{"id":6449,"date":"2022-07-03T05:11:38","date_gmt":"2022-07-03T10:11:38","guid":{"rendered":"https:\/\/1reason.com\/re\/park-hotels-resorts-provides-update-on-operating-trends-capital-recycling-activity-and-second-quarter-2022-outlook\/6449\/"},"modified":"2022-07-04T00:11:38","modified_gmt":"2022-07-04T05:11:38","slug":"park-hotels-resorts-provides-update-on-operating-trends-capital-recycling-activity-and-second-quarter-2022-outlook","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/park-hotels-resorts-provides-update-on-operating-trends-capital-recycling-activity-and-second-quarter-2022-outlook\/6449\/","title":{"rendered":"Park Hotels &amp; Resorts Provides Update on Operating Trends, Capital Recycling Activity and Second Quarter 2022 Outlook"},"content":{"rendered":"<div>  <\/p>\n<p><strong><u>Recent Highlights<\/u><\/strong><\/p>\n<ul type=\"disc\">\n<li>Pro-forma Occupancy for May 2022 for Park\u2019s 46 consolidated hotels was 67.9%, with occupancy forecasted to be 76.3% in June 2022;<\/li>\n<li>Updated Q2 2022 outlook based upon improving demand to increase the outlook for RevPAR by $9 at the midpoint to $171, while Adjusted EBITDA guidance increased by 9% (or $15 million) at the midpoint to a new range of $175 million to $195 million from the Q2 2022 outlook Park provided in May 2022;<\/li>\n<li>Repurchased 8.5 million shares of common stock in May 2022 at an average price of $18.33 per share, or $157 million. 12.0 million shares have been repurchased year-to-date at an average price of $18.23 per share, or $218 million;<\/li>\n<li>All of Park\u2019s hotels are now open following the reopening of the 1,024-room Parc 55 San Francisco \u2013 a Hilton Hotel, on May 19, 2022;<\/li>\n<li>Sold the 211- room Hilton Chicago\/Oakbrook Suites in May 2022 for gross proceeds of $10.3 million and under contract to the sell the 128-room Hilton Garden Inn Chicago\/Oakbrook Terrace for $9.4 million;<\/li>\n<li>Entered into a definitive agreement to sell Park\u2019s 25% interest in the joint venture that owns the 1,190-room Hilton San Diego Bayfront for gross proceeds of $157 million, which includes $55 million of Park\u2019s interest in the debt in the joint venture, with net proceeds anticipated to be approximately $102 million;<\/li>\n<li>Entered into a definitive agreement to sell the 195-room Homewood Suites by Hilton Seattle Convention Center for $80 million; and<\/li>\n<li>Year-to-date, Park has sold or is under contract to sell its interests in five non-core hotels for total gross proceeds of approximately $268 million, or 14.0x the hotels\u2019 combined 2019 Adjusted EBITDA (or 13.1x when excluding anticipated capital expenditures), and at an average capitalization rate of 6.7% on the hotels\u2019 2019 net operating income (excluding anticipated maintenance capital expenditures).<\/li>\n<\/ul>\n<p>\u201cI am incredibly pleased to see the continued strengthening of the recovery across our portfolio,\u201d said Thomas J. Baltimore, Jr., Chairman and CEO of Park. \u201cLeisure demand remains robust in our Hawaii, Florida and Puerto Rico markets, while business transient and group demand trends continue to accelerate across our urban portfolio, with the pace of improvement expected to continue over the balance of the year. As a result of the continued improvement, we are raising our Q2 2022 outlook. Additionally, with nearly $270 million of non-core assets sold or under contract at attractive pricing and $218 million in stock buybacks at a nearly 40% discount to the midpoint of our estimated net asset value, we have remained disciplined with our capital allocation priorities and execution of our value creation strategies. Overall, we are incredibly encouraged by the pace of recovery across all demand segments, with Park\u2019s portfolio currently on track to recover to pre-pandemic levels by early 2023.\u201d<\/p>\n<p><strong><u>Operational Highlights<\/u><\/strong><\/p>\n<ul type=\"disc\">\n<li>Pro-forma Occupancy, ADR and RevPAR for May 2022 and comparisons to April 2022, May 2021 and May 2019 for Park\u2019s 46 consolidated hotels were as follows:<\/li>\n<\/ul>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Preliminary<\/strong><br \/><strong> May 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>vs. April 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>vs. May 2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>vs. May 2019<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:40%;width:40%;min-width:40%\">Pro-forma Occupancy<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">67.9%<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">(2.2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">pts<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">27.9<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">pts<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">(16.7<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">pts<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Pro-forma ADR<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">234.32<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(1.6<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">28.0<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">4.1<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Pro-forma RevPAR<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">159.06<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(4.8<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">117.2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(16.5<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<ul type=\"disc\">\n<li>Pro-forma Occupancy, ADR and RevPAR for May 2022 and comparisons to April 2022, May 2021 and May 2019 for Park\u2019s 45 consolidated hotels open during the entirety of May 2022 were as follows:<\/li>\n<\/ul>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Preliminary<\/strong><br \/><strong> May 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>vs. April 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>vs. May 2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>vs. May 2019<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:40%;width:40%;min-width:40%\">Pro-forma Occupancy<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">70.2%<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">(2.6<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">pts<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">28.6<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">pts<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">(14.1<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">pts<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Pro-forma ADR<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">234.33<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(1.6<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">28.0<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">5.0<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Pro-forma