{"id":5469,"date":"2022-03-13T12:24:19","date_gmt":"2022-03-13T17:24:19","guid":{"rendered":"https:\/\/1reason.com\/re\/park-hotels-resorts-inc-reports-fourth-quarter-and-full-year-2021-results\/5469\/"},"modified":"2022-03-14T07:24:19","modified_gmt":"2022-03-14T12:24:19","slug":"park-hotels-resorts-inc-reports-fourth-quarter-and-full-year-2021-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/park-hotels-resorts-inc-reports-fourth-quarter-and-full-year-2021-results\/5469\/","title":{"rendered":"Park Hotels &amp; Resorts Inc. Reports Fourth Quarter and Full Year 2021 Results"},"content":{"rendered":"<div>  <\/p>\n<p align=\"start\">Fourth quarter financial highlights include:<\/p>\n<ul type=\"disc\">\n<li>RevPAR was $110.22, an increase of 297.9% on a pro-forma basis from the same period in 2020 and a decrease of 37.6% from the same period in 2019;<\/li>\n<li>Occupancy for Park\u2019s 46 consolidated hotels open during the fourth quarter was 55.1%;<\/li>\n<li>Net loss and net loss attributable to stockholders were $(65) million and $(67) million, respectively;<\/li>\n<li>Adjusted EBITDA was $81 million, an increase of 3.4% compared to the third quarter of 2021;<\/li>\n<li>Pro-forma Hotel Adjusted EBITDA was $85 million, a sequential improvement of 2.4% compared to the third quarter of 2021;<\/li>\n<li>Adjusted FFO attributable to stockholders was $10 million, a sequential improvement of 129.5% compared to the third quarter of 2021;<\/li>\n<li>Diluted loss per share was $(0.28); and<\/li>\n<li>Diluted Adjusted FFO per share was $0.05.<\/li>\n<\/ul>\n<p align=\"start\">Full-year financial highlights include:<\/p>\n<ul type=\"disc\">\n<li>Pro-forma RevPAR was $84.11, an increase of 71.7% from 2020 and a decrease of 53.7% from 2019;<\/li>\n<li>Net loss and net loss attributable to stockholders were $(452) million and $(459) million, respectively;<\/li>\n<li>Adjusted EBITDA was $142 million;<\/li>\n<li>Pro-forma Hotel Adjusted EBITDA was $179 million;<\/li>\n<li>Adjusted FFO attributable to stockholders was $(136) million;<\/li>\n<li>Diluted loss per share was $(1.95) and<\/li>\n<li>Diluted Adjusted FFO per share was $(0.57).<\/li>\n<\/ul>\n<p align=\"start\">Additional highlights for the year include:<\/p>\n<ul type=\"disc\">\n<li>Reopened all of Park&#8217;s consolidated hotels except the Hilton Short Hills and the Parc 55 San Francisco &#8211; a Hilton Hotel, with 96% of total room count open;<\/li>\n<li>Recommenced $110 million expansion project at the Waldorf Astoria Orlando and Signia by Hilton Orlando Bonnet Creek complex to add more than 90,000 square feet of meeting and event space, which is expected to be completed by the fourth quarter of 2023;<\/li>\n<li>Generated positive Hotel Adjusted EBITDA for three consecutive quarters, with 37 of 46 of Park&#8217;s open consolidated hotels exceeding break-even levels during the fourth quarter and generated positive Adjusted FFO in the fourth quarter for the second consecutive quarter;<\/li>\n<li>Issued an aggregate of $750 million of senior secured notes (&#8220;2029 Senior Secured Notes&#8221;) and utilized the net proceeds to repay outstanding bank debt by approximately $737 million;<\/li>\n<li>Completed the sales of five consolidated hotels for total gross proceeds of approximately $477 million and utilized the net proceeds to repay outstanding bank debt by $456 million, leaving just $78 million outstanding on Park&#8217;s sole remaining corporate term loan and no amounts outstanding on the revolving credit facility (&#8220;Revolver&#8221;); and<\/li>\n<li>In February 2022, Park further amended its credit facility to provide, among other changes, an extension of covenant relief and the removal or reduction of certain restrictions, including certain limitations on asset sales and stock repurchases.<\/li>\n<\/ul>\n<p align=\"start\">Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, \u201cI am extremely proud of our team as we navigated the ongoing challenges of COVID-19 during the past year. On the operations side, we continued to adapt our operating model to maximize efficiencies while also working with our operating partners to prioritize meaningful standards and amenities such as enhanced cleaning and limited face-to-face contact. We remained disciplined throughout the year and reopened six hotels when it was profitable to do so, which allowed us to generate positive Hotel Adjusted EBITDA for the third consecutive quarter and positive Adjusted FFO for the second consecutive quarter. Additionally, we have worked diligently to de-lever our balance sheet through assets sales totaling $477 million in gross proceeds during 2021 and maintain financial flexibility to readily execute on our long-term strategies. As we think about our current operating environment, we continue to be encouraged by the strong fundamentals in the leisure segment, particularly in Hawaii, Miami and Key West. While we expect some headwinds in the first quarter of 2022 resulting from group cancellations and cautious business travel sentiment due to the Omicron variant, we anticipate a more broad-based recovery across our industry and expect increasing demand trends throughout the year as groups look to rebook their long-postponed events, business travel ramps up and international travel resumes. With our diversified portfolio and current liquidity of nearly $1.6 billion, Park remains incredibly well positioned to capitalize on recovery fundamentals across all demand segments as well as accretive internal and external growth opportunities that fit Park\u2019s strategic profile.\u201d<\/p>\n<p align=\"start\"><strong><u>Selected Statistical and Financial Information<\/u><\/strong><\/p>\n<p align=\"start\"><em>(unaudited, amounts in millions, except Pro-forma RevPAR, Pro-forma ADR and per share data)<\/em><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"10\"><strong>ThreeMonthsEnded December31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"10\"><strong>YearEndedDecember31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>Change<\/strong><sup><strong>(1)<\/strong><\/sup><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>Change<\/strong><sup><strong>(1)<\/strong><\/sup><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:29%;width:29%;min-width:29%\">Pro-forma RevPAR<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">110.22<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">27.70<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">297.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">84.11<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">48.99<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">71.7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Pro-forma Occupancy<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">52.5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">20.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">31.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">pts<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">43.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">26.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">16.4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Pro-forma ADR<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">210.00<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">134.83<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">55.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">194.53<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">182.80<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6.4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Pro-forma Total RevPAR<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">169.36<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">41.31<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">309.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">127.10<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">77.22<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">64.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Net loss<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(65<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(218<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(452<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1,444<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Net loss attributable to stockholders<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(67<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(217<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(459<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1,440<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Adjusted EBITDA<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">81<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(65<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">142<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(194<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Pro-forma Hotel Adjusted EBITDA<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">85<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(51<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">179<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(144<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Pro-forma Hotel Adjusted EBITDA <br \/> margin<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">19.7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(48.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">13.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(18.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Adjusted FFO attributable to stockholders<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">10<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(125<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(136<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(389<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Loss per share &#8211; Diluted<sup>(1)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(0.28<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(0.92<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1.95<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(6.11<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Adjusted FFO per share &#8211; Diluted<sup>(1)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.05<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(0.53<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(0.57<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1.65<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Weighted average shares outstanding &#8211; <br \/> Diluted<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">236<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">235<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">236<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">236<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\" style=\"max-width:2%;width:2%;min-width:2%\"><sup>(1<\/sup><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" style=\"max-width:2%;width:2%;min-width:2%\"><sup>)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" style=\"max-width:96%;width:96%;min-width:96%\">Amounts are calculated based on unrounded numbers.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\"><sup>(<\/sup><sup>2<\/sup><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\"><sup>)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">Percentage change is not meaningful.