Exhibit 99.1

Park Hotels & Resorts Inc. Reports First Quarter 2023 Results

TYSONS, VA (May 1, 2023) – Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the first quarter ended March 31, 2023 and provided an operational update.

Selected Statistical and Financial Information

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

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’s 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." Increased Park's recurring quarterly dividend to $0.15 per share during the first quarter of 2023;

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Additional Highlights

Operational Update

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:

Changes in Park's 2023 Comparable ADR, Occupancy and RevPAR for the three months ended March 31, 2023 compared to the same periods in 2022 and 2019, and 2023 Comparable Occupancy for the three months ended March 31, 2023 by hotel type were as follows:

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.

The Comparable Rooms Revenue mix for the three months ended March 31, 2023, 2022, 2021, 2020 and 2019 were as follows:

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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.

Results for Park's Comparable hotels in each of the Company’s key markets are as follows:

Balance Sheet and Liquidity

Park’s Net Debt as of March 31, 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.

As of March 31, 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.

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Park had the following debt outstanding as of March 31, 2023:

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Capital Investments

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:

Dividends and Share Repurchases

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.

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.

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.

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Full-Year 2023 Outlook

Park expects full-year 2023 operating results to be as follows:

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

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.

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 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’ 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.

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

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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 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 “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, 2022, 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. 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 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.

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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

COMPARABLE HOTEL ADJUSTED EBITDA AND

COMPARABLE HOTEL ADJUSTED EBITDA MARGIN

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PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

NAREIT FFO AND ADJUSTED FFO

(unaudited, in millions, except per share data)

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PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

NET DEBT

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PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

OUTLOOK – EBITDA, ADJUSTED EBITDA, HOTEL ADJUSTED EBITDA

AND HOTEL ADJUSTED EBITDA MARGIN