RevPAR<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">164.48<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(5.2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">116.2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(12.6<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<ul type=\"disc\">\n<li>Generated Pro-forma Hotel Revenues of $218 million and positive Pro-forma Hotel Adjusted EBITDA of $68 million in April 2022, resulting in Pro-forma Hotel Adjusted EBITDA Margin of 31.1% (compared to $201 million, $59 million and 29.3%, respectively, for March 2022), with 42 of 45 consolidated hotels that were open during April 2022 generating positive Pro-forma Hotel Adjusted EBITDA;<\/li>\n<li>Momentum for group booking activity continued to gain with the addition of approximately 100,000 room nights in April for the remainder of 2022 and 2023 with group booking pace for the remainder of 2022 at 68% of what 2019 group bookings were as of April 2019, an improvement of over 260 bps from March 2022, with average group rate in line with 2019 levels for the same time period; while group bookings for 2023 are 72% of what 2019 group bookings were as of April 2018, with average group rate exceeding 2019 group levels by 2.2% for the same time period; and<\/li>\n<li>Mid-week occupancies, excluding resort hotels, nearly tripled to an average of 74% in May 2022 compared to January 2022, signaling the continued recovery of business transient demand.<\/li>\n<\/ul>\n<p><strong><u>2022 Outlook<\/u><\/strong><\/p>\n<p>Based on recent trends, which are signaling an accelerated pace of recovery, Park\u2019s outlook for Q2 2022 is updated as follows:<\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"9\"><em> (unaudited, dollars in millions, except per share amounts and RevPAR)<\/em><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Q2 2022 Outlook<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Q2 2022 Outlook<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\"><strong>Change at<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>as of June 6, 2022<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>as of May 2, 2022<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\"><strong>Midpoint<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>Metric<\/strong><\/td>\n<td class=\"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=\"3\"><strong>Low<\/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=\"3\"><strong>High<\/strong><\/td>\n<td class=\"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=\"3\"><strong>Low<\/strong><\/td>\n<td class=\"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=\"3\"><strong>High<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid 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_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid 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_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid 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=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid 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=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:45%;width:45%;min-width:45%\">RevPAR<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:7%;width:7%;min-width:7%\">169<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:7%;width:7%;min-width:7%\">173<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:7%;width:7%;min-width:7%\">160<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:7%;width:7%;min-width:7%\">164<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:7%;width:7%;min-width:7%\">9<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">RevPAR Growth vs. 2019<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">(12<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">)%<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">(10<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">(16<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">(14<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">)%<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">4<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Net income<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">33<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">53<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">16<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">36<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">17<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Net income attributable to stockholders<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">29<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">50<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">13<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">33<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">17<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Earnings per share &#8211; Diluted<sup>(<\/sup><sup>1)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">0.13<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">0.22<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">0.05<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">0.14<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.08<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Adjusted EBITDA<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">175<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">195<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">160<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">180<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">15<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Hotel Adjusted EBITDA margin<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">28.4<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">%<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">29.4<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">%<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">NR<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_middle\"><sup>(1)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">NR<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_middle\"><sup>(1)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">NR<\/td>\n<td class=\"hugin gnw_vertical_align_middle\"><sup>(1)<\/sup><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Hotel Adjusted EBITDA margin change vs. 2019<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">(280<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">)bps<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">(180<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">)bps<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">(390<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">)bps<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">(240<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">)bps<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">85<\/td>\n<td class=\"hugin gnw_vertical_align_middle\">bps<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Adjusted FFO per share \u2013 Diluted<sup>(<\/sup><sup>2)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">0.47<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">0.56<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">0.40<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">0.49<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.07<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><sup>(1)<\/sup><\/p>\n<p><sup>(<\/sup><sup>2<\/sup><sup>)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_top\">Not reported.