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0001617406false00016174062024-10-292024-10-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________________________________________________________________
FORM 8-K
______________________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2024
______________________________________________________________________________________
Park Hotels & Resorts Inc.
(Exact name of Registrant as Specified in Its Charter)
______________________________________________________________________________________
Delaware 001-37795 36-2058176
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1775 Tysons Blvd., 7th Floor, Tysons, VA
22102
(Address of Principal Executive Offices) (Zip Code)
(571) 302-5757
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
______________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, $0.01 par value per share PK New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o On October 29, 2024, Park Hotels & Resorts Inc. (the “Company”) issued a press release announcing its results of operations for the third quarter ended September 30, 2024 and made available certain supplemental information concerning the portfolio and operation of the Company. Copies of the press release and the supplemental information are furnished as Exhibits 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.



Item 2.02. Results of Operations and Financial Condition.
In accordance with General Instructions B.2 of Form 8-K, the information included in Item 2.02 of this Current Report on Form 8-K (including Exhibits 99.1 and 99.2 hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
Exhibit
Number
Description
99.1
99.2
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Park Hotels & Resorts Inc.
Date: October 29, 2024
By: /s/ Sean M. Dell’Orto
Sean M. Dell’Orto
Executive Vice President, Chief Financial Officer and Treasurer

EX-99.1 2 earningsreleaseex991-live.htm EX-99.1 Document
Exhibit 99.1
symbol.jpg
Investor Contact 1775 Tysons Boulevard, 7th Floor
Ian Weissman Tysons, VA 22102
+ 1 571 302 5591 www.pkhotelsandresorts.com
Park Hotels & Resorts Inc. Reports Third Quarter 2024 Results
TYSONS, VA (October 29, 2024) – Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the third quarter ended September 30, 2024 and provided an operational update.
Selected Statistical and Financial Information
(unaudited, amounts in millions, except RevPAR, ADR, Total RevPAR and per share data)
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023
Change(1)
2024 2023
Change(1)
Comparable RevPAR $ 189.73  $ 183.64  3.3  % $ 188.08  $ 180.33  4.3  %
Comparable Occupancy 78.1  % 75.6  % 2.5  % pts 75.7  % 73.5  % 2.2  % pts
Comparable ADR $ 242.88  $ 242.89  —  % $ 248.57  $ 245.34  1.3  %
Comparable Total RevPAR $ 294.65  $ 283.82  3.8  % $ 300.83  $ 287.74  4.5  %
Net income (loss)
$ 57  $ 31  83.9  % $ 153  $ (82) 286.6  %
Net income (loss) attributable to stockholders
$ 54  $ 27  100.0  % $ 146  $ (90) 262.2  %
Operating income $ 95  $ 85  12.3  % $ 308  $ 67  358.9  %
Operating income margin 14.6  % 12.5  % 210   bps 15.6  % 3.3  % 1,230   bps
Comparable Hotel Adjusted EBITDA $ 170  $ 173  (1.9) % $ 539  $ 512  5.2  %
Comparable Hotel Adjusted EBITDA margin 27.2  % 28.8  % (160)  bps 28.3  % 28.2  % 10   bps
Adjusted EBITDA $ 159  $ 163  (2.5) % $ 514  $ 496  3.6  %
Adjusted FFO attributable to stockholders $ 102  $ 108  (5.6) % $ 350  $ 329  6.4  %
Earnings (loss) per share - Diluted(1)
$ 0.26  $ 0.13  100.0  % $ 0.69  $ (0.42) 264.3  %
Adjusted FFO per share – Diluted(1)
$ 0.49  $ 0.51  (3.9) % $ 1.67  $ 1.52  9.9  %
Weighted average shares outstanding – Diluted 208 212 (4) 210 216 (6)
______________________________________________
(1)Amounts are calculated based on unrounded numbers.

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, "I am very pleased with our third quarter results, with Comparable RevPAR increasing over 3% compared to the third quarter of 2023, driven by accelerating demand trends at our hotels in Chicago, New Orleans, and Boston coupled with strong performance at our Key West and Orlando hotels, which continue to benefit from recently completed transformative renovations. Group demand continues to improve with 2024 Comparable Group Revenue Pace up over 9% compared to the same time last year, driven by improvements in business demand, an increase in citywide events and strong convention calendars benefiting our Chicago, New Orleans and New York hotels, as well as in-house group events benefiting our Florida hotels. Our Florida hotels sustained minimal damage and business interruption from Hurricanes Helene and Milton and remain fully operational. I am grateful to our teams for navigating these hurricanes that have impacted many communities in the Southeast.
1



Additionally, during the third quarter, we continued to execute our capital allocation strategies by disposing of non-core assets, including the Hilton Oakland Airport, repurchasing an additional 2.5 million shares of our common stock for $35 million at a significant discount to our estimated net asset value, and investing in our portfolio, commencing over $200 million of comprehensive guestroom renovations at the iconic Rainbow Tower at the Hilton Hawaiian Village Waikiki Beach Resort, the Palace Tower at the Hilton Waikoloa Village and the Main Tower at the Hilton New Orleans Riverside. With current liquidity of over $1.4 billion, we remain laser-focused on creating long-term shareholder value by further strengthening our balance sheet through non-core asset sales and investments back into our core portfolio with value-enhancing ROI projects and returning capital to shareholders in the form of dividends and leverage neutral share repurchases.”
Additional Highlights
•In July 2024, the unconsolidated joint venture that owns and operates the Hilton La Jolla Torrey Pines sold the hotel for gross proceeds of approximately $165 million, and the Company's pro-rata share of the gross proceeds was approximately $41 million, which was reduced by Park's portion of debt of approximately $17 million;
•In August 2024, repurchased 2.5 million shares of common stock for a total purchase price of $35 million at an average purchase price of $13.85 per share;
•In August 2024, permanently closed the 360-room Hilton Oakland Airport, which incurred an EBITDA loss of nearly $4 million for the trailing twelve months, and subsequently terminated its ground lease, returning the property to the ground lessor;
•In October 2024, paid its third quarter 2024 cash dividend of $0.25 per share to stockholders of record as of September 30, 2024; and
•In October 2024, the Waldorf Astoria Orlando was ranked 9th in the world by Condé Nast Traveler in its prestigious 2024 Readers’ Choice Awards for the Best Resorts in the World.
Operational Update
Results for Park's Comparable hotels in each of the Company’s key markets are as follows:
(unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR
Hotels Rooms 3Q24 3Q23
Change(1)
3Q24 3Q23 Change 3Q24 3Q23
Change(1)
Hawaii 2 3,507 $ 312.86  $ 322.09  (2.9  %) 87.0  % 92.0  % (5.0  % pts) $ 272.29  $ 296.29  (8.1  %)
Orlando 3 2,325 201.39  188.44  6.9  65.1  60.2  4.9  131.18  113.54  15.5 
New York 1 1,878 304.42  302.44  0.7  91.1  92.2  (1.1) 277.19  278.78  (0.6)
New Orleans 1 1,622 173.42  157.49  10.1  64.3  56.4  7.9  111.44  88.82  25.5 
Boston 3 1,536 281.13  267.12  5.2  87.6  86.1  1.5  246.23  230.03  7.0 
Southern California 5 1,773 250.89  263.09  (4.6) 85.0  79.6  5.4  213.29  209.58  1.8 
Key West 2 461 362.17  409.71  (11.6) 65.3  25.1  40.2  236.53  103.07  129.5 
Chicago 3 2,467 237.93  227.83  4.4  77.1  69.4  7.7  183.56  158.20  16.0 
Puerto Rico 1 652 264.86  269.92  (1.9) 68.5  67.2  1.3  181.39  181.41  — 
Washington, D.C. 2 1,085 181.93  173.20  5.0  75.1  77.3  (2.2) 136.56  133.77  2.1 
Denver 1 613 204.78  202.05  1.4  74.4  81.8  (7.4) 152.25  165.19  (7.8)
Miami 1 393 185.86  177.55  4.7  72.9  71.3  1.6  135.57  126.59  7.1 
Seattle 2 1,246 182.67  187.14  (2.4) 86.0  82.5  3.5  157.16  154.39  1.8 
San Francisco 2 660 234.95  255.48  (8.0) 74.9  78.6  (3.7) 176.00  200.81  (12.4)
Other 9 2,850 179.45  181.78  (1.3) 72.8  70.1  2.7  130.58  127.50  2.4 
All Markets 38 23,068 $ 242.88  $ 242.89  —  % 78.1  % 75.6  % 2.5  % pts $ 189.73  $ 183.64  3.3  %
______________________________________________
(1)Calculated based on unrounded numbers.

