Exhibit 99.1

Park Hotels & Resorts Inc. Reports Third Quarter 2022 Results

TYSONS, VA (November 2, 2022) – Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the third quarter ended September 30, 2022 and provided an operational update.

Third quarter financial highlights include:

Additional highlights include:

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, “I am very encouraged by our third quarter results in spite of increased macro uncertainty, and I am especially proud of our team for their dedication following the devastating effects of Hurricanes Ian and Fiona. Leisure demand remained strong from summer travel while business transient demand continues to accelerate across our New York, Chicago, San Francisco, Southern California and Boston markets. Average rates exceeded 2019 levels at our resort and suburban hotels, while average rates at our urban and airport hotels approximated 2019 levels. We are also excited by the positive momentum we are seeing in group business, both pickup within the quarter and accelerating pace for the remainder of 2022 and into 2023, with average group rates maintaining or exceeding 2019 levels. Additionally, Park has continued to execute on its capital recycling strategy, which has helped to improve the company’s liquidity and financial flexibility, while continuing to improve the overall quality of our portfolio. Accordingly, we have closed on approximately $317 million of non-core asset sales year-to-date, including approximately $58 million sold since July 2022, and have several other assets at various stages of the marketing process. With current liquidity of approximately $1.9 billion, we are well positioned to pivot between defense and offense depending upon the macro backdrop and are confident we will create meaningful long-term value for shareholders."

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Selected Statistical and Financial Information

(unaudited, amounts in millions, except Pro-forma RevPAR, Pro-forma ADR, Pro-forma Total RevPAR and per share data)

Hurricanes Ian and Fiona

In September 2022, Hurricanes Ian and Fiona caused minimal damage and disruption at Park's Puerto Rico, Orlando, Miami and Key West hotels. Although the total amount of costs to repair and remediate the minor damage has not yet been determined, it is not expected to be significant. The affected hotels experienced some group cancellations and displacement; however, the majority of lost revenue in September 2022 was replaced with revenue from displaced residents, recovery personnel and incremental transient demand, resulting in only 20 basis points of impact to RevPAR growth for the quarter. Park is continuing to assess both the extent of costs and any ongoing business interruption. As of September 30, 2022, Park incurred costs of approximately $2 million resulting from these hurricanes.

Operational Update

Changes in Park's 2022 Pro-forma ADR, occupancy and RevPAR compared to the same periods in 2021 and 2019, and 2022 Pro-forma occupancy were as follows:

Changes in Park's 2022 Pro-forma ADR, occupancy and RevPAR for the three and nine months ended September 30, 2022 compared to the same periods in 2021 and 2019, and 2022 Pro-forma occupancy for the three and nine months ended September 30, 2022 by hotel type were as follows:

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Domestic leisure transient demand continues to grow compared to 2021 as a result of the easing of domestic restrictions; however, some restrictions on international travel remain in place. The Pro-forma Rooms Revenue mix for the three and nine months ended September 30, 2022, 2021, 2020 and 2019 were as follows:

Park saw an improvement in demand beginning in mid-February 2022 as restrictions declined across the country, business travel accelerated and group demand began to return to Park's urban hotels. Park continues to see group business materialize, and during the third quarter of 2022, booked $16 million of additional group revenue for the quarter. In September 2022, group bookings for the remainder of 2022 and 2023 continued to gain with the addition of approximately 300,000 room nights as compared to June 2022. As of the end of September 2022, group bookings for the remainder of 2022 were approximately 77% of what 2019 group bookings were as of the end of September 2019, an increase of 800 basis points from the end of June 2022, with average group rate at 2019 levels for the same time period. Group bookings for 2023 are 72% of what 2019 group bookings were as of the end of September 2018, an increase of 180 basis points from the end of June 2022, with average group rates exceeding 2019 average group rates by over 4% for the same time period.

Mid-week occupancies for Park's business-oriented hotels increased to an average of 72% for the third quarter of 2022 compared to 69% for the second quarter of 2022, with September 2022 at 80%, signaling continued recovery of business transient demand.

