{"id":8709,"date":"2023-05-23T17:24:49","date_gmt":"2023-05-23T22:24:49","guid":{"rendered":"https:\/\/1reason.com\/re\/park-hotels-resorts-inc-reports-first-quarter-2023-results\/8709\/"},"modified":"2023-05-24T12:24:49","modified_gmt":"2023-05-24T17:24:49","slug":"park-hotels-resorts-inc-reports-first-quarter-2023-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/park-hotels-resorts-inc-reports-first-quarter-2023-results\/8709\/","title":{"rendered":"Park Hotels & Resorts Inc. Reports First Quarter 2023 Results"},"content":{"rendered":"
\n

Selected Statistical and Financial Information<\/u><\/strong><\/p>\n

(unaudited, amounts in millions, except RevPAR, ADR, Total RevPAR and per share data)<\/em><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nThreeMonthsEnded March31,<\/strong><\/td>\n<\/tr>\n
\n\n2023<\/strong><\/td>\n\n\n2022<\/strong><\/td>\n\n\nChange(1)<\/sup><\/strong><\/td>\n<\/tr>\n
Comparable RevPAR<\/td>\n\n$<\/td>\n158.84<\/td>\n\n\n$<\/td>\n116.38<\/td>\n\n\n36.5<\/td>\n%<\/td>\n<\/tr>\n
Comparable Occupancy<\/td>\n\n\n65.0<\/td>\n%<\/td>\n\n\n50.8<\/td>\n%<\/td>\n\n14.2<\/td>\n%pts<\/td>\n<\/tr>\n
Comparable ADR<\/td>\n\n$<\/td>\n244.38<\/td>\n\n\n$<\/td>\n229.23<\/td>\n\n\n6.6<\/td>\n%<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n<\/tr>\n
Comparable Total RevPAR<\/td>\n\n$<\/td>\n260.85<\/td>\n\n\n$<\/td>\n186.11<\/td>\n\n\n40.2<\/td>\n%<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n<\/tr>\n
Net income (loss)<\/td>\n\n$<\/td>\n33<\/td>\n\n\n$<\/td>\n(56<\/td>\n)<\/td>\n\n158.9<\/td>\n%<\/td>\n<\/tr>\n
Net income (loss) attributable to stockholders<\/td>\n\n$<\/td>\n33<\/td>\n\n\n$<\/td>\n(57<\/td>\n)<\/td>\n\n157.9<\/td>\n%<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n<\/tr>\n
Operating income<\/td>\n\n$<\/td>\n80<\/td>\n\n\n$<\/td>\n1<\/td>\n\n\n13,092.0<\/td>\n%<\/td>\n<\/tr>\n
Operating income margin<\/td>\n\n\n12.4<\/td>\n%<\/td>\n\n\n0.1<\/td>\n%<\/td>\n\n1,230 bps<\/td>\n<\/tr>\n
Comparable Hotel Adjusted EBITDA<\/td>\n\n$<\/td>\n151<\/td>\n\n\n$<\/td>\n83<\/td>\n\n\n81.2<\/td>\n%<\/td>\n<\/tr>\n
Comparable Hotel Adjusted EBITDA margin<\/td>\n\n\n24.2<\/td>\n%<\/td>\n\n\n18.7<\/td>\n%<\/td>\n\n550 bps<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n<\/tr>\n
Adjusted EBITDA<\/td>\n\n$<\/td>\n146<\/td>\n\n\n$<\/td>\n82<\/td>\n\n\n78.0<\/td>\n%<\/td>\n<\/tr>\n
Adjusted FFO attributable to stockholders<\/td>\n\n$<\/td>\n92<\/td>\n\n\n$<\/td>\n18<\/td>\n\n\n411.1<\/td>\n%<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n<\/tr>\n
Earnings (loss) per share \u2013 Diluted(1)<\/sup><\/td>\n\n$<\/td>\n0.15<\/td>\n\n\n$<\/td>\n(0.24<\/td>\n)<\/td>\n\n162.5<\/td>\n%<\/td>\n<\/tr>\n
Adjusted FFO per share \u2013 Diluted(1)<\/sup><\/td>\n\n$<\/td>\n0.42<\/td>\n\n\n$<\/td>\n0.08<\/td>\n\n\n425.0<\/td>\n%<\/td>\n<\/tr>\n
Weighted average shares outstanding \u2013 Diluted<\/td>\n\n\n221<\/td>\n\n\n\n235<\/td>\n\n\n(14<\/td>\n)<\/td>\n<\/tr>\n<\/table>\n

______________________<\/p>\n\n\n\n
(1)<\/sup><\/td>\nAmounts are calculated based on unrounded numbers.<\/td>\n<\/tr>\n
\n<\/tr>\n<\/table>\n

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, “I am pleased to report another very strong quarter where we exceeded expectations and continued to execute against our strategic priorities. Results were driven by on-going improvements at our urban hotels and sustained strength in our resort markets, while an acceleration in group trends helped to drive healthy margin gains during the quarter. As we anticipated, the rebound at our urban hotels was very robust, with RevPAR for the first quarter of 2023 increasing 81% compared to the first quarter of 2022, while RevPAR at our resort hotels increased 13% compared to the first quarter of 2022. Hawaii continues to outperform despite the absence of notable Japanese demand with RevPAR up 26% during the first quarter of 2023 over the first quarter of 2022. Group performance was also better than expected and is forecasted to be one of the main drivers of Park\u2019s outsized growth this year, with quarterly group revenues exceeding our forecast by 15%, while 2023 Group Revenue Pace now stands at 82% of 2019. Additionally, we made significant progress during the quarter on the capital allocation front, repurchasing approximately 8.8 million shares of our common stock at a significant discount to Net Asset Value and increasing our recurring quarterly dividend to $0.15 per share. Finally, we remain laser-focused on continuing to reshape and improve our portfolio through value-enhancing ROI projects with more than $300 million of projects currently underway. Despite increased macroeconomic uncertainty, Park remains very well-positioned to execute on our strategic initiatives and create long-term value for shareholders with approximately $1.8 billion of liquidity.”<\/p>\n

Additional Highlights<\/u><\/strong><\/p>\n

    \n
  • Increased Park’s recurring quarterly dividend to $0.15 per share during the first quarter of 2023;<\/li>\n
  • Repurchased a total of 8.8 million shares during the first quarter of 2023 at an average price of $11.84 per share, or approximately $105 million;<\/li>\n
  • In February 2023, sold the 508-room Hilton Miami Airport hotel for gross proceeds of $118.25 million, or $233,000 per key, 14.0x the hotel’s 2019 Adjusted EBITDA (or 11.1x when excluding anticipated capital expenditures), and at a capitalization rate of 6.2% on the hotel’s 2019 net operating income (or 7.9% excluding anticipated capital expenditures). Park utilized $50 million of the net proceeds to fully repay the outstanding balance on the revolving credit facility (“Revolver”);<\/li>\n
  • In March 2023, purchased two parcels of land, including all improvements, adjacent to the Hilton Hawaiian Village Waikiki Beach Resort, for approximately $18 million, which are intended for the development of an additional tower at the Hilton Hawaiian Village Waikiki Beach Resort; and<\/li>\n
  • In March 2023, received the 2023 ENERGY STAR Partner of the Year Award for Energy Management from the U.S. Environmental Protection Agency and the U.S. Department of Energy. Park was the only hotel company to receive this award for 2023.<\/li>\n<\/ul>\n

    Operational Update<\/u><\/strong><\/p>\n

    Changes in Park’s 2023 Comparable ADR, Occupancy and RevPAR compared to the same periods in 2022 and 2019, and 2023 Comparable Occupancy were as follows:<\/p>\n\n\n\n\n\n\n\n\n\n
    \nChange in Comparable ADR<\/strong><\/td>\n\n\nChange in Comparable Occupancy<\/strong><\/td>\n\n\nChange in Comparable RevPAR<\/strong><\/td>\n\n\n\n\n<\/tr>\n
    \n2023 vs. 2022<\/strong><\/td>\n\n\n2023 vs. 2019<\/strong><\/td>\n\n\n2023 vs. 2022<\/strong><\/td>\n\n\n2023 vs. 2019<\/strong><\/td>\n\n\n2023 vs. 2022<\/strong><\/td>\n\n\n2023 vs. 2019<\/strong><\/td>\n\n\n\n2023 Comparable Occupancy<\/strong><\/td>\n<\/tr>\n
    Jan 2023<\/td>\n17.9<\/td>\n%<\/td>\n\n6.1<\/td>\n%<\/td>\n\n20.0<\/td>\n%pts<\/td>\n\n(13.0<\/td>\n)%pts<\/td>\n\n78.5<\/td>\n%<\/td>\n\n(13.1<\/td>\n)%<\/td>\n\n\n58.8<\/td>\n%<\/td>\n<\/tr>\n
    Feb 2023<\/td>\n2.6<\/td>\n\n\n5.7<\/td>\n\n\n13.0<\/td>\n\n\n(13.3<\/td>\n)<\/td>\n\n28.5<\/td>\n\n\n(12.4<\/td>\n)<\/td>\n\n\n64.5<\/td>\n<\/tr>\n
    Mar 2023<\/td>\n3.4<\/td>\n\n\n10.2<\/td>\n\n\n9.6<\/td>\n\n\n(10.6<\/td>\n)<\/td>\n\n19.4<\/td>\n\n\n(4.0<\/td>\n)<\/td>\n\n\n71.7<\/td>\n<\/tr>\n
    Q1 2023<\/td>\n6.6<\/td>\n\n\n7.5<\/td>\n\n\n14.2<\/td>\n\n\n(12.3<\/td>\n)<\/td>\n\n36.5<\/td>\n\n\n(9.6<\/td>\n)<\/td>\n\n\n65.0<\/td>\n<\/tr>\n
    \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
    Preliminary Apr 2023<\/td>\n2.5<\/td>\n\n\n11.3<\/td>\n\n\n4.3<\/td>\n\n\n(10.4<\/td>\n)<\/td>\n\n8.9<\/td>\n\n\n(2.5<\/td>\n)<\/td>\n\n\n74.0<\/td>\n<\/tr>\n<\/table>\n