Changes in Park's 2024 Comparable RevPAR for the three and nine months ended September 30, 2024 compared to the same periods in 2023, by hotel type were as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2024 vs 2023 2024 vs 2023
Resort 1.5  % 4.0  %
Urban 5.4  3.9 
Airport 0.5  4.9 
Suburban 8.6  7.5 
All Types 3.3  4.3 
Park continued to see improvements in group demand from ongoing strength at its urban hotels and certain resort hotels, with Comparable group revenues for the third quarter of 2024 increasing by approximately 13% year-over-year. Comparable RevPAR growth for the third quarter was driven by increases at its urban and resort hotels of approximately 5% and 2%, respectively, year-over-year. Park's urban hotels benefited from increased group business and citywide events, including the Hilton New Orleans Riverside and the Hilton Chicago where group revenues increased nearly 56% and over 36%, respectively, compared to the third quarter of 2023, which drove increases in RevPAR of approximately 26% and 20%, respectively.
2


Park's Orlando hotels continued to benefit from an increase in group demand following the transformative renovation at the Bonnet Creek Orlando complex in early 2024, with group revenues increasing nearly 92% and 41% at the Waldorf Astoria Orlando and Signia Bonnet Creek hotel, respectively, compared to the third quarter of 2023, which drove increases in RevPAR of approximately 46% and 9%, respectively.
At the end of September 2024, Comparable Group Revenue Pace and room night bookings for 2024 increased over 9% and 4%, respectively, as compared to what 2023 group bookings were at the end of September 2023, with 2024 average Comparable group rates projected to exceed 2023 average Comparable group rates by approximately 5% for the same time period. Additionally, at the end of September 2024, Comparable Group Revenue Pace and room night bookings for 2025 increased over 5% and nearly 2%, respectively, as compared to what 2024 group bookings were at the end of September 2023, with 2025 average Comparable group rates projected to exceed 2024 average Comparable group rates by over 3% for the same time period.
Hurricane Update
Park's hotels located in Key West, Miami and Orlando, remained fully operational while sustaining minimal damage and business interruption from Hurricanes Helene and Milton, which impacted the Southeast in September 2024 and October 2024, respectively. Park expects approximately $2 million of Hotel Adjusted EBITDA disruption from the hurricanes, with minimal financial impact in the third quarter of 2024.
Balance Sheet and Liquidity
Park's current liquidity is over $1.4 billion, including approximately $950 million of available capacity under the Company's revolving credit facility ("Revolver"). As of September 30, 2024, Park's Net Debt was approximately $3.5 billion, which excludes the $725 million non-recourse CMBS Loan ("SF Mortgage Loan") secured by the 1,921-room Hilton San Francisco Union Square and 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the "Hilton San Francisco Hotels").
As of September 30, 2024, the weighted average maturity of Park's consolidated debt, excluding the SF Mortgage Loan, is 3.4 years.
Park had the following debt outstanding as of September 30, 2024:
(unaudited, dollars in millions)     
Debt Collateral Interest Rate Maturity Date
As of
September 30, 2024
Fixed Rate Debt  
Mortgage loan Hilton Denver City Center 4.90%
March 2025(1)
$ 53 
Mortgage loan Hyatt Regency Boston 4.25% July 2026 125 
Mortgage loan DoubleTree Hotel Spokane City Center 3.62% July 2026 14 
Mortgage loan Hilton Hawaiian Village Beach Resort 4.20% November 2026 1,275 
Mortgage loan Hilton Santa Barbara Beachfront Resort 4.17% December 2026 157 
Mortgage loan DoubleTree Hotel Ontario Airport 5.37% May 2027 30 
2028 Senior Notes Unsecured 5.88% October 2028 725 
2029 Senior Notes Unsecured 4.88% May 2029 750 
2030 Senior Notes Unsecured 7.00% February 2030 550 
Finance lease obligations 7.44% 2024 to 2028
Total Fixed Rate Debt  
5.10%(2)
  3,680 
Variable Rate Debt
Revolver(3)
Unsecured
SOFR + 1.80%(4)
December 2026 — 
2024 Term Loan Unsecured
SOFR + 1.75%(4)
May 2027 200 
Total Variable Rate Debt 6.81%   200 
Add: unamortized premium — 
Less: unamortized deferred financing costs and discount     (25)
Total Debt(5)(6)
5.19%(2)
$ 3,855 
______________________________________________
(1)The loan matures in August 2042 but became callable by the lender in August 2022 with six months of notice. As of September 30, 2024, Park had not received notice from the lender.
(2)Calculated on a weighted average basis.
(3)Park has approximately $950 million of available capacity under the Revolver.
(4)SOFR includes a credit spread adjustment of 0.1%.
(5)Excludes $157 million of Park’s share of debt of its unconsolidated joint ventures.
(6)Excludes the SF Mortgage Loan, which is included in debt associated with hotels in receivership in Park's consolidated balance sheets. In October 2023, the Hilton San Francisco Hotels were placed into court-ordered receivership, and thus, Park has no further economic interest in the operations of the hotels.
3


Capital Investments
Through the third quarter of 2024, Park has spent $164 million on capital improvements at its hotels and expects to incur approximately $230 million to $250 million in capital improvement costs during 2024. Key current and upcoming renovations and return on investment projects include:
(dollars in millions)
Projects & Scope of Work
Estimated
Start Date
Estimated
Completion Date
Budget Total Incurred
Hilton Hawaiian Village Waikiki Beach Resort
Phase 1: Renovation of 392 guestrooms and the addition of 12 guestrooms through the conversion of suites to increase room count at the Rainbow Tower to 808
Q3 2024 Q1 2025 $ 44  $ 17 
Phase 2: Renovation of 404 guestrooms and the addition of 14 guestrooms through the conversion of suites to increase room count at the Rainbow Tower to 822
Q3 2025 Q1 2026 $ 43  $ — 
Lobby renovation: Renovation of the Rainbow Tower lobby
Q3 2025 Q1 2026 $ $ — 
Hilton Waikoloa Village
Phase 1: Renovation of 197 guestrooms and the addition of 6 guestrooms through the conversion of suites to increase room count at the Palace Tower to 406
Q3 2024 Q4 2024 $ 32  $ 12 
Phase 2: Renovation of 203 guestrooms and the addition of 5 guestrooms through the conversion of suites to increase room count at the Palace Tower to 411
Q3 2025 Q4 2025 $ 33  $ — 
Lobby renovation: Renovation of the Palace Tower lobby
Q3 2025 Q4 2025 $ — 
Hilton New Orleans Riverside
Phase 1: Renovation of 250 guestrooms at the 1,167-room Main Tower
Q3 2024 Q4 2024 $ 16  $ 12 
Phase 2: Renovation of 437 guestrooms at the 1,167-room Main Tower
Q2 2025 Q3 2025 $ 31  $ — 
Dividends
Park declared a third quarter 2024 cash dividend of $0.25 per share to stockholders of record as of September 30, 2024. The third quarter 2024 cash dividend was paid on October 15, 2024. Park is currently targeting paying a fourth quarter dividend, subject to approval by its Board of Directors, in the range of 65% to 70% of Adjusted FFO per share for the full year, which would include both the $0.25 per share fixed quarterly component plus an incremental top-off dividend.
Full-Year 2024 Outlook
Park is not in a position to update its full-year 2024 outlook at this time due to the uncertainty surrounding continuing negotiations between Park's operators and labor unions and the related impacts on operating results, which was not factored into Park's prior outlook. Park will provide a revised outlook once the appropriate agreements have been ratified and Park has a better understanding of the impacts to its operating results.
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 2024 results on October 30, 2024 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 2024 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.
4


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 the effects of Park's decision to cease payments on its $725 million SF Mortgage Loan secured by the Hilton San Francisco Hotels and the lender's exercise of its remedies, including placing such hotels into receivership, as well as Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including anticipated repayment of certain of Park's indebtedness, the completion of capital allocation priorities, the expected repurchase of Park's stock, the impact from macroeconomic factors (including inflation, elevated 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, payment and any change in amounts 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 Park’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events.
All such 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 the results 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, 2023, 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, FFO per share, Adjusted FFO per share, 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 real estate investment trusts ("REIT") with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 41 premium-branded hotels and resorts with over 25,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.
5