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"gnw_align_left hugin\" \/><\/tr>\n<\/table>\n<p align=\"start\"><strong><u>Operational Update<\/u><\/strong><\/p>\n<p align=\"start\">The current status of Park\u2019s hotels as of February 17, 2022 is as follows (for a list of status by hotel please see Park\u2019s financial supplement):<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Status<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>Number of Hotels<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>Total Rooms<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:60%;width:60%;min-width:60%\">Consolidated Open<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:17%;width:17%;min-width:17%\">46<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:17%;width:17%;min-width:17%\">26,551<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Consolidated Suspended<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">1,338<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Total Consolidated<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">48<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">27,889<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Unconsolidated Open<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">4,036<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Total Hotels<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">54<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">31,925<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"start\">The timing of reopening Park&#8217;s two remaining suspended hotels will depend primarily on market demand recovery in their respective markets.<\/p>\n<p align=\"start\">Changes in Pro-forma ADR, Occupancy and RevPAR compared to the same periods in 2020 and 2019 and Pro-forma Occupancy for Park\u2019s 48 consolidated hotels were as follows:<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>Change in Pro-forma ADR<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>Change in Pro-forma Occupancy<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>Change in Pro-forma RevPAR<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021 vs. 2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021 vs. 2019<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021 vs. 2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021 vs. 2019<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021 vs. 2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021 vs. 2019<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong> <br \/> <strong>Pro-forma Occupancy<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:20%;width:20%;min-width:20%\">Q1 2021<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">(28.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">(30.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">(35.0<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\">pts<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">(50.7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">pts<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">(69.3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">(76.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">26.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Q2 2021<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">44.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(16.7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">36.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(43.4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">897.0<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(58.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">42.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_right_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Q3 2021<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">50.0<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(7.0<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">32.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(33.0<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">301.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(43.4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_right_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">51.3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Oct 2021<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">51.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(13.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">26.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(34.3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">226.5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(48.7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_right_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">50.4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Nov 2021<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">59.3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(6.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">32.4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(29.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">321.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(39.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_right_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">52.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Dec 2021<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">53.7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">8.0<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">36.5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(20.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">356.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(21.7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_right_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">55.0<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Q4 2021<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">55.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(4.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">31.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(28.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">297.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(37.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_right_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">52.5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2022 vs. 2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2022 vs. 2019<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2022 vs. 2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2022 vs. 2019<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2022 vs. 2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2022 vs. 2019<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2022<\/strong> <br \/> <strong>Pro-forma Occupancy<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Jan 2022<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">50.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(10.4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">18.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(31.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">180.4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(50.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_right_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">39.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_right_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"start\">Changes in Pro-forma ADR, Occupancy and RevPAR for certain periods in 2021 compared to the same periods in 2020 and 2019 and Pro-forma Occupancy for 2021 for only the consolidated hotels open for substantially all of each period were as follows:<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>Change in Pro-forma ADR<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>Change in Pro-forma Occupancy<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>Change in Pro-forma RevPAR<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\"><strong>Number of Consolidated Hotels Open<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021 vs. 2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021 vs. 2019<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021 vs. 2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021 vs. 2019<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021 vs. 2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021 vs. 2019<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021 <\/strong> <br \/> <strong>Pro-forma <\/strong> <br \/> <strong>Occupancy<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:20%;width:20%;min-width:20%\">Q1 2021<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:7%;width:7%;min-width:7%\">40<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:7%;width:7%;min-width:7%\">(28.3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:7%;width:7%;min-width:7%\">(28.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:7%;width:7%;min-width:7%\">(27.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">pts<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:7%;width:7%;min-width:7%\">(41.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">pts<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:7%;width:7%;min-width:7%\">(58.5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:7%;width:7%;min-width:7%\">(66.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:7%;width:7%;min-width:7%\">37.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Q2 2021<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\">41<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">45.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(11.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">47.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(28.5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">891.5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(41.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">55.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Q3 2021<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\">45<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">49.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(4.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">36.3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(25.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">301.5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(33.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">58.0<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Oct 2021<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\">46<sup>(1)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">51.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(12.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">28.3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(31.5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">226.5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(45.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">52.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Nov 2021<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\">46<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">59.3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(4.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">34.0<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(26.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">321.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(35.7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">54.7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Dec 2021<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\">46<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">53.7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">8.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">38.3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(17.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">356.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(17.5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">57.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Q4 2021<\/td>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\">46<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">55.7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(3.3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">33.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(25.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">297.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(33.