** | **3Q25** | **3Q24** | **Change**<sup>(1)</sup> | **3Q25** | **3Q24** | **Change** | **Change** | **3Q25** | **3Q24** | **Change**<sup>(1)</sup> |
| Resort | 12 | 8313 | $272.56 | $282.21 | (3.4)% | 72.6% | 77.5% | (4.9) | % pts | $197.83 | $218.61 | (9.5)% |
| Urban | 11 | 8381 | 242.11 | 241.78 | 0.1 | 76.4 | 78.2 | (1.8) |  | 185.08 | 188.99 | (2.1) |
| Airport | 6 | 3464 | 196.81 | 198.05 | (0.6) | 76.9 | 81.8 | (4.9) |  | 151.42 | 162.10 | (6.6) |
| Suburban | 6 | 1971 | 199.40 | 203.57 | (2.0) | 72.1 | 74.6 | (2.5) |  | 143.83 | 151.98 | (5.4) |
| **All Types** | **35** | **22129** | $**242.25** | $**246.38** | **(1.7)%** | **74.7%** | **78.2%** | **(3.5)** | **% pts** | $**180.93** | $**192.59** | **(6.1)%** |

---

______________________________________________

<sup>(1)</sup> Calculated based on unrounded numbers.

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

Park experienced softer group demand during the third quarter across its portfolio; however, Comparable Group Revenue Pace for the fourth quarter of 2025 is projected to increase by over 12%, compared to what group bookings were for the same time period in 2024 at the end of September 2024, while average Comparable group rates are projected to exceed 2024 average Comparable group rates by over 2% for the same time period.

The extended government shutdown has affected both group and transient demand in several key markets, including Hawaii, Washington D.C. and Southern California, with an expected 180 basis point impact to Comparable RevPAR in October 2025, which is expected to be relatively flat when compared to prior year, or up 1.5% when excluding the Royal Palm.

**<u>Balance Sheet and Liquidity</u>**

As of September 30, 2025, Park's liquidity was approximately $2.1 billion, including $1 billion of available capacity under the Revolver, an increase from $950 million, as well as the new, undrawn $800 million 2025 Delayed Draw Term Loan. Park expects to draw from the 2025 Delayed Draw Term Loan in 2026 to fully repay the $122 million secured mortgage loan encumbering the Hyatt Regency Boston hotel maturing in July 2026, and, together with a subsequent financing transaction planned in the first half of 2026, fully repay the $1.275 billion secured mortgage loan encumbering the Hilton Hawaiian Village Waikiki Beach Resort maturing in November 2026. As of September 30, 2025, Park's Net Debt was approximately $3.7 billion, and the weighted average maturity of Park's consolidated debt is 2.4 years.

In addition, Park expects the 1,921-room Hilton San Francisco Union Square and 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the "Hilton San Francisco Hotels"), which secure the $725 million non-recourse CMBS Loan ("SF Mortgage Loan"), will be sold by the court-appointed receiver by November 21, 2025, and the buyer to assume the SF Mortgage Loan at that time. The Hilton San Francisco Hotels were placed in a court-ordered receivership in October 2023, and Park no longer had an economic interest in the operations of the hotels when the receiver took control of the hotels.

------

Park had the following debt outstanding as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(unaudited, dollars in millions)* | *(unaudited, dollars in millions)* | *(unaudited, dollars in millions)* |  |  |
| **Debt**<sup>(1)</sup> | **Collateral** | **Interest Rate** | **Maturity Date** | **As of**<br>**September 30, 2025** |
| **Fixed Rate Debt** |  |  |  |  |
| &nbsp;&nbsp;Mortgage loan | Hilton Denver City Center | 4.90% | March 2026<sup>(2)</sup> | $51 |
| &nbsp;&nbsp;Mortgage loan | Hyatt Regency Boston | 4.25% | July 2026 | 122 |
| &nbsp;&nbsp;Mortgage loan | Hilton Hawaiian Village Beach Resort | 4.20% | November 2026 | 1275 |
| &nbsp;&nbsp;Mortgage loan | Hilton Santa Barbara Beachfront Resort | 4.17% | December 2026 | 154 |
| &nbsp;&nbsp;Mortgage loan | DoubleTree Hotel Ontario Airport | 5.37% | May 2027 | 30 |
| &nbsp;&nbsp;2028 Senior Notes | Unsecured | 5.88% | October 2028 | 725 |
| &nbsp;&nbsp;2029 Senior Notes | Unsecured | 4.88% | May 2029 | 750 |
| &nbsp;&nbsp;2030 Senior Notes | Unsecured | 7.00% | February 2030 | 550 |
| &nbsp;&nbsp;Finance lease obligations |  | 7.04% | 2026 to 2028 | 1 |
| **Total Fixed Rate Debt** |  | **5.11%**<sup>(3)</sup> |  | **3658** |
| **Variable Rate Debt** |  |  |  |  |
| &nbsp;&nbsp;Revolver<sup>(4)</sup> | Unsecured | SOFR + 2.00% | September 2029 |  |
| &nbsp;&nbsp;2024 Term Loan | Unsecured | SOFR + 1.95% | May 2027 | 200 |
| &nbsp;&nbsp;2025 Delayed Draw Term Loan<sup>(4)</sup> | Unsecured | SOFR + 1.95% | January 2030 |  |
| **Total Variable Rate Debt** |  | **6.09%** |  | **200** |
| Less: unamortized deferred financing costs and discount | Less: unamortized deferred financing costs and discount |  |  | (19) |
| **Total Debt**<sup>(1)(5)</sup> |  | **5.16%**<sup>(3)</sup> |  | $**3839** |

---

_____________________________________________

<sup>(1)</sup> Excludes the SF Mortgage Loan, which is included in *debt associated with hotels in receivership* in Park's condensed consolidated balance sheets.

<sup>(2)</sup> The loan matures in August 2042 but became callable by the lender in August 2022 with six months notice. As of September 30, 2025, Park had not received notice from the lender.

<sup>(3)</sup> Calculated on a weighted average basis.

<sup>(4)</sup> As of October 30, 2025, Park has $1 billion of available capacity under the Revolver with no outstanding letters of credit and $800 million of its 2025 Delayed Draw Term Loan available.

<sup>(5)</sup> Excludes $157 million of Park's share of debt of its unconsolidated joint ventures.

**<u>Capital Investments</u>**

During the third quarter of 2025, Park spent nearly $70 million on capital improvements at its hotels and expects to spend approximately $280 million to $300 million in capital expenditures during 2025. During the third quarter of 2025, Park began the second phase of renovations at two of its flagship properties in Hawaii – the Rainbow Tower at the Hilton Hawaiian Village Waikiki Beach Resort and the Palace Tower at the Hilton Waikoloa Village – alongside the second phase of guestroom renovations at the Hilton New Orleans Riverside.

Additionally, the $103 million comprehensive renovation at the Royal Palm remains on track and on budget, which includes a full renovation of all 393 guestrooms at the oceanfront hotel, along with the addition of 11 new guestrooms. The project is expected to generate a 15% to 20% return on investment. Hotel operations were suspended beginning in mid-May 2025, with an expected reopening in June 2026.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(dollars in millions)* |  |  |  |  |
| **Projects & Scope of Work** | **Start Date** | **Estimated Completion Date** | **Budget** | **Total Incurred as of September 30, 2025** |
| **Royal Palm** |  |  |  |  |
| Full property renovation, including the renovation of 393 guestrooms and the addition of 11 guestrooms to increase the room count to 404 | Q2 2025 | Q2 2026 | $103 | $48 |
| **Hilton Hawaiian Village Waikiki Beach Resort** |  |  |  |  |
| *<u>Phase 2</u>*: Renovation of 404 guestrooms and the addition of 14 guestrooms through the conversion of suites to increase room count at the Rainbow Tower to 822 | Q3 2025 | Q1 2026 | $49 | $21 |
| **Hilton Waikoloa Village** |  |  |  |  |
| *<u>Phase 2:</u>* Renovation of 203 guestrooms and the addition of 8 guestrooms through the conversion of suites to increase room count at the Palace Tower to 414 | Q3 2025 | Q1 2026 | $37 | $20 |
| **Hilton New Orleans Riverside** |  |  |  |  |
| *<u>Phase 2:</u>* Renovation of 428 guestrooms at the 1,167-room Main Tower | Q3 2025 | Q1 2026 | $31 | $19 |

---

**<u>Dividends</u>**

Park declared a third quarter 2025 cash dividend of $0.25 per share to stockholders of record as of September 30, 2025. The third quarter dividend was paid on October 15, 2025.

On October 23, 2025, Park declared a fourth quarter 2025 cash dividend of $0.25 per share to be paid on January 15, 2026 to stockholders of record as of December 31, 2025. The fourth quarter dividend, together with the cash dividends declared for the first three quarters of 2025, represent an annual yield of 9% based on Park's closing stock price on October 28, 2025. To preserve its liquidity, Park does not expect to declare an incremental top-off dividend for 2025.

**<u>Full-Year 2025 Outlook</u>**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(unaudited, dollars in millions, except per share amounts and RevPAR)*  | *(unaudited, dollars in millions, except per share amounts and RevPAR)*  | *(unaudited, dollars in millions, except per share amounts and RevPAR)*  |  |  |  |  |  |  |  |  |
|  | **Full-Year 2025 Outlook**<br>**as of October 30, 2025** | **Full-Year 2025 Outlook**<br>**as of October 30, 2025** | **Full-Year 2025 Outlook**<br>**as of October 30, 2025** | **Full-Year 2025 Outlook**<br>**as of October 30, 2025** | **Full-Year 2025 Outlook**<br>**as of July 31, 2025** | **Full-Year 2025 Outlook**<br>**as of July 31, 2025** | **Full-Year 2025 Outlook**<br>**as of July 31, 2025** | **Full-Year 2025 Outlook**<br>**as of July 31, 2025** | **Change at <br>Midpoint** | **Change at <br>Midpoint** |
| **Metric** | **Low** | **Low** | **High** | **High** | **Low** | **Low** | **High** | **High** | **Change at <br>Midpoint** | **Change at <br>Midpoint** |
| Comparable RevPAR | $184 |  | $185 |  | $184 |  | $187 |  | $(1) |  |
| Comparable RevPAR change vs. 2024 | (2.5) | % | (1.8) | % | (2.0) | % |  | % | (110) | bps |
| Comparable RevPAR, excluding the Royal Palm | $186 |  | $187 |  | $185 |  | $189 |  | $(1) |  |
| Comparable RevPAR change vs. 2024, excluding the Royal Palm | (1.5) | % | (0.7) | % | (1.0) | % | 1.0 | % | (110) | bps |
| Net loss | $(60) |  | $(35) |  | $(53) |  | $(3) |  | $(20) |  |
| Net loss attributable to stockholders | $(66) |  | $(41) |  | $(60) |  | $(10) |  | $(19) |  |
| Loss per share – Diluted<sup>(1)</sup> | $(0.33) |  | $(0.21) |  | $(0.30) |  | $(0.05) |  | $(0.10) |  |
| Operating income | $206 |  | $231 |  | $212 |  | $263 |  | $(19) |  |
| Operating income margin | 8.2 | % | 9.1 | % | 8.4 | % | 10.2 | % | (70) | bps |
| Adjusted EBITDA | $595 |  | $620 |  | $595 |  | $645 |  | $(13) |  |
| Comparable Hotel Adjusted EBITDA margin<sup>(1)</sup> | 26.3 | % | 26.9 | % | 26.1 | % | 27.5 | % | (20) | bps |
| Comparable Hotel Adjusted EBITDA margin change vs. 2024<sup>(1)</sup> | (130) | bps | (70) | bps | (150) | bps | (10) | bps | (20) | bps |
| Adjusted FFO per share – Diluted<sup>(1)</sup> | $1.85 |  | $1.97 |  | $1.82 |  | $2.08 |  | $(0.04) |  |

---

______________________________________________

<sup>(1)</sup> Amounts are calculated based on unrounded numbers.

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted FFO excludes $58 million of default interest and late payment administrative fees associated with the default of the SF Mortgage Loan that began in June 2023 and are required to be recognized in interest expense until legal titles to the Hilton San Francisco Hotels are transferred, which is currently expected by November 21, 2025 pursuant to a court-approved transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reflects the impact of the government shutdown through October 2025 only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fully diluted weighted average shares for the full-year 2025 of 200 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Park's portfolio as of October 30, 2025 and does not take into account potential future acquisitions, dispositions or any financing transactions, which could result in a material change to Park's outlook.

Park's full-year 2025 outlook is based on several factors, many of which are outside the Company's control, including uncertainty surrounding macro-economic factors, such as inflation, changes in interest rates and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of which are subject to change. Additionally, Park's full-year 2025 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, or continued government shutdown beyond October 2025 as the net effect of such announcements or events cannot be ascertained or quantified at this time.

**<u>Supplemental Disclosures</u>**

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.

**<u>Conference Call</u>**

Park will host a conference call for investors and other interested parties to discuss third quarter 2025 results on October 31, 2025 beginning at 11 a.m. Eastern Time. Participants may listen to the live webcast by logging onto the Investors section of the website at www.pkhotelsandresorts.com. Alternatively, participants may listen to the live call by dialing (877) 451-6152 in the United States or (201) 389-0879 internationally and requesting Park Hotels & Resorts' Third Quarter 2025 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.

**<u>Forward-Looking Statements</u>** 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to the effects of Park's decision to cease payments on its $725 million SF Mortgage Loan secured by the Hilton San Francisco Hotels and Park's expectation that the hotels will be sold by the court-appointed receiver by November 21, 2025, with the buyer assuming the SF Mortgage Loan at that time, 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 the government shutdown), 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.