    Changes in Park’s 2023 Comparable ADR, Occupancy and RevPAR for the three months ended March31,2023 compared to the same periods in 2022 and 2019, and 2023 Comparable Occupancy for the three months ended March31,2023 by hotel type were as follows:<\/p>\n\n\n\n\n\n\n\n\n\n
    \nThreeMonthsEnded March31,<\/strong><\/td>\n<\/tr>\n
    \nChange in Comparable ADR<\/strong><\/td>\n\n\nChange in Comparable Occupancy<\/strong><\/td>\n\n\nChange in Comparable RevPAR<\/strong><\/td>\n\n\n\n2023 Comparable<\/strong><\/td>\n<\/tr>\n
    \n2023 vs. 2022<\/strong><\/td>\n\n\n2023 vs. 2019<\/strong><\/td>\n\n\n2023 vs. 2022<\/strong><\/td>\n\n\n2023 vs. 2019<\/strong><\/td>\n\n\n2023 vs. 2022<\/strong><\/td>\n\n\n2023 vs. 2019<\/strong><\/td>\n\n\n\nOccupancy<\/strong><\/td>\n<\/tr>\n
    Resort<\/td>\n(1.0<\/td>\n)%<\/td>\n\n19.7<\/td>\n%<\/td>\n\n9.9<\/td>\n%pts<\/td>\n\n(0.6<\/td>\n)%pts<\/td>\n\n13.0<\/td>\n%<\/td>\n\n18.8<\/td>\n%<\/td>\n\n\n80.2<\/td>\n%<\/td>\n<\/tr>\n
    Urban<\/td>\n21.0<\/td>\n\n\n(2.0<\/td>\n)<\/td>\n\n18.3<\/td>\n\n\n(20.5<\/td>\n)<\/td>\n\n81.0<\/td>\n\n\n(28.5<\/td>\n)<\/td>\n\n\n55.1<\/td>\n<\/tr>\n
    Airport<\/td>\n16.8<\/td>\n\n\n(2.1<\/td>\n)<\/td>\n\n9.3<\/td>\n\n\n(9.6<\/td>\n)<\/td>\n\n35.2<\/td>\n\n\n(14.1<\/td>\n)<\/td>\n\n\n68.6<\/td>\n<\/tr>\n
    Suburban<\/td>\n22.0<\/td>\n\n\n(3.1<\/td>\n)<\/td>\n\n17.0<\/td>\n\n\n(15.1<\/td>\n)<\/td>\n\n76.4<\/td>\n\n\n(24.0<\/td>\n)<\/td>\n\n\n55.2<\/td>\n<\/tr>\n
    All Types<\/td>\n6.6<\/td>\n\n\n7.5<\/td>\n\n\n14.2<\/td>\n\n\n(12.3<\/td>\n)<\/td>\n\n36.5<\/td>\n\n\n(9.6<\/td>\n)<\/td>\n\n\n65.0<\/td>\n<\/tr>\n<\/table>\n

    For the first quarter of 2023 as compared to the first quarter of 2019, excluding Park’s San Francisco hotels, Comparable Occupancy was 67.7%, or approximately 92% of 2019 levels, with an increase in Comparable rate of 13.4% and an increase in Comparable RevPAR of 1.4%. Additionally, for the first quarter of 2023, Comparable Occupancy at Park’s urban hotels, excluding its San Francisco hotels, was 58.1%, or approximately 87% of 2019 levels, with an increase in Comparable rate of 9.6% and Comparable RevPAR at approximately 90% of 2019 levels.<\/p>\n

    The Comparable Rooms Revenue mix for the three months ended March31,2023, 2022, 2021, 2020 and 2019 were as follows:<\/p>\n\n\n\n\n\n\n\n
    \nThreeMonthsEnded March31,<\/strong><\/td>\n<\/tr>\n
    \n2023<\/strong><\/td>\n\n\n2022<\/strong><\/td>\n\n\n2021<\/strong><\/td>\n\n\n2020<\/strong><\/td>\n\n\n2019<\/strong><\/td>\n<\/tr>\n
    Group<\/td>\n32.7<\/td>\n%<\/td>\n\n25.6<\/td>\n%<\/td>\n\n7.2<\/td>\n%<\/td>\n\n33.7<\/td>\n%<\/td>\n\n35.0<\/td>\n%<\/td>\n<\/tr>\n
    Transient<\/td>\n59.8<\/td>\n\n\n67.6<\/td>\n\n\n80.5<\/td>\n\n\n57.2<\/td>\n\n\n57.6<\/td>\n<\/tr>\n
    Contract<\/td>\n5.2<\/td>\n\n\n4.8<\/td>\n\n\n10.7<\/td>\n\n\n6.7<\/td>\n\n\n5.2<\/td>\n<\/tr>\n
    Other<\/td>\n2.3<\/td>\n\n\n2.0<\/td>\n\n\n1.6<\/td>\n\n\n2.4<\/td>\n\n\n2.2<\/td>\n<\/tr>\n<\/table>\n

    Park continued to see improvements in demand as business travel accelerated and group demand continued to return to its urban hotels. Park continues to see group business increase, and during the first quarter of 2023, group bookings for 2023 increased by $66 million, or approximately 300,000 room nights, as compared to the end of December 2022, of which $14 million was recognized during the first quarter. As of the end of March 2023, group bookings for 2023 were 79% of what 2019 group bookings were as of the end of March 2019, an increase of over 400 basis points from the end of December 2022, with average group rates exceeding 2019 average group rates by over 4% for the same time period. In addition, Group Revenue Pace for 2023, as of the end of March 2023, was 82% as compared to 2019 as of the end of March 2019.<\/p>\n

    Results for Park’s Comparable hotels in each of the Company\u2019s key markets are as follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    (unaudited)<\/em><\/td>\n\n\n\n\nComparable ADR<\/strong><\/td>\n\n\nComparable Occupancy<\/strong><\/td>\n\nComparable RevPAR<\/strong><\/td>\n<\/tr>\n
    \nHotels<\/strong><\/td>\n\nRooms<\/strong><\/td>\n\n1Q23<\/strong><\/td>\n\n1Q22<\/strong><\/td>\n\nChange(1)<\/sup><\/strong><\/td>\n\n\n1Q23<\/strong><\/td>\n\n1Q22<\/strong><\/td>\n\nChange<\/strong><\/td>\n\n1Q23<\/strong><\/td>\n\n1Q22<\/strong><\/td>\n\nChange(1)<\/sup><\/strong><\/td>\n<\/tr>\n
    Hawaii<\/td>\n2<\/td>\n\n3,507<\/td>\n\n$<\/td>\n298.27<\/td>\n\n$<\/td>\n270.20<\/td>\n\n10.4<\/td>\n%<\/td>\n\n88.1<\/td>\n%<\/td>\n77.5<\/td>\n%<\/td>\n10.6<\/td>\n%<\/td>\npts<\/td>\n\n$<\/td>\n262.80<\/td>\n\n$<\/td>\n209.44<\/td>\n\n25.5<\/td>\n%<\/td>\n<\/tr>\n
    San Francisco<\/td>\n4<\/td>\n\n3,605<\/td>\n\n\n294.80<\/td>\n\n\n202.36<\/td>\n\n45.7<\/td>\n\n\n48.0<\/td>\n\n24.7<\/td>\n\n23.3<\/td>\n\n\n\n\n141.54<\/td>\n\n\n50.05<\/td>\n\n182.8<\/td>\n<\/tr>\n
    Orlando<\/td>\n3<\/td>\n\n2,325<\/td>\n\n\n274.48<\/td>\n\n\n279.55<\/td>\n\n(1.8<\/td>\n)<\/td>\n\n72.3<\/td>\n\n58.7<\/td>\n\n13.6<\/td>\n\n\n\n\n198.43<\/td>\n\n\n164.17<\/td>\n\n20.9<\/td>\n<\/tr>\n
    New Orleans<\/td>\n1<\/td>\n\n1,622<\/td>\n\n\n229.38<\/td>\n\n\n204.48<\/td>\n\n12.2<\/td>\n\n\n65.6<\/td>\n\n53.6<\/td>\n\n12.0<\/td>\n\n\n\n\n150.51<\/td>\n\n\n109.58<\/td>\n\n37.3<\/td>\n<\/tr>\n
    Boston<\/td>\n3<\/td>\n\n1,536<\/td>\n\n\n186.11<\/td>\n\n\n161.77<\/td>\n\n15.0<\/td>\n\n\n70.5<\/td>\n\n57.0<\/td>\n\n13.5<\/td>\n\n\n\n\n131.17<\/td>\n\n\n92.16<\/td>\n\n42.3<\/td>\n<\/tr>\n
    New York<\/td>\n1<\/td>\n\n1,878<\/td>\n\n\n247.85<\/td>\n\n\n237.96<\/td>\n\n4.2<\/td>\n\n\n69.0<\/td>\n\n33.8<\/td>\n\n35.2<\/td>\n\n\n\n\n170.94<\/td>\n\n\n80.41<\/td>\n\n112.6<\/td>\n<\/tr>\n
    Southern California<\/td>\n5<\/td>\n\n1,773<\/td>\n\n\n208.91<\/td>\n\n\n206.91<\/td>\n\n1.0<\/td>\n\n\n73.3<\/td>\n\n65.4<\/td>\n\n7.9<\/td>\n\n\n\n\n153.13<\/td>\n\n\n135.34<\/td>\n\n13.1<\/td>\n<\/tr>\n
    Chicago<\/td>\n3<\/td>\n\n2,467<\/td>\n\n\n161.20<\/td>\n\n\n163.50<\/td>\n\n(1.4<\/td>\n)<\/td>\n\n38.9<\/td>\n\n25.6<\/td>\n\n13.3<\/td>\n\n\n\n\n62.66<\/td>\n\n\n41.78<\/td>\n\n50.0<\/td>\n<\/tr>\n
    Key West<\/td>\n2<\/td>\n\n461<\/td>\n\n\n575.05<\/td>\n\n\n752.55<\/td>\n\n(23.6<\/td>\n)<\/td>\n\n79.1<\/td>\n\n83.1<\/td>\n\n(4.0<\/td>\n)<\/td>\n\n\n\n454.92<\/td>\n\n\n625.18<\/td>\n\n(27.2<\/td>\n)<\/td>\n<\/tr>\n
    Denver<\/td>\n1<\/td>\n\n613<\/td>\n\n\n167.16<\/td>\n\n\n140.46<\/td>\n\n19.0<\/td>\n\n\n60.5<\/td>\n\n55.6<\/td>\n\n4.9<\/td>\n\n\n\n\n101.06<\/td>\n\n\n78.01<\/td>\n\n29.5<\/td>\n<\/tr>\n
    Miami<\/td>\n1<\/td>\n\n393<\/td>\n\n\n336.76<\/td>\n\n\n358.06<\/td>\n\n(5.9<\/td>\n)<\/td>\n\n87.7<\/td>\n\n79.1<\/td>\n\n8.6<\/td>\n\n\n\n\n295.51<\/td>\n\n\n283.45<\/td>\n\n4.3<\/td>\n<\/tr>\n
    Washington, D.C.<\/td>\n2<\/td>\n\n1,085<\/td>\n\n\n168.96<\/td>\n\n\n130.98<\/td>\n\n29.0<\/td>\n\n\n64.5<\/td>\n\n46.1<\/td>\n\n18.4<\/td>\n\n\n\n\n109.01<\/td>\n\n\n60.43<\/td>\n\n80.4<\/td>\n<\/tr>\n
    Seattle<\/td>\n2<\/td>\n\n1,246<\/td>\n\n\n146.22<\/td>\n\n\n123.16<\/td>\n\n18.7<\/td>\n\n\n58.2<\/td>\n\n54.2<\/td>\n\n4.0<\/td>\n\n\n\n\n85.03<\/td>\n\n\n66.70<\/td>\n\n27.5<\/td>\n<\/tr>\n
    Other<\/td>\n12<\/td>\n\n4,043<\/td>\n\n\n203.68<\/td>\n\n\n180.67<\/td>\n\n12.7<\/td>\n\n\n63.1<\/td>\n\n52.6<\/td>\n\n10.5<\/td>\n\n\n\n\n128.62<\/td>\n\n\n95.04<\/td>\n\n35.3<\/td>\n<\/tr>\n
    All Markets<\/strong><\/td>\n42<\/strong><\/td>\n\n26,554<\/strong><\/td>\n\n$<\/strong><\/td>\n244.38<\/strong><\/td>\n\n$<\/strong><\/td>\n229.23<\/strong><\/td>\n\n6.6<\/strong><\/td>\n%<\/strong><\/td>\n\n65.0<\/strong><\/td>\n%<\/strong><\/td>\n50.8<\/strong><\/td>\n%<\/strong><\/td>\n14.2<\/strong><\/td>\n%<\/strong><\/td>\npts<\/strong><\/td>\n\n$<\/strong><\/td>\n158.84<\/strong><\/td>\n\n$<\/strong><\/td>\n116.38<\/strong><\/td>\n\n36.5<\/strong><\/td>\n%<\/strong><\/td>\n<\/tr>\n<\/table>\n