Highlights for Park's consolidated hotels owned as of November 2, 2022 in each of the Company’s key markets are as follows:

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Balance Sheet and Liquidity

Park’s Net Debt as of September 30, 2022 was $3.9 billion. The Company has just $78 million outstanding on its sole remaining corporate term loan. Park has no significant maturities until the fourth quarter of 2023, and the weighted average maturity of Park's consolidated debt is 4.0 years. Park's current liquidity is approximately $1.9 billion, including $901 million of available capacity under the Company's revolving credit facility ("Revolver").

As of September 30, 2022, Park had $29 million of restricted cash. During the third quarter of 2022, $92 million previously held by the lenders of the mortgage loans secured by the Hilton Hawaiian Village Waikiki Beach Resort and Hilton Denver City Center was released to Park upon submission of the certificates reflecting compliance with financial ratios associated with these loans.

Additionally, Park exited the covenant relief period under its credit facilities in July 2022. Upon exit of the waiver period, certain restrictions related to investments and the incurrence, repayment of debt and dividends and distributions ceased to apply.

Park had the following debt outstanding as of September 30, 2022:

Capital Investments

During 2022, Park spent $104 million on capital improvements at its hotels, of which $52 million was spent during the third quarter of 2022. Park expects to invest approximately $200 million to $225 million in capital improvements during 2022, including $55 million to $62 million on return on investment projects and $145 million to $163 million on maintenance projects. Key current and upcoming projects are summarized below:

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Dividends

Park declared a third quarter 2022 cash dividend of $0.01 per share to stockholders of record as of September 30, 2022. The third quarter 2022 cash dividend was paid on October 17, 2022.

Park plans to declare its fourth quarter dividend before the end of 2022 and currently expects such dividend to be in the range of $0.21 and $0.26 per share, subject to approval by its Board of Directors. Approximately $0.07 to $0.12 per share of the expected dividend range represents the fourth quarter payment based on 2022 estimated results of operations. The remaining $0.14 per share of the expected dividend range is attributable to gains from the sale of Park's assets year-to-date.

Q4 2022 and Full-Year 2022 Outlook

Park expects fourth quarter and full-year 2022 operating results to be as follows:

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

Park's fourth quarter and full-year 2022 outlook are based on a number of factors, many of which are outside the Company's control, including uncertainty surrounding any new disruptions from the COVID-19 pandemic and other macro-economic factors, including inflation, increases in interest rates, supply chain disruptions and the possibility of an economic recession or slowdown, all of which are subject to change.

Supplemental Disclosures

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

Conference Call

Park will host a conference call for investors and other interested parties to discuss third quarter 2022 results on November 3, 2022 beginning at 11 a.m. Eastern Time. Participants may listen to the live webcast by logging onto the Investors section of the website at www.pkhotelsandresorts.com. Alternatively, participants may listen to the live call by dialing (877) 451-6152 in the United States or (201) 389-0879 internationally and requesting Park Hotels & Resorts’ Third Quarter 2022 Earnings Conference Call. Participants are encouraged to dial into the call or link to the webcast at least ten minutes prior to the scheduled start time.

A replay of the webcast will be available within 24 hours after the live event on the Investors section of Park’s website.

Forward-Looking Statements

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’s 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'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, 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 “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events.

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: “Risk Factors” in Park’s 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’s filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

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.

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Please see the schedules included in this press release including the “Definitions” section for additional information and reconciliations of such non-GAAP financial measures.

About Park

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’s portfolio currently consists of 47 premium-branded hotels and resorts with approximately 30,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

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PARK HOTELS & RESORTS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)

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PARK HOTELS & RESORTS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except per share data)

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PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

EBITDA AND ADJUSTED EBITDA

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PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

PRO-FORMA HOTEL ADJUSTED EBITDA AND

PRO-FORMA HOTEL ADJUSTED EBITDA MARGIN