**<u>Non-GAAP Financial Measures</u>**

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

**<u>About Park</u>**

Park is one of the largest publicly-traded lodging real estate investment trusts ("REIT") with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 38 premium-branded hotels and resorts with over 24,000 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**

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

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(unaudited)** | |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | $7174 | $7398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract asset | 868 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangibles, net | 41 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 278 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 31 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful accounts of $3 and $4 | 124 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 55 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 78 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 181 | 191 |
| **TOTAL ASSETS (variable interest entities – $209 and $223)** | $8830 | $9161 |
| **LIABILITIES AND EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt | $3839 | $3841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt associated with hotels in receivership | 725 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest associated with hotels in receivership | 143 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 237 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable | 56 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to hotel managers | 107 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 182 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 215 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities (variable interest entities – $196 and $201) | 5504 | 5567 |
| &nbsp;&nbsp;&nbsp;**Stockholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 200,945,761 shares issued and 199,911,257 shares outstanding as of September 30, 2025 and 203,407,320 shares issued and 202,553,194 shares outstanding as of December 31, 2024 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 4027 | 4063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (647) | (420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 3382 | 3645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | (56) | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 3326 | 3594 |
| **TOTAL LIABILITIES AND EQUITY** | $8830 | $9161 |

---

------

**PARK HOTELS & RESORTS INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rooms | $370 | $403 | $1134 | $1193 |
| &nbsp;&nbsp;&nbsp;Food and beverage | 150 | 157 | 512 | 521 |
| &nbsp;&nbsp;&nbsp;Ancillary hotel | 67 | 68 | 198 | 196 |
| &nbsp;&nbsp;&nbsp;Other | 23 | 21 | 68 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 610 | 649 | 1912 | 1974 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rooms | 106 | 107 | 311 | 314 |
| &nbsp;&nbsp;&nbsp;Food and beverage | 112 | 112 | 357 | 356 |
| &nbsp;&nbsp;&nbsp;Other departmental and support | 148 | 154 | 451 | 454 |
| &nbsp;&nbsp;&nbsp;Other property | 56 | 65 | 163 | 174 |
| &nbsp;&nbsp;&nbsp;Management fees | 27 | 30 | 88 | 93 |
| &nbsp;&nbsp;&nbsp;Impairment and casualty loss |  |  | 70 | 13 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 78 | 63 | 269 | 192 |
| &nbsp;&nbsp;&nbsp;Corporate general and administrative | 17 | 17 | 54 | 52 |
| &nbsp;&nbsp;&nbsp;Other | 23 | 21 | 67 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 567 | 569 | 1830 | 1710 |
| &nbsp;&nbsp;&nbsp;Gain on sale of assets, net |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;Gain on derecognition of assets | 16 | 15 | 48 | 44 |
| **Operating income** | 59 | 95 | 131 | 308 |
| &nbsp;&nbsp;&nbsp;Interest income | 3 | 6 | 8 | 16 |
| &nbsp;&nbsp;&nbsp;Interest expense | (53) | (54) | (158) | (161) |
| &nbsp;&nbsp;&nbsp;Interest expense associated with hotels in receivership | (16) | (15) | (48) | (44) |
| &nbsp;&nbsp;&nbsp;Equity in earnings from investments in affiliates |  | 28 | 2 | 29 |
| &nbsp;&nbsp;&nbsp;Other (loss) gain, net | (1) | (1) |  | (4) |
| **(Loss) income before income taxes** | (8) | 59 | (65) | 144 |
| &nbsp;&nbsp;&nbsp;Income tax (expense) benefit | (6) | (2) | (8) | 9 |
| **Net (loss) income** | (14) | 57 | (73) | 153 |
| Net income attributable to noncontrolling interests | (2) | (3) | (5) | (7) |
| **Net (loss) income attributable to stockholders** | $(16) | $54 | $(78) | $146 |
| **(Loss) earnings per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Loss) earnings per share – Basic | $(0.08) | $0.26 | $(0.40) | $0.70 |
| &nbsp;&nbsp;&nbsp;(Loss) earnings per share – Diluted | $(0.08) | $0.26 | $(0.40) | $0.69 |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding – Basic | 199 | 206 | 199 | 208 |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding – Diluted | 199 | 208 | 199 | 210 |

---

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**PARK HOTELS & RESORTS INC.**

**NON-GAAP FINANCIAL MEASURES RECONCILIATIONS**

**EBITDA AND ADJUSTED EBITDA**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(unaudited, in millions)* | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net (loss) income** | $(14) | $57 | $(73) | $153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 78 | 63 | 269 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (3) | (6) | (8) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 53 | 54 | 158 | 161 |
| &nbsp;&nbsp;&nbsp;Interest expense associated with hotels in receivership<sup>(1)</sup> | 16 | 15 | 48 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 6 | 2 | 8 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates | 2 | 4 | 6 | 9 |
| **EBITDA** | 138 | 189 | 408 | 534 |
| &nbsp;&nbsp;&nbsp;Gain on sales of assets, net<sup>(2)</sup> |  | (19) | (1) | (19) |
| &nbsp;&nbsp;&nbsp;Gain on derecognition of assets<sup>(1)</sup> | (16) | (15) | (48) | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 5 | 5 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment and casualty loss |  |  | 70 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other items | 3 | (1) | 14 | 16 |
| **Adjusted EBITDA** | $130 | $159 | $457 | $514 |

---

______________________________________________

<sup>(1)</sup> For the three and nine months ended September 30, 2025 and 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the *contract asset* on the condensed consolidated balance sheets. Park expects the court-appointed receiver to sell the Hilton San Francisco Hotels by November 21, 2025 and the SF Mortgage Loan to be assumed by the buyer at that time.

<sup>(2)</sup> For the three and nine months ended September 30, 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*.

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**PARK HOTELS & RESORTS INC.**

**NON-GAAP FINANCIAL MEASURES RECONCILIATIONS**

**COMPARABLE HOTEL ADJUSTED EBITDA AND**

**COMPARABLE HOTEL ADJUSTED EBITDA MARGIN**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(unaudited, dollars in millions)* | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Adjusted EBITDA** | $130 | $159 | $457 | $514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Adjusted EBITDA from investments in affiliates | (3) | (3) | (16) | (19) |
| &nbsp;&nbsp;&nbsp;Add: All other<sup>(1)</sup> | 14 | 12 | 42 | 41 |
| **Hotel Adjusted EBITDA** | 141 | 168 | 483 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Adjusted EBITDA from hotels disposed of |  | (1) |  | (3) |
| **Comparable Hotel Adjusted EBITDA** | $141 | $167 | $483 | $533 |
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Total Revenues** | $610 | $649 | $1912 | $1974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other revenue | (23) | (21) | (68) | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Revenues from hotels disposed of | (2) | (17) | (16) | (48) |
| **Comparable Hotel Revenues** | $585 | $611 | $1828 | $1862 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Change**<sup>(2)</sup>  | **Change**<sup>(2)</sup>  | **2025** | **2024** | **Change**<sup>(2)</sup>  | **Change**<sup>(2)</sup>  |
| Total Revenues | $610 | $649 | (6.1) | % | $1912 | $1974 | (3.1) | % |
| Operating income | $59 | $95 | (37.5) | % | $131 | $308 | (57.4) | % |
| Operating income margin<sup>(2)</sup> | 9.7% | 14.6% | (490) | bps | 6.8% | 15.6% | (880) | bps |
| Comparable Hotel Revenues | $585 | $611 | (4.3) | % | $1828 | $1862 | (1.8) | % |
| Comparable Hotel Adjusted EBITDA | $141 | $167 | (15.9) | % | $483 | $533 | (9.4) | % |
| Comparable Hotel Adjusted EBITDA margin<sup>(2)</sup> | 24.1% | 27.4% | (330) | bps | 26.4% | 28.6% | (220) | bps |

---

______________________________________________

<sup>(1)</sup> 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.

<sup>(2)</sup> Percentages are calculated based on unrounded numbers.

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**PARK HOTELS & RESORTS INC.**

**NON-GAAP FINANCIAL MEASURES RECONCILIATIONS**

**NAREIT FFO AND ADJUSTED FFO**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net (loss) income attributable to stockholders** | $(16) | $54 | $(78) | $146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 78 | 63 | 269 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense attributable to noncontrolling interests | (1) | (1) | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of assets, net |  |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on derecognition of assets<sup>(1)</sup> | (16) | (15) | (48) | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment loss |  |  | 70 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity investment adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings from investments in affiliates |  | (28) | (2) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro rata FFO of investments in affiliates |  | 9 | 5 | 14 |
| **Nareit FFO attributable to stockholders** | 45 | 82 | 212 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casualty loss |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 5 | 5 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense associated with hotels in receivership<sup>(1)</sup> | 16 | 15 | 48 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other items | 4 |  | 17 | 3 |
| **Adjusted FFO attributable to stockholders** | $70 | $102 | $291 | $350 |
| **Nareit FFO per share – Diluted**<sup>(2)</sup> | $0.22 | $0.40 | $1.06 | $1.37 |
| **Adjusted FFO per share – Diluted**<sup>(2)</sup> | $0.35 | $0.49 | $1.45 | $1.67 |
| **Weighted average shares outstanding – Diluted** | 200 | 208 | 200 | 210 |

---

______________________________________________

<sup>(1)</sup> For the three and nine months ended September 30, 2025 and 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the *contract asset* on the condensed consolidated balance sheets. Park expects the court-appointed receiver to sell the Hilton San Francisco Hotels by November 21, 2025 and the SF Mortgage Loan to be assumed by the buyer at that time.

<sup>(2)</sup> Per share amounts are calculated based on unrounded numbers.

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**PARK HOTELS & RESORTS INC.**

**NON-GAAP FINANCIAL MEASURES RECONCILIATIONS**

**NET DEBT**

---

| | |
|:---|:---|
| *(unaudited, in millions)* |  |
|  | **September 30, 2025**  |
| Debt | $3839 |
| Add: unamortized deferred financing costs and discount | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt, excluding unamortized deferred financing cost, premiums and discounts | 3858 |
| Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs | 157 |
| Less: cash and cash equivalents | (278) |
| Less: restricted cash | (31) |
| **Net Debt** | $3706 |

---

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**PARK HOTELS & RESORTS INC.**

**NON-GAAP FINANCIAL MEASURES RECONCILIATIONS**

**OUTLOOK – EBITDA, ADJUSTED EBITDA, COMPARABLE HOTEL ADJUSTED EBITDA**

**AND COMPARABLE HOTEL ADJUSTED EBITDA MARGIN**

---

| | | |
|:---|:---|:---|
| *(unaudited, in millions)* | **Year Ending** | **Year Ending** |
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Low Case**  | **High Case**  |
| **Net loss** | $(60) | $(35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 334 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (9) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 209 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense associated with hotels in receivership | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, income tax and depreciation and amortization included in equity in earnings&nbsp;&nbsp;&nbsp;&nbsp;from investments in affiliates | 8 | 8 |
| **EBITDA** | 551 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of assets, net | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on derecognition of assets | (58) | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment loss | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other items | 14 | 14 |
| **Adjusted EBITDA** | 595 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Adjusted EBITDA from investments in affiliates | (18) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: All other | 57 | 57 |
| **Comparable Hotel Adjusted EBITDA** | $634 | $657 |
|  | **Year Ending** | **Year Ending** |
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Low Case** | **High Case** |
| **Total Revenues** | $2521 | $2549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other revenue | (93) | (93) |
| **Hotel Revenues** | 2428 | 2456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Revenues from hotels disposed of | (15) | (15) |
| **Comparable Hotel Revenues** | $2413 | $2441 |
|  | **Year Ending** | **Year Ending** |
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Low Case** | **High Case** |
| Total Revenues | $2521 | $2549 |
| Operating income | $206 | $231 |
| Operating income margin<sup>(1)</sup> | 8.2% | 9.1% |
| Comparable Hotel Revenues | $2413 | $2441 |
| Comparable Hotel Adjusted EBITDA | $634 | $657 |
| Comparable Hotel Adjusted EBITDA margin<sup>(1)</sup> | 26.3% | 26.9% |

---

______________________________________________

<sup>(1)</sup> Percentages are calculated based on unrounded numbers.

------

**PARK HOTELS & RESORTS INC.**

**NON-GAAP FINANCIAL MEASURES RECONCILIATIONS**

**OUTLOOK – NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND**

**ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS**

---

| | | |
|:---|:---|:---|
| *(unaudited, in millions except per share data)* | **Year Ending** | **Year Ending** |
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Low Case** | **High Case** |
| **Net loss attributable to stockholders** | $(66) | $(41) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 334 | 334 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense attributable to noncontrolling interests | (4) | (4) |
| &nbsp;&nbsp;&nbsp;Gain on sale of assets, net | (1) | (1) |
| &nbsp;&nbsp;&nbsp;Gain on derecognition of assets | (58) | (58) |
| &nbsp;&nbsp;&nbsp;Impairment loss | 70 | 70 |
| &nbsp;&nbsp;&nbsp;Equity investment adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings from investments in affiliates | (3) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro rata FFO of equity investments | 7 | 7 |
| **Nareit FFO attributable to stockholders** | 279 | 303 |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense | 19 | 19 |
| &nbsp;&nbsp;&nbsp;Interest expense associated with hotels in receivership | 58 | 58 |
| &nbsp;&nbsp;&nbsp;Other items | 14 | 13 |
| **Adjusted FFO attributable to stockholders** | $370 | $393 |
| **Adjusted FFO per share – Diluted**<sup>(1)</sup> | $1.85 | $1.97 |
| **Weighted average diluted shares outstanding** | 200 | 200 |

---

______________________________________________

<sup>(1)</sup> Per share amounts are calculated based on unrounded numbers.

------

**PARK HOTELS & RESORTS INC.**

**DEFINITIONS**

<u>Comparable</u>

The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company's Comparable metrics include results from hotels that were active and operating in Park's portfolio since January 1st of the previous year and property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable metrics exclude results from property dispositions that have occurred through October 30, 2025 and the Hilton San Francisco Hotels, which were placed into receivership at the end of October 2023 and are expected to be sold by the court-appointed receiver by November 21, 2025.

<u>EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin</u>

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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Severance expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based compensation expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impairment losses and casualty gains or losses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

<u>Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – diluted and Adjusted FFO per share – diluted</u>

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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Severance expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based compensation expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Casualty gains or losses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other items that management believes are not representative of the Company's current or future operating performance.

------

<u>Net Debt</u>

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.

<u>Occupancy</u>

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.

<u>Average Daily Rate</u>

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.

<u>Revenue per Available Room</u>

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.

<u>Total RevPAR</u>

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.