    ______________________<\/p>\n\n\n\n
    (1)<\/sup><\/td>\nCalculated based on unrounded numbers<\/td>\n<\/tr>\n
    \n<\/tr>\n<\/table>\n

    Balance Sheet and Liquidity<\/u><\/strong><\/p>\n

    Park\u2019s Net Debt as of March31, 2023 was $3.9 billion. In February 2023, Park fully repaid the $50 million outstanding under the Revolver with a portion of the net proceeds from the sale of the Hilton Miami Airport hotel. Park has no significant maturities until the fourth quarter of 2023 and is currently exploring options to extend the maturity of the $725 million mortgage loan secured by the Hilton San Francisco Union Square and Parc 55 Hotel San Francisco due in November 2023, and expects to have the matter addressed by the end of the second quarter of 2023.<\/p>\n

    As of March31, 2023, the weighted average maturity of Park’s consolidated debt is 3.5 years. Park’s current liquidity is approximately $1.8 billion, including approximately $950 million of available capacity under the Company’s Revolver.<\/p>\n

    Park had the following debt outstanding as of March31, 2023:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    (unaudited, dollars in millions)<\/em><\/td>\n\n\n\n\n<\/tr>\n
    Debt<\/strong><\/td>\n\nCollateral<\/strong><\/td>\n\nInterest Rate<\/strong><\/td>\n\nMaturity Date<\/strong><\/td>\n\nAs of March31,2023<\/strong><\/td>\n<\/tr>\n
    Fixed Rate Debt<\/strong><\/td>\n\n\n\n\n\n\n\n\n<\/tr>\n
    Mortgage loan<\/td>\n\nHilton Denver City Center<\/td>\n\n4.90%<\/td>\n\nSeptember 2023(1)<\/sup><\/td>\n\n$<\/td>\n56<\/td>\n<\/tr>\n
    Mortgage loan<\/td>\n\nW Chicago \u2013 City Center<\/td>\n\n4.25%<\/td>\n\nAugust 2023(2)<\/sup><\/td>\n\n\n75<\/td>\n<\/tr>\n
    Mortgage loan<\/td>\n\nHilton San Francisco Union Square, Parc 55 San Francisco \u2013 a Hilton Hotel<\/td>\n\n4.11%<\/td>\n\nNovember 2023<\/td>\n\n\n725<\/td>\n<\/tr>\n
    Mortgage loan<\/td>\n\nHyatt Regency Boston<\/td>\n\n4.25%<\/td>\n\nJuly 2026<\/td>\n\n\n131<\/td>\n<\/tr>\n
    Mortgage loan<\/td>\n\nDoubleTree Hotel Spokane City Center<\/td>\n\n3.62%<\/td>\n\nJuly 2026<\/td>\n\n\n14<\/td>\n<\/tr>\n
    Mortgage loan<\/td>\n\nHilton Hawaiian Village Beach Resort<\/td>\n\n4.20%<\/td>\n\nNovember 2026<\/td>\n\n\n1,275<\/td>\n<\/tr>\n
    Mortgage loan<\/td>\n\nHilton Santa Barbara Beachfront Resort<\/td>\n\n4.17%<\/td>\n\nDecember 2026<\/td>\n\n\n161<\/td>\n<\/tr>\n
    Mortgage loan<\/td>\n\nDoubleTree Hotel Ontario Airport<\/td>\n\n5.37%<\/td>\n\nMay 2027<\/td>\n\n\n30<\/td>\n<\/tr>\n
    2025 Senior Notes<\/td>\n\n\n\n7.50%<\/td>\n\nJune 2025<\/td>\n\n\n650<\/td>\n<\/tr>\n
    2028 Senior Notes<\/td>\n\n\n\n5.88%<\/td>\n\nOctober 2028<\/td>\n\n\n725<\/td>\n<\/tr>\n
    2029 Senior Notes<\/td>\n\n\n\n4.88%<\/td>\n\nMay 2029<\/td>\n\n\n750<\/td>\n<\/tr>\n
    Total Fixed Rate Debt<\/strong><\/td>\n\n\n\n5.04%<\/strong>(3)<\/sup><\/td>\n\n\n\n\n4,592<\/strong><\/td>\n<\/tr>\n
    \n\n\n\n\n\n\n\n\n<\/tr>\n
    Variable Rate Debt<\/strong><\/td>\n\n\n\n\n\n\n\n\n<\/tr>\n
    Revolver(4)<\/sup><\/td>\n\nUnsecured<\/td>\n\nSOFR + 2.10%<\/td>\n\nDecember 2026<\/td>\n\n\n\u2014<\/td>\n<\/tr>\n
    Total Variable Rate Debt<\/strong><\/td>\n\n\n\n6.90<\/strong>%<\/strong><\/td>\n\n\n\n\n\u2014<\/strong><\/td>\n<\/tr>\n
    \n\n\n\n\n\n\n\n\n<\/tr>\n
    Add: unamortized premium<\/td>\n\n\n\n\n\n\n\n\n2<\/td>\n<\/tr>\n
    Less: unamortized deferred financing costs and discount<\/td>\n\n\n\n\n\n\n(28<\/td>\n)<\/td>\n<\/tr>\n
    Total Debt<\/strong>(5)<\/sup><\/td>\n\n\n\n5.04%<\/strong>(3)<\/sup><\/td>\n\n\n\n$<\/strong><\/td>\n4,566<\/strong><\/td>\n<\/tr>\n<\/table>\n

    ______________________<\/p>\n\n\n\n\n\n\n\n
    (1)<\/sup><\/td>\nThe loan matures in August 2042 but is callable by the lender with six months of notice. As of March31, 2023, Park had not received notice from the lender.<\/td>\n<\/tr>\n
    (2)<\/sup><\/td>\nPark expects to fully repay the $75 million mortgage loan secured by the W Chicago \u2013 City Center prior to maturity with available cash on hand.<\/td>\n<\/tr>\n
    (3)<\/sup><\/td>\nCalculated on a weighted average basis.<\/td>\n<\/tr>\n
    (4)<\/sup><\/td>\nPark has approximately $950 million of available capacity under the Revolver.<\/td>\n<\/tr>\n
    (5)<\/sup><\/td>\nExcludes $169 million of Park\u2019s share of debt of its unconsolidated joint ventures.<\/td>\n<\/tr>\n
    \n<\/tr>\n<\/table>\n