<\/p>\n<p>Per share amounts are calculated based on unrounded numbers.<\/td>\n<\/tr>\n<\/table>\n<p>Q2 2022 outlook is based in part on the following assumptions:<\/p>\n<ul type=\"disc\">\n<li>Fully diluted weighted average shares are expected to be 228 million; and<\/li>\n<li>Does not take into account potential future acquisitions and dispositions, including those currently under contract, which could result in a material change to Park\u2019s outlook.<\/li>\n<\/ul>\n<p>Park&#8217;s Q2 2022 outlook is based on many factors, many of which are outside the Company&#8217;s control, including uncertainty surrounding any new disruptions from the COVID-19 pandemic, and all of which are subject to change. The Company continues to be unable to provide a full-year outlook for 2022 given the continued economic uncertainty as the global economy continues to recover from the COVID-19 pandemic and the impact from other macroeconomic factors; however, if the positive demand trends continue over the next few months, the Company anticipates being able to provide a full-year 2022 outlook in its second quarter earnings release.<\/p>\n<p><strong><u>Forward-Looking Statements<\/u><\/strong><\/p>\n<p>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 expected 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 impact from macroeconomic factors (including inflation and geopolitical conflicts), the effects of competition and the effects of future legislation or regulations, the expected completion of anticipated dispositions, the declaration and payment of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words \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 actions taken to contain the pandemic or mitigate its effects, the emergences of virus variants and 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. 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, 2021 as being heightened as a result of the ongoing and numerous adverse effects of COVID-19.<\/p>\n<p>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, 2021, 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><strong><strong><u>About Park Hotels &amp; Resorts<\/u><\/strong><\/strong><br \/>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 52 premium-branded hotels and resorts with approximately 32,000 rooms primarily located in prime city center and resort locations. Visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=o4Kfaz5u0YN_W89_MaUy42_-H3XT1b9bV-LN3vQmFquCdHgdvbOJ-rwwvYQY82TCcH0N8IEz03CM36ioc-RBWo3oCBX1s2pNROIYwqoV35UbnyX4oxkojoXcExFd9g_a\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.pkhotelsandresorts.com\">www.pkhotelsandresorts.com<\/a> for more information.<\/p>\n<p align=\"center\"><strong><br \/><\/strong><\/p>\n<p align=\"center\"><strong>PARK HOTELS &amp; RESORTS INC.<\/strong><br \/><strong>NON-GAAP FINANCIAL MEASURES RECONCILIATIONS<\/strong><br \/><strong>HOTEL EBITDA, HOTEL ADJUSTED EBITDA AND<\/strong><br \/><strong>PRO-FORMA HOTEL ADJUSTED EBITDA MARGIN<\/strong><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><em>(unaudited, in millions)<\/em><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_top\" \/>\n<td class=\"hugin gnw_vertical_align_top\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>Month Ended<\/strong><br \/><strong>March 31, 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>Month Ended<\/strong><br \/><strong>April 30, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" style=\"max-width:69%;width:69%;min-width:69%\"><strong>Hotel net income<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:13%;width:13%;min-width:13%\">   25<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:13%;width:13%;min-width:13%\">   37<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_top\">Depreciation and amortization expense<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\">23<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\">22<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_top\">Interest expense<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\">9<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\">9<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Hotel EBITDA<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\">57<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\">68<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_top\">Other<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\">2<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\">\u2014<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Hotel Adjusted EBITDA and Pro-forma Hotel Adjusted EBITDA<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\">59<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\">68<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_top\" \/>\n<td class=\"hugin gnw_vertical_align_top\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Month Ended<\/strong><br \/><strong>March 31, 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Month Ended<\/strong><br \/><strong>April 30, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" style=\"max-width:69%;width:69%;min-width:69%\"><strong>Total Revenues<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:12%;width:12%;min-width:12%\">208<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:12%;width:12%;min-width:12%\">225<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_top\">Less: Other revenue<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">(6<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">(6<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_top\">Less: Revenue from hotels disposed of<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">(1<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">(1<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Pro-forma Hotel Revenues<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">201<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">218<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_top\" \/>\n<td class=\"hugin gnw_vertical_align_top\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Month Ended<\/strong><br \/><strong>March 31, 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Month Ended<\/strong><br \/><strong>April 30, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" style=\"max-width:69%;width:69%;min-width:69%\">Pro-forma Hotel Revenues<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:12%;width:12%;min-width:12%\">201<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:12%;width:12%;min-width:12%\">218<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Pro-forma Hotel Adjusted EBITDA<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">59<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">68<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Pro-forma Hotel Adjusted EBITDA margin<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">29.3<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">%<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">31.1<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\">%<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\"><strong><br \/><\/strong><\/p>\n<p align=\"center\"><strong>PARK HOTELS &amp; RESORTS INC.