<u>Group Revenue Pace</u>

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

## Exhibit 99.2

![hhvcovera.jpg](hhvcovera.jpg)

**Exhibit 99.2**

**THIRD QUARTER 2025**

**SUPPLEMENTAL DATA**

SEPTEMBER 30, 2025

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

2<br>

ABOUT PARK AND SAFE HARBOR DISCLOSURE

**<u>About Park Hotels & Resorts Inc.</u>**

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 of38 premium-branded hotels and resorts with over24,000 rooms primarily

located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

**<u>Forward-Looking Statements</u>**

This supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the

Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to the effects of Park's decision to

cease payments on its $725 million non-recourse CMBS loan ("SF Mortgage Loan") secured by two of Park's San Francisco hotels – the 1,921-room Hilton San

Francisco Union Square and the 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the "Hilton San Francisco Hotels") and Park's expectation that

the hotels will be sold by the court-appointed receiver by November 21, 2025, with the buyer assuming the SF Mortgage Loan at that time,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

$800 million senior unsecured delayed draw term loan facility ("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 the government shutdown), 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.

**<u>Supplemental Financial Information</u>**

Park presents certain non-generally accepted accounting principles ("GAAP") financial measures in this presentation, including Nareit FFO attributable to

stockholders, Adjusted FFO attributable to stockholders, FFO per share, Adjusted FFO per share, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel

Adjusted EBITDA margin, Net Debt and Net Debt to Adjusted EBITDA ratio. These non-GAAP financial measures should be considered along with, but not as

alternatives to, net income (loss) as a measure of its operating performance. Please see the schedules included in this presentation including the "Definitions"

section for additional information and reconciliations of such non-GAAP financial measures.

![toca.jpg](toca.jpg)

3 <br> HILTON NEW ORLEANS RIVERSIDE

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Financial Statements](#ifdd475c05f6642059c33dfc441a876cd_10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [4](#ifdd475c05f6642059c33dfc441a876cd_10) |
| [Supplementary Financial Information](#ifdd475c05f6642059c33dfc441a876cd_19) . . . . . . . . . . . . . . . . . . . . | [7](#ifdd475c05f6642059c33dfc441a876cd_19) |
| Outlook and Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [13](#ifdd475c05f6642059c33dfc441a876cd_1099511628784) |
| [Portfolio and Operating Metrics](#ifdd475c05f6642059c33dfc441a876cd_49) . . . . . . . . . . . . . . . . . . . . . . . . . | [18](#ifdd475c05f6642059c33dfc441a876cd_49) |
| [Properties Acquired and Sold](#ifdd475c05f6642059c33dfc441a876cd_79) . . . . . . . . . . . . . . . . . . . . . . . . . . . | [29](#ifdd475c05f6642059c33dfc441a876cd_79) |
| [Comparable Supplementary Financial Information](#ifdd475c05f6642059c33dfc441a876cd_88) . . . . . . . . . | [31](#ifdd475c05f6642059c33dfc441a876cd_88) |
| [Capital Structure](#ifdd475c05f6642059c33dfc441a876cd_106) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [36](#ifdd475c05f6642059c33dfc441a876cd_106) |
| [Definitions](#ifdd475c05f6642059c33dfc441a876cd_112) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [39](#ifdd475c05f6642059c33dfc441a876cd_112) |
| Analyst Coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | [44](#ifdd475c05f6642059c33dfc441a876cd_1902) |

---

![waorlandodividercovera.jpg](waorlandodividercovera.jpg)

4 <br> WALDORF ASTORIA ORLANDO

FINANCIAL

STATEMENTS

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

5 <br> HILTON WAIKOLOA VILLAGE

FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
| *(in millions, except share and per share data)* | **September 30, 2025** | **December 31, 2024** |
|  | **(unaudited)** |  |
| **ASSETS** |  |  |
| Property and equipment, net | $7174 | $7398 |
| Contract asset | 868 | 820 |
| Intangibles, net | 41 | 41 |
| Cash and cash equivalents | 278 | 402 |
| Restricted cash | 31 | 38 |
| Accounts receivable, net of allowance for doubtful accounts of $3 and $4 | 124 | 131 |
| Prepaid expenses | 55 | 69 |
| Other assets | 78 | 71 |
| Operating lease right-of-use assets | 181 | 191 |
| **TOTAL ASSETS (variable interest entities – $209 and $223)** | $8830 | $9161 |
| **LIABILITIES AND EQUITY** |  |  |
| **Liabilities** |  |  |
| Debt | $3839 | $3841 |
| Debt associated with hotels in receivership | 725 | 725 |
| Accrued interest associated with hotels in receivership | 143 | 95 |
| Accounts payable and accrued expenses | 237 | 226 |
| Dividends payable | 56 | 138 |
| Due to hotel managers | 107 | 138 |
| Other liabilities | 182 | 179 |
| Operating lease liabilities | 215 | 225 |
| Total liabilities (variable interest entities – $196 and $201) | 5504 | 5567 |
| **Stockholders' Equity** |  |  |
| Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 200,945,761 shares <br>issued and 199,911,257 shares outstanding as of September 30, 2025 and 203,407,320 shares <br>issued and 202,553,194 shares outstanding as of December 31, 2024<br>| 2 | 2 |
| Additional paid-in capital | 4027 | 4063 |
| Accumulated deficit | (647) | (420) |
| Total stockholders' equity | 3382 | 3645 |
| Noncontrolling interests | (56) | (51) |
| Total equity | 3326 | 3594 |
| **TOTAL LIABILITIES AND EQUITY** | $8830 | $9161 |

---

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

6 <br> HILTON WAIKOLOA VILLAGE

FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(unaudited, in millions, except per share data)* | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| Rooms | $370 | $403 | $1134 | $1193 |
| Food and beverage | 150 | 157 | 512 | 521 |
| Ancillary hotel | 67 | 68 | 198 | 196 |
| Other | 23 | 21 | 68 | 64 |
| Total revenues | 610 | 649 | 1912 | 1974 |
| **Operating expenses** |  |  |  |  |
| Rooms | 106 | 107 | 311 | 314 |
| Food and beverage | 112 | 112 | 357 | 356 |
| Other departmental and support | 148 | 154 | 451 | 454 |
| Other property | 56 | 65 | 163 | 174 |
| Management fees | 27 | 30 | 88 | 93 |
| Impairment and casualty loss |  |  | 70 | 13 |
| Depreciation and amortization | 78 | 63 | 269 | 192 |
| Corporate general and administrative | 17 | 17 | 54 | 52 |
| Other | 23 | 21 | 67 | 62 |
| Total expenses | 567 | 569 | 1830 | 1710 |
| Gain on sale of assets, net |  |  | 1 |  |
| Gain on derecognition of assets | 16 | 15 | 48 | 44 |
| **Operating income** | 59 | 95 | 131 | 308 |
| Interest income | 3 | 6 | 8 | 16 |
| Interest expense | (53) | (54) | (158) | (161) |
| Interest expense associated with hotels in receivership | (16) | (15) | (48) | (44) |
| Equity in earnings from investments in affiliates |  | 28 | 2 | 29 |
| Other (loss) gain, net | (1) | (1) |  | (4) |
| **(Loss) income before income taxes** | (8) | 59 | (65) | 144 |
| Income tax (expense) benefit | (6) | (2) | (8) | 9 |
| **Net (loss) income** | (14) | 57 | (73) | 153 |
| Net income attributable to noncontrolling interests | (2) | (3) | (5) | (7) |
| **Net (loss) income attributable to stockholders** | $(16) | $54 | $(78) | $146 |
| **(Loss) earnings per share:** |  |  |  |  |
| (Loss) earnings per share – Basic | $(0.08) | $0.26 | $(0.40) | $0.70 |
| (Loss) earnings per share – Diluted | $(0.08) | $0.26 | $(0.40) | $0.69 |
| Weighted average shares outstanding – Basic | 199 | 206 | 199 | 208 |
| Weighted average shares outstanding – Diluted | 199 | 208 | 199 | 210 |

---

![newyorkdividercovera.jpg](newyorkdividercovera.jpg)

7 <br> NEW YORK HILTON MIDTOWN

SUPPLEMENTARY

FINANCIAL

INFORMATION

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

8 <br> NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

EBITDA AND ADJUSTED EBITDA

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(unaudited, in millions)* | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net (loss) income** | $(14) | $57 | $(73) | $153 |
| Depreciation and amortization expense | 78 | 63 | 269 | 192 |
| Interest income | (3) | (6) | (8) | (16) |
| Interest expense | 53 | 54 | 158 | 161 |
| Interest expense associated with hotels in receivership<sup>(1)</sup> | 16 | 15 | 48 | 44 |
| Income tax expense (benefit) | 6 | 2 | 8 | (9) |
| Interest income and expense, income tax and <br>depreciation and amortization included in equity in <br>earnings from investments in affiliates<br>| 2 | 4 | 6 | 9 |
| **EBITDA** | 138 | 189 | 408 | 534 |
| Gain on sale of assets, net<sup>(2)</sup> |  | (19) | (1) | (19) |
| Gain on derecognition of assets<sup>(1)</sup> | (16) | (15) | (48) | (44) |
| Share-based compensation expense | 5 | 5 | 14 | 14 |
| Impairment and casualty loss |  |  | 70 | 13 |
| Other items | 3 | (1) | 14 | 16 |
| **Adjusted EBITDA** | $130 | $159 | $457 | $514 |

---

_____________________________________

<sup>(1)</sup> For thethree and nine months endedSeptember 30, 2025 and 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on

derecognition for the corresponding increase of the *contract asset* on the condensed consolidated balance sheets. Park expects the court-appointed receiver to sell the Hilton San Francisco Hotels by

November 21, 2025 and the SF Mortgage Loan to be assumed by the buyer at that time.

<sup>(2)</sup> For the three and nine months endedSeptember 30, 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.*![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

9 <br> NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

COMPARABLE HOTEL ADJUSTED EBITDA AND COMPARABLE HOTEL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADJUSTED EBITDA MARGIN

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(unaudited, dollars in millions)* |  |  |  |  |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Adjusted EBITDA** | $130 | $159 | $457 | $514 |
| Less: Adjusted EBITDA from investments in affiliates | (3) | (3) | (16) | (19) |
| Add: All other<sup>(1)</sup> | 14 | 12 | 42 | 41 |
| **Hotel Adjusted EBITDA** | 141 | 168 | 483 | 536 |
| Less: Adjusted EBITDA from hotels disposed of |  | (1) |  | (3) |
| **Comparable Hotel Adjusted EBITDA** | $141 | $167 | $483 | $533 |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Total Revenues** | $610 | $649 | $1912 | $1974 |
| Less: Other revenue | (23) | (21) | (68) | (64) |
| Less: Revenues from hotels disposed of | (2) | (17) | (16) | (48) |
| **Comparable Hotel Revenues** | $585 | $611 | $1828 | $1862 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **Change**<sup>(2)</sup> | **2025** | **2024** | **Change**<sup>(2)</sup> |
| Total Revenues | $610 | $649 | (6.1)% | $1912 | $1974 | (3.1)% |
| Operating income | $59 | $95 | (37.5)% | $131 | $308 | (57.4)% |
| Operating income margin<sup>(2)</sup> | 9.7% | 14.6% | (490) bps | 6.8% | 15.6% | (880) bps |
| Comparable Hotel Revenues | $585 | $611 | (4.3)% | $1828 | $1862 | (1.8)% |
| Comparable Hotel Adjusted EBITDA | $141 | $167 | (15.9)% | $483 | $533 | (9.4)% |
| Comparable Hotel Adjusted EBITDA margin<sup>(2)</sup> | 24.1% | 27.4% | (330) bps | 26.4% | 28.6% | (220) bps |

---

______________________________________________________________

<sup>(1)</sup> 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.

<sup>(2)</sup> Percentages are calculated based on unrounded numbers.

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

10 <br> NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

NAREIT FFO AND ADJUSTED FFO

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(unaudited, in millions, except per share data)* | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net (loss) income attributable to stockholders** | $(16) | $54 | $(78) | $146 |
| Depreciation and amortization expense | 78 | 63 | 269 | 192 |
| Depreciation and amortization expense attributable to <br>noncontrolling interests<br>| (1) | (1) | (3) | (3) |
| Gain on sales of assets, net |  |  | (1) |  |
| Gain on derecognition of assets<sup>(1)</sup> | (16) | (15) | (48) | (44) |
| Impairment loss |  |  | 70 | 12 |
| Equity investment adjustments: |  |  |  |  |
| Equity in earnings from investments in affiliates |  | (28) | (2) | (29) |
| Pro rata FFO of investments in affiliates |  | 9 | 5 | 14 |
| **Nareit FFO attributable to stockholders** | 45 | 82 | 212 | 288 |
| Casualty loss |  |  |  | 1 |
| Share-based compensation expense | 5 | 5 | 14 | 14 |
| Interest expense associated with hotels in receivership<sup>(1)</sup> | 16 | 15 | 48 | 44 |
| Other items | 4 |  | 17 | 3 |
| **Adjusted FFO attributable to stockholders** | $70 | $102 | $291 | $350 |
| **Nareit FFO per share – Diluted**<sup>(2)</sup> | $0.22 | $0.40 | $1.06 | $1.37 |
| **Adjusted FFO per share – Diluted**<sup>(2)</sup> | $0.35 | $0.49 | $1.45 | $1.67 |
| **Weighted average shares outstanding – Diluted**<sup>(3)</sup> | 200 | 208 | 200 | 210 |

---

__________________________________________________________________________

<sup>(1)</sup> For the three and nine months endedSeptember 30, 2025 and 2024,represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on

derecognition for the corresponding increase of the *contract asset* on the condensed consolidated balance sheets. Park expects the court-appointed receiver to sell the Hilton San Francisco Hotels by

November 21, 2025 and the SF Mortgage Loan to be assumed by the buyer at that time.

<sup>(2)</sup> Per share amounts are calculated based on unrounded numbers.

<sup>(3)</sup> Derived from Park's *earnings per share* calculations for each period presented; for shares outstanding as of September 30, 2025, see page [5](#ifdd475c05f6642059c33dfc441a876cd_13).