    Capital Investments<\/u><\/strong><\/p>\n

    During the first quarter of 2023, Park spent $54 million on capital improvements at its hotels. Park expects to invest approximately $350 million to $375 million in capital improvements during 2023, consisting of $109 million to $116 million on return on investment projects and $241 million to $259 million on maintenance projects. Key current and upcoming projects are summarized below:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    (dollars in millions)<\/em><\/td>\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
    <\/td>\nHotel – Project<\/strong><\/td>\n<\/td>\nScope of Work<\/strong><\/td>\n<\/td>\nBudget<\/strong><\/td>\n<\/td>\nCurrent Quarter Incurred<\/strong><\/td>\n<\/td>\nTotal
    Incurred<\/strong><\/td>\n    		<\/td>\nStart Date<\/strong><\/td>\nEstimated
    Completion Date<\/strong><\/td>\n<\/tr>\n
    Hilton Hawaiian Village Waikiki Beach Resort<\/strong><\/td>\n<\/td>\n\n<\/tr>\n
    \u25aa<\/td>\nGuestroom Renovations<\/td>\n\nThree phases of guestroom renovations in the 1,020-room Tapa Tower<\/td>\n\n$<\/td>\n85<\/td>\n\n$<\/td>\n7<\/td>\n\n$<\/td>\n61<\/td>\n\nPhase 1 (Q3 2019)
    Phase 2 (Q3 2022)
    Phase 3 (Q3 2023)<\/td>\n    		Phase 1 (Completed Q4 2021)
    Phase 2 (Completed Q4 2022)
    Phase 3 (Q4 2023)<\/td>\n<\/tr>\n
    Waldorf Astoria Orlando and Signia by Hilton Orlando Bonnet Creek Complex<\/strong><\/td>\n<\/td>\n\n<\/tr>\n
    \u25aa<\/td>\nMeeting space expansion<\/td>\n\nTo add more than 100,000 sq.ft. of meeting and event space<\/td>\n\n\n110<\/td>\n\n\n12<\/td>\n\n\n76<\/td>\n\nQ4 2019
    (Paused in 2020)<\/td>\n    		Waldorf Astoria
    (Completed Q4 2022)<\/p>\n

    Signia (Q1 2024)<\/td>\n<\/tr>\n

    \u25aa<\/td>\nGuestroom, existing meeting space & lobby renovations<\/td>\n\n\n\n\n\n\n\n\n<\/tr>\n
    \n\nWaldorf Astoria Orlando<\/em><\/td>\n\nGuestroom, existing meeting space, lobby and other public space renovations<\/td>\n\n\n50<\/td>\n\n\n11<\/td>\n\n\n22<\/td>\n\nQ3 2022<\/td>\nQ4 2023<\/td>\n<\/tr>\n
    \n\nSignia by Hilton Orlando Bonnet Creek<\/em><\/td>\n\nExisting meeting space and lobby renovations<\/td>\n\n\n20<\/td>\n\n\n1<\/td>\n\n\n17<\/td>\n\nQ4 2019<\/td>\nQ4 2022
    (Substantially complete)<\/td>\n<\/tr>\n
    \n\n<\/td>\n\nGuestroom renovations<\/td>\n\n\n25<\/td>\n\n\n–<\/td>\n\n\n25<\/td>\n\nQ2 2019<\/td>\nQ4 2019<\/td>\n<\/tr>\n
    \u25aa<\/td>\nGolf course renovations<\/td>\n\nTwo phases of golf course renovations<\/td>\n\n\n9<\/td>\n\n\n1<\/td>\n\n\n3<\/td>\n\nPhase 1 (Q2 2022)
    Phase 2 (Q2 2023)<\/td>\n    		Phase 1 (Completed Q4 2022)
    Phase 2 (Q4 2023)<\/td>\n<\/tr>\n
    \u25aa<\/td>\nRecreational amenities<\/td>\n\nAdding additional amenities, primarily at the pool<\/td>\n\n\n6<\/td>\n\n\n–<\/td>\n\n\n1<\/td>\n\nQ3 2022<\/td>\nQ1 2024<\/td>\n<\/tr>\n
    Casa Marina Key West, Curio Collection<\/strong><\/td>\n<\/td>\n\n<\/tr>\n
    \u25aa<\/td>\nComplete renovation<\/td>\n\nComplete renovation of all 311 guestrooms, public spaces and hotel infrastructure<\/td>\n\n\n70<\/td>\n\n\n4<\/td>\n\n\n10<\/td>\n\nQ1 2023<\/td>\nQ4 2023<\/td>\n<\/tr>\n
    Hilton New Orleans Riverside<\/strong><\/td>\n<\/td>\n\n<\/tr>\n
    \u25aa<\/td>\nGuestroom renovations<\/td>\n\nTwo phases of guestroom renovations in the 455-room Riverside building<\/td>\n\n\n11<\/td>\n\n\n2<\/td>\n\n\n4<\/td>\n\nQ3 2019
    (Paused in 2020)<\/td>\n    		Q3 2023<\/td>\n<\/tr>\n
    New York Hilton Midtown<\/strong><\/td>\n<\/td>\n\n<\/tr>\n
    \u25aa<\/td>\nBallroom renovations<\/td>\n\nRenovation of the Grand Ballroom<\/td>\n\n\n5<\/td>\n\n\n1<\/td>\n\n\n1<\/td>\n\nQ3 2023<\/td>\nQ3 2023<\/td>\n<\/tr>\n
    \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n<\/table>\n

    Dividends and Share Repurchases<\/u><\/strong><\/p>\n

    Park declared a first quarter 2023 cash dividend of $0.15 per share to stockholders of record as of March 31, 2023. The first quarter 2023 cash dividend was paid on April 17, 2023.<\/p>\n

    Park currently expects to declare a second quarter 2023 cash dividend of $0.15 per share in June 2023, subject to approval by its Board of Directors.<\/p>\n

    Park repurchased 8.8 million shares during the first quarter of 2023 at an average price of $11.84 per share, or approximately $105 million.<\/p>\n

    Full-Year 2023 Outlook<\/u><\/strong><\/p>\n

    Park expects full-year 2023 operating results to be as follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    (unaudited, dollars in millions, except per share amounts and RevPAR)<\/em><\/td>\n<\/tr>\n
    \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
    \n\nFull-Year 2023 Outlook<\/strong><\/td>\n\n\nFull-Year 2023 Outlook<\/strong><\/td>\n\n\n\n<\/tr>\n
    \n\nas of May 1, 2023<\/strong><\/td>\n\n\nas of February 22, 2023<\/strong><\/td>\n\n\nChange at<\/strong><\/td>\n<\/tr>\n
    Metric<\/strong><\/td>\n\nLow<\/strong><\/td>\n\n\nHigh<\/strong><\/td>\n\n\nLow<\/strong><\/td>\n\n\nHigh<\/strong><\/td>\n\n\nMidpoint<\/strong><\/td>\n<\/tr>\n
    \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
    RevPAR<\/td>\n\n$<\/td>\n167<\/td>\n\n\n$<\/td>\n179<\/td>\n\n\n$<\/td>\n167<\/td>\n\n\n$<\/td>\n179<\/td>\n\n\n$<\/td>\n\u2014<\/td>\n<\/tr>\n
    RevPAR change vs. 2022<\/td>\n\n\n7<\/td>\n%<\/td>\n\n\n14<\/td>\n%<\/td>\n\n\n7<\/td>\n%<\/td>\n\n\n14<\/td>\n%<\/td>\n\n\n\u2014<\/td>\n%<\/td>\n<\/tr>\n
    \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
    Net income<\/td>\n\n$<\/td>\n113<\/td>\n\n\n$<\/td>\n191<\/td>\n\n\n$<\/td>\n92<\/td>\n\n\n$<\/td>\n180<\/td>\n\n\n$<\/td>\n16<\/td>\n<\/tr>\n
    Net income attributable to stockholders<\/td>\n\n$<\/td>\n101<\/td>\n\n\n$<\/td>\n178<\/td>\n\n\n$<\/td>\n78<\/td>\n\n\n$<\/td>\n166<\/td>\n\n\n$<\/td>\n18<\/td>\n<\/tr>\n
    Earnings per share \u2013 Diluted(1)<\/sup><\/td>\n\n$<\/td>\n0.47<\/td>\n\n\n$<\/td>\n0.82<\/td>\n\n\n$<\/td>\n0.35<\/td>\n\n\n$<\/td>\n0.75<\/td>\n\n\n$<\/td>\n0.10<\/td>\n<\/tr>\n
    Operating income<\/td>\n\n$<\/td>\n324<\/td>\n\n\n$<\/td>\n404<\/td>\n\n\n$<\/td>\n316<\/td>\n\n\n$<\/td>\n396<\/td>\n\n\n$<\/td>\n8<\/td>\n<\/tr>\n
    Operating income margin<\/td>\n\n\n12.8<\/td>\n%<\/td>\n\n\n14.5<\/td>\n%<\/td>\n\n\n12.7<\/td>\n%<\/td>\n\n\n14.5<\/td>\n%<\/td>\n\n\n\u2014<\/td>\n%<\/td>\n<\/tr>\n
    \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
    Adjusted EBITDA<\/td>\n\n$<\/td>\n624<\/td>\n\n\n$<\/td>\n704<\/td>\n\n\n$<\/td>\n610<\/td>\n\n\n$<\/td>\n690<\/td>\n\n\n$<\/td>\n14<\/td>\n<\/tr>\n
    Hotel Adjusted EBITDA margin<\/td>\n\n\n26.8<\/td>\n%<\/td>\n\n\n27.4<\/td>\n%<\/td>\n\n\n26.7<\/td>\n%<\/td>\n\n\n27.3<\/td>\n%<\/td>\n\n\n0.10<\/td>\n%<\/td>\n<\/tr>\n
    Hotel Adjusted EBITDA margin change vs. 2022<\/td>\n\n\n90 bps<\/td>\n\n\n\n150 bps<\/td>\n\n\n\n80 bps<\/td>\n\n\n\n140 bps<\/td>\n\n\n\n10 bps<\/td>\n<\/tr>\n
    Adjusted FFO per share \u2013 Diluted(1)<\/sup><\/td>\n\n$<\/td>\n1.76<\/td>\n\n\n$<\/td>\n2.12<\/td>\n\n\n$<\/td>\n1.60<\/td>\n\n\n$<\/td>\n1.99<\/td>\n\n\n$<\/td>\n0.15<\/td>\n<\/tr>\n<\/table>\n