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">55.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2022 vs. 2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2022 vs. 2019<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2022 vs. 2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2022 vs. 2019<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2022 vs. 2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2022 vs. 2019<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2022<\/strong> <br \/> <strong>Pro-forma <\/strong> <br \/> <strong>Occupancy<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Jan 2022<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\">46<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">50.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(8.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">19.5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(29.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">180.4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(46.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_border_right_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_left_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">41.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"start\"><sup>________________________________________________<\/sup><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\" style=\"max-width:2%;width:2%;min-width:2%\"><sup>(1<\/sup><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" style=\"max-width:2%;width:2%;min-width:2%\"><sup>)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" style=\"max-width:96%;width:96%;min-width:96%\">October 2021 and subsequent periods include the New York Hilton Midtown which reopened on October 4, 2021.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"gnw_align_left hugin\" \/><\/tr>\n<\/table>\n<p align=\"start\">For the fourth quarter of 2021, Park\u2019s portfolio generated positive Hotel Adjusted EBITDA for the third consecutive quarter with 37 of 46 of Park\u2019s open consolidated hotels exceeding break-even levels.<\/p>\n<p align=\"start\">During 2021, domestic leisure transient demand grew significantly compared to 2020 as COVID-19 vaccinations rates increased and domestic restrictions eased, despite some disruption from virus variants; however, restrictions on international travel remained in place for the majority of the year. The Rooms Revenue mix for each of the three months and years ended December31,2021, 2020 and 2019 for the 46 consolidated hotels open for substantially all of the fourth quarter of 2021 or 40 consolidated hotels open during the entirety of 2021 were as follows:<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"10\"><strong>ThreeMonthsEnded December31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"10\"><strong>YearEndedDecember31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2019<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2019<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:22%;width:22%;min-width:22%\">Group<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:10%;width:10%;min-width:10%\">19.3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:10%;width:10%;min-width:10%\">10.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:10%;width:10%;min-width:10%\">28.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:10%;width:10%;min-width:10%\">12.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:10%;width:10%;min-width:10%\">23.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:10%;width:10%;min-width:10%\">27.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Transient<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">73.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">73.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">64.5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">80.5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">65.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">66.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Contract<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">4.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">13.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">4.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">5.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">9.0<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">4.0<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Other<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2.0<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2.0<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1.7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2.0<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"start\">Park saw a decrease in demand in January 2022 and month-to-date in February 2022 due to the rapid rise in COVID-19 cases from the Omicron variant, disruptions throughout the travel industry and restrictions being re-imposed by an increasing number of jurisdictions. At this time, Park expects that demand for only the first quarter of 2022 will be affected, with approximately $30 million of first quarter 2022 group business cancelled, of which most has been replaced with incremental new bookings during the balance of 2022.<\/p>\n<p align=\"start\">While the operating environment remains very fluid due to rapidly changing trends from the Omicron variant, Park currently expects to see a return of group demand beginning in the second quarter of 2022 in select markets as groups continue to push out meetings originally scheduled for the third and fourth quarters of 2021 and the first quarter of 2022. Group bookings for 2022 have grown by approximately 239,000 room nights, or nearly 28%, since September 30, 2020, with acceleration following the approval of COVID-19 vaccines for emergency use in November 2020. As of December 31, 2021, group bookings for 2022 were approximately 62% of what 2019 group bookings were as of December 31, 2018, a slight decrease from last quarter due to cancellations in Q1 2022 and a slowdown in bookings resulting from concerns over the Omicron variant. Despite these developments, 2022 average group rates on the books remain strong, equaling 2019 average group rates on the books at December 31, 2018. In addition, as of December 31, 2021, group bookings for 2023 are 73% of what 2019 group bookings were as of December 31, 2017, and average group rates were strong for 2023, exceeding 2019 average group rates on the books at December 31, 2017.<\/p>\n<p align=\"start\">Highlights for Park&#8217;s consolidated hotels owned as of February 17, 2022 in each of the Company\u2019s key markets, segmented between leisure and other markets, are as follows:<\/p>\n<p align=\"start\"><strong><em>Leisure Markets <\/em><\/strong><\/p>\n<ul type=\"disc\">\n<li><strong>Hawaii:<\/strong> Both Hawaii hotels continued to benefit from domestic leisure demand and experienced a modest return of group demand, generating positive Hotel Adjusted EBITDA during the fourth quarter of 2021. The Hilton Waikoloa Village achieved peak occupancy of 70% in October 2021, and the Hilton Hawaiian Village achieved peak occupancy of 85% in December 2021. Occupancy for the quarter was 68% and 63% for Hilton Waikoloa Village and the Hilton Hawaiian Village, respectively. Rate increased by 27% at the Hilton Waikoloa Village compared to the fourth quarter of 2019;<\/li>\n<li><strong>Orlando:<\/strong> Park\u2019s Orlando hotels were affected during the quarter from the resurgence of COVID-19 variants, achieving peak combined occupancy of 60% in December 2021 and combined occupancy of 57% for the quarter, an increase of 8 percentage points from the third quarter of 2021. Combined rate increased 19% compared to the fourth quarter of 2019;<\/li>\n<li><strong>New Orleans:<\/strong> The Hilton New Orleans Riverside benefited from an increase in leisure demand as well as an increase in group demand from extended housing of first responders following Hurricane Ida, achieving peak occupancy of 56% in October 2021 and occupancy of 52% for the quarter. Rate decreased by only 2% as compared to the fourth quarter of 2019;<\/li>\n<li><strong>Southern California: <\/strong> Park\u2019s hotels in Southern California benefited from an increase in leisure demand, resulting in peak occupancy of 70% in October 2021 and 67% for the quarter. Compared to the fourth quarter of 2019, rate increased by 17%;<\/li>\n<li><strong>Key West:<\/strong> Casa Marina, A Waldorf Astoria Resort, and The Reach Key West, Curio Collection, continued to benefit from leisure transient demand achieving the hotels&#8217; highest-ever combined rate of $669, RevPAR of $585 and occupancy of 87% in December 2021. The hotels achieved occupancy of 77% for the quarter, an increase of 8 percentage points from the third quarter of 2021. Compared to the fourth quarter of 2019, occupancy increased by 15 percentage points and rate increased by 42%; and<\/li>\n<li><strong>Miami:<\/strong> Park\u2019s Miami hotels benefited from strong domestic leisure transient demand and an increase in group demand, achieving peak combined occupancy of 85% in December 2021 and 78% for the quarter, an increase of 11 percentage points from the third quarter of 2021. Combined rate increased by 12% compared to the fourth quarter of 2019.<\/li>\n<\/ul>\n<p align=\"start\"><strong><em>Other Markets<\/em><\/strong><\/p>\n<ul type=\"disc\">\n<li><strong>San Francisco: <\/strong>Three of Park&#8217;s four hotels in the San Francisco market are open and achieved a combined occupancy of 30% for the quarter. The JW Marriott San Francisco Union Square and Hyatt Centric Fisherman&#8217;s Wharf, both of which remained open throughout the pandemic and benefited from transient demand, achieved occupancy of 71% and 70% for the quarter, respectively. The JW Marriott San Francisco Union Square achieved peak occupancy of 73% in December 2021, and the Hyatt Centric Fisherman&#8217;s Wharf achieved peak occupancy of 79% in October 2021;<\/li>\n<li><strong>Boston:<\/strong> Park\u2019s Boston hotels benefited from demand from airline crews coupled with strong leisure demand, achieving peak combined occupancy of 76% in October 2021 and 66% for the quarter;<\/li>\n<li><strong>New York:<\/strong> The New York Hilton Midtown, which reopened in early October 2021, benefited from several group events and achieved peak occupancy of 62% in December 2021 with rate 7% higher as compared to December 2019. Occupancy was 47% for the quarter;<\/li>\n<li><strong>Chicago:<\/strong> Park&#8217;s five hotels in Chicago achieved combined occupancy at a peak of 43% for October 2021 and 35% for the quarter. The combined average rate was 90% of the fourth quarter 2019. In particular, the Hilton Chicago Downtown saw rates at 94% of the fourth quarter of 2019, mostly due to strong group and leisure demand;<\/li>\n<li><strong>Denver:<\/strong> The Hilton Denver was affected during the quarter from a decrease in transient demand, while still achieving peak occupancy of 68% in October 2021 and 63% for the quarter;<\/li>\n<li><strong>Washington, D.C.:<\/strong> Park\u2019s hotels in the Washington, D.C. market benefited primarily from leisure demand, with combined occupancy at a peak of 49% for November 2021 and 45% for the quarter, an increase of 2 percentage points from the third quarter of 2021; and<\/li>\n<li><strong>Seattle:<\/strong> Park\u2019s Seattle hotels benefited from demand from airline crews and strong leisure travel with combined occupancy at a peak of 57% in December 2021 and 54% for the quarter. Combined average rate increased 12% in December 2021 as compared to December 2019.