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

11 <br> NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

GENERAL AND ADMINISTRATIVE EXPENSES

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(unaudited, in millions)* | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Corporate general and administrative expenses** | $17 | $17 | $54 | $52 |
| Less: |  |  |  |  |
| Share-based compensation expense | 5 | 5 | 14 | 14 |
| Other corporate expenses | 1 | 1 | 3 | 3 |
| G&A, excluding expenses not included in Adjusted EBITDA | $11 | $11 | $37 | $35 |

---

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

12 <br> NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

NET DEBT AND NET DEBT TO COMPARABLE ADJUSTED EBITDA RATIO

---

| | | |
|:---|:---|:---|
| *(unaudited, in millions)* |  |  |
|  | **September 30, 2025** | **December 31, 2024** |
| Debt | $3839 | $3841 |
| Add: unamortized deferred financing costs and discount | 19 | 24 |
| Debt, excluding unamortized deferred financing cost, premiums and discounts | 3858 | 3865 |
| Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs | 157 | 157 |
| Less: cash and cash equivalents | (278) | (402) |
| Less: restricted cash | (31) | (38) |
| **Net Debt** | $3706 | $3582 |
| TTM Comparable Adjusted EBITDA<sup>(1)</sup> | $595 | $647 |
| **Net Debt to TTM Comparable Adjusted EBITDA ratio** | 6.23x | 5.54x |

---

_____________________________________

<sup>(1)</sup> See pages [33](#ifdd475c05f6642059c33dfc441a876cd_94) and [34](#ifdd475c05f6642059c33dfc441a876cd_97) for trailing twelve months ("TTM") Comparable Adjusted EBITDA as of September 30, 2025 and December 31, 2024, respectively.

![casamarinaa.jpg](casamarinaa.jpg)

13 <br> CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND

ASSUMPTIONS

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

14 <br> CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS

FULL-YEAR 2025 OUTLOOK

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Park expects full-year2025operating results to be as follows:  | Park expects full-year2025operating results to be as follows:  | Park expects full-year2025operating results to be as follows:  | Park expects full-year2025operating results to be as follows:  | Park expects full-year2025operating results to be as follows:  | Park expects full-year2025operating results to be as follows:  |
| *(unaudited, dollars in millions, except per share amounts and RevPAR)* | *(unaudited, dollars in millions, except per share amounts and RevPAR)* | *(unaudited, dollars in millions, except per share amounts and RevPAR)* | *(unaudited, dollars in millions, except per share amounts and RevPAR)* | *(unaudited, dollars in millions, except per share amounts and RevPAR)* | *(unaudited, dollars in millions, except per share amounts and RevPAR)* |
|  | **Full-Year 2025 Outlook**<br>**as of October 30, 2025** | **Full-Year 2025 Outlook**<br>**as of October 30, 2025** | **Full-Year 2025 Outlook** <br>**as of July 31, 2025** | **Full-Year 2025 Outlook** <br>**as of July 31, 2025** | **Change at**<br>**Midpoint**  |
| **Metric** | **Low**  | **High**  | **Low**  | **High**  | **Change at**<br>**Midpoint**  |
| Comparable RevPAR | $184 | $185 | $184 | $187 | $(1) |
| Comparable RevPAR change vs. 2024 | (2.5)% | (1.8)% | (2.0)% | 0.0% | (110) bps |
| Comparable RevPAR, excluding the Royal Palm<sup>(1)</sup> | $186 | $187 | $185 | $189 | $(1) |
| Comparable RevPAR change vs. 2024, excluding the Royal Palm<sup>(1)</sup> | (1.5)% | (0.7)% | (1.0)% | 1.0% | (110) bps |
| Net loss | $(60) | $(35) | $(53) | $(3) | $(20) |
| Net loss attributable to stockholders | $(66) | $(41) | $(60) | $(10) | $(19) |
| (Loss) per share – Diluted<sup>(2)</sup> | $(0.33) | $(0.21) | $(0.30) | $(0.05) | $(0.10) |
| Operating income | $206 | $231 | $212 | $263 | $(19) |
| Operating income margin | 8.2% | 9.1% | 8.4% | 10.2% | (70) bps |
| Adjusted EBITDA | $595 | $620 | $595 | $645 | $(13) |
| Comparable Hotel Adjusted EBITDA margin<sup>(2)</sup> | 26.3% | 26.9% | 26.1% | 27.5% | (20) bps |
| Comparable Hotel Adjusted EBITDA margin change vs. 2024<sup>(2)</sup> | (130) bps | (70) bps | (150) bps | (10) bps | (20) bps |
| Adjusted FFO per share – Diluted<sup>(2)</sup> | $1.85 | $1.97 | $1.82 | $2.08 | $(0.04) |

---

__________________________________________________________________________

<sup>(1)</sup> Royal Palm South Beach Miami, a Tribute Portfolio Resort ("Royal Palm").

<sup>(2)</sup> Amounts are calculated based on unrounded numbers.

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

• Adjusted FFO excludes $58 million of default interest and late payment administrative fees associated with the default of the SF Mortgage Loan that

began in June 2023 and are required to be recognized in interest expense until legal titles to the Hilton San Francisco Hotels are transferred, which is

currently expected by November 21, 2025 pursuant to a court-approved transaction;

• Reflects the impact of the government shutdown through October 2025 only;

• Fully diluted weighted average shares for the full-year 2025 of 200 million; and

• Park's portfolio as of October 30, 2025 and does not take into account potential future acquisitions, dispositions or any financing transactions, which

could result in a material change to Park's outlook.

Park's full-year 2025 outlook is based on several factors, many of which are outside the Company's control, including uncertainty surrounding macro-

economic factors, such as inflation, changes in interest rates and the possibility of an economic recession or slowdown, as well as the assumptions set forth

above, all of which are subject to change. Additionally, Park's full-year 2025 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, or continued government shutdown beyond October 2025 as the net effect of such announcements or events cannot be

ascertained or quantified at this time.

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

15 <br> CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS

EBITDA, ADJUSTED EBITDA, COMPARABLE HOTEL ADJUSTED EBITDA AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMPARABLE HOTEL ADJUSTED EBITDA MARGIN

---

| | | |
|:---|:---|:---|
|  | **Year Ending** | **Year Ending** |
| *(unaudited, in millions)* | **December 31, 2025** | **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<br>&nbsp;&nbsp;&nbsp;&nbsp;from investments in affiliates<br>| 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 |

---

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

16 <br> CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS

EBITDA, ADJUSTED EBITDA, COMPARABLE HOTEL ADJUSTED EBITDA AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMPARABLE HOTEL ADJUSTED EBITDA MARGIN (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | **Year Ending** | **Year Ending** |
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Low Case** | **High Case** |
| **Total Revenues** | $2521 | $2549 |
| Less: Other revenue | (93) | (93) |
| **Hotel Revenues** | 2428 | 2456 |
| Less: Revenues from hotels disposed of | (15) | (15) |
| **Comparable Hotel Revenues** | $2413 | $2441 |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ending** | **Year Ending** |
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Low Case** | **High Case** |
| Total Revenues | $2521 | $2549 |
| Operating income | $206 | $231 |
| Operating income margin<sup>(1)</sup> | 8.2% | 9.1% |
| Comparable Hotel Revenues | $2413 | $2441 |
| Comparable Hotel Adjusted EBITDA | $634 | $657 |
| Comparable Hotel Adjusted EBITDA margin<sup>(1)</sup> | 26.3% | 26.9% |

---

_______________________________________________________________________________

<sup>(1)</sup> Percentages are calculated based on unrounded numbers.

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

17 <br> CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS

NAREIT FFO AND ADJUSTED FFO

---

| | | |
|:---|:---|:---|
|  | **Year Ending** | **Year Ending** |
| *(unaudited, in millions except per share data)* | **December 31, 2025** | **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 – Diluted**<sup>(1)</sup> | $1.85 | $1.97 |
| **Weighted average diluted shares outstanding** | 200 | 200 |

---

_____________________________________

<sup>(1)</sup> Per share amounts are calculated based on unrounded numbers.

![waikoloacoverdividera.jpg](waikoloacoverdividera.jpg)

18 <br> HILTON WAIKOLOA VILLAGE

PORTFOLIO

AND

OPERATING

METRICS

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

19 <br> HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

HOTEL PORTFOLIO AS OF OCTOBER 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Hotel Name** | **Total Rooms** | **Market** | **Meeting Space**<br>*(square feet)*<br>| **Ownership** | **Equity** <br>**Ownership**<br>| **Debt**<br>*(in millions)*<br>|
| ***Comparable Portfolio*** |  |  |  |  |  |  |
| Hilton Hawaiian Village Waikiki Beach Resort  | 2872 | Hawaii | 150000 | Fee Simple | 100% | $1275 |
| New York Hilton Midtown  | 1878 | New York | 151000 | Fee Simple | 100% |  |
| Hilton New Orleans Riverside  | 1622 | New Orleans | 158000 | Fee Simple | 100% |  |
| Hilton Chicago  | 1544 | Chicago | 234000 | Fee Simple | 100% |  |
| Signia by Hilton Orlando Bonnet Creek  | 1009 | Orlando | 234000 | Fee Simple | 100% |  |
| DoubleTree Hotel Seattle Airport | 850 | Seattle | 41000 | Leasehold | 100% |  |
| Hilton Orlando Lake Buena Vista  | 814 | Orlando | 87000 | Leasehold | 100% |  |
| Hilton Waikoloa Village  | 653 | Hawaii | 241000 | Fee Simple | 100% |  |
| Caribe Hilton  | 652 | Puerto Rico | 65000 | Fee Simple | 100% |  |
| DoubleTree Hotel Washington DC – Crystal City | 627 | Washington, D.C. | 36000 | Fee Simple | 100% |  |
| Hilton Denver City Center | 613 | Denver | 50000 | Fee Simple | 100% | $51 |
| Hilton Boston Logan Airport  | 604 | Boston | 30000 | Leasehold | 100% |  |
| The Wade<sup>(1)</sup> | 520 | Chicago | 21000 | Fee Simple | 100% |  |
| DoubleTree Hotel San Jose  | 505 | Other U.S. | 48000 | Fee Simple | 100% |  |
| Hyatt Regency Boston  | 502 | Boston | 30000 | Fee Simple | 100% | $122 |
| Waldorf Astoria Orlando  | 502 | Orlando | 121000 | Fee Simple | 100% |  |
| Hilton Salt Lake City Center | 500 | Other U.S. | 24000 | Leasehold | 100% |  |
| DoubleTree Hotel Ontario Airport  | 482 | Southern California | 27000 | Fee Simple | 67% | $30 |
| Hilton McLean Tysons Corner  | 458 | Washington, D.C. | 28000 | Fee Simple | 100% |  |
| Hyatt Regency Mission Bay Spa and Marina | 438 | Southern California | 24000 | Leasehold | 100% |  |
| Boston Marriott Newton | 430 | Boston | 35000 | Fee Simple | 100% |  |
| The Midland Hotel, a Tribute Portfolio Hotel<sup>(2)</sup> | 403 | Chicago | 13000 | Fee Simple | 100% |  |
| Hilton Seattle Airport & Conference Center  | 396 | Seattle | 40000 | Leasehold | 100% |  |
| Royal Palm South Beach Miami, a Tribute Portfolio Resort | 393 | Miami | 11000 | Fee Simple | 100% |  |
| Hilton Santa Barbara Beachfront Resort | 360 | Southern California | 62000 | Fee Simple | 50% | $154 |
| JW Marriott San Francisco Union Square | 344 | San Francisco | 12000 | Leasehold | 100% |  |
| Hilton Short Hills  | 314 | Other U.S. | 22000 | Fee Simple | 100% |  |
| Casa Marina Key West, Curio Collection | 311 | Key West | 53000 | Fee Simple | 100% |  |

---

_____________________________________

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

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

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

20 <br> HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

HOTEL PORTFOLIO AS OF OCTOBER 30, 2025(CONTINUED)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Hotel Name** | **Total Rooms** | **Market** | **Meeting Space**<br>*(square feet)*<br>| **Ownership** | **Equity** <br>**Ownership**<br>| **Debt**<sup>(1)</sup><br>*(in millions)*<br>|
| ***Comparable Portfolio (continued)*** |  |  |  |  |  |  |
| DoubleTree Hotel San Diego – Mission Valley  | 300 | Southern California | 35000 | Leasehold | 100% |  |
| Embassy Suites Austin Downtown South Congress | 262 | Other U.S. | 2000 | Leasehold | 100% |  |
| DoubleTree Hotel Sonoma Wine Country | 245 | Other U.S. | 43000 | Leasehold | 100% |  |
| Juniper Hotel Cupertino, Curio Collection  | 224 | Other U.S. | 5000 | Fee Simple | 100% |  |
| Hilton Checkers Los Angeles | 193 | Southern California | 3000 | Fee Simple | 100% |  |
| DoubleTree Hotel Durango  | 159 | Other U.S. | 7000 | Leasehold | 100% |  |
| The Reach Key West, Curio Collection | 150 | Key West | 18000 | Fee Simple | 100% |  |
| **Total Comparable Portfolio (35 Hotels)** | **22129** |  | **2161000** |  |  | **$1632** |
| ***Unconsolidated Joint Venture Portfolio*** |  |  |  |  |  |  |
| Hilton Orlando | 1424 | Orlando | 236000 | Fee Simple | 20% | $105 |
| Capital Hilton | 559 | Washington, D.C. | 30000 | Fee Simple | 25% | $27 |
| Embassy Suites Alexandria Old Town | 288 | Washington, D.C. | 11000 | Fee Simple | 50% | $25 |
| **Total Unconsolidated Joint Venture Portfolio (3 Hotels)** | **2271** |  | **277000** |  |  | **$157** |
| **Grand Total (38 Hotels)** | **24400** |  | **2438000** |  |  | **$1789** |