    ______________________<\/p>\n\n\n\n
    (1)<\/sup><\/td>\nPer share amounts are calculated based on unrounded numbers.<\/td>\n<\/tr>\n
    \n<\/tr>\n<\/table>\n

    Park’s outlook is based in part on the following assumptions:<\/p>\n

      \n
    • Fully diluted weighted average shares are expected to be 216 million;<\/li>\n
    • RevPAR growth for the second quarter of 2023 is expected to be between 7% to 11% as compared to the second quarter of 2022;<\/li>\n
    • The repayment of the $75 million mortgage loan secured by the W Chicago \u2013 City Center;<\/li>\n
    • The mortgage loan secured by the Hilton Denver City Center is not called by the lender during 2023;<\/li>\n
    • Includes $14 million of Hotel Adjusted EBITDA disruption from a full-scale renovation at the Casa Marina Key West, Curio Collection, which is expected to be completed in the fourth quarter of 2023; and<\/li>\n
    • Current portfolio as of May 1, 2023 and does not take into account potential future acquisitions and dispositions, which could result in a material change to Park\u2019s outlook.<\/li>\n<\/ul>\n

      Park’s full-year 2023 outlook is based on a number of factors, many of which are outside the Company’s control, including uncertainty surrounding macro-economic factors, including inflation, increases in interest rates, supply chain disruptions and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of which are subject to change.<\/p>\n

      Supplemental Disclosures<\/u><\/strong><\/p>\n

      In conjunction with this release, Park has furnished a financial supplement with additional disclosures on its website. Visit www.pkhotelsandresorts.com for more information. Park has no obligation to update any of the information provided to conform to actual results or changes in Park\u2019s portfolio, capital structure or future expectations.<\/p>\n

      Conference Call<\/u><\/strong><\/p>\n

      Park will host a conference call for investors and other interested parties to discuss first quarter 2023 results on May 1, 2023 beginning at 11 a.m. Eastern Time. Participants may listen to the live webcast by logging onto the Investors section of the website at www.pkhotelsandresorts.com. Alternatively, participants may listen to the live call by dialing (877) 451-6152 in the United States or (201) 389-0879 internationally and requesting Park Hotels & Resorts\u2019 First Quarter 2023 Earnings Conference Call. Participants are encouraged to dial into the call or link to the webcast at least ten minutes prior to the scheduled start time.<\/p>\n

      A replay of the webcast will be available within 24 hours after the live event on the Investors section of Park\u2019s website.<\/p>\n

      Forward-Looking Statements<\/u><\/strong><\/p>\n

      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 anticipated repayment of certain of the Company’s indebtedness, the completion of capital allocation priorities, the expected repurchase of the Company’s stock, the impact to the Company’s business and financial condition and that of its hotel management companies, the impact from macroeconomic factors (including inflation, increases in interest rates, potential economic slowdown or a recession 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.<\/p>\n

      Forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from 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 December31, 2022, 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

      Non-GAAP Financial Measures<\/u><\/strong><\/p>\n

      Park presents certain non-GAAP financial measures in this press release, including Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin and Net debt. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of its operating performance. Please see the schedules included in this press release including the \u201cDefinitions\u201d section for additional information and reconciliations of such non-GAAP financial measures.<\/p>\n

      About Park<\/u><\/strong><\/p>\n

      Park is one of the largest publicly-traded lodging REITs with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 46 premium-branded hotels and resorts with over 29,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.<\/p>\n

      <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      PARK HOTELS & RESORTS INC.<\/strong><\/td>\n<\/tr>\n
      CONDENSED CONSOLIDATED BALANCE SHEETS<\/strong><\/td>\n<\/tr>\n
      (in millions, except share and per share data)<\/strong><\/td>\n<\/tr>\n
      <\/tr>\n
      \n\nMarch31,2023<\/strong><\/td>\n\n\nDecember 31, 2022<\/strong><\/td>\n<\/tr>\n
      \n\n(unaudited)<\/strong><\/td>\n\n\n\n<\/tr>\n
      ASSETS<\/strong><\/td>\n\n\n\n\n\n<\/tr>\n
      Property and equipment, net<\/td>\n\n$<\/td>\n8,198<\/td>\n\n\n$<\/td>\n8,301<\/td>\n<\/tr>\n
      Intangibles, net<\/td>\n\n\n43<\/td>\n\n\n\n43<\/td>\n<\/tr>\n
      Cash and cash equivalents<\/td>\n\n\n842<\/td>\n\n\n\n906<\/td>\n<\/tr>\n
      Restricted cash<\/td>\n\n\n33<\/td>\n\n\n\n33<\/td>\n<\/tr>\n
      Accounts receivable, net of allowance for doubtful accounts of $2 and $2<\/td>\n\n\n130<\/td>\n\n\n\n129<\/td>\n<\/tr>\n
      Prepaid expenses<\/td>\n\n\n55<\/td>\n\n\n\n58<\/td>\n<\/tr>\n
      Other assets<\/td>\n\n\n42<\/td>\n\n\n\n47<\/td>\n<\/tr>\n
      Operating lease right-of-use assets<\/td>\n\n\n210<\/td>\n\n\n\n214<\/td>\n<\/tr>\n
      TOTAL ASSETS (variable interest entities \u2013 $231 and $237)<\/strong><\/td>\n\n$<\/td>\n9,553<\/td>\n\n\n$<\/td>\n9,731<\/td>\n<\/tr>\n
      LIABILITIES AND EQUITY<\/strong><\/td>\n\n\n\n\n\n<\/tr>\n
      Liabilities<\/strong><\/td>\n\n\n\n\n\n<\/tr>\n
      Debt<\/td>\n\n$<\/td>\n4,566<\/td>\n\n\n$<\/td>\n4,617<\/td>\n<\/tr>\n
      Accounts payable and accrued expenses<\/td>\n\n\n244<\/td>\n\n\n\n220<\/td>\n<\/tr>\n
      Due to hotel managers<\/td>\n\n\n117<\/td>\n\n\n\n141<\/td>\n<\/tr>\n
      Other liabilities<\/td>\n\n\n207<\/td>\n\n\n\n228<\/td>\n<\/tr>\n
      Operating lease liabilities<\/td>\n\n\n231<\/td>\n\n\n\n234<\/td>\n<\/tr>\n
      Total liabilities (variable interest entities \u2013 $218 and $219)<\/td>\n\n\n5,365<\/td>\n\n\n\n5,440<\/td>\n<\/tr>\n<\/table>\n

      <\/p>\n\n\n\n\n\n\n\n\n\n
      Stockholders’ Equity<\/strong><\/td>\n\n\n\n\n\n<\/tr>\n
      Common stock, par value $0.01 per share, 6,000,000,000 sharesauthorized, 216,317,656 shares issued and 215,630,695 shares outstandingas of March 31, 2023 and 224,573,858 shares issued and 224,061,745shares outstanding as of December 31, 2022<\/td>\n\n\n2<\/td>\n\n\n\n2<\/td>\n<\/tr>\n
      Additional paid-in capital<\/td>\n\n\n4,216<\/td>\n\n\n\n4,321<\/td>\n<\/tr>\n
      Retained earnings<\/td>\n\n\n19<\/td>\n\n\n\n16<\/td>\n<\/tr>\n
      Total stockholders’ equity<\/td>\n\n\n4,237<\/td>\n\n\n\n4,339<\/td>\n<\/tr>\n
      Noncontrolling interests<\/td>\n\n\n(49<\/td>\n)<\/td>\n\n\n(48<\/td>\n)<\/td>\n<\/tr>\n
      Total equity<\/td>\n\n\n4,188<\/td>\n\n\n\n4,291<\/td>\n<\/tr>\n
      TOTAL LIABILITIES AND EQUITY<\/strong><\/td>\n\n$<\/td>\n9,553<\/td>\n\n\n$<\/td>\n9,731<\/td>\n<\/tr>\n<\/table>\n