<\/li>\n<\/ul>\n<p align=\"start\"><strong><u>Balance Sheet and Liquidity<\/u><\/strong><\/p>\n<p align=\"start\">Park and its hotel managers have taken several proactive steps to reduce the Company&#8217;s burn rate, increase liquidity and mitigate the effects of COVID-19 on its business, including reducing labor and other operating expenses and cutting capital expenditures for 2021 to approximately $44 million for maintenance projects. As a result of these measures, coupled with continued leisure demand and the continued distribution of COVID-19 vaccines, Park&#8217;s portfolio generated positive Hotel Adjusted EBITDA for the past three consecutive quarters and has generated positive Adjusted FFO for the second consecutive quarter.<\/p>\n<p align=\"start\">Park\u2019s Net Debt as of December31, 2021 was $4.2 billion. Utilizing the net proceeds from the issuance of the 2029 Senior Secured Notes and the sales of five hotels during 2021 to repay outstanding debt, the Company has just $78 million outstanding on its sole remaining corporate term loan. Only 2% of Park\u2019s total outstanding debt matures in 2022, and the weighted average maturity of Park\u2019s consolidated debt is 4.7 years. Park&#8217;s current liquidity is nearly $1.6 billion, including $901 million of available capacity under the Company&#8217;s Revolver.<\/p>\n<p align=\"start\">In February 2022, Park amended its credit and term loan facilities to extend the waiver period for the testing of the financial covenants to the date the financial statements are delivered for the quarter ended September 30, 2022 (except for the minimum fixed charge coverage ratio, which waiver period for such covenant will end as of the date the financial statements are delivered for the quarter ended June 30, 2022), in each case, unless Park elects an earlier date, and to adjust the required ratio levels of particular financial covenants after such waiver periods. As part of the amendment process, Park (i) extended the temporary periods for which calculation of certain financial covenants are annualized once quarterly testing of financial covenants resumes, (ii) extended the minimum liquidity covenant of $200 million through March 2023, (iii) obtained the ability to repurchase up to $250 million of shares as long as the Revolver balance is $0, (iv) increased the amount of non-recourse debt allowed to be incurred during the waiver period to $500 million from $350 million, (v) obtained the ability during the waiver period to voluntarily prepay certain debt maturing in 2022 and 2023, (vi) removed the limitation applied during the waiver period on capital expenditures within the portfolio, (vii) increased the ability during the waiver period to acquire investments to $1 billion from $200 million, with an option to expand to $1.5 billion with a corresponding increase of the minimum liquidity covenant to $300 million, and (viii) removed any restrictions on asset sales that applied during the waiver period. In addition, Park amended the mandatory prepayment requirements that apply during the waiver period to, among other things, only require mandatory repayments from specified events if and to the extent the Revolver balance exceeds $600 million (and no prepayment of the 2019 Term Facility being required).<\/p>\n<p align=\"start\">Park had the following debt outstanding as of December31, 2021:<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_left hugin\" colspan=\"6\"><em>(unaudited, dollars in millions)<\/em><\/td>\n<td class=\"gnw_align_left hugin\" \/>\n<td class=\"gnw_align_left hugin\" \/>\n<td class=\"gnw_align_left hugin\" \/>\n<td class=\"gnw_align_left hugin\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\"><strong>Debt<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\"><strong>Collateral<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>Interest Rate<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\"><strong>Maturity Date<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>As of December31,2021<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_align_left hugin\"><strong>Fixed Rate Debt<\/strong><\/td>\n<td class=\"gnw_align_left hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin\" colspan=\"2\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin\" colspan=\"2\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" style=\"max-width:20%;width:20%;min-width:20%\">Mortgage loan<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" style=\"max-width:35%;width:35%;min-width:35%\">DoubleTree Hotel Spokane City Center<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_top\" style=\"max-width:11%;width:11%;min-width:11%\">3.62%<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_top\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" style=\"max-width:16%;width:16%;min-width:16%\">July 2026<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" style=\"max-width:11%;width:11%;min-width:11%\">14<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Mortgage loan<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Hilton Denver City Center<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_top\">4.90%<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\">August 2022<sup>(1)<\/sup><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\">58<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Mortgage loan<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Hilton Checkers Los Angeles<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_top\">4.11%<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\">March 2023<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\">26<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Mortgage loan<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">W Chicago &#8211; City Center<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_top\">4.25%<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\">August 2023<sup>(2)<\/sup><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\">75<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Mortgage loan<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Hilton San Francisco Union Square, Parc 55 San Francisco &#8211; a Hilton Hotel<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_top\">4.11%<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\">November 2023<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\">725<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Mortgage loan<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Hyatt Regency Boston<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_top\">4.25%<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\">July 2026<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\">135<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Mortgage loan<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Hilton Hawaiian Village Beach Resort<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_top\">4.20%<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\">November 2026<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\">1,275<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Mortgage loan<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Hilton Santa Barbara Beachfront Resort<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_top\">4.17%<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\">December 2026<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\">165<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">2025 Senior Secured Notes<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_top\">7.50%<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\">June 2025<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\">650<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">2028 Senior Secured Notes<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_top\">5.88%<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\">October 2028<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\">725<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">2029 Senior Secured Notes<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_top\">4.88%<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\">May 2029<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\">750<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Finance lease obligations<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_top\">3.07%<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\">2021 to 2022<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\">\u2014<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\"><strong>Total Fixed Rate Debt<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_top\" colspan=\"2\"><strong>5.03%<\/strong><sup>(3)<\/sup><\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_top\"><strong>4,598<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin\" \/>\n<td class=\"gnw_align_left hugin\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_align_center hugin\" colspan=\"2\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_center hugin\" colspan=\"2\" \/>\n<td class=\"gnw_align_center hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin\"><strong>Variable Rate Debt<\/strong><\/td>\n<td class=\"gnw_align_left hugin\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_align_center hugin\" colspan=\"2\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_center hugin\" colspan=\"2\" \/>\n<td class=\"gnw_align_center hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Revolving credit facility<sup>(4)(5)<\/sup><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Unsecured<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" colspan=\"2\">L + 3.00%<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\">December 2023<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\">\u2014<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Mortgage loan<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">DoubleTree Hotel Ontario Airport<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" colspan=\"2\">L + 3.00%<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\">May 2022<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\">30<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">2019 Term Facility<sup>(4)(6)<\/sup><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\">Unsecured<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" colspan=\"2\">L + 2.65%<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\">August 2024<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\">78<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\"><strong>Total Variable Rate Debt<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_top\" colspan=\"2\"><strong>3.25%<\/strong><sup><strong>(3)<\/strong><\/sup><\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_top\"><strong>108<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">Add: unamortized premium<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">4<\/td>\n<td class=\"gnw_align_left hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" colspan=\"3\">Less: unamortized deferred financing costs and discount<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" colspan=\"2\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_top\">(38<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\"><strong>Total Debt<\/strong><sup>(7)<\/sup><\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_top\" colspan=\"2\"><strong>5.01%<\/strong><sup><strong>(3)<\/strong><\/sup><\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_top\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_top\"><strong>4,672<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\" style=\"max-width:2%;width:2%;min-width:2%\"><sup>(1<\/sup><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" style=\"max-width:2%;width:2%;min-width:2%\"><sup>)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" style=\"max-width:96%;width:96%;min-width:96%\">The loan matures in August 2042 but is callable by the lender beginning August 2022.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\"><sup>(2<\/sup><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\"><sup>)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">In November 2021, Park modified the $75 million mortgage loan secured by the W Chicago City Center to require interest only payments until its maturity date.