---

_____________________________________

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

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

21 <br> HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

COMPARABLE HOTELS BY MARKET: Q3 2025VSQ3 2024

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(unaudited)* |  |  | **Comparable ADR** | **Comparable ADR** | **Comparable ADR** | **Comparable Occupancy** | **Comparable Occupancy** | **Comparable Occupancy** | **Comparable RevPAR** | **Comparable RevPAR** | **Comparable RevPAR** | **Comparable Total RevPAR** | **Comparable Total RevPAR** | **Comparable Total RevPAR** |
|  | **Hotels** | **Rooms** | **3Q25** | **3Q24** | **Change**<sup>(1)</sup> | **3Q25** | **3Q24** | **Change** | **3Q25** | **3Q24** | **Change**<sup>(1)</sup> | **3Q25** | **3Q24** | **Change**<sup>(1)</sup> |
| Hawaii | 2 | 3525 | $295.48 | $312.86 | (5.6)% | 81.4% | 87.0% | (5.6)% pts | $240.57 | $272.29 | (11.6)% | $408.36 | $449.95 | (9.2)% |
| Orlando | 3 | 2325 | 207.43 | 201.39 | 3.0 | 64.4 | 65.1 | (0.7) | 133.67 | 131.18 | 1.9 | 301.21 | 289.13 | 4.2 |
| New York | 1 | 1878 | 320.25 | 304.42 | 5.2 | 89.9 | 91.0 | (1.1) | 287.95 | 277.19 | 3.9 | 465.10 | 419.61 | 10.8 |
| New Orleans | 1 | 1622 | 168.64 | 173.42 | (2.8) | 56.0 | 64.2 | (8.2) | 94.46 | 111.44 | (15.2) | 187.00 | 214.56 | (12.8) |
| Boston | 3 | 1536 | 266.30 | 281.13 | (5.3) | 88.0 | 87.5 | 0.5 | 234.46 | 246.23 | (4.8) | 284.47 | 299.59 | (5.0) |
| Southern California | 5 | 1773 | 235.96 | 250.89 | (5.9) | 80.6 | 85.0 | (4.4) | 190.13 | 213.29 | (10.9) | 291.79 | 318.08 | (8.3) |
| Key West | 2 | 461 | 341.44 | 362.17 | (5.7) | 69.7 | 65.3 | 4.4 | 238.06 | 236.53 | 0.6 | 401.05 | 384.78 | 4.2 |
| Chicago | 3 | 2467 | 229.31 | 237.93 | (3.6) | 78.1 | 77.1 | 1.0 | 179.10 | 183.56 | (2.4) | 261.51 | 278.83 | (6.2) |
| Puerto Rico | 1 | 652 | 241.04 | 264.86 | (9.0) | 84.0 | 68.5 | 15.5 | 202.55 | 181.39 | 11.7 | 315.39 | 295.95 | 6.6 |
| Washington, D.C. | 2 | 1085 | 181.83 | 181.93 | (0.1) | 63.0 | 75.0 | (12.0) | 114.64 | 136.56 | (16.1) | 170.80 | 193.12 | (11.6) |
| Denver | 1 | 613 | 184.67 | 204.78 | (9.8) | 77.9 | 74.4 | 3.5 | 143.84 | 152.25 | (5.5) | 202.55 | 227.29 | (10.9) |
| Miami<sup>(2)</sup> | 1 | 393 |  | 185.86 | (100.0) |  | 72.9 | (72.9) |  | 135.57 | (100.0) |  | 191.88 | (100.0) |
| Seattle | 2 | 1246 | 181.15 | 182.67 | (0.8) | 88.7 | 86.0 | 2.7 | 160.69 | 157.16 | 2.2 | 205.76 | 198.72 | 3.5 |
| San Francisco | 1 | 344 | 294.09 | 271.12 | 8.5 | 72.1 | 68.9 | 3.2 | 211.96 | 186.79 | 13.5 | 270.09 | 242.91 | 11.2 |
| Other | 7 | 2209 | 193.44 | 191.67 | 0.9 | 66.6 | 72.2 | (5.6) | 128.77 | 138.40 | (7.0) | 176.58 | 188.14 | (6.1) |
| **All Markets** | **35** | **22129** | **$242.25** | **$246.38** | **(1.7)%** | **74.7%** | **78.2%** | **(3.5)% pts** | **$180.93** | **$192.59** | **(6.1)%** | **$287.20** | **$300.29** | **(4.4)%** |

---

_____________________________________

<sup>(1)</sup> Calculated based on unrounded numbers.

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

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

22 <br> HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

COMPARABLE HOTELS BY MARKET: Q3 2025VSQ3 2024(CONTINUED)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(unaudited, dollars in millions)* | *(unaudited, dollars in millions)* |  | **Comparable Hotel Adjusted EBITDA**  | **Comparable Hotel Adjusted EBITDA**  | **Comparable Hotel Adjusted EBITDA**  | **Comparable Hotel Revenue**  | **Comparable Hotel Revenue**  | **Comparable Hotel Revenue**  | **Comparable Hotel Adjusted EBITDA Margin** | **Comparable Hotel Adjusted EBITDA Margin** | **Comparable Hotel Adjusted EBITDA Margin** | **Comparable Hotel Adjusted EBITDA Margin** |
|  | **Hotels** | **Rooms** | **3Q25** | **3Q24** | **Change**<sup>(1)</sup> | **3Q25** | **3Q24** | **Change**<sup>(1)</sup> | **3Q25** | **3Q24** | **Change** |  |
| Hawaii | 2 | 3525 | $45 | $56 | (20.4)% | $132 | $145 | (8.8)% | 33.8% | 38.7% | (490) | bps |
| Orlando | 3 | 2325 | 15 | 14 | 7.7 | 64 | 62 | 4.2 | 22.1 | 21.4 | 70 |  |
| New York | 1 | 1878 | 16 | 13 | 19.0 | 80 | 72 | 10.8 | 19.5 | 18.2 | 130 |  |
| New Orleans | 1 | 1622 | 7 | 9 | (26.5) | 28 | 32 | (12.8) | 23.3 | 27.7 | (440) |  |
| Boston | 3 | 1536 | 13 | 15 | (10.7) | 40 | 42 | (5.0) | 33.3 | 35.4 | (210) |  |
| Southern California | 5 | 1773 | 14 | 18 | (20.4) | 48 | 52 | (8.3) | 30.3 | 34.9 | (460) |  |
| Key West | 2 | 461 | 3 | 3 | 4.8 | 17 | 16 | 4.2 | 21.6 | 21.5 | 10 |  |
| Chicago | 3 | 2467 | 12 | 16 | (22.7) | 59 | 63 | (6.2) | 20.3 | 24.6 | (430) |  |
| Puerto Rico | 1 | 652 | 4 | 3 | 13.9 | 19 | 18 | 6.6 | 19.2 | 18.0 | 120 |  |
| Washington, D.C. | 2 | 1085 | 2 | 4 | (44.4) | 17 | 19 | (11.6) | 13.3 | 21.2 | (790) |  |
| Denver | 1 | 613 | 4 | 5 | (16.1) | 11 | 13 | (10.9) | 35.4 | 37.6 | (220) |  |
| Miami<sup>(2)</sup> | 1 | 393 | (2) | 1 | (244.4) |  | 7 | (100.0) |  | 15.5 | (1550) |  |
| Seattle | 2 | 1246 | 3 | 4 | (22.6) | 24 | 23 | 3.5 | 14.7 | 19.7 | (500) |  |
| San Francisco | 1 | 344 |  |  | 96.3 | 9 | 8 | 11.2 | (0.2) | (5.4) | 520 |  |
| Other | 7 | 2209 | 5 | 6 | (35.5) | 37 | 39 | (6.1) | 11.5 | 16.7 | (520) |  |
| **All Markets** | **35** | **22129** | **$141** | **$167** | **(15.9)%** | **$585** | **$611** | **(4.3)%** | **24.1%** | **27.4%** | **(330)** | **bps** |

---

_____________________________________

<sup>(1)</sup> Calculated based on unrounded numbers.

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

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

23 <br> HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

COMPARABLE HOTELS BY MARKET: YTD Q3 2025VSYTD Q3 2024

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(unaudited)* |  |  | **Comparable ADR**  | **Comparable ADR**  | **Comparable ADR**  | **Comparable Occupancy** | **Comparable Occupancy** | **Comparable Occupancy** | **Comparable RevPAR**  | **Comparable RevPAR**  | **Comparable RevPAR**  | **Comparable Total RevPAR**  | **Comparable Total RevPAR**  | **Comparable Total RevPAR**  |
|  | **Hotels** | **Rooms** | **2025** | **2024** | **Change**<sup>(1)</sup> | **2025** | **2024** | **Change** | **2025** | **2024** | **Change**<sup>(1)</sup> | **2025** | **2024** | **Change**<sup>(1)</sup> |
| Hawaii | 2 | 3525 | $298.78 | $309.45 | (3.4)% | 79.5% | 88.1% | (8.6)% pts | $237.44 | $272.45 | (12.9)% | $413.34 | $460.21 | (10.2)% |
| Orlando | 3 | 2325 | 252.68 | 243.32 | 3.8 | 73.0 | 69.2 | 3.8 | 184.52 | 168.41 | 9.6 | 409.65 | 373.27 | 9.7 |
| New York | 1 | 1878 | 311.06 | 293.33 | 6.0 | 84.1 | 84.8 | (0.7) | 261.66 | 248.86 | 5.1 | 411.04 | 394.35 | 4.2 |
| New Orleans | 1 | 1622 | 216.69 | 207.59 | 4.4 | 64.9 | 68.6 | (3.7) | 140.55 | 142.30 | (1.2) | 258.63 | 256.03 | 1.0 |
| Boston | 3 | 1536 | 248.90 | 253.61 | (1.9) | 83.2 | 82.6 | 0.6 | 206.97 | 209.46 | (1.2) | 262.33 | 269.14 | (2.5) |
| Southern California | 5 | 1773 | 219.91 | 226.08 | (2.7) | 78.4 | 80.5 | (2.1) | 172.42 | 181.99 | (5.3) | 275.41 | 284.33 | (3.1) |
| Key West | 2 | 461 | 521.77 | 542.07 | (3.7) | 81.4 | 75.4 | 6.0 | 424.76 | 409.00 | 3.9 | 665.90 | 621.24 | 7.2 |
| Chicago | 3 | 2467 | 219.42 | 225.56 | (2.7) | 63.1 | 63.3 | (0.2) | 138.48 | 142.70 | (3.0) | 214.95 | 221.04 | (2.8) |
| Puerto Rico | 1 | 652 | 286.73 | 303.20 | (5.4) | 89.6 | 75.7 | 13.9 | 256.87 | 229.40 | 12.0 | 389.41 | 350.36 | 11.1 |
| Washington, D.C. | 2 | 1085 | 198.62 | 192.97 | 2.9 | 69.7 | 74.5 | (4.8) | 138.50 | 143.90 | (3.7) | 198.58 | 209.07 | (5.0) |
| Denver | 1 | 613 | 181.42 | 194.39 | (6.7) | 71.9 | 69.1 | 2.8 | 130.46 | 134.34 | (2.9) | 195.22 | 202.43 | (3.6) |
| Miami<sup>(2)</sup> | 1 | 393 | 342.29 | 267.10 | 28.2 | 38.7 | 81.1 | (42.4) | 132.54 | 216.65 | (38.8) | 170.23 | 285.94 | (40.5) |
| Seattle | 2 | 1246 | 163.02 | 162.96 |  | 77.8 | 77.6 | 0.2 | 126.78 | 126.37 | 0.3 | 170.46 | 170.13 | 0.2 |
| San Francisco | 1 | 344 | 349.48 | 321.07 | 8.8 | 69.8 | 68.5 | 1.3 | 244.04 | 220.07 | 10.9 | 320.17 | 292.33 | 9.5 |
| Other | 7 | 2209 | 193.67 | 193.07 | 0.3 | 64.2 | 68.9 | (4.7) | 124.26 | 132.89 | (6.5) | 175.40 | 183.16 | (4.2) |
| **All Markets** | **35** | **22129** | **$252.45** | **$252.19** | **0.1%** | **73.6%** | **75.8%** | **(2.2)% pts** | **$185.85** | **$191.31** | **(2.9)%** | **$302.56** | **$307.35** | **(1.6)%** |

---

____________________________________

<sup>(1)</sup> Calculated based on unrounded numbers.

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

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

24 <br> HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

COMPARABLE HOTELS BY MARKET: YTD Q3 2025 VS YTD Q3 2024(CONTINUED)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(unaudited, dollars in millions)* | *(unaudited, dollars in millions)* |  | **Comparable Hotel Adjusted EBITDA**  | **Comparable Hotel Adjusted EBITDA**  | **Comparable Hotel Adjusted EBITDA**  | **Comparable Hotel Revenue**  | **Comparable Hotel Revenue**  | **Comparable Hotel Revenue**  | **Comparable Hotel Adjusted EBITDA Margin** | **Comparable Hotel Adjusted EBITDA Margin** | **Comparable Hotel Adjusted EBITDA Margin** | **Comparable Hotel Adjusted EBITDA Margin** |
|  | **Hotels** | **Rooms** | **2025** | **2024** | **Change**<sup>(1)</sup> | **2025** | **2024** | **Change**<sup>(1)</sup> | **2025** | **2024** | **Change**  |  |
| Hawaii<sup>(2)</sup> | 2 | 3525 | $135 | $176 | (23.2)% | $398 | $442 | (10.1)% | 34.0% | 39.8% | (580) | bps |
| Orlando | 3 | 2325 | 87 | 75 | 16.1 | 260 | 238 | 9.3 | 33.5 | 31.5 | 200 |  |
| New York | 1 | 1878 | 28 | 25 | 12.9 | 211 | 203 | 3.9 | 13.2 | 12.1 | 110 |  |
| New Orleans | 1 | 1622 | 41 | 39 | 5.8 | 115 | 114 | 0.6 | 35.7 | 33.9 | 180 |  |
| Boston<sup>(3)</sup> | 3 | 1536 | 33 | 41 | (19.0) | 110 | 113 | (2.9) | 30.0 | 36.0 | (600) |  |
| Southern California | 5 | 1773 | 37 | 42 | (12.3) | 133 | 138 | (3.5) | 27.5 | 30.3 | (280) |  |
| Key West | 2 | 461 | 34 | 31 | 9.9 | 84 | 78 | 6.8 | 41.2 | 40.0 | 120 |  |
| Chicago | 3 | 2467 | 17 | 21 | (19.1) | 145 | 149 | (3.1) | 11.6 | 13.9 | (230) |  |
| Puerto Rico | 1 | 652 | 20 | 17 | 17.1 | 69 | 63 | 10.7 | 28.3 | 26.8 | 150 |  |
| Washington, D.C. | 2 | 1085 | 12 | 16 | (25.3) | 59 | 62 | (5.4) | 20.3 | 25.7 | (540) |  |
| Denver | 1 | 613 | 11 | 12 | (9.7) | 33 | 34 | (3.9) | 33.2 | 35.3 | (210) |  |
| Miami<sup>(4)</sup> | 1 | 393 | 6 | 11 | (47.2) | 18 | 31 | (40.7) | 32.9 | 37.0 | (410) |  |
| Seattle | 2 | 1246 | 5 | 7 | (30.0) | 58 | 58 | (0.2) | 8.2 | 11.7 | (350) |  |
| San Francisco | 1 | 344 | 5 | 3 | 71.0 | 30 | 28 | 9.1 | 15.5 | 9.9 | 560 |  |
| Other | 7 | 2209 | 12 | 17 | (29.5) | 105 | 111 | (4.6) | 12.0 | 16.2 | (420) |  |
| **All Markets** | **35** | **22129** | **$483** | **$533** | **(9.4)%** | **$1828** | **$1862** | **(1.8)%** | **26.4%** | **28.6%** | **(220)** | **bps** |

---

_____________________________________

<sup>(1)</sup> Calculated based on unrounded numbers.