      <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      PARK HOTELS & RESORTS INC.<\/strong><\/td>\n<\/tr>\n
      CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/strong><\/td>\n<\/tr>\n
      (unaudited, in millions, except per share data)<\/strong><\/td>\n<\/tr>\n
      <\/tr>\n
      \n\nThreeMonthsEndedMarch31,<\/strong><\/td>\n<\/tr>\n
      \n\n2023<\/strong><\/td>\n\n\n2022<\/strong><\/td>\n<\/tr>\n
      Revenues<\/strong><\/td>\n\n\n\n\n\n<\/tr>\n
      Rooms<\/td>\n\n$<\/td>\n382<\/td>\n\n\n$<\/td>\n292<\/td>\n<\/tr>\n
      Food and beverage<\/td>\n\n\n181<\/td>\n\n\n\n110<\/td>\n<\/tr>\n
      Ancillary hotel<\/td>\n\n\n65<\/td>\n\n\n\n61<\/td>\n<\/tr>\n
      Other<\/td>\n\n\n20<\/td>\n\n\n\n16<\/td>\n<\/tr>\n
      Total revenues<\/td>\n\n\n648<\/td>\n\n\n\n479<\/td>\n<\/tr>\n
      \n\n\n\n\n\n<\/tr>\n
      Operating expenses<\/strong><\/td>\n\n\n\n\n\n<\/tr>\n
      Rooms<\/td>\n\n\n107<\/td>\n\n\n\n85<\/td>\n<\/tr>\n
      Food and beverage<\/td>\n\n\n127<\/td>\n\n\n\n87<\/td>\n<\/tr>\n
      Other departmental and support<\/td>\n\n\n158<\/td>\n\n\n\n133<\/td>\n<\/tr>\n
      Other property-level<\/td>\n\n\n60<\/td>\n\n\n\n50<\/td>\n<\/tr>\n
      Management fees<\/td>\n\n\n30<\/td>\n\n\n\n22<\/td>\n<\/tr>\n
      Casualty loss<\/td>\n\n\n1<\/td>\n\n\n\n\u2014<\/td>\n<\/tr>\n
      Depreciation and amortization<\/td>\n\n\n64<\/td>\n\n\n\n69<\/td>\n<\/tr>\n
      Corporate general and administrative<\/td>\n\n\n16<\/td>\n\n\n\n16<\/td>\n<\/tr>\n
      Other<\/td>\n\n\n20<\/td>\n\n\n\n16<\/td>\n<\/tr>\n
      Total expenses<\/td>\n\n\n583<\/td>\n\n\n\n478<\/td>\n<\/tr>\n
      \n\n\n\n\n\n<\/tr>\n
      Gain on sales of assets, net<\/td>\n\n\n15<\/td>\n\n\n\n\u2014<\/td>\n<\/tr>\n
      \n\n\n\n\n\n<\/tr>\n
      Operating income<\/strong><\/td>\n\n\n80<\/td>\n\n\n\n1<\/td>\n<\/tr>\n
      \n\n\n\n\n\n<\/tr>\n
      Interest income<\/td>\n\n\n10<\/td>\n\n\n\n\u2014<\/td>\n<\/tr>\n
      Interest expense<\/td>\n\n\n(60<\/td>\n)<\/td>\n\n\n(62<\/td>\n)<\/td>\n<\/tr>\n
      Equity in earnings from investments in affiliates<\/td>\n\n\n4<\/td>\n\n\n\n\u2014<\/td>\n<\/tr>\n
      Other gain, net<\/td>\n\n\n1<\/td>\n\n\n\n5<\/td>\n<\/tr>\n
      \n\n\n\n\n\n<\/tr>\n
      Income (loss) before income taxes<\/strong><\/td>\n\n\n35<\/td>\n\n\n\n(56<\/td>\n)<\/td>\n<\/tr>\n
      Income tax expense<\/td>\n\n\n(2<\/td>\n)<\/td>\n\n\n\u2014<\/td>\n<\/tr>\n
      Net income (loss)<\/strong><\/td>\n\n\n33<\/td>\n\n\n\n(56<\/td>\n)<\/td>\n<\/tr>\n
      Net income attributable to noncontrolling interests<\/td>\n\n\n\u2014<\/td>\n\n\n\n(1<\/td>\n)<\/td>\n<\/tr>\n
      Net income (loss) attributable to stockholders<\/strong><\/td>\n\n$<\/td>\n33<\/td>\n\n\n$<\/td>\n(57<\/td>\n)<\/td>\n<\/tr>\n
      \n\n\n\n\n\n<\/tr>\n
      Earnings (loss) per share:<\/strong><\/td>\n\n\n\n\n\n<\/tr>\n
      Earnings (loss) per share \u2013 Basic<\/td>\n\n$<\/td>\n0.15<\/td>\n\n\n$<\/td>\n(0.24<\/td>\n)<\/td>\n<\/tr>\n
      Earnings (loss) per share \u2013 Diluted<\/td>\n\n$<\/td>\n0.15<\/td>\n\n\n$<\/td>\n(0.24<\/td>\n)<\/td>\n<\/tr>\n
      \n\n\n\n\n\n<\/tr>\n
      Weighted average shares outstanding \u2013 Basic<\/td>\n\n\n220<\/td>\n\n\n\n235<\/td>\n<\/tr>\n
      Weighted average shares outstanding \u2013 Diluted<\/td>\n\n\n221<\/td>\n\n\n\n235<\/td>\n<\/tr>\n<\/table>\n

      <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      PARK HOTELS & RESORTS INC.<\/strong><\/td>\n<\/tr>\n
      NON-GAAP FINANCIAL MEASURES RECONCILIATIONS<\/strong><\/td>\n<\/tr>\n
      EBITDA AND ADJUSTED EBITDA<\/strong><\/td>\n<\/tr>\n
      <\/tr>\n
      (unaudited, in millions)<\/em><\/td>\n\nThreeMonthsEnded March31,<\/strong><\/td>\n<\/tr>\n
      \n\n2023<\/strong><\/td>\n\n\n2022<\/strong><\/td>\n<\/tr>\n
      Net income (loss)<\/strong><\/td>\n\n$<\/td>\n33<\/td>\n\n\n$<\/td>\n(56<\/td>\n)<\/td>\n<\/tr>\n
      Depreciation and amortization expense<\/td>\n\n\n64<\/td>\n\n\n\n69<\/td>\n<\/tr>\n
      Interest income<\/td>\n\n\n(10<\/td>\n)<\/td>\n\n\n\u2014<\/td>\n<\/tr>\n
      Interest expense<\/td>\n\n\n60<\/td>\n\n\n\n62<\/td>\n<\/tr>\n
      Income tax expense<\/td>\n\n\n2<\/td>\n\n\n\n\u2014<\/td>\n<\/tr>\n
      Interest expense, income tax and depreciation andamortization included in equity in earnings frominvestments in affiliates<\/td>\n\n\n3<\/td>\n\n\n\n1<\/td>\n<\/tr>\n
      EBITDA<\/strong><\/td>\n\n\n152<\/td>\n\n\n\n76<\/td>\n<\/tr>\n
      Gain on sales of assets, net<\/td>\n\n\n(15<\/td>\n)<\/td>\n\n\n\u2014<\/td>\n<\/tr>\n
      Share-based compensation expense<\/td>\n\n\n4<\/td>\n\n\n\n4<\/td>\n<\/tr>\n
      Casualty loss<\/td>\n\n\n1<\/td>\n\n\n\n\u2014<\/td>\n<\/tr>\n
      Other items<\/td>\n\n\n4<\/td>\n\n\n\n2<\/td>\n<\/tr>\n
      Adjusted EBITDA<\/strong><\/td>\n\n$<\/td>\n146<\/td>\n\n\n$<\/td>\n82<\/td>\n<\/tr>\n<\/table>\n

      <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      PARK HOTELS & RESORTS INC.<\/strong><\/td>\n<\/tr>\n
      NON-GAAP FINANCIAL MEASURES RECONCILIATIONS<\/strong><\/td>\n<\/tr>\n
      COMPARABLE HOTEL ADJUSTED EBITDA AND<\/strong><\/td>\n<\/tr>\n
      COMPARABLE HOTEL ADJUSTED EBITDA MARGIN<\/strong><\/td>\n<\/tr>\n
      <\/tr>\n
      (unaudited, dollars in millions)<\/em><\/td>\n\nThree Months Ended<\/strong><\/td>\n<\/tr>\n
      \n\nMarch31,<\/strong><\/td>\n<\/tr>\n
      \n\n2023<\/strong><\/td>\n\n\n2022<\/strong><\/td>\n<\/tr>\n
      Adjusted EBITDA<\/strong><\/td>\n\n$<\/td>\n146<\/td>\n\n\n$<\/td>\n82<\/td>\n<\/tr>\n
      Less: Adjusted EBITDA from investments in affiliates<\/td>\n\n\n(7<\/td>\n)<\/td>\n\n\n(5<\/td>\n)<\/td>\n<\/tr>\n
      Add: All other(1)<\/sup><\/td>\n\n\n13<\/td>\n\n\n\n12<\/td>\n<\/tr>\n
      Hotel Adjusted EBITDA<\/strong><\/td>\n\n\n152<\/td>\n\n\n\n89<\/td>\n<\/tr>\n
      Less: Adjusted EBITDA from hotels disposed of<\/td>\n\n\n(1<\/td>\n)<\/td>\n\n\n(6<\/td>\n)<\/td>\n<\/tr>\n
      Comparable Hotel Adjusted EBITDA<\/strong><\/td>\n\n$<\/td>\n151<\/td>\n\n\n$<\/td>\n83<\/td>\n<\/tr>\n
      \n\n\n\n\n\n<\/tr>\n
      \n\nThree Months Ended<\/strong><\/td>\n<\/tr>\n
      \n\nMarch31,<\/strong><\/td>\n<\/tr>\n
      \n\n2023<\/strong><\/td>\n\n\n2022<\/strong><\/td>\n<\/tr>\n
      Total Revenues<\/strong><\/td>\n\n$<\/td>\n648<\/td>\n\n\n$<\/td>\n479<\/td>\n<\/tr>\n
      Less: Other revenue<\/td>\n\n\n(20<\/td>\n)<\/td>\n\n\n(16<\/td>\n)<\/td>\n<\/tr>\n
      Less: Revenues from hotels disposed of<\/td>\n\n\n(5<\/td>\n)<\/td>\n\n\n(18<\/td>\n)<\/td>\n<\/tr>\n
      Comparable Hotel Revenues<\/strong><\/td>\n\n$<\/td>\n623<\/td>\n\n\n$<\/td>\n445<\/td>\n<\/tr>\n<\/table>\n

      <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \n\nThree Months Ended<\/strong><\/td>\n<\/tr>\n
      \n\nMarch31,<\/strong><\/td>\n<\/tr>\n
      \n\n2023<\/strong><\/td>\n\n\n2022<\/strong><\/td>\n\n\nChange(2)<\/sup><\/strong><\/td>\n<\/tr>\n
      Total Revenues<\/td>\n\n$<\/td>\n648<\/td>\n\n\n$<\/td>\n479<\/td>\n\n\n\n35.2<\/td>\n%<\/td>\n<\/tr>\n
      Operating income<\/td>\n\n$<\/td>\n80<\/td>\n\n\n$<\/td>\n1<\/td>\n\n\n\n13,092.0<\/td>\n%<\/td>\n<\/tr>\n
      Operating income margin(2)<\/sup><\/td>\n\n\n12.4<\/td>\n%<\/td>\n\n\n0.1<\/td>\n%<\/td>\n\n\n1,230 bps<\/td>\n<\/tr>\n
      \n\n\n\n\n\n\n\n\n<\/tr>\n
      Comparable Hotel Revenues<\/td>\n\n$<\/td>\n623<\/td>\n\n\n$<\/td>\n445<\/td>\n\n\n\n40.2<\/td>\n%<\/td>\n<\/tr>\n
      Comparable Hotel Adjusted EBITDA<\/td>\n\n$<\/td>\n151<\/td>\n\n\n$<\/td>\n83<\/td>\n\n\n\n81.2<\/td>\n%<\/td>\n<\/tr>\n
      Comparable Hotel Adjusted EBITDAmargin(2)<\/sup><\/td>\n\n\n24.2<\/td>\n%<\/td>\n\n\n18.7<\/td>\n%<\/td>\n\n\n550 bps<\/td>\n<\/tr>\n
      __________________________________<\/td>\n\n\n\n\n\n\n\n\n<\/tr>\n
      (1)<\/sup>Includesother revenues<\/em>andother expenses<\/em>, non-income taxes on TRS leases included inother property-level expenses<\/em>andcorporategeneral and administrative expenses<\/em>in the consolidated statements of operations.<\/td>\n<\/tr>\n
      (2)<\/sup>Percentages are calculated based on unrounded numbers.<\/td>\n<\/tr>\n<\/table>\n