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\"><sup>(3<\/sup><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\"><sup>)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">Calculated on a weighted average basis.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\"><sup>(4<\/sup><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\"><sup>)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">In May 2020, Park amended its credit and term loan facilities to add a LIBOR floor of 25 basis points.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\"><sup>(5<\/sup><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\"><sup>)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">In September 2020, Park increased its aggregate commitments under the Revolver by $75 million to $1.075 billion and extended the maturity date with respect to $901 million of the aggregate commitments for two years to December 2023, including all $75 million of the increased Revolver commitments. The remaining $174 million of commitments under the Revolver matured in December 2021.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\"><sup>(6<\/sup><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\"><sup>)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">The outstanding balance of the 2019 Term Facility is hedged by an interest rate swap with a fixed interest rate of 1.86% per annum maturing in April 2022.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\"><sup>(7<\/sup><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\"><sup>)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">Excludes $225 million of Park\u2019s share of debt of its unconsolidated joint ventures.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"gnw_align_left hugin\" \/><\/tr>\n<\/table>\n<p><strong><u>Dividends<\/u><\/strong><\/p>\n<p align=\"start\">In light of the COVID-19 pandemic, Park suspended dividend payments following the payment of its first quarter 2020 dividend. However, Park is currently evaluating the reinstatement of a quarterly cash dividend of $0.01 per share, subject to approval by its Board of Directors.<\/p>\n<p align=\"start\"><strong><u>Full-Year 2022 Outlook<\/u><\/strong><\/p>\n<p align=\"start\">Given the continued economic uncertainty, travel restrictions and rapidly changing circumstances related to the COVID-19 pandemic, Park is not providing an outlook for full-year 2022 at this time.<\/p>\n<p align=\"start\">The Company\u2019s ability to predict future operating results remains significantly impacted by the current COVID-19 pandemic. Park expects that the trends affecting the economy will continue to depress hotel operating results across the portfolio. While recent trends have shown signs of improvement, the economic environment continues to lack sufficient clarity at this time to provide accurate guidance.<\/p>\n<p align=\"start\"><strong><u>Supplemental Disclosures<\/u><\/strong><\/p>\n<p align=\"start\">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\u2019s portfolio, capital structure or future expectations.<\/p>\n<p align=\"start\"><strong><u>Environmental, Social and Governance<\/u><\/strong><\/p>\n<p align=\"start\">In November 2021, Park published its 2021 Annual Corporate Responsibility Report (&#8220;CR Report&#8221;), which includes Global Reporting Initiative and Sustainability Accounting Standards Board indices as well as its first Task Force on Climate-Related Financial Disclosures report. The 2021 CR Report details Park&#8217;s energy, carbon, water and waste metrics in 2020 and also highlights the Company\u2019s enhanced sustainability and corporate responsibility efforts throughout the pandemic, including the efforts related to Park\u2019s Diversity and Inclusion Steering Committee. Park also participated in the 2021 Global Real Estate Sustainability Benchmark (&#8220;GRESB&#8221;) assessment for the second consecutive year, improving its score and ranking in the top 35% of all GRESB participant companies. Additionally, Park was recognized by <em>Newsweek <\/em>as one of America&#8217;s Most Responsible Companies for the third consecutive year in 2022, ranking in the top third of all selected companies.<\/p>\n<p align=\"start\"><strong><u>Conference Call<\/u><\/strong><\/p>\n<p align=\"start\">Park will host a conference call for investors and other interested parties to discuss fourth quarter and full year 2021 results on February 18, 2022 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 &amp; Resorts\u2019 Fourth Quarter and Full Year 2021 Earnings Conference Call. Participants are encouraged to dial into the call or link to the webcast at least ten minutes prior to the scheduled start time.<\/p>\n<p align=\"start\">A replay of the webcast will be available within 24 hours after the live event on the Investors section of Park\u2019s website.<\/p>\n<p align=\"start\"><strong><u>Forward-Looking Statements<\/u><\/strong><\/p>\n<p align=\"start\">This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park\u2019s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including the expected dates for reopening the Company\u2019s hotels and dates that its hotels will break even or achieve positive Hotel Adjusted EBITDA, the impact to the Company&#8217;s business and financial condition and that of its hotel management companies, measures being taken in response to COVID-19, the effects of competition and the effects of future legislation or regulations, the expected completion of anticipated dispositions, the declaration and payment of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words \u201coutlook,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201cpotential,\u201d \u201ccontinues,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cseeks,\u201d \u201cprojects,\u201d \u201cpredicts,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cestimates,\u201d \u201canticipates,\u201d \u201chopes\u201d or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company\u2019s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors continues to be the adverse effect of COVID-19, including resurgences, on the Company\u2019s financial condition, results of operations, cash flows and performance, its hotel management companies and its hotels\u2019 tenants, and the global economy and financial markets. COVID-19 has significantly affected the Company\u2019s business, and the extent to which COVID-19 continues to affect the Company, its hotel managers, tenants and guests at the Company\u2019s hotels will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its effect, the emergence of virus variants, the efficacy, availability and deployment of vaccinations and other treatments to combat COVID-19, including public adoption rates of COVID-19 vaccines, additional closures that may be mandated or advisable even after the reopening of the Company\u2019s hotels, whether due to an increased number of COVID-19 cases or otherwise, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, investors are cautioned to interpret many of the risks identified in the risk factors included in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2020 as being heightened as a result of the ongoing and numerous adverse effects of COVID-19.<\/p>\n<p align=\"start\">Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: \u201cRisk Factors\u201d in Park\u2019s Annual Report on Form 10-K for the year ended December 31, 2020, as such factors may be updated from time to time in Park\u2019s filings with the SEC, which are accessible on the SEC\u2019s 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.<\/p>\n<p align=\"start\"><strong><u>Non-GAAP Financial Measures<\/u><\/strong><\/p>\n<p align=\"start\">Park presents certain non-GAAP financial measures in this press release, including Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin and Net debt. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of its operating performance. Please see the schedules included in this press release including the \u201cDefinitions\u201d section for additional information and reconciliations of such non-GAAP financial measures.<\/p>\n<p align=\"start\"><strong><u>About Park<\/u><\/strong><\/p>\n<p align=\"start\">Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park\u2019s portfolio currently consists of 54 premium-branded hotels and resorts with approximately 32,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.  <\/p>\n<p align=\"center\"><strong>PARK HOTELS &amp; RESORTS INC.<\/strong> <br \/> <strong>CONSOLIDATED BALANCE SHEETS<\/strong> <br \/> <strong>(in millions, except share and per share data)<\/strong><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>December31,<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>ASSETS<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\" style=\"max-width:67%;width:67%;min-width:67%\">Property and equipment, net<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:13%;width:13%;min-width:13%\">8,511<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:13%;width:13%;min-width:13%\">9,193<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Investments in affiliates<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">15<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">14<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Intangibles, net<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">44<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">45<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Cash and cash equivalents<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">688<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">951<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Restricted cash<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">75<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">30<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Accounts receivable, net of allowance for doubtful accounts of $2 and $3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">96<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">26<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Prepaid expenses<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">35<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">39<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Other assets<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">69<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">60<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Operating lease right-of-use assets<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">210<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">229<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>TOTAL ASSETS (variable interest entities &#8211; $237 and $229)<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">9,743<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">10,587<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>LIABILITIES AND EQUITY<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\"><strong>Liabilities<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Debt<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">4,672<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">5,121<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Accounts payable and accrued expenses<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">156<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">147<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Due to hotel managers<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">111<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">88<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Deferred income tax liabilities<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">10<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Other liabilities<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">165<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">134<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Operating lease