<sup>(2)</sup> During Q1 2024, Park's Hawaii hotels benefited from a state unemployment tax refund of approximately $4 million.

<sup>(3)</sup> During Q1 2024, Park's Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation's Hotel & Motel Relief Grant Program.

<sup>(4)</sup> In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

25 <br> HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

CORE HOTELS: Q3 2025VSQ3 2024

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *(unaudited)* | **ADR**  | **ADR**  | **ADR**  | **Occupancy** | **Occupancy** | **Occupancy** | **RevPAR**  | **RevPAR**  | **RevPAR**  | **Total RevPAR**  | **Total RevPAR**  | **Total RevPAR**  |
|  |  | **3Q25** | **3Q24** | **Change**<sup>(1)</sup> | **3Q25** | **3Q24** | **Change** | **3Q25** | **3Q24** | **Change**<sup>(1)</sup> | **3Q25** | **3Q24** | **Change**<sup>(1)</sup> |
|  | **Core Hotels** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 | Hilton Hawaiian Village Waikiki Beach Resort | $292.83 | $313.56 | (6.6)% | 87.2% | 89.8% | (2.6)% pts | $255.27 | $281.46 | (9.3)% | $406.17 | $437.63 | (7.2)% |
| 2 | Hilton Waikoloa Village | 313.63 | 309.16 | 1.4 | 56.1 | 75.0 | (18.9) | 175.89 | 231.76 | (24.1) | 417.97 | 504.39 | (17.1) |
| 3 | Signia by Hilton Orlando Bonnet Creek | 197.75 | 191.36 | 3.3 | 66.5 | 68.1 | (1.6) | 131.56 | 130.32 | 1.0 | 350.90 | 325.94 | 7.7 |
| 4 | Waldorf Astoria Orlando | 319.64 | 305.04 | 4.8 | 64.2 | 64.2 |  | 205.14 | 195.74 | 4.8 | 414.68 | 400.42 | 3.6 |
| 5 | New York Hilton Midtown | 320.25 | 304.42 | 5.2 | 89.9 | 91.0 | (1.1) | 287.95 | 277.19 | 3.9 | 465.10 | 419.61 | 10.8 |
| 6 | Hilton New Orleans Riverside | 168.64 | 173.42 | (2.8) | 56.0 | 64.2 | (8.2) | 94.46 | 111.44 | (15.2) | 187.00 | 214.56 | (12.8) |
| 7 | Caribe Hilton | 241.04 | 264.86 | (9.0) | 84.0 | 68.5 | 15.5 | 202.55 | 181.39 | 11.7 | 315.39 | 295.95 | 6.6 |
| 8 | Hilton Boston Logan Airport  | 287.01 | 298.36 | (3.8) | 93.9 | 92.6 | 1.3 | 269.57 | 276.39 | (2.5) | 320.54 | 327.49 | (2.1) |
| 9 | Hyatt Regency Boston | 289.58 | 304.37 | (4.9) | 92.9 | 93.4 | (0.5) | 269.04 | 284.33 | (5.4) | 321.68 | 341.49 | (5.8) |
| 10 | Hilton Santa Barbara Beachfront Resort | 380.64 | 404.88 | (6.0) | 76.8 | 82.5 | (5.7) | 292.49 | 334.00 | (12.4) | 437.08 | 496.97 | (12.1) |
| 11 | Hyatt Regency Mission Bay Spa and Marina | 259.70 | 288.98 | (10.1) | 84.4 | 86.8 | (2.4) | 219.09 | 250.78 | (12.6) | 382.79 | 408.64 | (6.3) |
| 12 | Casa Marina Key West, Curio Collection | 354.09 | 374.06 | (5.3) | 71.2 | 66.7 | 4.5 | 252.29 | 249.52 | 1.1 | 425.90 | 399.92 | 6.5 |
| 13 | The Reach Key West, Curio Collection | 313.37 | 335.83 | (6.7) | 66.6 | 62.5 | 4.1 | 208.57 | 209.60 | (0.5) | 349.54 | 353.41 | (1.1) |
| 14 | Hilton Chicago | 229.33 | 221.52 | 3.5 | 78.6 | 80.7 | (2.1) | 180.33 | 178.78 | 0.9 | 289.48 | 302.42 | (4.3) |
| 15 | Hilton Denver City Center | 184.67 | 204.78 | (9.8) | 77.9 | 74.4 | 3.5 | 143.84 | 152.25 | (5.5) | 202.55 | 227.29 | (10.9) |
| 16 | Royal Palm South Beach Miami<sup>(2)</sup> |  | 185.86 | (100.0) |  | 72.9 | (72.9) |  | 135.57 | (100.0) |  | 191.88 | (100.0) |
| 17 | DoubleTree Hotel Washington DC – Crystal City | 162.17 | 167.88 | (3.4) | 63.3 | 76.5 | (13.2) | 102.61 | 128.39 | (20.1) | 137.67 | 168.82 | (18.5) |
| 18 | Hilton McLean Tysons Corner | 208.98 | 202.03 | 3.4 | 62.7 | 73.1 | (10.4) | 131.11 | 147.75 | (11.3) | 216.17 | 226.40 | (4.5) |
| 19 | JW Marriott San Francisco Union Square | 294.09 | 271.12 | 8.5 | 72.1 | 68.9 | 3.2 | 211.96 | 186.79 | 13.5 | 270.09 | 242.91 | 11.2 |
| 20 | Juniper Hotel Cupertino, Curio Collection | 186.47 | 186.82 | (0.2) | 75.7 | 75.1 | 0.6 | 141.16 | 140.28 | 0.6 | 162.19 | 154.96 | 4.7 |
|  | **Total Core Hotels (20 Hotels)** | **263.85** | **266.09** | **(0.8)** | **74.9** | **79.3** | **(4.4)** | **197.65** | **210.93** | **(6.3)** | **325.89** | **340.00** | **(4.1)** |
|  | All Other Hotels (15 Hotels) | 188.28 | 195.24 | (3.6) | 74.1 | 75.4 | (1.3) | 139.59 | 147.30 | (5.2) | 191.52 | 202.22 | (5.3) |
|  | **Total Comparable Hotels (35 Hotels)** | **$242.25** | **$246.38** | **(1.7)%** | **74.7%** | **78.2%** | **(3.5)% pts** | **$180.93** | **$192.59** | **(6.1)%** | **$287.20** | **$300.29** | **(4.4)%** |

---

_____________________________________

<sup>(1)</sup> Calculated based on unrounded numbers.

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

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

26 <br> HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

CORE HOTELS: Q3 2025VSQ3 2024(CONTINUED)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *(unaudited, dollars in millions)* | **Hotel Adjusted EBITDA**  | **Hotel Adjusted EBITDA**  | **Hotel Adjusted EBITDA**  | **Hotel Revenue**  | **Hotel Revenue**  | **Hotel Revenue**  | **Hotel Adjusted EBITDA Margin** | **Hotel Adjusted EBITDA Margin** | **Hotel Adjusted EBITDA Margin** | **Hotel Adjusted EBITDA Margin** |
|  |  | **3Q25** | **3Q24** | **Change**<sup>(1)</sup> | **3Q25** | **3Q24** | **Change**<sup>(1)</sup> | **3Q25** | **3Q24** | **Change** |  |
|  | **Core Hotels** |  |  |  |  |  |  |  |  |  |  |
| 1 | Hilton Hawaiian Village Waikiki Beach Resort | $40 | $47 | (16.6)% | $107 | $115 | (6.8)% | 36.7% | 41.0% | (430) | bps |
| 2 | Hilton Waikoloa Village | 5 | 9 | (40.5) | 25 | 30 | (16.4) | 21.2 | 29.8 | (860) |  |
| 3 | Signia by Hilton Orlando Bonnet Creek | 9 | 8 | 19.7 | 33 | 30 | 7.7 | 28.3 | 25.5 | 280 |  |
| 4 | Waldorf Astoria Orlando | 4 | 4 | (2.9) | 19 | 18 | 3.6 | 18.3 | 19.5 | (120) |  |
| 5 | New York Hilton Midtown | 16 | 13 | 19.0 | 80 | 72 | 10.8 | 19.5 | 18.2 | 130 |  |
| 6 | Hilton New Orleans Riverside | 7 | 9 | (26.5) | 28 | 32 | (12.8) | 23.3 | 27.7 | (440) |  |
| 7 | Caribe Hilton | 4 | 3 | 13.9 | 19 | 18 | 6.6 | 19.2 | 18.0 | 120 |  |
| 8 | Hilton Boston Logan Airport  | 5 | 6 | (9.2) | 18 | 18 | (2.1) | 30.7 | 33.1 | (240) |  |
| 9 | Hyatt Regency Boston | 6 | 7 | (16.3) | 15 | 16 | (5.8) | 37.3 | 42.0 | (470) |  |
| 10 | Hilton Santa Barbara Beachfront Resort | 7 | 9 | (20.6) | 14 | 16 | (12.1) | 49.4 | 54.7 | (530) |  |
| 11 | Hyatt Regency Mission Bay Spa and Marina | 4 | 5 | (13.6) | 15 | 16 | (6.3) | 26.8 | 29.0 | (220) |  |
| 12 | Casa Marina Key West, Curio Collection | 3 | 3 | 12.1 | 12 | 11 | 6.5 | 24.3 | 23.1 | 120 |  |
| 13 | The Reach Key West, Curio Collection |  |  | (17.7) | 5 | 5 | (1.1) | 14.6 | 17.5 | (290) |  |
| 14 | Hilton Chicago | 10 | 11 | (13.2) | 41 | 44 | (4.3) | 24.0 | 26.5 | (250) |  |
| 15 | Hilton Denver City Center | 4 | 5 | (16.1) | 11 | 13 | (10.9) | 35.4 | 37.6 | (220) |  |
| 16 | Royal Palm South Beach Miami<sup>(2)</sup> | (2) | 1 | (244.4) |  | 7 | (100.0) |  | 15.5 | (1550) |  |
| 17 | DoubleTree Hotel Washington DC – Crystal City | 1 | 2 | (60.8) | 8 | 10 | (18.5) | 10.8 | 22.5 | (1170) |  |
| 18 | Hilton McLean Tysons Corner | 1 | 2 | (25.3) | 9 | 10 | (4.5) | 15.4 | 19.7 | (430) |  |
| 19 | JW Marriott San Francisco Union Square |  |  | 96.3 | 9 | 8 | 11.2 | (0.2) | (5.4) | 520 |  |
| 20 | Juniper Hotel Cupertino, Curio Collection | 1 | 1 | (2.9) | 4 | 4 | 4.7 | 17.3 | 18.7 | (140) |  |
|  | **Total Core Hotels (20 Hotels)** | **125** | **145** | **(13.7)** | **472** | **493** | **(4.0)** | **26.3** | **29.3** | **(300)** |  |
|  | All Other Hotels (15 Hotels) | 16 | 22 | (29.6) | 113 | 118 | (5.3) | 14.4 | 19.4 | (500) |  |
|  | **Total Comparable Hotels (35 Hotels)** | **$141** | **$167** | **(15.9)%** | **$585** | **$611** | **(4.3)%** | **24.1%** | **27.4%** | **(330)** | **bps** |

---

_____________________________________

<sup>(1)</sup> Calculated based on unrounded numbers.