      <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      PARK HOTELS & RESORTS INC.<\/strong><\/td>\n<\/tr>\n
      NON-GAAP FINANCIAL MEASURES RECONCILIATIONS<\/strong><\/td>\n<\/tr>\n
      NAREIT FFO AND ADJUSTED FFO<\/strong><\/td>\n<\/tr>\n
      <\/tr>\n
      (unaudited, in millions, except per share data)<\/em><\/td>\n<\/tr>\n
      \n\nThreeMonthsEnded March31,<\/strong><\/td>\n<\/tr>\n
      \n\n2023<\/strong><\/td>\n\n\n2022<\/strong><\/td>\n<\/tr>\n
      Net income (loss) attributable to stockholders<\/strong><\/td>\n\n$<\/td>\n33<\/td>\n\n\n$<\/td>\n(57<\/td>\n)<\/td>\n<\/tr>\n
      Depreciation and amortization expense<\/td>\n\n\n64<\/td>\n\n\n\n69<\/td>\n<\/tr>\n
      Depreciation and amortization expenseattributable to noncontrolling interests<\/td>\n\n\n(1<\/td>\n)<\/td>\n\n\n(1<\/td>\n)<\/td>\n<\/tr>\n
      Gain on sales of assets, net<\/td>\n\n\n(15<\/td>\n)<\/td>\n\n\n\u2014<\/td>\n<\/tr>\n
      Equity investment adjustments:<\/td>\n\n\n\n\n\n<\/tr>\n
      Equity in earnings from investments in affiliates<\/td>\n\n\n(4<\/td>\n)<\/td>\n\n\n\u2014<\/td>\n<\/tr>\n
      Pro rata FFO of investments in affiliates<\/td>\n\n\n5<\/td>\n\n\n\n2<\/td>\n<\/tr>\n
      Nareit FFO attributable to stockholders<\/strong><\/td>\n\n\n82<\/td>\n\n\n\n13<\/td>\n<\/tr>\n
      Casualty loss<\/td>\n\n\n1<\/td>\n\n\n\n\u2014<\/td>\n<\/tr>\n
      Share-based compensation expense<\/td>\n\n\n4<\/td>\n\n\n\n4<\/td>\n<\/tr>\n
      Other items<\/td>\n\n\n5<\/td>\n\n\n\n1<\/td>\n<\/tr>\n
      Adjusted FFO attributable to stockholders<\/strong><\/td>\n\n$<\/td>\n92<\/td>\n\n\n$<\/td>\n18<\/td>\n<\/tr>\n
      Nareit FFO per share \u2013 Diluted<\/strong>(1)<\/sup><\/strong><\/td>\n\n$<\/td>\n0.37<\/td>\n\n\n$<\/td>\n0.05<\/td>\n<\/tr>\n
      Adjusted FFO per share \u2013 Diluted<\/strong>(1)<\/sup><\/strong><\/td>\n\n$<\/td>\n0.42<\/td>\n\n\n$<\/td>\n0.08<\/td>\n<\/tr>\n
      Weighted average shares outstanding \u2013 Diluted<\/strong><\/td>\n\n\n221<\/td>\n\n\n\n235<\/td>\n<\/tr>\n<\/table>\n

      ______________________<\/p>\n\n\n
      (1)<\/sup><\/td>\nPer share amounts are calculated based on unrounded numbers.<\/td>\n<\/tr>\n<\/table>\n

      <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      PARK HOTELS & RESORTS INC.<\/strong><\/td>\n<\/tr>\n
      NON-GAAP FINANCIAL MEASURES RECONCILIATIONS<\/strong><\/td>\n<\/tr>\n
      NET DEBT<\/strong><\/td>\n<\/tr>\n
      <\/tr>\n
      (unaudited, in millions)<\/em><\/td>\n\n\n<\/tr>\n
      \n\nMarch31, 2023<\/strong><\/td>\n<\/tr>\n
      Debt<\/td>\n\n$<\/td>\n4,566<\/td>\n<\/tr>\n
      Add: unamortized deferred financing costs and discount<\/td>\n\n\n28<\/td>\n<\/tr>\n
      Less: unamortized premium<\/td>\n\n\n(2<\/td>\n)<\/td>\n<\/tr>\n
      Debt, excluding unamortized deferred financing cost,premiums and discounts<\/td>\n\n\n4,592<\/td>\n<\/tr>\n
      Add: Park’s share of unconsolidated affiliates debt,excluding unamortized deferred financing costs<\/td>\n\n\n169<\/td>\n<\/tr>\n
      Less: cash and cash equivalents<\/td>\n\n\n(842<\/td>\n)<\/td>\n<\/tr>\n
      Less: restricted cash<\/td>\n\n\n(33<\/td>\n)<\/td>\n<\/tr>\n
      Net debt<\/strong><\/td>\n\n$<\/td>\n3,886<\/td>\n<\/tr>\n<\/table>\n

      <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      PARK HOTELS & RESORTS INC.<\/strong><\/td>\n<\/tr>\n
      NON-GAAP FINANCIAL MEASURES RECONCILIATIONS<\/strong><\/td>\n<\/tr>\n
      OUTLOOK \u2013 EBITDA, ADJUSTED EBITDA, HOTEL ADJUSTED EBITDA<\/strong><\/td>\n<\/tr>\n
      AND HOTEL ADJUSTED EBITDA MARGIN<\/strong><\/td>\n<\/tr>\n
      <\/tr>\n
      \n\nYear Ending<\/strong><\/td>\n<\/tr>\n
      (unaudited, in millions)<\/em><\/td>\n\nDecember 31, 2023<\/strong><\/td>\n<\/tr>\n
      \n\nLow Case<\/strong><\/td>\n\n\nHigh Case<\/strong><\/td>\n<\/tr>\n
      Net income<\/strong><\/td>\n\n$<\/td>\n113<\/td>\n\n\n$<\/td>\n191<\/td>\n<\/tr>\n
      Depreciation and amortization expense<\/td>\n\n\n263<\/td>\n\n\n\n263<\/td>\n<\/tr>\n
      Interest income<\/td>\n\n\n(24<\/td>\n)<\/td>\n\n\n(24<\/td>\n)<\/td>\n<\/tr>\n
      Interest expense<\/td>\n\n\n240<\/td>\n\n\n\n240<\/td>\n<\/tr>\n
      Income tax expense<\/td>\n\n\n5<\/td>\n\n\n\n7<\/td>\n<\/tr>\n
      Interest expense, income tax and depreciation and amortizationincluded in equity in earnings from investments in affiliates<\/td>\n\n\n9<\/td>\n\n\n\n9<\/td>\n<\/tr>\n
      EBITDA<\/strong><\/td>\n\n\n606<\/td>\n\n\n\n686<\/td>\n<\/tr>\n
      Gain on sale of assets, net<\/td>\n\n\n(15<\/td>\n)<\/td>\n\n\n(15<\/td>\n)<\/td>\n<\/tr>\n
      Share-based compensation expense<\/td>\n\n\n17<\/td>\n\n\n\n17<\/td>\n<\/tr>\n
      Casualty loss<\/td>\n\n\n1<\/td>\n\n\n\n1<\/td>\n<\/tr>\n
      Other items<\/td>\n\n\n15<\/td>\n\n\n\n15<\/td>\n<\/tr>\n
      Adjusted EBITDA<\/strong><\/td>\n\n\n624<\/td>\n\n\n\n704<\/td>\n<\/tr>\n
      Less: Adjusted EBITDA from investments in affiliates<\/td>\n\n\n(23<\/td>\n)<\/td>\n\n\n(23<\/td>\n)<\/td>\n<\/tr>\n
      Add: All other<\/td>\n\n\n55<\/td>\n\n\n\n55<\/td>\n<\/tr>\n
      Hotel Adjusted EBITDA<\/strong><\/td>\n\n$<\/td>\n656<\/td>\n\n\n$<\/td>\n736<\/td>\n<\/tr>\n
      \n\n\n\n\n\n<\/tr>\n
      \n\nYear Ending<\/strong><\/td>\n<\/tr>\n
      \n\nDecember 31, 2023<\/strong><\/td>\n<\/tr>\n
      \n\nLow Case<\/strong><\/td>\n\n\nHigh Case<\/strong><\/td>\n<\/tr>\n
      Total Revenues<\/strong><\/td>\n\n$<\/td>\n2,538<\/td>\n\n\n$<\/td>\n2,776<\/td>\n<\/tr>\n
      Less: Other revenue<\/td>\n\n\n(89<\/td>\n)<\/td>\n\n\n(89<\/td>\n)<\/td>\n<\/tr>\n
      Hotel Revenues<\/strong><\/td>\n\n$<\/td>\n2,449<\/td>\n\n\n$<\/td>\n2,687<\/td>\n<\/tr>\n
      \n\n\n\n\n\n<\/tr>\n
      \n\nYear Ending<\/strong><\/td>\n<\/tr>\n
      \n\nDecember 31, 2023<\/strong><\/td>\n<\/tr>\n
      \n\nLow Case<\/strong><\/td>\n\n\nHigh Case<\/strong><\/td>\n<\/tr>\n
      Total Revenues<\/td>\n\n$<\/td>\n2,538<\/td>\n\n\n$<\/td>\n2,776<\/td>\n<\/tr>\n
      Operating income<\/td>\n\n$<\/td>\n324<\/td>\n\n\n$<\/td>\n404<\/td>\n<\/tr>\n
      Operating income margin(1)<\/sup><\/td>\n\n\n12.8<\/td>\n%<\/td>\n\n\n14.5<\/td>\n%<\/td>\n<\/tr>\n
      \n\n\n\n\n\n<\/tr>\n
      Hotel Revenues<\/td>\n\n$<\/td>\n2,449<\/td>\n\n\n$<\/td>\n2,687<\/td>\n<\/tr>\n
      Hotel Adjusted EBITDA<\/td>\n\n$<\/td>\n656<\/td>\n\n\n$<\/td>\n736<\/td>\n<\/tr>\n
      Hotel Adjusted EBITDA margin(1)<\/sup><\/td>\n\n\n26.8<\/td>\n%<\/td>\n\n\n27.4<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