liabilities<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">227<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">244<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Total liabilities (variable interest entities &#8211; $219 and $213)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">5,340<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">5,744<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\"><strong>Stockholders&#8217; Equity<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\" style=\"max-width:67%;width:67%;min-width:67%\">Common stock, par value $0.01 per share, 6,000,000,000 shares <br \/> authorized, 236,888,804 shares issued and 236,483,990 shares outstanding as of <br \/> December 31, 2021 and 236,217,344 shares issued and 235,915,749 <br \/> shares outstanding as of December 31, 2020<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:13%;width:13%;min-width:13%\">2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:13%;width:13%;min-width:13%\">2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Additional paid-in capital<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">4,533<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">4,519<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">(Accumulated deficit) retained earnings<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(83<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">376<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Accumulated other comprehensive loss<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(4<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Total stockholders&#8217; equity<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">4,452<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">4,893<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Noncontrolling interests<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(49<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(50<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Total equity<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">4,403<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">4,843<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>TOTAL LIABILITIES AND EQUITY<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">9,743<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">10,587<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong>PARK HOTELS &amp; RESORTS INC.<\/strong> <br \/> <strong>CONSOLIDATED STATEMENTS OF OPERATIONS<\/strong> <br \/> <strong>(in millions, except per share data)<\/strong><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>ThreeMonthsEndedDecember31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>YearEndedDecember31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Revenues<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\" style=\"max-width:44%;width:44%;min-width:44%\">Rooms<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">283<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">73<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">870<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">526<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Food and beverage<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">99<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">15<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">251<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">189<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Ancillary hotel<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">53<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">21<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">190<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">108<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Other<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">16<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">51<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">29<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Total revenues<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">451<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">113<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">1,362<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">852<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Operating expenses<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Rooms<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">84<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">31<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">254<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">193<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Food and beverage<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">82<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">18<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">208<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">173<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Other departmental and support<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">125<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">63<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">423<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">359<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Other property-level<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">40<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">58<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">191<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">258<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Management fees<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">19<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">59<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">30<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Impairment and casualty loss, net<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">696<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Depreciation and amortization<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">68<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">73<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">281<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">298<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Corporate general and administrative<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">14<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">21<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">62<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">63<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Acquisition costs<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">10<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Other<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">15<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">49<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">36<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Total expenses<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">449<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">272<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">1,536<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">2,116<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">(Loss) gain on sales of assets, net<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">62<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Operating income (loss)<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(159<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(179<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1,202<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Interest income<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Interest expense<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(63<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(64<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(258<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(213<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Equity in losses from investments in affiliates<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(22<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Other loss, net<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(15<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Loss before income taxes<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(61<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(238<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(450<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1,450<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Income tax (expense) benefit<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">20<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Net loss<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(65<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(218<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(452<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(1,444<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Net (income) loss attributable to noncontrolling interests<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Net loss attributable to stockholders<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(67<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(217<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(459<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(1,440<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Loss per share:<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\" style=\"max-width:44%;width:44%;min-width:44%\">Loss per share \u2013 Basic<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">(0.28<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">(0.92<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">(1.95<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">(6.11<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Loss per share \u2013 Diluted<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(0.28<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(0.92<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1.95<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(6.11<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Weighted average shares outstanding \u2013 Basic<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">236<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">235<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">236<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">236<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Weighted average shares outstanding \u2013 Diluted<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">236<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">235<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">236<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">236<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong>PARK HOTELS &amp; RESORTS INC.