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

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

27 <br> HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

CORE HOTELS: YTD Q3 2025VSYTD Q3 2024

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *(unaudited)* | **ADR**  | **ADR**  | **ADR**  | **Occupancy** | **Occupancy** | **Occupancy** | **RevPAR**  | **RevPAR**  | **RevPAR**  | **Total RevPAR** | **Total RevPAR** | **Total RevPAR** |
|  |  | **2025** | **2024** | **Change**<sup>(1)</sup> | **2025** | **2024** | **Change** | **2025** | **2024** | **Change**<sup>(1)</sup> | **2025** | **2024** | **Change**<sup>(1)</sup> |
|  | **Core Hotels** |  |  |  |  |  |  |  |  |  |  |  |  |
| 1 | Hilton Hawaiian Village Waikiki Beach Resort | $294.75 | $306.83 | (3.9)% | 81.3% | 90.3% | (9.0)% pts | $239.70 | $277.09 | (13.5)% | $388.91 | $440.52 | (11.7)% |
| 2 | Hilton Waikoloa Village | 319.01 | 322.86 | (1.2) | 71.3 | 78.0 | (6.7) | 227.50 | 251.95 | (9.7) | 520.77 | 547.24 | (4.8) |
| 3 | Signia by Hilton Orlando Bonnet Creek | 239.86 | 232.76 | 3.1 | 72.8 | 73.2 | (0.4) | 174.72 | 170.47 | 2.5 | 474.15 | 439.50 | 7.9 |
| 4 | Waldorf Astoria Orlando | 396.84 | 374.96 | 5.8 | 70.9 | 61.8 | 9.1 | 281.32 | 231.72 | 21.4 | 535.93 | 451.20 | 18.8 |
| 5 | New York Hilton Midtown | 311.06 | 293.33 | 6.0 | 84.1 | 84.8 | (0.7) | 261.66 | 248.86 | 5.1 | 411.04 | 394.35 | 4.2 |
| 6 | Hilton New Orleans Riverside | 216.69 | 207.59 | 4.4 | 64.9 | 68.6 | (3.7) | 140.55 | 142.30 | (1.2) | 258.63 | 256.03 | 1.0 |
| 7 | Caribe Hilton | 286.73 | 303.20 | (5.4) | 89.6 | 75.7 | 13.9 | 256.87 | 229.40 | 12.0 | 389.41 | 350.36 | 11.1 |
| 8 | Hilton Boston Logan Airport | 257.93 | 260.63 | (1.0) | 92.5 | 92.8 | (0.3) | 238.60 | 241.99 | (1.4) | 292.70 | 298.11 | (1.8) |
| 9 | Hyatt Regency Boston | 276.39 | 276.91 | (0.2) | 84.7 | 85.1 | (0.4) | 234.01 | 235.51 | (0.6) | 287.04 | 296.34 | (3.1) |
| 10 | Hilton Santa Barbara Beachfront Resort | 329.72 | 338.62 | (2.6) | 70.3 | 74.2 | (3.9) | 231.95 | 251.52 | (7.8) | 374.65 | 389.93 | (3.9) |
| 11 | Hyatt Regency Mission Bay Spa and Marina | 242.43 | 254.76 | (4.8) | 80.4 | 80.4 |  | 194.94 | 204.97 | (4.9) | 346.88 | 357.58 | (3.0) |
| 12 | Casa Marina Key West, Curio Collection | 542.12 | 553.85 | (2.1) | 81.6 | 74.8 | 6.8 | 442.20 | 414.27 | 6.7 | 697.52 | 633.94 | 10.0 |
| 13 | The Reach Key West, Curio Collection | 479.31 | 518.29 | (7.5) | 81.1 | 76.8 | 4.3 | 388.60 | 398.08 | (2.4) | 600.33 | 594.93 | 0.9 |
| 14 | Hilton Chicago | 213.30 | 211.84 | 0.7 | 66.2 | 65.6 | 0.6 | 141.26 | 138.92 | 1.7 | 244.84 | 243.05 | 0.7 |
| 15 | Hilton Denver City Center | 181.42 | 194.39 | (6.7) | 71.9 | 69.1 | 2.8 | 130.46 | 134.34 | (2.9) | 195.22 | 202.43 | (3.6) |
| 16 | Royal Palm South Beach Miami<sup>(2)</sup> | 342.29 | 267.10 | 28.2 | 38.7 | 81.1 | (42.4) | 132.54 | 216.65 | (38.8) | 170.23 | 285.94 | (40.5) |
| 17 | DoubleTree Hotel Washington DC – Crystal City | 189.04 | 185.34 | 2.0 | 71.4 | 77.1 | (5.7) | 135.05 | 142.88 | (5.5) | 181.53 | 193.89 | (6.4) |
| 18 | Hilton McLean Tysons Corner | 212.53 | 204.29 | 4.0 | 67.4 | 71.1 | (3.7) | 143.23 | 145.29 | (1.4) | 221.91 | 229.86 | (3.5) |
| 19 | JW Marriott San Francisco Union Square | 349.48 | 321.07 | 8.8 | 69.8 | 68.5 | 1.3 | 244.04 | 220.07 | 10.9 | 320.17 | 292.33 | 9.5 |
| 20 | Juniper Hotel Cupertino, Curio Collection | 204.39 | 199.36 | 2.5 | 69.3 | 73.4 | (4.1) | 141.70 | 146.33 | (3.2) | 159.04 | 164.56 | (3.4) |
|  | **Total Core Hotels (20 Hotels)** | **277.34** | **275.11** | **0.8** | **75.1** | **77.8** | **(2.7)** | **208.41** | **214.22** | **(2.7)** | **348.46** | **353.06** | **(1.3)** |
|  | All Other Hotels (15 Hotels) | 186.24 | 190.03 | (2.0) | 69.8 | 70.9 | (1.1) | 130.06 | 134.74 | (3.5) | 189.08 | 194.47 | (2.8) |
|  | **Total Comparable Hotels (35 Hotels)** | **$252.45** | **$252.19** | **0.1%** | **73.6%** | **75.8%** | **(2.2)% pts** | **$185.85** | **$191.31** | **(2.9)%** | **$302.56** | **$307.35** | **(1.6)%** |

---

_______________________________________________________________

<sup>(1)</sup> Calculated based on unrounded numbers.

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

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

28 <br> HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

CORE HOTELS: YTD Q3 2025 VS YTD Q3 2024(CONTINUED)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *(unaudited, dollars in millions)* | **Hotel Adjusted EBITDA**  | **Hotel Adjusted EBITDA**  | **Hotel Adjusted EBITDA**  | **Hotel Revenue**  | **Hotel Revenue**  | **Hotel Revenue**  | **Hotel Adjusted EBITDA Margin** | **Hotel Adjusted EBITDA Margin** | **Hotel Adjusted EBITDA Margin** | **Hotel Adjusted EBITDA Margin** |
|  |  | **2025** | **2024** | **Change**<sup>(1)</sup> | **2025** | **2024** | **Change**<sup>(1)</sup> | **2025** | **2024** | **Change** |  |
|  | **Core Hotels** |  |  |  |  |  |  |  |  |  |  |
| 1 | Hilton Hawaiian Village Waikiki Beach Resort<sup>(2)</sup> | $108 | $143 | (24.8)% | $305 | $345 | (11.7)% | 35.4% | 41.6% | (620) | bps |
| 2 | Hilton Waikoloa Village<sup>(2)</sup> | 27 | 33 | (16.3) | 93 | 97 | (4.3) | 29.4 | 33.6 | (420) |  |
| 3 | Signia by Hilton Orlando Bonnet Creek | 48 | 43 | 13.7 | 131 | 122 | 7.5 | 37.8 | 35.7 | 210 |  |
| 4 | Waldorf Astoria Orlando | 22 | 16 | 34.0 | 73 | 62 | 18.3 | 29.7 | 26.2 | 350 |  |
| 5 | New York Hilton Midtown | 28 | 25 | 12.9 | 211 | 203 | 3.9 | 13.2 | 12.1 | 110 |  |
| 6 | Hilton New Orleans Riverside | 41 | 39 | 5.8 | 115 | 114 | 0.6 | 35.7 | 33.9 | 180 |  |
| 7 | Caribe Hilton | 20 | 17 | 17.1 | 69 | 63 | 10.7 | 28.3 | 26.8 | 150 |  |
| 8 | Hilton Boston Logan Airport<sup>(3)</sup> | 14 | 16 | (15.4) | 48 | 49 | (2.2) | 28.0 | 32.4 | (440) |  |
| 9 | Hyatt Regency Boston<sup>(3)</sup> | 14 | 17 | (20.8) | 39 | 41 | (3.5) | 34.5 | 42.0 | (750) |  |
| 10 | Hilton Santa Barbara Beachfront Resort | 16 | 18 | (9.2) | 37 | 38 | (4.3) | 43.4 | 45.8 | (240) |  |
| 11 | Hyatt Regency Mission Bay Spa and Marina | 10 | 11 | (11.0) | 41 | 43 | (3.3) | 23.2 | 25.2 | (200) |  |
| 12 | Casa Marina Key West, Curio Collection | 25 | 22 | 13.3 | 59 | 54 | 9.6 | 42.5 | 41.1 | 140 |  |
| 13 | The Reach Key West, Curio Collection | 9 | 9 | 1.6 | 25 | 24 | 0.5 | 38.0 | 37.6 | 40 |  |
| 14 | Hilton Chicago | 17 | 16 | 4.2 | 103 | 103 | 0.4 | 16.6 | 16.0 | 60 |  |
| 15 | Hilton Denver City Center | 11 | 12 | (9.7) | 33 | 34 | (3.9) | 33.2 | 35.3 | (210) |  |
| 16 | Royal Palm South Beach Miami<sup>(4)</sup> | 6 | 11 | (47.2) | 18 | 31 | (40.7) | 32.9 | 37.0 | (410) |  |
| 17 | DoubleTree Hotel Washington DC – Crystal City | 7 | 10 | (25.9) | 31 | 33 | (6.7) | 23.3 | 29.3 | (600) |  |
| 18 | Hilton McLean Tysons Corner | 5 | 6 | (24.3) | 28 | 28 | (3.8) | 17.0 | 21.6 | (460) |  |
| 19 | JW Marriott San Francisco Union Square | 5 | 3 | 71.0 | 30 | 28 | 9.1 | 15.5 | 9.9 | 560 |  |
| 20 | Juniper Hotel Cupertino, Curio Collection | 2 | 3 | (25.3) | 10 | 10 | (3.7) | 19.2 | 24.8 | (560) |  |
|  | **Total Core Hotels (20 Hotels)** | **435** | **470** | **(7.5)** | **1499** | **1522** | **(1.6)** | **29.0** | **30.9** | **(190)** |  |
|  | All Other Hotels (15 Hotels) | 48 | 63 | (23.4) | 329 | 340 | (3.1) | 14.6 | 18.5 | (390) |  |
|  | **Total Comparable Hotels (35 Hotels)** | **$483** | **$533** | **(9.4)%** | **$1828** | **$1862** | **(1.8)%** | **26.4%** | **28.6%** | **(220)** | **bps** |

---

____________________________________________________

<sup>(1)</sup> Calculated based on unrounded numbers.

<sup>(2)</sup> During Q1 2024, Park's Hawaii hotels benefited from a state unemployment tax refund of approximately $4 million.

<sup>(3)</sup> During Q1 2024, Park's Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation's Hotel & Motel Relief Grant Program.

<sup>(4)</sup> In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.

![supplementlayouta.jpg](supplementlayouta.jpg)

29 <br> HILTON DENVER CITY CENTER

PROPERTIES

ACQUIRED AND

SOLD

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

30 <br> HILTON DENVER CITY CENTER

PROPERTIES ACQUIRED AND SOLD

---

| | | | |
|:---|:---|:---|:---|
| **TOTAL ACQUISITIONS** | **TOTAL ACQUISITIONS** | **TOTAL ACQUISITIONS** | **TOTAL ACQUISITIONS** |
| **Year** | **Number of Hotels** | **Room Count** | **Total Consideration** |
|  |  |  | *(in millions)* |
| 2019 | 18 | 5981 | $2500.0 |
|  | **18** | **5981** | **$2500.0** |
| **TOTAL SALES** | **TOTAL SALES** | **TOTAL SALES** | **TOTAL SALES** |
| **Year** | **Number of Hotels** | **Room Count** | **Gross Proceeds**<sup>(1)</sup> |
|  |  |  | *(in millions)* |
| 2018 | 13 | 3193 | $519.0 |
| 2019 | 8 | 2597 | 496.9 |
| 2020 | 2 | 700 | 207.9 |
| 2021 | 5 | 1042 | 476.6 |
| 2022 | 7 | 2207 | 316.9 |
| 2023 | 1 | 508 | 118.3 |
| 2024 | 2 | 769 | 76.3 |
| 2025 | 1 | 316 | 80.0 |
|  | **39**<sup>(2)</sup> | **11332** | **$2291.9** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2025 SALES** | **2025 SALES** | **2025 SALES** | **2025 SALES** | **2025 SALES** |
| **Hotel** | **Location** | **Month Sold** | **Room Count** | **Gross Proceeds** |
|  |  |  |  | *(in millions)* |
| Hyatt Centric Fisherman's Wharf | San Francisco, California | May 2025 | 316 | $80.0 |
|  |  |  | **316** | **$80.0** |

---

____________________________________

<sup>(1)</sup> Gross proceeds from the sale of joint ventures represent Park's pro-rata share.

<sup>(2)</sup> 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 two Hilton San Francisco Hotels were placed into receivership in October 2023.

![signiaa.jpg](signiaa.jpg)

31 <br> SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE

SUPPLEMENTARY

FINANCIAL

INFORMATION

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

32 <br> SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION

HISTORICAL COMPARABLETTM HOTEL METRICS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **TTM** |
| *(unaudited, dollars in millions)* | **December 31,** | **March 31,** | **June 30,** | **September 30,** | **September 30,** |
|  | **2024** | **2025** | **2025** | **2025** | **2025** |
| Comparable RevPAR | $181.10 | $179.66 | $196.94 | $180.93 | $184.65 |
| Comparable Occupancy | 70.2% | 69.4% | 76.7% | 74.7% | 72.7% |
| Comparable ADR | $258.10 | $258.84 | $256.78 | $242.25 | $253.82 |
| Total Revenues  | $625 | $630 | $672 | $610 | $2537 |
| Operating income | $83 | $7 | $65 | $59 | $214 |
| Operating income margin<sup>(1)</sup> | 13.3% | 1.1% | 9.6% | 9.7% | 8.4% |
| Comparable Hotel Revenues  | $593 | $601 | $642 | $585 | $2421 |
| Comparable Hotel Adjusted EBITDA  | $147 | $152 | $190 | $141 | $630 |
| Comparable Hotel Adjusted EBITDA margin<sup>(1)</sup> | 24.9% | 25.2% | 29.6% | 24.1% | 26.0% |
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Full-Year**  |
|  | **March 31,** | **June 30,** | **September 30,** | **December 31,** | **December 31,**  |
|  | **2024** | **2024** | **2024** | **2024** | **2024** |
| Comparable RevPAR | $181.13 | $200.20 | $192.59 | $181.10 | $188.75 |
| Comparable Occupancy | 71.8% | 77.6% | 78.2% | 70.2% | 74.4% |
| Comparable ADR | $252.39 | $257.91 | $246.38 | $258.10 | $253.59 |
| Total Revenues  | $639 | $686 | $649 | $625 | $2599 |
| Operating income | $92 | $121 | $95 | $83 | $391 |
| Operating income margin<sup>(1)</sup> | 14.5% | 17.5% | 14.6% | 13.3% | 15.0% |
| Comparable Hotel Revenues  | $604 | $647 | $611 | $593 | $2455 |
| Comparable Hotel Adjusted EBITDA  | $169 | $197 | $167 | $147 | $680 |
| Comparable Hotel Adjusted EBITDA margin<sup>(1)</sup> | 28.0% | 30.4% | 27.4% | 24.9% | 27.7% |

---

_____________________________________

<sup>(1)</sup> Percentages are calculated based on unrounded numbers.