PARK HOTELS & RESORTS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
  September 30, 2024 December 31, 2023
  (unaudited)
ASSETS
Property and equipment, net $ 7,413  $ 7,459 
Contract asset 804  760 
Intangibles, net 42  42 
Cash and cash equivalents 480  717 
Restricted cash 38  33 
Accounts receivable, net of allowance for doubtful accounts of $3 and $3
124  112 
Prepaid expenses 57  59 
Other assets 38  40 
Operating lease right-of-use assets 177  197 
TOTAL ASSETS (variable interest entities – $231 and $236)
$ 9,173  $ 9,419 
LIABILITIES AND EQUITY    
Liabilities    
Debt $ 3,855  $ 3,765 
Debt associated with hotels in receivership 725  725 
Accrued interest associated with hotels in receivership 79  35 
Accounts payable and accrued expenses 240  210 
Dividends payable 57  362 
Due to hotel managers 111  131 
Other liabilities 187  200 
Operating lease liabilities 212  223 
Total liabilities (variable interest entities – $215 and $218)
5,466  5,651 
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 207,257,541 shares issued and 206,403,675 shares outstanding as of September 30, 2024 and 210,676,264 shares issued and 209,987,581 shares outstanding as of December 31, 2023
Additional paid-in capital 4,103  4,156 
Accumulated deficit (353) (344)
Total stockholders' equity 3,752  3,814 
Noncontrolling interests (45) (46)
Total equity 3,707  3,768 
TOTAL LIABILITIES AND EQUITY $ 9,173  $ 9,419 
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PARK HOTELS & RESORTS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except per share data)
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Revenues
Rooms $ 403  $ 432  $ 1,193  $ 1,256 
Food and beverage 157  159  521  518 
Ancillary hotel 68  66  196  203 
Other 21  22  64  64 
Total revenues 649  679  1,974  2,041 
Operating expenses
Rooms 107  119  314  343 
Food and beverage 112  122  356  377 
Other departmental and support 154  161  454  484 
Other property 65  59  174  182 
Management fees 30  31  93  95 
Impairment and casualty loss —  —  13  204 
Depreciation and amortization 63  65  192  193 
Corporate general and administrative 17  18  52  50 
Other 21  19  62  61 
Total expenses 569  594  1,710  1,989 
Gain on sale of assets, net —  —  —  15 
Gain on derecognition of assets 15  —  44  — 
Operating income 95  85  308  67 
Interest income 16  29 
Interest expense (54) (51) (161) (155)
Interest expense associated with hotels in receivership (15) (14) (44) (31)
Equity in earnings from investments in affiliates 28  29 
Other (loss) gain, net (1) —  (4)
Income (loss) before income taxes 59  31  144  (77)
Income tax (expense) benefit (2) —  (5)
Net income (loss) 57  31  153  (82)
Net income attributable to noncontrolling interests (3) (4) (7) (8)
Net income (loss) attributable to stockholders $ 54  $ 27  $ 146  $ (90)
Earnings (loss) per share:
Earnings (loss) per share - Basic $ 0.26  $ 0.13  $ 0.70  $ (0.42)
Earnings (loss) per share - Diluted $ 0.26  $ 0.13  $ 0.69  $ (0.42)
Weighted average shares outstanding – Basic 206 212 208 216
Weighted average shares outstanding – Diluted 208 212 210 216
7


PARK HOTELS & RESORTS INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS
EBITDA AND ADJUSTED EBITDA
(unaudited, in millions) Three Months Ended
September 30,
Nine Months Ended
September 30,
2024 2023 2024 2023
Net income (loss) $ 57  $ 31  $ 153  $ (82)
Depreciation and amortization expense 63  65  192  193 
Interest income (6) (9) (16) (29)
Interest expense 54  51  161  155 
Interest expense associated with hotels in receivership(1)
15  14  44  31 
Income tax expense (benefit) —  (9)
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates
EBITDA 189  154  534  280 
Gain on sales of assets, net(2)
(19) —  (19) (15)
Gain on derecognition of assets(1)
(15) —  (44) — 
Gain on sale of investments in affiliates(3)
—  —  —  (3)
Share-based compensation expense 14  14 
Impairment and casualty loss —  —  13  204 
Other items (1) 16  16 
Adjusted EBITDA $ 159  $ 163  $ 514  $ 496 
______________________________________________
(1)For the three and nine months ended September 30, 2024 and 2023, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets beginning October 2023, as Park expects to be released from this obligation upon final resolution with the lender.
(2)For the three and nine months ended September 30, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates.
(3)Included in other (loss) gain, net.
8


PARK HOTELS & RESORTS INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS
COMPARABLE HOTEL ADJUSTED EBITDA AND
COMPARABLE HOTEL ADJUSTED EBITDA MARGIN
(unaudited, dollars in millions) Three Months Ended
September 30,
Nine Months Ended
September 30,
2024 2023 2024 2023
Adjusted EBITDA $ 159  $ 163  $ 514  $ 496 
Less: Adjusted EBITDA from investments in affiliates (3) (4) (19) (19)
Add: All other(1)
12  14  41  40 
Hotel Adjusted EBITDA 168  173  536  517 
Less: Adjusted EBITDA from hotels disposed of — 
Less: Adjusted EBITDA from the Hilton San Francisco Hotels —  (1) —  (5)
Comparable Hotel Adjusted EBITDA $ 170  $ 173  $ 539  $ 512 
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024 2023 2024 2023
Total Revenues $ 649  $ 679  $ 1,974  $ 2,041 
Less: Other revenue (21) (22) (64) (64)
Less: Revenues from hotels disposed of (3) (4) (9) (20)
Less: Revenues from the Hilton San Francisco Hotels —  (51) —  (145)
Comparable Hotel Revenues $ 625  $ 602  $ 1,901  $ 1,812 
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023
Change(2)
2024 2023
Change(2)
Total Revenues $ 649  $ 679  (4.4) % $ 1,974  $ 2,041  (3.3) %
Operating income $ 95  $ 85  12.3  % $ 308  $ 67  358.9  %
Operating income margin(2)
14.6  % 12.5  % 210   bps 15.6  % 3.3  % 1,230   bps
Comparable Hotel Revenues $ 625  $ 602  3.8  % $ 1,901  $ 1,812  4.9  %
Comparable Hotel Adjusted EBITDA $ 170  $ 173  (1.9) % $ 539  $ 512  5.2  %
Comparable Hotel Adjusted EBITDA margin(2)
27.2  % 28.8  % (160) bps 28.3  % 28.2  % 10  bps
______________________________________________
(1)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated statements of operations.
(2)Percentages are calculated based on unrounded numbers.
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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)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024 2023 2024 2023
Net income (loss) attributable to stockholders $ 54  $ 27  $ 146  $ (90)
Depreciation and amortization expense 63  65  192  193 
Depreciation and amortization expense attributable to noncontrolling interests (1) (1) (3) (3)
Gain on sales of assets, net —  —  —  (15)
Gain on derecognition of assets(1)
(15) —  (44) — 
Gain on sale of investments in affiliates(2)
—  —  —  (3)
Impairment loss —  —  12  202 
Equity investment adjustments:
Equity in earnings from investments in affiliates (28) (2) (29) (9)
Pro rata FFO of investments in affiliates 14  12 
Nareit FFO attributable to stockholders 82  91  288  287 
Casualty loss —  — 
Share-based compensation expense 14  14 
Interest expense associated with hotels in receivership(1)
15  44 
Other items
—  18 
Adjusted FFO attributable to stockholders $ 102  $ 108  $ 350  $ 329 
Nareit FFO per share – Diluted(3)
$ 0.40  $ 0.43  $ 1.37  $ 1.33 
Adjusted FFO per share – Diluted(3)
$ 0.49  $ 0.51  $ 1.67  $ 1.52 
Weighted average shares outstanding – Diluted 208  212  210  216 
______________________________________________
(1)For the three and nine months ended September 30, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets beginning October 2023, as Park expects to be released from this obligation upon final resolution with the lender. For the three and nine months ended September 30, 2023, reflects incremental default interest expense and late payment administrative fees associated with the default of the SF Mortgage Loan beginning in June 2023.
(2)Included in other (loss) gain, net.
(3)Per share amounts are calculated based on unrounded numbers.
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PARK HOTELS & RESORTS INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS
NET DEBT
(unaudited, in millions)
September 30, 2024
Debt $ 3,855 
Add: unamortized deferred financing costs and discount 25 
Less: unamortized premium — 
Debt, excluding unamortized deferred financing cost,
   premiums and discounts
3,880 
Add: Park's share of unconsolidated affiliates debt,
excluding unamortized deferred financing costs
157 
Less: cash and cash equivalents (480)
Less: restricted cash (38)
Net Debt $ 3,519 
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PARK HOTELS & RESORTS INC.
DEFINITIONS
Comparable
The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable 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’s Comparable metrics include results from hotels that were active and operating in Park's portfolio since January 1st of the previous year and property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable metrics exclude results from property dispositions that have occurred through October 29, 2024 and the Hilton San Francisco Hotels, which were placed into receivership at the end of October 2023.
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin
Earnings before interest expense, taxes and depreciation and amortization (“EBITDA”), presented herein, reflects net income (loss) excluding depreciation and amortization, interest income, interest expense, income taxes and also interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates.
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:
•Gains or losses on sales of assets for both consolidated and unconsolidated investments;
•Costs associated with hotel acquisitions or dispositions expensed during the period;
•Severance expense;
•Share-based compensation expense;
•Impairment losses and casualty gains or losses; and
•Other items that management believes are not representative of the Company’s current or future operating performance.
Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company’s consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company’s profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company’s consolidated hotels.
Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (“U.S.”) 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’s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies.
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’s 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.
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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’s 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. Further, the Company does not use or present EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin as measures of liquidity or cash flows.
Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – diluted and Adjusted FFO per share – diluted
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’s performance. The Company calculates funds from (used in) operations (“FFO”) attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), 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’s pro rata share of the FFO of those entities on the same basis. As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper – 2018 Restatement,” 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’s 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.
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’s 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’s 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:
•Costs associated with hotel acquisitions or dispositions expensed during the period;
•Severance expense;
•Share-based compensation expense;
•Casualty gains or losses; and
•Other items that management believes are not representative of the Company’s current or future operating performance.
Net Debt
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) debt excluding unamortized deferred financing costs; and (ii) the Company’s 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. Net Debt also excludes Debt associated with hotels in receivership.
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.
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Occupancy
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’s hotels’ 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 (“ADR”) levels as demand for rooms increases or decreases.
Average Daily Rate
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.
Revenue per Available Room
Revenue per Available Room (“RevPAR”) represents rooms revenue divided by the total number of room nights available to guests for a given period. Management considers RevPAR to be a meaningful indicator of the Company’s 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.
Total RevPAR
Total RevPAR represents rooms, food and beverage and other hotel revenues divided by the total number of room nights available to guests for a given period. Management considers Total RevPAR to be a meaningful indicator of the Company’s 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.
Group Revenue Pace
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.
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EX-99.2 3 supplementexhibit992-live.htm EX-99.2 Document