<\/strong><br \/><strong>NON-GAAP FINANCIAL MEASURES RECONCILIATIONS<\/strong><br \/><strong>Q2 2022 OUTLOOK \u2013 EBITDA, ADJUSTED EBITDA AND HOTEL ADJUSTED EBITDA <\/strong><br \/><strong>AND 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=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><em>(unaudited, in millions)<\/em><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>June 30, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"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=\"3\"><strong>Low Case<\/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=\"3\"><strong>High Case<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" style=\"max-width:68%;width:68%;min-width:68%\"><strong>Net income<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">33<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">53<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none 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_top\">Depreciation and amortization expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">68<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">68<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_top\">Interest expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">62<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">62<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_top\">Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">3<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">3<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>EBITDA<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">166<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">186<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_top\">Share-based compensation expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">4<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">4<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_top\">Other items<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">5<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">5<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Adjusted EBITDA<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">175<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">195<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_top\">Less: Adjusted EBITDA from investments in affiliates<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(10<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(10<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_top\">Add: All other<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">13<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">13<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Hotel Adjusted EBITDA<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">178<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">198<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>Three Months Ended<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"6\"><strong>June 30, 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Low Case<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>High Case<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" style=\"max-width:67%;width:67%;min-width:67%\"><strong>Total Revenues<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">642<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">690<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_top\">Less: Other revenue<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(17<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(17<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Hotel Revenues<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">625<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">673<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>June 30, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_center gnw_label_i30 hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Low Case<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>High Case<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" style=\"max-width:68%;width:68%;min-width:68%\">Hotel Revenues<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">625<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">673<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Hotel Adjusted EBITDA<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">178<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">198<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Hotel Adjusted EBITDA margin<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">28.4<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">29.4<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\"><strong><br \/><\/strong><\/p>\n<p align=\"center\"><strong>PARK HOTELS &amp; RESORTS INC.<\/strong><br \/><strong>NON-GAAP FINANCIAL MEASURES RECONCILIATIONS<\/strong><br \/><strong>Q2 2022 OUTLOOK \u2013NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND<\/strong><br \/><strong>ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS<\/strong><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><em>(unaudited, in millions except per share data)<\/em><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>June 30, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"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=\"3\"><strong>Low Case<\/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=\"3\"><strong>High Case<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" style=\"max-width:68%;width:68%;min-width:68%\"><strong>Net income attributable to stockholders<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">29<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">50<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none 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_top\">Depreciation and amortization expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">68<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">68<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_top\">Depreciation and amortization expense attributable to noncontrolling