![slidelayouta.jpg](slidelayouta.jpg)

33 <br> SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION

HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – TTM2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **TTM** |
| *(unaudited, in millions)* | **December 31,** | **March 31,** | **June 30,** | **September 30,** | **September 30,** |
|  | **2024** | **2025** | **2025** | **2025** | **2025** |
| **Net income (loss)** | $73 | $(57) | $(2) | $(14) | $— |
| Depreciation and amortization expense | 65 | 69 | 122 | 78 | 334 |
| Interest income | (5) | (3) | (2) | (3) | (13) |
| Interest expense | 53 | 52 | 53 | 53 | 211 |
| Interest expense associated with hotels in receivership<sup>(1)</sup> | 16 | 16 | 16 | 16 | 64 |
| Income tax (benefit) expense | (52) | 1 | 1 | 6 | (44) |
| Interest expense, income tax and depreciation and amortization <br>&nbsp;&nbsp;&nbsp;&nbsp;included in equity in earnings from investments in affiliates<br>| 1 | 2 | 2 | 2 | 7 |
| **EBITDA** | 151 | 80 | 190 | 138 | 559 |
| Gain on sales of assets, net | (8) |  | (1) |  | (9) |
| Gain on derecognition of assets<sup>(1)</sup> | (16) | (16) | (16) | (16) | (64) |
| Share-based compensation expense | 5 | 4 | 5 | 5 | 19 |
| Impairment and casualty loss | 1 | 70 |  |  | 71 |
| Other items | 5 | 6 | 5 | 3 | 19 |
| **Adjusted EBITDA** | 138 | 144 | 183 | 130 | 595 |
| Less: Adjusted EBITDA from hotels disposed of |  | 1 | (1) |  |  |
| **Comparable Adjusted EBITDA** | 138 | 145 | 182 | 130 | 595 |
| Less: Adjusted EBITDA from investments in affiliates | (4) | (8) | (5) | (3) | (20) |
| Add: All other<sup>(2)</sup> | 13 | 15 | 13 | 14 | 55 |
| **Comparable Hotel Adjusted EBITDA** | $147 | $152 | $190 | $141 | $630 |

---

_____________________________________

<sup>(1)</sup> 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. Park expects the court-appointed receiver to sell the Hilton San Francisco Hotels by November 21, 2025 and the SF Mortgage Loan to be assumed by the

buyer at that time.

<sup>(2)</sup> 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.

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

34 <br> SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION

HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – FULL-YEAR 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Full-Year**  |
| *(unaudited, in millions)* | **March 31,** | **June 30,** | **September 30,** | **December 31,** | **December 31,** |
|  | **2024** | **2024** | **2024** | **2024** | **2024** |
| **Net income** | $29 | $67 | $57 | $73 | $226 |
| Depreciation and amortization expense | 65 | 64 | 63 | 65 | 257 |
| Interest income | (5) | (5) | (6) | (5) | (21) |
| Interest expense | 53 | 54 | 54 | 53 | 214 |
| Interest expense associated with hotels in receivership<sup>(1)</sup> | 14 | 15 | 15 | 16 | 60 |
| Income tax expense (benefit) | 1 | (12) | 2 | (52) | (61) |
| Interest expense, income tax and depreciation and amortization <br>included in equity in earnings from investments in affiliates<br>| 3 | 2 | 4 | 1 | 10 |
| **EBITDA** | 160 | 185 | 189 | 151 | 685 |
| Gain on sales of assets, net |  |  |  | (8) | (8) |
| Gain on derecognition of assets<sup>(1)</sup> | (14) | (15) | (15) | (16) | (60) |
| Gain on sale of investments in affiliates<sup>(2)</sup> |  |  | (19) |  | (19) |
| Share-based compensation expense | 4 | 5 | 5 | 5 | 19 |
| Impairment and casualty loss | 6 | 7 |  | 1 | 14 |
| Other items | 6 | 11 | (1) | 5 | 21 |
| **Adjusted EBITDA** | 162 | 193 | 159 | 138 | 652 |
| Less: Adjusted EBITDA from hotels disposed of |  | (2) | (1) |  | (3) |
| Less: Adjusted EBITDA from investments in affiliates disposed of | (1) | (1) |  |  | (2) |
| **Comparable Adjusted EBITDA** | 161 | 190 | 158 | 138 | 647 |
| Less: Adjusted EBITDA from investments in affiliates | (7) | (7) | (3) | (4) | (21) |
| Add: All other<sup>(3)</sup> | 15 | 14 | 12 | 13 | 54 |
| **Comparable Hotel Adjusted EBITDA** | $169 | $197 | $167 | $147 | $680 |

---

_____________________________________

<sup>(1)</sup> For the year ended December 31, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding

increase of the *contract asset* on the condensed consolidated balance sheets. Park expects the court-appointed receiver to sell the Hilton San Francisco Hotels by November 21, 2025 and the SF

Mortgage Loan to be assumed by the buyer at that time.

<sup>(2)</sup> For the year ended December 31, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in *equity in earnings from investments in affiliates* in the condensed

consolidated statements of operations.

<sup>(3)</sup> 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.

![slidelayoutv2a.jpg](slidelayoutv2a.jpg)

35 <br> SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION

HISTORICAL COMPARABLETTM HOTEL REVENUES – 2025AND2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **TTM** |
| *(unaudited, in millions)* | **December 31,**<br>**2024**<br>| **March 31,**<br>**2025**<br>| **June 30,**<br>**2025**<br>| **September 30,**<br>**2025**<br>| **September 30,**<br>**2025**<br>|
| **Total Revenues** | $625 | $630 | $672 | $610 | $2537 |
| Less: Other revenue | (22) | (22) | (23) | (23) | (90) |
| Less: Revenues from hotels disposed of | (10) | (7) | (7) | (2) | (26) |
| **Comparable Hotel Revenues** | $593 | $601 | $642 | $585 | $2421 |
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Full-Year**  |
|  | **March 31,**<br>**2024**<br>| **June 30,**<br>**2024**<br>| **September 30,**<br>**2024**<br>| **December 31,**<br>**2024**<br>| **December 31,**<br>**2024**<br>|
| **Total Revenues** | $639 | $686 | $649 | $625 | $2599 |
| Less: Other revenue | (21) | (22) | (21) | (22) | (86) |
| Less: Revenues from hotels disposed of | (14) | (17) | (17) | (10) | (58) |
| **Comparable Hotel Revenues** | $604 | $647 | $611 | $593 | $2455 |

---

![royalpalmdividercovera.jpg](royalpalmdividercovera.jpg)

36 <br> ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO

CAPITAL

STRUCTURE

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37 <br> ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO

CAPITAL STRUCTURE

FIXED AND VARIABLE RATE DEBT

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| | | | | |
|:---|:---|:---|:---|:---|
| *(unaudited, dollars in millions)* |  |  |  | **As of September 30,** <br>**2025** |
|  |  |  |  | **As of September 30,** <br>**2025** |
| **Debt**<sup>(1)</sup> | **Collateral** | **Interest Rate** | **Maturity Date** | **As of September 30,** <br>**2025** |
| **Fixed Rate Debt** |  |  |  |  |
| Mortgage loan | Hilton Denver City Center | 4.90% | March 2026<sup>(2)</sup> | $51 |
| Mortgage loan | Hyatt Regency Boston | 4.25% | July 2026 | 122 |
| Mortgage loan | Hilton Hawaiian Village Beach Resort | 4.20% | November 2026 | 1275 |
| Mortgage loan | Hilton Santa Barbara Beachfront Resort | 4.17% | December 2026 | 154 |
| Mortgage loan | DoubleTree Hotel Ontario Airport | 5.37% | May 2027 | 30 |
| 2028 Senior Notes | Unsecured | 5.88% | October 2028 | 725 |
| 2029 Senior Notes | Unsecured | 4.88% | May 2029 | 750 |
| 2030 Senior Notes | Unsecured | 7.00% | February 2030 | 550 |
| Finance lease obligations |  | 7.04% | 2026 to 2028 | 1 |
| **Total Fixed Rate Debt** |  | **5.11%**<sup>(3)</sup> |  | **3658** |
| **Variable Rate Debt** |  |  |  |  |
| Revolver<sup>(4)</sup> | Unsecured | SOFR + 2.00% | September 2029 |  |
| 2024 Term Loan | Unsecured | SOFR + 1.95% | May 2027 | 200 |
| 2025 Delayed Draw Term Loan<sup>(4)</sup> | Unsecured | SOFR + 1.95% | January 2030 |  |
| **Total Variable Rate Debt** |  | **6.09%** |  | **200** |
| Less: unamortized deferred financing costs and discount | Less: unamortized deferred financing costs and discount |  |  | (19) |
| **Total Debt**<sup>(1)(5)</sup> |  | **5.16%**<sup>(3)</sup> |  | **$3839** |

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<sup>(1)</sup> Excludes the SF Mortgage Loan secured by the Hilton San Francisco Hotels, which is included in *debt associated with hotels in receivership* in Park's condensed consolidated balance sheets. In

October 2023, the Hilton San Francisco Hotels were placed into court-ordered receivership, and thus, Park has no further economic interest in the operations of the hotels. Park expects the court-

appointed receiver to sell the Hilton San Francisco Hotels by November 21, 2025 and the SF Mortgage Loan to be assumed by the buyer at that time.

<sup>(2)</sup> The loan matures in August 2042 but became callable by the lender in August 2022 with six months notice.As of September 30, 2025, Park had not received notice from the lender.

<sup>(3)</sup> Calculated on a weighted average basis.

<sup>(4)</sup> As of October 30, 2025, Park has $1 billion of available capacity under the Revolver with no outstanding letters of credit and $800 million of its 2025 Delayed Draw Term Loan available.

<sup>(5)</sup> Excludes $157 millionof Park's share of debt of its unconsolidated joint ventures.

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38 <br> ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO

CAPITAL STRUCTURE

CREDIT FACILITY AMENDMENTS

In September 2025, Park amended and restated its credit agreement to provide additional liquidity to address $1.4 billion

of mortgage loans maturing in the second half of 2026:

**<u>$1 Billion Revolver</u>**

• Upsized from $950 million to $1 billion;

• Extended its maturity from December 1, 2026 to September 17, 2029, with an option to extend by one year as

either (i) a one-year extension or (ii) two six-month extensions;

• Bears interest based upon the secured overnight financing rate ("SOFR"), plus an applicable margin based on

Park's leverage ratio; and

• Incurs an unused facility fee of between 0.20% and 0.25%, based on Park's level of usage.

**<u>New $800 Million 2025 Delayed Draw Term Loan</u>**

• Added the $800 million 2025 Delayed Draw Term Loan maturing January 2, 2030, with an option to extend its

maturity by one year;

• Available for up to three draws through September 17, 2026;

• Bears interest based upon SOFR, plus an applicable margin based on Park's leverage ratio; and

• Incurs a 0.25% ticking fee on the undrawn portion.

The amended and restated credit agreement includes the option to increase the Revolver and increase or add new term

loans by up to $1 billion in the aggregate, subject to obtaining additional lender commitments and the satisfaction of

certain customary conditions.

Park expects to draw from the 2025 Delayed Draw Term Loan in 2026 to fully repay the $122 million secured mortgage

loan encumbering the Hyatt Regency Boston hotel maturing in July 2026, and, together with a subsequent financing

transaction planned in the first half of 2026, fully repay the $1.275 billion secured mortgage loan encumbering the Hilton

Hawaiian Village Waikiki Beach Resort maturing in November 2026.

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39 <br> HYATT REGENCY BOSTON

DEFINITIONS

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40 <br> HYATT REGENCY BOSTON

DEFINITIONS

**<u>Comparable</u>**

The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable

Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable

Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing

operating performance of its hotels. The Company's Comparable metrics include results from hotels that were active and operating in Park's

portfolio since January 1st of the previous year and property acquisitions as though such acquisitions occurred on the earliest period

presented. Additionally, Comparable metrics exclude results from property dispositions that have occurred through October 30, 2025and the

Hilton San Francisco Hotels, which were placed into receivership at the end of October 2023 and are expected to be sold by the court-

appointed receiver by November 21, 2025.

**<u>EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin</u>**

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.

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41 <br> HYATT REGENCY BOSTON

DEFINITIONS

(CONTINUED)

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.

**<u>Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – Diluted and Adjusted FFO per</u>**

**<u>share – Diluted</u>**

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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42 <br> HYATT REGENCY BOSTON

DEFINITIONS

(CONTINUED)

The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance

because management believes that the exclusion of certain additional items described below provides useful supplemental information to

investors regarding the Company's ongoing operating performance. Management historically has made the adjustments detailed below in

evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful

supplemental information that is beneficial to an investor's complete understanding of operating performance. The Company adjusts Nareit

FFO attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO

attributable to stockholders:

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

• Severance expense;

• Share-based compensation expense;

• Casualty gains or losses; and

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

performance.

**<u>Net Debt</u>**

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.

**<u>Net Debt to Adjusted EBITDA Ratio</u>**

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.

**<u>Occupancy</u>**

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.

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43 <br> HYATT REGENCY BOSTON

DEFINITIONS

(CONTINUED)

**<u>Average Daily Rate</u>**

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.

**<u>Revenue per Available Room</u>**

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.

**<u>Total RevPAR</u>**

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.

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44 <br> HILTON SANTA BARBARA BEACHFRONT RESORT

ANALYST

COVERAGE

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45 <br> HILTON SANTA BARBARA BEACHFRONT RESORT

&nbsp;&nbsp;&nbsp;&nbsp;ANALYST COVERAGE

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| | | | |
|:---|:---|:---|:---|
| **Analyst** | **Company** | **Phone** | **Email** |
| Dany Asad | Bank of America Merrill Lynch | (646) 855-5238 | dany.asad@bofa.com |
| Ari Klein | BMO Capital Markets | (212) 885-4103 | ari.klein@bmo.com |
| Jay Kornreich | Cantor Fitzgerald & Co. | (602) 214-6027 | jay.kornreich@cantor.com |
| Smedes Rose | Citi Research | (212) 816-6243 | smedes.rose@citi.com |
| Ken Billingsley | Compass Point | (202) 534-1393 | kbillingsley@compasspointllc.com |
| Chris Woronka | Deutsche Bank | (212) 250-9376 | chris.woronka@db.com |
| Duane Pfennigwerth | Evercore ISI | (212) 497-0817 | duane.pfennigwerth@evercoreisi.com |
| Christopher Darling | Green Street Advisors | (949) 640-8780 | cdarling@greenstreet.com |
| David Katz | Jefferies | (212) 323-3355 | dkatz@jefferies.com |
| Daniel Politzer | JP Morgan | (212) 622-0110 | daniel.politzer@jpmorgan.com |
| Stephen Grambling | Morgan Stanley | (212) 761-1010 | stephen.grambling@morganstanley.com |
| RJ Milligan | Raymond James | (727) 567-2585 | rjmilligan@raymondjames.com |
| Patrick Scholes | Truist  | (212) 319-3915 | patrick.scholes@truist.com |
| Robin Farley | UBS Investment Bank | (212) 713-2060 | robin.farley@ubs.com |
| Cooper Clark | Wells Fargo Securities | (212) 214-1146 | cooper.clark@wellsfargo.com |
| Logan Epstein | Wolfe Research | (646) 582-9267 | lepstein@wolferesearch.com |

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