Exhibit 99.2


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About Park and Safe Harbor Disclosure

About Park Hotels & Resorts Inc.
Park (NYSE: PK) is one of the largest publicly-traded lodging real estate investment trusts ("REIT") with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 41 premium-branded hotels and resorts with over 25,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.
Forward-Looking Statements
This supplement 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 the effects of Park's decision to cease payments on its $725 million non-recourse CMBS loan ("SF Mortgage Loan") secured by two of Park’s San Francisco hotels – the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the "Hilton San Francisco Hotels") and the lender's exercise of its remedies, including placing such hotels into receivership, as well as Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including anticipated repayment of certain of Park's indebtedness, the completion of capital allocation priorities, the expected repurchase of Park's stock, the impact from macroeconomic factors (including inflation, elevated 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, payment and any change in amounts 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 Park’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events.
All such 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 the results 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, 2023, 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.
Supplemental Financial Information
Park presents certain non-generally accepted accounting principles (“GAAP”) financial measures in this presentation, including Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, FFO per share, Adjusted FFO per share, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin, Net Debt and Net Debt to Adjusted EBITDA ratio. 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 presentation including the “Definitions” section for additional information and reconciliations of such non-GAAP financial measures.
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3
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Financial Statements
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Financial Statements
Condensed Consolidated Balance Sheets
(in millions, except share and per share data) September 30, 2024 December 31, 2023
(unaudited)
ASSETS
Property and equipment, net $ 7,413  $ 7,459 
Contract asset 804  760 
Intangibles, net 42  42 
Cash and cash equivalents 480  717 
Restricted cash 38  33 
Accounts receivable, net of allowance for doubtful accounts of $3 and $3
124  112 
Prepaid expenses 57  59 
Other assets 38  40 
Operating lease right-of-use assets 177  197 
TOTAL ASSETS (variable interest entities – $231 and $236)
$ 9,173  $ 9,419 
LIABILITIES AND EQUITY
Liabilities
Debt $ 3,855  $ 3,765 
Debt associated with hotels in receivership 725  725 
Accrued interest associated with hotels in receivership 79  35 
Accounts payable and accrued expenses 240  210 
Dividends payable 57  362 
Due to hotel managers 111  131 
Other liabilities 187  200 
Operating lease liabilities 212  223 
Total liabilities (variable interest entities – $215 and $218)
5,466  5,651 
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 207,257,541 shares issued and 206,403,675 shares outstanding as of September 30, 2024 and 210,676,264 shares issued and 209,987,581 shares outstanding as of December 31, 2023
Additional paid-in capital 4,103  4,156 
Accumulated deficit (353) (344)
Total stockholders' equity 3,752  3,814 
Noncontrolling interests (45) (46)
Total equity 3,707  3,768 
TOTAL LIABILITIES AND EQUITY $ 9,173  $ 9,419 
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Financial Statements (continued)
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share data)
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Revenues
Rooms $ 403  $ 432  $ 1,193  $ 1,256 
Food and beverage 157  159  521  518 
Ancillary hotel 68  66  196  203 
Other 21  22  64  64 
Total revenues 649  679  1,974  2,041 
Operating expenses
Rooms 107  119  314  343 
Food and beverage 112  122  356  377 
Other departmental and support 154  161  454  484 
Other property 65  59  174  182 
Management fees 30  31  93  95 
Impairment and casualty loss —  —  13  204 
Depreciation and amortization 63  65  192  193 
Corporate general and administrative 17  18  52  50 
Other 21  19  62  61 
Total expenses 569  594  1,710  1,989 
Gain on sale of assets, net —  —  —  15 
Gain on derecognition of assets 15  —  44  — 
Operating income 95  85  308  67 
Interest income 16  29 
Interest expense (54) (51) (161) (155)
Interest expense associated with hotels in receivership (15) (14) (44) (31)
Equity in earnings from investments in affiliates 28  29 
Other (loss) gain, net (1) —  (4)
Income (loss) before income taxes 59  31  144  (77)
Income tax (expense) benefit (2) —  (5)
Net income (loss) 57  31  153  (82)
Net income attributable to noncontrolling interests (3) (4) (7) (8)
Net income (loss) attributable to stockholders $ 54  $ 27  $ 146  $ (90)
Earnings (loss) per share:
Earnings (loss) per share – Basic $ 0.26  $ 0.13  $ 0.70  $ (0.42)
Earnings (loss) per share – Diluted $ 0.26  $ 0.13  $ 0.69  $ (0.42)
Weighted average shares outstanding – Basic 206 212 208 216
Weighted average shares outstanding – Diluted 208 212 210 216
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Supplementary Financial Information
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Supplementary Financial Information
EBITDA and Adjusted EBITDA
(unaudited, in millions) Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Net income (loss) $ 57  $ 31  $ 153  $ (82)
Depreciation and amortization expense 63  65  192  193 
Interest income (6) (9) (16) (29)
Interest expense 54  51  161  155 
Interest expense associated with hotels in receivership(1)
15  14  44  31 
Income tax expense (benefit) —  (9)
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates
EBITDA 189  154  534  280 
Gain on sale of assets, net(2)
(19) —  (19) (15)
Gain on derecognition of assets(1)
(15) —  (44) — 
Gain on sale of investments in affiliates(3)
—  —  —  (3)
Share-based compensation expense 14  14 
Impairment and casualty loss —  —  13  204 
Other items (1) 16  16 
Adjusted EBITDA $ 159  $ 163  $ 514  $ 496 
_____________________________________
(1)For the three and nine months ended September 30, 2024 and 2023, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets beginning October 2023, as Park expects to be released from this obligation upon final resolution with the lender.
(2)For the three and nine months ended September 30, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates.
(3)Included in other (loss) gain, net in the condensed consolidated statements of operations.
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Supplementary Financial Information (continued)
Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin
(unaudited, dollars in millions)
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Adjusted EBITDA $ 159  $ 163  $ 514  $ 496 
Less: Adjusted EBITDA from investments in affiliates (3) (4) (19) (19)
Add: All other(1)
12  14  41  40 
Hotel Adjusted EBITDA 168  173  536  517 
Less: Adjusted EBITDA from hotels disposed of — 
Less: Adjusted EBITDA from the Hilton San Francisco Hotels —  (1) —  (5)
Comparable Hotel Adjusted EBITDA
$ 170  $ 173  $ 539  $ 512 
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Total Revenues $ 649  $ 679  $ 1,974  $ 2,041 
Less: Other revenue (21) (22) (64) (64)
Less: Revenues from hotels disposed of (3) (4) (9) (20)
Less: Revenue from the Hilton San Francisco Hotels —  (51) —  (145)
Comparable Hotel Revenues
$ 625  $ 602  $ 1,901  $ 1,812 
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023
Change(2)
2024 2023
Change(2)
Total Revenues $ 649  $ 679  (4.4) % $ 1,974  $ 2,041  (3.3) %
Operating income $ 95  $ 85  12.3  % $ 308  $ 67  358.9  %
Operating income margin(2)
14.6  % 12.5  % 210   bps 15.6  % 3.3  % 1,230   bps
Comparable Hotel Revenues
$ 625  $ 602  3.8  % $ 1,901  $ 1,812  4.9  %
Comparable Hotel Adjusted EBITDA
$ 170  $ 173  (1.9) % $ 539  $ 512  5.2  %
Comparable Hotel Adjusted EBITDA margin(2)
27.2  % 28.8  % (160)  bps 28.3  % 28.2  % 10   bps
 