      ______________________<\/p>\n\n\n
      (1)<\/sup><\/td>\nPercentages are calculated based on unrounded numbers.<\/td>\n<\/tr>\n<\/table>\n

      <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      PARK HOTELS & RESORTS INC.<\/strong><\/td>\n<\/tr>\n
      NON-GAAP FINANCIAL MEASURES RECONCILIATIONS<\/strong><\/td>\n<\/tr>\n
      OUTLOOK \u2013 NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND<\/strong><\/td>\n<\/tr>\n
      ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS<\/strong><\/td>\n<\/tr>\n
      <\/tr>\n
      \n\nYear Ending<\/strong><\/td>\n<\/tr>\n
      (unaudited, in millions except per share data)<\/em><\/td>\n\nDecember 31, 2023<\/strong><\/td>\n<\/tr>\n
      \n\nLow Case<\/strong><\/td>\n\n\nHigh Case<\/strong><\/td>\n<\/tr>\n
      Net income attributable to stockholders<\/strong><\/td>\n\n$<\/td>\n101<\/td>\n\n\n$<\/td>\n178<\/td>\n<\/tr>\n
      Depreciation and amortization expense<\/td>\n\n\n263<\/td>\n\n\n\n263<\/td>\n<\/tr>\n
      Depreciation and amortization expense attributable tononcontrolling interests<\/td>\n\n\n(4<\/td>\n)<\/td>\n\n\n(4<\/td>\n)<\/td>\n<\/tr>\n
      Gain on sale of assets, net<\/td>\n\n\n(15<\/td>\n)<\/td>\n\n\n(15<\/td>\n)<\/td>\n<\/tr>\n
      Equity investment adjustments:<\/td>\n\n\n\n\n\n<\/tr>\n
      Equity in earnings from investments in affiliates<\/td>\n\n\n(10<\/td>\n)<\/td>\n\n\n(10<\/td>\n)<\/td>\n<\/tr>\n
      Pro rata FFO of equity investments<\/td>\n\n\n14<\/td>\n\n\n\n14<\/td>\n<\/tr>\n
      Nareit FFO attributable to stockholders<\/strong><\/td>\n\n\n349<\/td>\n\n\n\n426<\/td>\n<\/tr>\n
      Casualty loss<\/td>\n\n\n1<\/td>\n\n\n\n1<\/td>\n<\/tr>\n
      Share-based compensation expense<\/td>\n\n\n17<\/td>\n\n\n\n17<\/td>\n<\/tr>\n
      Other items<\/td>\n\n\n15<\/td>\n\n\n\n15<\/td>\n<\/tr>\n
      Adjusted FFO attributable to stockholders<\/strong><\/td>\n\n$<\/td>\n382<\/td>\n\n\n$<\/td>\n459<\/td>\n<\/tr>\n
      Adjusted FFO per share \u2013 Diluted(1)<\/sup><\/strong><\/td>\n\n$<\/td>\n1.76<\/td>\n\n\n$<\/td>\n2.12<\/td>\n<\/tr>\n
      Weighted average diluted shares outstanding<\/strong><\/td>\n\n\n216<\/td>\n\n\n\n216<\/td>\n<\/tr>\n<\/table>\n

      ______________________<\/p>\n\n\n
      (1)<\/sup><\/td>\nPer share amounts are calculated based on unrounded numbers.<\/td>\n<\/tr>\n<\/table>\n

      <\/p>\n

      PARK HOTELS & RESORTS INC.<\/strong>
      DEFINITIONS<\/strong><\/p>\n

      Comparable Hotels<\/u><\/p>\n

      The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Total RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company\u2019s Comparable metrics exclude results from property dispositions that have occurred through March31, 2023 and include results from property acquisitions as though such acquisitions occurred on the earliest period presented.<\/p>\n

      EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin<\/u><\/p>\n

      Earnings (loss) before interest expense, taxes and depreciation and amortization (\u201cEBITDA\u201d), presented herein, reflects net income (loss) excluding depreciation and amortization, interest income, interest expense, income taxes and interest expense, income tax and depreciation and amortization included in equity in earnings (losses) from investments in affiliates.<\/p>\n

      Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude the following items that are not reflective of Park’s ongoing operating performance or incurred in the normal course of business, and thus, excluded from management’s analysis in making day-to-day operating decisions and evaluations of Park’s operating performance against other companies within its industry:<\/p>\n

        \n
      • Gains or losses on sales of assets for both consolidated and unconsolidated investments;<\/li>\n
      • Costs associated with hotel acquisitions or dispositions expensed during the period;<\/li>\n
      • Severance expense;<\/li>\n
      • Share-based compensation expense;<\/li>\n
      • Impairment losses and casualty gains or losses; and<\/li>\n
      • Other items that management believes are not representative of the Company\u2019s current or future operating performance.<\/li>\n<\/ul>\n

        Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company\u2019s consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company\u2019s profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company\u2019s consolidated hotels.<\/p>\n

        Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.<\/p>\n

        EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (\u201cU.S.\u201d) GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, the Company\u2019s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies.<\/p>\n

        The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company\u2019s management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by removing the effect of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results; and (ii) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in the industry.<\/p>\n

        EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company\u2019s operating performance and results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available to the Company to meet its obligations.<\/p>\n

        Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share \u2013 diluted and Adjusted FFO per share \u2013 diluted<\/u><\/p>\n

        Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP measures of the Company\u2019s performance. The Company calculates funds from (used in) operations (\u201cFFO\u201d) attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (\u201cNareit\u201d), as net income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect the Company\u2019s pro rata share of the FFO of those entities on the same basis. As noted by Nareit in its December 2018 \u201cNareit Funds from Operations White Paper \u2013 2018 Restatement,\u201d since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company\u2019s presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.<\/p>\n

        The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding the Company\u2019s ongoing operating performance. Management historically has made the adjustments detailed below in evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful supplemental information that is beneficial to an investor\u2019s complete understanding of operating performance. The Company adjusts Nareit FFO attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO attributable to stockholders:<\/p>\n

          \n
        • Costs associated with hotel acquisitions or dispositions expensed during the period;<\/li>\n
        • Severance expense;<\/li>\n
        • Share-based compensation expense;<\/li>\n
        • Casualty gains or losses; and<\/li>\n
        • Other items that management believes are not representative of the Company\u2019s current or future operating performance.<\/li>\n<\/ul>\n

          Net Debt<\/u><\/p>\n

          Net debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net debt is calculated as (i) long-term debt, including current maturities and excluding unamortized deferred financing costs; and (ii) the Company\u2019s share of investments in affiliate debt, excluding unamortized deferred financing costs; reduced by (a) cash and cash equivalents; and (b) restricted cash and cash equivalents.<\/p>\n

          The Company believes Net debt provides useful information about its indebtedness to investors as it is frequently used by securities analysts, investors and other interested parties to compare the indebtedness of companies. Net debt should not be considered as a substitute to debt presented in accordance with U.S. GAAP. Net debt may not be comparable to a similarly titled measure of other companies.<\/p>\n

          Occupancy<\/u><\/p>\n

          Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. Occupancy measures the utilization of the Company\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

          Average Daily Rate<\/u><\/p>\n

          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

          Revenue per Available Room<\/u><\/p>\n

          Revenue per Available Room (\u201cRevPAR\u201d) represents rooms revenue divided by the total number ofroom nights available to guests for a given period.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

          Total RevPAR<\/u><\/p>\n

          Total RevPAR represents rooms, food and beverage and other hotel revenues divided by the total number ofroom nights available to guests for a given period.Management considers Total RevPAR to be a meaningful indicator of the Company\u2019s performance as approximately one-third of revenues are earned from food and beverage and other hotel revenues. Total RevPAR is also a useful indicator in measuring performance over comparable periods.<\/p>\n

          Group Revenue Pace<\/u><\/p>\n

          Group Revenue Pace represents bookings for future business and is calculated as group room nights multiplied by the contracted room rate expressed as a percentage of a prior period relative to a prior point in time.<\/p>\n\n\n\n\n
          Investor Contact<\/strong><\/td>\n1775 Tysons Boulevard, 7th Floor<\/td>\n<\/tr>\n
          Ian Weissman<\/td>\nTysons, VA 22102<\/td>\n<\/tr>\n
          + 1 571 302 5591<\/td>\nwww.pkhotelsandresorts.com<\/u><\/td>\n<\/tr>\n<\/table>\n

          <\/div>\n","protected":false},"excerpt":{"rendered":"

          \n

          TYSONS, Va., May 01, 2023 (GLOBE NEWSWIRE) — Park Hotels & Resorts Inc. (\u201cPark\u201d or the \u201cCompany\u201d) (NYSE: PK) today announced results for the first quarter ended March31, 2023 and provided an operational update.<\/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\/8709"}],"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=8709"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/8709\/revisions"}],"predecessor-version":[{"id":8721,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/8709\/revisions\/8721"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=8709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=8709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=8709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}