interests<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(1<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(1<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_top\">Equity investment adjustments:<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_top\">Equity in earnings from investments in affiliates<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(4<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(4<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_top\">Pro rata FFO of equity investments<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">6<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">6<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Nareit FFO attributable to stockholders<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">98<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">119<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_top\">Share-based compensation expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">4<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">4<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_top\">Other items<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">5<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">5<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Adjusted FFO attributable to stockholders<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">107<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">128<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Adjusted FFO per share &#8211; Diluted<\/strong><sup><strong>(<\/strong><\/sup><sup><strong>1)<\/strong><\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_double gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.47<\/td>\n<td class=\"gnw_border_top_double gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_double gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.56<\/td>\n<td class=\"gnw_border_top_double gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Weighted average diluted shares outstanding<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_border_bottom_double hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">228.0<\/td>\n<td class=\"gnw_border_top_double gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_border_bottom_double hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">228.0<\/td>\n<td class=\"gnw_border_top_double gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><sup>(1)<\/sup><\/td>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_top\">Per share amounts are calculated based on unrounded numbers.<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\"><strong><br \/><\/strong><\/p>\n<p align=\"center\"><strong>PARK HOTELS &amp; RESORTS INC.<\/strong><br \/><strong>DEFINITIONS<\/strong><\/p>\n<p><u>EBITDA and Hotel Adjusted EBITDA<\/u><\/p>\n<p>Hotel earnings before interest expense, taxes and depreciation and amortization (\u201cHotel EBITDA\u201d), presented herein, reflects net income excluding depreciation and amortization, interest income, interest expense and income taxes of the Company\u2019s consolidated hotels. Hotel Adjusted EBITDA is Hotel EBITDA further adjusted to exclude items that management believes are not representative of the Company\u2019s consolidated hotels current or future operating performance and is a key measure of the Company\u2019s consolidated hotels 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>Hotel EBITDA and Hotel Adjusted EBITDA are not recognized terms under United States (\u201cU.S.\u201d) GAAP and should not be considered as an alternative to net income or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, the Company\u2019s definition of Hotel EBITDA and Hotel Adjusted EBITDA may not be comparable to similarly titled measures of other companies.<\/p>\n<p>The Company believes that Hotel EBITDA and Hotel Adjusted EBITDA provides useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) Hotel EBITDA and Hotel Adjusted EBITDA 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\u037e and (ii) Hotel EBITDA and Hotel Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties as common performance measures to compare results or estimate valuations across companies in the industry.<\/p>\n<p>Hotel EBITDA and Hotel Adjusted EBITDA 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.<\/p>\n<p><u>Occupancy<\/u><\/p>\n<p>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><u>Average Daily Rate<\/u><\/p>\n<p>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><u>Revenue per Available Room<\/u><\/p>\n<p>Revenue per Available Room (\u201cRevPAR\u201d) represents rooms revenue divided by the total number of room nights available to guests for a given period. Room nights available to guests have not been adjusted for suspended or reduced operations at certain of Park\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><u>Pro-forma <\/u><\/p>\n<p>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 June 5, 2022 and include results from property acquisitions as though such acquisitions occurred on the earliest period presented.<\/p>\n<p><strong>For more information, contact:<\/strong><br \/>Ian Weissman<br \/>Senior Vice President, Corporate Strategy<br \/>571-302-5591<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=-wCgGei7O6w1IbhSSCDQofmTzGDQt-6YPRPABnKyX_SEZfTSZBiQR98Dot3rExr0ET0SDgBsAeX9G5_BPMCo7VeuyMi_TD4GHul1DoPim-KeGEUQ5jUab8hPLjnCVold\" rel=\"nofollow noopener\" target=\"_blank\" title=\"iweissman@pkhotelsandresorts.com\">iweissman@pkhotelsandresorts.com<\/a><\/p>\n<p align=\"center\"><em>For additional information or to receive press releases via e-mail, please visit our website at<\/em><em><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=o4Kfaz5u0YN_W89_MaUy42_-H3XT1b9bV-LN3vQmFquXKFafAjrf9CyWYRHr4R_tO1r3FmgVbVvRysbNq7avhCj-eXFIcFBlQOe6KVK2PphHZY6GB6AjbXHH9bsjB6BI\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.pkhotelsandresorts.com\">www.pkhotelsandresorts.com<\/a><\/em><\/p>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/YzUyNGIzYWEtNWM3Ni00YjY3LThkNDUtYTBmMmE5ZmZkM2MwLTEyMDA0NzA=\/tiny\/Park-Intermediate-Holdings-LLC.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p align=\"left\">TYSONS, Va., June 06, 2022 (GLOBE NEWSWIRE) &#8212; Park Hotels &amp; Resorts Inc. (\u201cPark\u201d or the \u201cCompany\u201d) (NYSE:PK) today provided an operational update and raised its second quarter 2022 (\u201cQ2 2022\u201d) outlook based on improving demand.<\/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\/6449"}],"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=6449"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6449\/revisions"}],"predecessor-version":[{"id":6460,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6449\/revisions\/6460"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=6449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=6449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=6449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}