______________________________________________________________
(1)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated statements of operations.
(2)Percentages are calculated based on unrounded numbers.
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Supplementary Financial Information (continued)
Nareit FFO and Adjusted FFO

(unaudited, in millions, except per share data)
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2023 2022
Net income (loss) attributable to stockholders $ 54  $ 27  $ 146  $ (90)
Depreciation and amortization expense 63  65  192  193 
Depreciation and amortization expense attributable to noncontrolling interests
(1) (1) (3) (3)
Gain on sale of assets, net —  —  —  (15)
Gain on derecognition of assets(1)
(15) —  (44) — 
Gain on sale of investments in affiliates(2)
—  —  —  (3)
Impairment loss —  —  12  202 
Equity investment adjustments:
Equity in earnings from investments in affiliates (28) (2) (29) (9)
Pro rata FFO of investments in affiliates 14  12 
Nareit FFO attributable to stockholders 82  91  288  287 
Casualty loss —  — 
Share-based compensation expense 14  14 
Interest expense associated with hotels in receivership(1)
15  44 
Other items —  18 
Adjusted FFO attributable to stockholders $ 102  $ 108  $ 350  $ 329 
Nareit FFO per share – Diluted(3)
$ 0.40  $ 0.43  $ 1.37  $ 1.33 
Adjusted FFO per share – Diluted(3)
$ 0.49  $ 0.51  $ 1.67  $ 1.52 
Weighted average shares outstanding – Diluted(4)
208 212 210 216
_____________________________________
(1)For the three and nine months ended September 30, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets beginning October 2023, as Park expects to be released from this obligation upon final resolution with the lender. For the three and nine months ended September 30, 2023, reflects incremental default interest expense and late payment administrative fees associated with the default of the SF Mortgage Loan beginning in June 2023.
(2)Included in other (loss) gain, net in the condensed consolidated statements of operations.
(3)Per share amounts are calculated based on unrounded numbers.
(4)Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of September 30, 2024, see page 5.
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Supplementary Financial Information (continued)
General and Administrative Expenses

(unaudited, in millions) Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Corporate general and administrative expenses $ 17  $ 18  $ 52  $ 50 
Less:
Share-based compensation expense 14  14 
Other corporate expenses — 
G&A, excluding expenses not included in Adjusted EBITDA $ 11  $ 13  $ 35  $ 34 
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Supplementary Financial Information (continued)
Net Debt and Net Debt to Comparable Adjusted EBITDA Ratio
(unaudited, in millions)
September 30, 2024
December 31, 2023
Debt $ 3,855  $ 3,765 
Add: unamortized deferred financing costs and discount 25 22
Less: unamortized premium (1)
Debt, excluding unamortized deferred financing cost, premiums and discounts
3,880 3,786
Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs(1)
157 147
Less: cash and cash equivalents(2)
(480) (555)
Less: restricted cash (38) (33)
Net Debt $ 3,519  $ 3,345 
TTM Comparable Adjusted EBITDA(3)
$ 679  $ 652 
Net Debt to TTM Comparable Adjusted EBITDA ratio 5.18x 5.13x
_____________________________________
(1)Excludes approximately $17 million of Park's share of debt that was repaid in connection with the sale of the Hilton La Jolla Torrey Pines in July 2024.
(2)As of December 31, 2023, considers the additional distribution of $162 million (or approximately $0.77 per share) in connection with the effective exit from the Hilton San Francisco Hotels. The cash dividend of $0.77 per share was declared on October 27, 2023 and paid on January 16, 2024 to stockholders of record as of December 29, 2023.
(3)See pages 29 and 30 for trailing twelve months ("TTM") Comparable Adjusted EBITDA as of September 30, 2024 and December 31, 2023, respectively.

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Portfolio and Operating Metrics

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Portfolio and Operating Metrics
Hotel Portfolio as of October 29, 2024
Hotel Name Total Rooms Market
Meeting Space
(square feet)
Ownership Equity Ownership
Debt
(in millions)
 