<\/strong> <br \/> <strong>NON-GAAP FINANCIAL MEASURES RECONCILIATIONS<\/strong> <br \/> <strong>EBITDA AND ADJUSTED EBITDA<\/strong><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><em>(unaudited, in millions)<\/em><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>ThreeMonthsEnded December31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>YearEndedDecember31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:44%;width:44%;min-width:44%\"><strong>Net loss<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">(65<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">(218<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">(452<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">(1,444<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Depreciation and amortization expense<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">68<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">73<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">281<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">298<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Interest income<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Interest expense<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">63<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">64<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">258<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">213<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Income tax expense (benefit)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(20<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Interest expense, income tax and depreciation and <br \/> amortization included in equity in earnings from <br \/> investments in affiliates<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">11<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">16<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>EBITDA<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">72<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(96<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">99<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(925<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Loss (gain) on sales of assets, net<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(62<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Gain on sale of investments in affiliates<sup>(1)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Acquisition costs<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">10<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Severance expense<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">33<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Share-based compensation expense<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">10<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">19<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">20<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Impairment and casualty loss, net<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">696<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Other items<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">14<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">10<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">35<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Adjusted EBITDA<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">81<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(65<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">142<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(194<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\" style=\"max-width:2%;width:2%;min-width:2%\"><sup>(1<\/sup><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" style=\"max-width:2%;width:2%;min-width:2%\"><sup>)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" style=\"max-width:96%;width:96%;min-width:96%\">Included in <em>other (loss) gain, net<\/em> in the consolidated statements of operations.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\"><sup>(2<\/sup><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\"><sup>)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">For the year ended December 31, 2020, includes a $12 million reserve related to ongoing claims in connection with Park\u2019s obligation to indemnify Hilton under the spin-off agreements.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"gnw_align_left hugin\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong>PARK HOTELS &amp; RESORTS INC.<\/strong> <br \/> <strong>NON-GAAP FINANCIAL MEASURES RECONCILIATIONS<\/strong> <br \/> <strong>PRO-FORMA HOTEL ADJUSTED EBITDA AND<\/strong> <br \/> <strong> PRO-FORMA HOTEL ADJUSTED EBITDA MARGIN<\/strong><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><em>(unaudited, dollars in millions)<\/em><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>Three Months Ended<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>YearEnded<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>December31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>December31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:44%;width:44%;min-width:44%\"><strong>Adjusted EBITDA<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">81<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">(65<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">142<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">(194<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Less: Adjusted EBITDA from investments in affiliates<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Add: All other<sup>(1)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">10<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">42<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">44<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Hotel Adjusted EBITDA<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">87<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(54<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">177<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(147<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Less: Adjusted EBITDA from hotels disposed of<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Pro-forma Hotel Adjusted EBITDA<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">85<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(51<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">179<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(144<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>Three Months Ended<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>YearEnded<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>December31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>December31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Total Revenues<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">451<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">113<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">1,362<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">852<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Less: Other revenue<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(16<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(51<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(29<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Less: Revenues from hotels disposed of<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(17<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(35<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Pro-forma Hotel Revenues<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">435<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">106<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">1,294<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">788<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"10\"><strong>Three Months Ended<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"10\"><strong>YearEnded<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"10\"><strong>December31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"10\"><strong>December31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>Change<\/strong><sup><strong>(2)<\/strong><\/sup><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>Change<\/strong><sup><strong>(2)<\/strong><\/sup><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:34%;width:34%;min-width:34%\">Pro-forma Hotel Revenues<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">435<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">106<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">309.9<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">1,294<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">788<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:8%;width:8%;min-width:8%\">64.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Pro-forma Hotel Adjusted EBITDA<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">85<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(51<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(3)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">179<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(144<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(3)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Pro-forma Hotel Adjusted EBITDA <br \/> margin<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">19.7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(48.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(3)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">13.8<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(18.2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)%<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">NM<sup>(3)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">__________________________________<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" colspan=\"25\"><sup>(1)<\/sup>Includes<em> other revenues <\/em>and<em> other expenses<\/em>, non-income taxes on TRS leases included in <em>other property-level expenses<\/em> and <br \/> <em>  corporate general and administrative expenses<\/em> in the consolidated statements of operations.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" colspan=\"24\"><sup>(2) <\/sup> Percentages are calculated based on unrounded numbers.<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" colspan=\"16\"><sup>(3) <\/sup> Percentage change is not meaningful.<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"16\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong>PARK HOTELS &amp; RESORTS INC.<\/strong> <br \/> <strong>NON-GAAP FINANCIAL MEASURES RECONCILIATIONS<\/strong> <br \/> <strong>NAREIT FFO AND ADJUSTED FFO<\/strong><\/p>\n<p align=\"start\"><em> (unaudited, in millions, except per share data)<\/em><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>ThreeMonthsEnded December31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>YearEndedDecember31,<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:44%;width:44%;min-width:44%\"><strong>Net loss attributable to stockholders<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">(67<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">(217<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">(459<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">(1,440<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Depreciation and amortization expense<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">68<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">73<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">281<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">298<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Depreciation and amortization expense <br \/> attributable to noncontrolling interests<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Loss (gain) on sales of assets, net<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(62<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Gain on sale of investments in affiliates<sup>(1)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Impairment loss<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">5<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">697<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Equity investment adjustments:<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Equity in losses from investments in affiliates<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">22<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Pro rata FFO of investments in affiliates<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(3<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(10<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Nareit FFO attributable to stockholders<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(142<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(163<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">(500<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Casualty loss (gain), net<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Severance expense<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">7<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">33<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Acquisition costs<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">10<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Share-based compensation expense<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">10<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">19<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">20<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Other items<sup>(2)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">2<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">49<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Adjusted FFO attributable to stockholders<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">10<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(125<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(136<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(389<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Nareit FFO per share \u2013 Diluted<\/strong><sup>(3)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\">0.01<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\">(0.60<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\">(0.69<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_bottom\">(2.12<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Adjusted FFO per share \u2013 Diluted<\/strong><sup>(3)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">0.05<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(0.53<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(0.57<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(1.65<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Weighted average shares outstanding \u2013 Diluted<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">236<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">235<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">236<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">236<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\" style=\"max-width:2%;width:2%;min-width:2%\"><sup>(1<\/sup><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" style=\"max-width:2%;width:2%;min-width:2%\"><sup>)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\" style=\"max-width:96%;width:96%;min-width:96%\">Included in <em>other (loss) gain, net<\/em> in the consolidated statements of operations.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\"><sup>(2<\/sup><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\"><sup>)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">For the year ended December 31, 2020, includes $37 million of tax expense associated with hotels sold during 2020.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\"><sup>(3<\/sup><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\"><sup>)<\/sup><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_top\">Per share amounts are calculated based on unrounded numbers.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"gnw_align_left hugin\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong>PARK HOTELS &amp; RESORTS INC.<\/strong> <br \/> <strong>NON-GAAP FINANCIAL MEASURES RECONCILIATIONS<\/strong> <br \/> <strong>NET DEBT<\/strong><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><em>(unaudited, in millions)<\/em><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>December31, 2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:80%;width:80%;min-width:80%\">Debt<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:17%;width:17%;min-width:17%\">4,672<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Add: unamortized deferred financing costs and discount<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">38<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Less: unamortized premium<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(4<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Debt, excluding unamortized deferred financing cost, <br \/> premiums and discounts<\/td>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\">4,706<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Add: Park&#8217;s share of unconsolidated affiliates debt, <br \/> excluding unamortized deferred financing costs<\/td>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">225<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Less: cash and cash equivalents<\/td>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(688<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">Less: restricted cash<\/td>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">(75<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>Net debt<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">4,168<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong>PARK HOTELS &amp; RESORTS INC.<\/strong> <br \/> <strong>DEFINITIONS<\/strong><\/p>\n<p align=\"start\"><u>Pro-forma <\/u><\/p>\n<p align=\"start\">The Company presents certain data for its consolidated hotels on a pro-forma hotel basis as supplemental information for investors: Pro-forma Hotel Revenues, Pro-forma RevPAR, Pro-forma Total RevPAR, Pro-forma Occupancy, Pro-forma ADR, Pro-forma Hotel Adjusted EBITDA and Pro-forma Hotel Adjusted EBITDA Margin. The Company presents pro-forma hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company\u2019s pro-forma metrics exclude results from property dispositions that have occurred through February 17, 2022 and include results from property acquisitions as though such acquisitions occurred on the earliest period presented.<\/p>\n<p align=\"start\"><u>EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin<\/u><\/p>\n<p align=\"start\">Earnings (loss) before interest expense, taxes and depreciation and amortization (\u201cEBITDA\u201d), presented herein, reflects net income (loss) excluding depreciation and amortization, interest income, interest expense, income taxes and interest expense, income tax and depreciation and amortization included in equity in earnings (losses) from investments in affiliates.<\/p>\n<p align=\"start\">Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude:<\/p>\n<ul type=\"disc\">\n<li>Gains or losses on sales of assets for both consolidated and unconsolidated investments;<\/li>\n<li>Costs associated with hotel acquisitions or dispositions expensed during the period;<\/li>\n<li>Severance expense;<\/li>\n<li>Share-based compensation expense;<\/li>\n<li>Impairment losses and casualty gains or losses; and<\/li>\n<li>Other items that management believes are not representative of the Company\u2019s current or future operating performance.<\/li>\n<\/ul>\n<p align=\"start\">Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company\u2019s consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company\u2019s profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company\u2019s consolidated hotels.<\/p>\n<p align=\"start\">Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.<\/p>\n<p align=\"start\">EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (\u201cU.S.\u201d) 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\u2019s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies.<\/p>\n<p align=\"start\">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\u2019s 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.<\/p>\n<p align=\"start\">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\u2019s 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.<\/p>\n<p align=\"start\"><u>Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders Nareit FFO per share &#8211; diluted and Adjusted FFO per share &#8211; diluted<\/u><\/p>\n<p align=\"start\">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\u2019s performance. The Company calculates funds from (used in) operations (\u201cFFO\u201d) attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (\u201cNareit\u201d), 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\u2019s pro rata share of the FFO of those entities on the same basis. As noted by Nareit in its December 2018 \u201cNareit Funds from Operations White Paper \u2013 2018 Restatement,\u201d 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\u2019s 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.<\/p>\n<p align=\"start\">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\u2019s 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\u2019s 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:<\/p>\n<ul type=\"disc\">\n<li>Costs associated with hotel acquisitions or dispositions expensed during the period;<\/li>\n<li>Severance expense;<\/li>\n<li>Share-based compensation expense;<\/li>\n<li>Other items that management believes are not representative of the Company\u2019s current or future operating performance.<\/li>\n<\/ul>\n<p align=\"start\"><u>Net Debt<\/u><\/p>\n<p align=\"start\">Net debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net debt is calculated as (i) long-term debt, including current maturities and excluding unamortized deferred financing costs; and (ii) the Company\u2019s 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.<\/p>\n<p align=\"start\">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.<\/p>\n<p align=\"start\"><u>Occupancy<\/u><\/p>\n<p align=\"start\">Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. Room nights available to guests have not been adjusted for suspended or reduced operations at certain of Park\u2019s hotels as a result of COVID-19. Occupancy measures the utilization of the Company\u2019s hotels\u2019 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 (\u201cADR\u201d) levels as demand for rooms increases or decreases.<\/p>\n<p align=\"start\"><u>Average Daily Rate<\/u><\/p>\n<p align=\"start\">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.<\/p>\n<p align=\"start\"><u>Revenue per Available Room<\/u><\/p>\n<p align=\"start\">Revenue per Available Room (\u201cRevPAR\u201d) represents rooms revenue divided by the total number ofroom nights available to guests for a given period.Room nights available to guests have not been adjusted for suspended or reduced operations at certain of Park\u2019s hotels as a result of COVID-19. Management considers RevPAR to be a meaningful indicator of the Company\u2019s 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.<\/p>\n<p align=\"start\"><u>Total RevPAR<\/u><\/p>\n<p align=\"start\">Total RevPAR represents rooms, food and beverage and other hotel revenues divided by the total number ofroom nights available to guests for a given period.Room nights available to guests have not been adjusted for suspended or reduced operations at certain of Park\u2019s hotels as a result of COVID-19. Management considers Total RevPAR to be a meaningful indicator of the Company\u2019s 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.<\/p>\n<p align=\"start\"><strong>Investor Contact<\/strong><br \/>Ian Weissman<br \/>+ 1 571 302 5591<\/p>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/NmYyZWNhMTctMDBkZi00YmI2LWIwOWYtNmY3ZGQyZGM5ZjgyLTEyMDA0NzA=\/tiny\/Park-Intermediate-Holdings-LLC.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p>TYSONS, Va., Feb. 17, 2022 (GLOBE NEWSWIRE) &#8212; Park Hotels &amp; Resorts Inc. (\u201cPark\u201d or the \u201cCompany\u201d) (NYSE: PK) today announced results for the fourth quarter and full year ended December31, 2021 and provided an operational update on COVID-19.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/5469"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=5469"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/5469\/revisions"}],"predecessor-version":[{"id":5476,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/5469\/revisions\/5476"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=5469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=5469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=5469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}