Comparable Portfolio
Hilton Hawaiian Village Waikiki Beach Resort 2,860 Hawaii 150,000 Fee Simple 100% $ 1,275 
New York Hilton Midtown 1,878 New York 151,000 Fee Simple 100% — 
Hilton New Orleans Riverside 1,622 New Orleans 158,000 Fee Simple 100% — 
Hilton Chicago 1,544 Chicago 234,000 Fee Simple 100% — 
Signia by Hilton Orlando Bonnet Creek 1,009 Orlando 234,000 Fee Simple 100% — 
DoubleTree Hotel Seattle Airport 850 Seattle 41,000 Leasehold 100% — 
Hilton Orlando Lake Buena Vista 814 Orlando 86,000 Leasehold 100% — 
Caribe Hilton 652 Puerto Rico 65,000 Fee Simple 100% — 
Hilton Waikoloa Village 647 Hawaii 241,000 Fee Simple 100% — 
DoubleTree Hotel Washington DC – Crystal City 627 Washington, D.C. 36,000 Fee Simple 100% — 
Hilton Denver City Center 613 Denver 50,000 Fee Simple 100% $ 53 
Hilton Boston Logan Airport 604 Boston 30,000 Leasehold 100% — 
W Chicago – Lakeshore 520 Chicago 20,000 Fee Simple 100% — 
DoubleTree Hotel San Jose 505 Other U.S. 48,000 Fee Simple 100% — 
Hyatt Regency Boston 502 Boston 30,000 Fee Simple 100% $ 125 
Waldorf Astoria Orlando 502 Orlando 62,000 Fee Simple 100% — 
Hilton Salt Lake City Center 500 Other U.S. 24,000 Leasehold 100% — 
DoubleTree Hotel Ontario Airport 482 Southern California 27,000 Fee Simple 67% $ 30 
Hilton McLean Tysons Corner 458 Washington, D.C. 28,000 Fee Simple 100% — 
Hyatt Regency Mission Bay Spa and Marina 438 Southern California 24,000 Leasehold 100% — 
Boston Marriott Newton 430 Boston 34,000 Fee Simple 100% — 
W Chicago – City Center 403 Chicago 13,000 Fee Simple 100% — 
Hilton Seattle Airport & Conference Center 396 Seattle 40,000 Leasehold 100% — 
Royal Palm South Beach Miami, a Tribute Portfolio Resort 393 Miami 11,000 Fee Simple 100% — 
DoubleTree Hotel Spokane City Center 375 Other U.S. 21,000 Fee Simple 10% $ 14 
Hilton Santa Barbara Beachfront Resort 360 Southern California 62,000 Fee Simple 50% $ 157 
JW Marriott San Francisco Union Square 344 San Francisco 12,000 Leasehold 100% — 
Hyatt Centric Fisherman's Wharf 316 San Francisco 19,000 Fee Simple 100% — 
Hilton Short Hills 314 Other U.S. 21,000 Fee Simple 100% — 
Casa Marina Key West, Curio Collection 311 Key West 53,000 Fee Simple 100% — 
14
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Portfolio and Operating Metrics (continued)
Hotel Portfolio as of October 29, 2024
Hotel Name Total Rooms Market
Meeting Space
(square feet)
Ownership Equity Ownership
Debt(1)
(in millions)
Comparable Portfolio (continued)
DoubleTree Hotel San Diego – Mission Valley 300 Southern California 24,000 Leasehold 100% — 
Embassy Suites Kansas City Plaza 266 Other U.S. 11,000 Leasehold 100% — 
Embassy Suites Austin Downtown South Congress 262 Other U.S. 2,000 Leasehold 100% — 
DoubleTree Hotel Sonoma Wine Country 245 Other U.S. 27,000 Leasehold 100% — 
Juniper Hotel Cupertino, Curio Collection 224 Other U.S. 5,000 Fee Simple 100% — 
Hilton Checkers Los Angeles 193 Southern California 3,000 Fee Simple 100% — 
DoubleTree Hotel Durango 159 Other U.S. 7,000 Leasehold 100% — 
The Reach Key West, Curio Collection 150 Key West 18,000 Fee Simple 100% — 
Total Comparable Portfolio (38 Hotels) 23,068 2,122,000 $ 1,654 
Unconsolidated Joint Venture Portfolio
Hilton Orlando 1,424 Orlando 236,000 Fee Simple 20% $ 105 
Capital Hilton 559 Washington, D.C. 30,000 Fee Simple 25% $ 27 
Embassy Suites Alexandria Old Town 288 Washington, D.C. 11,000 Fee Simple 50% $ 25 
Total Unconsolidated Joint Venture Portfolio (3 Hotels) 2,271 277,000 $ 157 
Grand Total (41 Hotels) 25,339   2,399,000 $ 1,811 
_____________________________________
(1)Debt related to unconsolidated joint ventures is presented on a pro-rata basis.
15
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Portfolio and Operating Metrics (continued)
Comparable Hotels by Market: Q3 2024 vs. Q3 2023
(unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR Comparable Total RevPAR
Hotels Rooms 3Q24 3Q23
Change(1)
3Q24 3Q23 Change 3Q24 3Q23
Change(1)
3Q24 3Q23
Change(1)
Hawaii 2 3,507 $ 312.86  $ 322.09  (2.9) % 87.0  % 92.0  % (5.0) % pts $ 272.29  $ 296.29  (8.1) % $ 449.95  $ 501.43  (10.3) %
Orlando 3 2,325 201.39  188.44  6.9  65.1  60.2  4.9  131.18  113.54  15.5  289.13  231.41  24.9 
New York 1 1,878 304.42  302.44  0.7  91.1  92.2  (1.1) 277.19  278.78  (0.6) 419.61  411.92  1.9 
New Orleans 1 1,622 173.42  157.49  10.1  64.3  56.4  7.9  111.44  88.82  25.5  214.56  171.76  24.9 
Boston 3 1,536 281.13  267.12  5.2  87.6  86.1  1.5  246.23  230.03  7.0  299.59  286.95  4.4 
Southern California 5 1,773 250.89  263.09  (4.6) 85.0  79.6  5.4  213.29  209.58  1.8  318.08  322.87  (1.5)
Key West(2)
2 461 362.17  409.71  (11.6) 65.3  25.1  40.2  236.53  103.07  129.5  384.78  154.73  148.7 
Chicago 3 2,467 237.93  227.83  4.4  77.1  69.4  7.7  183.56  158.20  16.0  278.83  241.82  15.3 
Puerto Rico 1 652 264.86  269.92  (1.9) 68.5  67.2  1.3  181.39  181.41  —  295.95  281.53  5.1 
Washington, D.C. 2 1,085 181.93  173.20  5.0  75.1  77.3  (2.2) 136.56  133.77  2.1  193.12  194.47  (0.7)
Denver 1 613 204.78  202.05  1.4  74.4  81.8  (7.4) 152.25  165.19  (7.8) 227.29  234.01  (2.9)
Miami 1 393 185.86  177.55  4.7  72.9  71.3  1.6  135.57  126.59  7.1  191.88  180.44  6.3 
Seattle 2 1,246 182.67  187.14  (2.4) 86.0  82.5  3.5  157.16  154.39  1.8  198.72  198.79  — 
San Francisco 2 660 234.95  255.48  (8.0) 74.9  78.6  (3.7) 176.00  200.81  (12.4) 231.49  257.73  (10.2)
Other 9 2,850 179.45  181.78  (1.3) 72.8  70.1  2.7  130.58  127.50  2.4  176.72  172.11  2.7 
All Markets 38 23,068 $ 242.88  $ 242.89  —  % 78.1  % 75.6  % 2.5  % pts $ 189.73  $ 183.64  3.3  % $ 294.65  $ 283.82  3.8  %
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.

16
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Portfolio and Operating Metrics (continued)
Comparable Hotels by Market: Q3 2024 vs. Q3 2023
(unaudited, dollars in millions)  
Comparable Hotel Adjusted EBITDA
Comparable Hotel Revenue
Comparable Hotel Adjusted EBITDA Margin
Hotels Rooms 3Q24 3Q23
Change(1)
3Q24 3Q23
Change(1)
3Q24 3Q23 Change
Hawaii 2 3,507 $ 56  $ 69  (18.4) % $ 145  $ 162  (10.3) % 38.7  % 42.6  % (390) bps
Orlando 3 2,325 14  95.4  62  49  24.9  21.3  13.6  770
New York 1 1,878 13  10  28.3  72  71  1.9  18.2  14.4  380
New Orleans 1 1,622 57.2  32  26  24.9  27.7  22.0  570
Boston 3 1,536 15  14  8.9  42  41  4.4  35.5  34.0  150
Southern California 5 1,773 18  18  (0.7) 52  53  (1.5) 34.9  34.6  30
Key West(2)
2 461 (1) 359.6  16  148.7  21.4  (20.6) 4,200

Chicago(3)
3 2,467 16  21  (25.6) 63  55  15.3  24.6  38.1  (1,350)
Puerto Rico 1 652 8.9  18  17  5.1  18.0  17.4  60
Washington, D.C. 2 1,085 (12.0) 19  19  (0.7) 21.1  23.8  (270)
Denver 1 613 (14.7) 13  13  (2.9) 37.6  42.8  (520)
Miami 1 393 11.3  6.3  15.6  14.9  70
Seattle 2 1,246 (11.4) 23  23  —  19.7  22.2  (250)
San Francisco 2 660 —  (79.6) 14  15  (10.2) 3.3  14.6  (1,130)
Other 9 2,850 (4.0) 47  44  2.7  17.5  18.7  (120)
All Markets 38 23,068 $ 170  $ 173  (1.9) % $ 625  $ 602  3.8  % 27.2  % 28.8  % (160) bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.
(3)In Q3 2023, Park's Chicago hotels benefited from a property tax reassessment resulting in an approximately $8 million benefit. Additionally, Park's Chicago hotels received a grant of approximately $2 million under the Back-to-Business Illinois Hotel Jobs and Recovery Grant Program, which offset payroll expenses.


17
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Portfolio and Operating Metrics (continued)
Comparable Hotels by Market: YTD Q3 2024 vs. YTD Q3 2023
(unaudited)
Comparable ADR
Comparable Occupancy
Comparable RevPAR
Comparable Total RevPAR
Hotels Rooms 2024 2023
Change(1)
2024 2023 Change 2024 2023
Change(1)
2024 2023
Change(1)
Hawaii 2 3,507 $ 309.45  $ 307.21  0.7  % 88.0  % 91.1  % (3.1) % pts $ 272.45  $ 279.86  (2.6) % $ 460.21  $ 487.31  (5.6) %
Orlando 3 2,325 243.32 233.57 4.2  69.2  66.9 2.3  168.41  156.38  7.7  373.27  320.86  16.3 
New York 1 1,878 293.33 289.56 1.3  84.8  82.7 2.1  248.86  239.56  3.9  394.35  365.14  8.0 
New Orleans 1 1,622 207.59 202.89 2.3  68.5  65.0 3.5  142.30  132.04  7.8  256.03  246.24  4.0 
Boston 3 1,536 253.61 242.51 4.6  82.6  79.7 2.9  209.46  193.36  8.3  269.14  251.02  7.2 
Southern California 5 1,773 226.08 238.10 (5.0) 80.5  77.0 3.5  181.99  183.21  (0.7) 284.33  288.78  (1.5)
Key West(2)
2 461 542.07 529.29 2.4  75.5  48.9 26.6  409.00  258.40  58.3  621.24  375.99  65.2 
Chicago 3 2,467 225.56 221.77 1.7  63.3  59.7 3.6  142.70  132.28  7.9  221.04  204.28  8.2 
Puerto Rico 1 652 303.20 290.52 4.4  75.7  78.3 (2.6) 229.40 227.31 0.9  350.36 348.98 0.4 
Washington, D.C. 2 1,085 192.97 180.82 6.7  74.6  74.3 0.3  143.90  134.24  7.2  209.07  195.65  6.9 
Denver 1 613 194.39 195.19 (0.4) 69.1  72.5 (3.4) 134.34  141.50  (5.1) 202.43  206.72  (2.1)
Miami 1 393 267.10 258.14 3.5  81.1  80.1 1.0  216.65  206.92  4.7  285.94  277.79  2.9 
Seattle 2 1,246 162.96 169.50 (3.9) 77.5  70.2 7.3  126.37  119.08  6.1  170.13  162.00  5.0 
San Francisco 2 660 255.91 272.10 (6.0) 71.9  70.4 1.5  183.97  191.56  (4.0) 244.10  257.53  (5.2)
Other 9 2,850 181.57 183.01 (0.8) 68.9  66.5 2.4  125.04  121.62  2.8  171.16  166.67  2.7 
All Markets 38 23,068 $ 248.57  $ 245.34  1.3  % 75.7  % 73.5  % 2.2  % pts $ 188.08  $ 180.33  4.3  % $ 300.83  $ 287.74  4.5  %
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.
18
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Portfolio and Operating Metrics (continued)
Comparable Hotels by Market: YTD Q3 2024 vs. YTD Q3 2023
(unaudited, dollars in millions)
Comparable Hotel Adjusted EBITDA
Comparable Hotel Revenue
Comparable Hotel Adjusted EBITDA Margin
Hotels Rooms 2024 2023
Change(1)
2024 2023
Change(1)
2024 2023 Change
Hawaii 2 3,507 $ 176  $ 190  (7.0) % $ 442  $ 467  (5.2) % 39.8  % 40.6  % (80) bps
Orlando 3 2,325 75  60  26.0  238  204  16.8  31.6  29.3  230
New York 1 1,878 25  19  30.1  203  187  8.4  12.2  10.2  200
New Orleans 1 1,622 39  40  (3.5) 114  109  4.4  33.9  36.7  (280)
Boston(2)
3 1,536 41  32  26.1  113  105  7.6  36.0  30.7  530
Southern California 5 1,773 42  44  (4.2) 138  140  (1.2) 30.2  31.2  (100)
Key West(3)
2 461 31  14  131.8  78  47  65.8  40.0  28.6  1,140
Chicago(4)
3 2,467 21  23  (10.4) 149  138  8.6  13.9  16.9  (300)
Puerto Rico 1 652 17  17  (0.4) 63  62  0.8  26.7  27.0  (30)
Washington, D.C. 2 1,085 16  14  12.0  62  58  7.2  25.7  24.6  110
Denver 1 613 12  13  (6.4) 34  35  (1.7) 35.4  37.2  (180)
Miami 1 393 11  11  6.7  31  30  3.3  37.0  35.8  120
Seattle 2 1,246 (7.9) 58  55  5.4  11.6  13.3  (170)
San Francisco 2 660 (41.3) 44  46  (4.9) 9.6  15.5  (590)
Other 9 2,850 22  21  0.5  134  129  3.1  16.6  17.0  (40)
All Markets 38 23,068 $ 539  $ 512  5.2  % $ 1,901  $ 1,812  4.9  % 28.3  % 28.2  % 10 bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)During Q1 2024, Park's Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation's Hotel & Motel Relief Grant Program.
(3)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.
(4)In Q3 2023, Park's Chicago hotels benefited from a property tax reassessment resulting in an approximately $8 million benefit. Additionally, Park's Chicago hotels received a grant of approximately $2 million under the Back-to-Business Illinois Hotel Jobs and Recovery Grant Program, which offset payroll expenses.

19
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Portfolio and Operating Metrics (continued)
Core Hotels: Q3 2024 vs. Q3 2023
(unaudited) ADR Occupancy RevPAR Total RevPAR
  3Q24 3Q23
Change(1)
3Q24 3Q23 Change 3Q24 3Q23
Change(1)
3Q24 3Q23
Change(1)
Core Hotels
1 Hilton Hawaiian Village Waikiki Beach Resort $ 313.56  $ 317.24  (1.2) % 89.8  % 93.7  % (3.9) % pts $ 281.46  $ 297.03  (5.2) % $ 437.63  $ 473.02  (7.5) %
2 Hilton Waikoloa Village 309.16  345.83  (10.6) 75.0  84.8  (9.8) 231.76  293.04  (20.9) 504.39  627.01  (19.6)
3 Signia by Hilton Orlando Bonnet Creek 191.36  178.86  7.0  68.1  66.7  1.4  130.32  119.30  9.2  325.94  275.34  18.4 
4 Waldorf Astoria Orlando 305.04  285.42  6.9  64.2  47.2  17.0  195.74  134.50  45.5  400.42  246.64  62.3 
5 Hilton Orlando Lake Buena Vista 148.93  154.87  (3.8) 62.1  60.4  1.7  92.41  93.48  (1.1) 174.85  167.55  4.4 
6 New York Hilton Midtown 304.42  302.44  0.7  91.1  92.2  (1.1) 277.19  278.78  (0.6) 419.61  411.92  1.9 
7 Hilton New Orleans Riverside 173.42  157.49  10.1  64.3  56.4  7.9  111.44  88.82  25.5  214.56  171.76  24.9 
8 Hilton Boston Logan Airport 298.36  281.38  6.0  92.6  97.7  (5.1) 276.39  275.09  0.5  327.49  342.35  (4.3)
9 Hyatt Regency Boston 304.37  287.13  6.0  93.4  86.6  6.8  284.33  248.73  14.3  341.49  300.05  13.8 
10 Boston Marriott Newton 216.31  209.54  3.2  73.7  69.2  4.5  159.38  144.91  10.0  211.49  193.85  9.1 
11 Hilton Santa Barbara Beachfront Resort 404.88  393.21  3.0  82.5  82.8  (0.3) 334.00  325.58  2.6  496.97  500.27  (0.7)
12 Hyatt Regency Mission Bay Spa and Marina 288.98  338.17  (14.5) 86.8  73.6  13.2  250.78  248.85  0.8  408.64  429.66  (4.9)
13 Hilton Checkers Los Angeles 198.22  211.31  (6.2) 81.7  80.3  1.4  162.01  169.68  (4.5) 200.74  197.18  1.8 
14
Casa Marina Key West, Curio Collection(2)
374.06  —  100.0  66.7  —  66.7  249.52  (0.05) 100.0  399.92  0.65  100.0 
15 The Reach Key West, Curio Collection 335.83  409.85  (18.1) 62.4  77.3  (14.9) 209.60  316.86  (33.9) 353.41  474.20  (25.5)
16 Hilton Chicago 221.52  219.49  0.9  80.7  67.8  12.9  178.78  148.75  20.2  302.42  255.37  18.4 
17 W Chicago – City Center 314.82  283.34  11.1  64.9  68.1  (3.2) 204.34  192.94  5.9  244.45  238.21  2.6 
18 W Chicago – Lakeshore 238.79  211.22  13.1  76.1  75.5  0.6  181.66  159.32  14.0  235.45  204.38  15.2 
19 DoubleTree Hotel Washington DC – Crystal City 167.88  164.77  1.9  76.5  81.2  (4.7) 128.39  133.73  (4.0) 168.82  194.02  (13.0)
20 Hilton Denver City Center 204.78  202.05  1.4  74.4  81.8  (7.4) 152.25  165.19  (7.8) 227.29  234.01  (2.9)
21 Royal Palm South Beach Miami 185.86  177.55  4.7  72.9  71.3  1.6  135.57  126.59  7.1  191.88  180.44  6.3 
22 Hyatt Centric Fisherman's Wharf 201.64  221.12  (8.8) 81.5  85.4  (3.9) 164.26  188.66  (12.9) 219.06  251.64  (12.9)
23 JW Marriott San Francisco Union Square 271.12  292.67  (7.4) 68.9  72.4  (3.5) 186.79  211.96  (11.9) 242.91  263.33  (7.8)
24 DoubleTree Hotel San Jose 178.26  171.33  4.0  61.9  61.0  0.9  110.43  104.67  5.5  154.44  157.72  (2.1)
25 Juniper Hotel Cupertino, Curio Collection 186.82  188.22  (0.7) 75.1  69.4  5.7  140.28  130.61  7.4  154.96  149.12  3.9 
Total Core Hotels 258.48  257.58  0.4  78.1  75.7  2.4  201.76  194.86  3.5  319.75  307.87  3.9 
All Other Hotels 190.23  193.04  (1.5) 78.3  75.4  2.9  148.99  145.62  2.3  209.65  202.35  3.6 
Total Comparable Hotels $ 242.88  $ 242.89  —  % 78.1  % 75.6  % 2.5  % pts $ 189.73  $ 183.64  3.3  % $ 294.65  $ 283.82  3.8  %
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.


20
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Portfolio and Operating Metrics (continued)
Core Hotels: Q3 2024 vs. Q3 2023
(unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin
3Q24 3Q23
Change(1)
3Q24 3Q23
Change(1)
3Q24 3Q23 Change
Core Hotels
1 Hilton Hawaiian Village Waikiki Beach Resort $ 47  $ 55  (13.5) % $ 115  $ 124  (7.5) % 41.0  % 43.9  % (290) bps
2 Hilton Waikoloa Village 14  (37.1) 30  37  (19.6) 29.8  38.1  (830)
3 Signia by Hilton Orlando Bonnet Creek 45.8  30  25  18.4  25.4  20.6  480
4 Waldorf Astoria Orlando —  1,029.4  18  11  62.3  19.5  (3.4) 2,290
5 Hilton Orlando Lake Buena Vista 1.6  13  13  4.4  14.5  14.9  (40)
6 New York Hilton Midtown 13  10  28.3  72  71  1.9  18.2  14.4  380
7 Hilton New Orleans Riverside 57.2  32  26  24.9  27.7  22.0  570
8 Hilton Boston Logan Airport (1.0) 18  19  (4.3) 33.1  32.0  110
9 Hyatt Regency Boston 17.0  16  14  13.8  41.9  40.8  110
10 Boston Marriott Newton 15.7  9.1  28.4  26.8  160
11 Hilton Santa Barbara Beachfront Resort (0.9) 16  17  (0.7) 54.7  54.8  (10)
12 Hyatt Regency Mission Bay Spa and Marina 4.4  16  17  (4.9) 29.1  26.5  260
13 Hilton Checkers Los Angeles 6.1  1.8  20.0  19.2  80
14
Casa Marina Key West, Curio Collection(2)
(3) 180.4  11  —  100.0  23.1  —  2,310
15 The Reach Key West, Curio Collection —  (56.1) (25.5) 17.5  29.7  (1,220)
16
Hilton Chicago(3)
11  13  (9.2) 44  36  18.4  26.5  34.6  (810)
17
W Chicago – City Center(3)
(54.8) 2.6  20.5  46.5  (2,600)
18
W Chicago – Lakeshore(3)
(45.9) 11  10  15.2  20.4  43.5  (2,310)
19 DoubleTree Hotel Washington DC – Crystal City (30.7) 10  11  (13.0) 22.5  28.3  (580)
20 Hilton Denver City Center (14.7) 13  13  (2.9) 37.6  42.8  (520)
21 Royal Palm South Beach Miami 11.3  6.3  15.6  14.9  70
22 Hyatt Centric Fisherman's Wharf —  (50.7) (12.9) 13.8  24.4  (1,060)
23 JW Marriott San Francisco Union Square —  (180.4) (7.8) (5.4) 6.1  (1,150)
24 DoubleTree Hotel San Jose —  (40.2) (2.1) 5.2  8.5  (330)
25 Juniper Hotel Cupertino, Curio Collection 5.8  3.9  18.7  18.4  30
Total Core Hotels 149  156  (1.9) 524  504  3.9  28.5  30.2  (170)
All Other Hotels 21  17  (1.5) 101  98  3.6  20.0  21.0  (100)
Total Comparable Hotels $ 170  $ 173  (1.9) % $ 625  $ 602  3.8  % 27.2  % 28.8  % (160) bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.
(3)In Q3 2023, Park's Chicago hotels benefited from a property tax reassessment resulting in an approximately $8 million benefit. Additionally, Park's Chicago hotels received a grant of approximately $2 million under the Back-to-Business Illinois Hotel Jobs and Recovery Grant Program, which offset payroll expenses.


21
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Portfolio and Operating Metrics (continued)
Core Hotels: YTD Q3 2024 vs. YTD Q3 2023
(unaudited) ADR Occupancy RevPAR Total RevPAR
  2024 2023
Change(1)
2024 2023 Change 2024 2023
Change(1)
2024 2023
Change(1)
Core Hotels
1 Hilton Hawaiian Village Waikiki Beach Resort $ 306.83  $ 301.06  1.9  % 90.3  % 92.9  % (2.6) % pts $ 277.09  $ 279.76  (1.0) % $ 440.52  $ 455.83  (3.4) %
2 Hilton Waikoloa Village 322.86  337.65  (4.4) 78.0  83.0  (5.0) 251.95 280.29 (10.1) 547.24 626.45 (12.6)
3 Signia by Hilton Orlando Bonnet Creek 232.76  217.66  6.9  73.2  69.9  3.3  170.47 152.13 12.1  439.50 354.85 23.9 
4 Waldorf Astoria Orlando 374.96  359.53  4.3  61.8  56.9  4.9  231.72 204.72 13.2  451.20 387.59 16.4 
5 Hilton Orlando Lake Buena Vista 184.32  189.74  (2.9) 68.8  69.5  (0.7) 126.81 131.85 (3.8) 243.12 237.57 2.3 
6 New York Hilton Midtown 293.33  289.56  1.3  84.8  82.7  2.1  248.86 239.56 3.9  394.35 365.14 8.0 
7 Hilton New Orleans Riverside 207.59 202.89 2.3  68.5  65.0 3.5  142.30 132.04 7.8  256.03 246.24 4.0 
8 Hilton Boston Logan Airport 260.63  247.76  5.2  92.8  93.6  (0.8) 241.99 231.96 4.3  298.11 293.28 1.6 
9 Hyatt Regency Boston 276.91  263.84  5.0  85.0  78.9  6.1  235.51 208.28 13.1  296.34 262.84 12.7 
10 Boston Marriott Newton 204.16  199.07  2.6  65.3  61.1  4.2  133.36 121.72 9.6  196.69 177.85 10.6 
11 Hilton Santa Barbara Beachfront Resort 338.62  349.50  (3.1) 74.3  72.1  2.2  251.52 252.04 (0.2) 389.93 405.06 (3.7)
12 Hyatt Regency Mission Bay Spa and Marina 254.76  293.50  (13.2) 80.5  69.5  11.0  204.97 203.83 0.6  357.58 358.67 (0.3)
13 Hilton Checkers Los Angeles 198.89  216.22  (8.0) 71.9  73.6  (1.7) 142.95 158.98 (10.1) 177.71 185.81 (4.4)
14
Casa Marina Key West, Curio Collection(2)
553.85  538.58  2.8  74.8  34.2  40.6  414.27 184.25 124.8  633.94 272.49 132.6 
15 The Reach Key West, Curio Collection 518.29  520.95  (0.5) 76.8  79.1  (2.3) 398.08 412.15 (3.4) 594.93 590.58 0.7 
16 Hilton Chicago 211.84  211.39  0.2  65.6  58.9  6.7  138.92 124.50 11.6  243.05 218.72 11.1 
17 W Chicago – City Center 298.49  280.19  6.5  56.9  58.9  (2.0) 169.72 164.87 2.9  204.67 201.66 1.5 
18 W Chicago – Lakeshore 216.69  208.20  4.1  61.4  62.5  (1.1) 132.97 130.10 2.2  168.38 163.42 3.0 
19 DoubleTree Hotel Washington DC – Crystal City 185.34  174.19  6.4  77.1  77.5  (0.4) 142.88 134.99 5.8  193.89 192.59 0.7 
20 Hilton Denver City Center 194.39  195.19  (0.4) 69.1  72.5  (3.4) 134.34 141.50 (5.1) 202.43 206.72 (2.1)
21 Royal Palm South Beach Miami 267.10  258.14  3.5  81.1  80.1  1.0  216.65 206.92 4.7  285.94 277.79 2.9 
22 Hyatt Centric Fisherman's Wharf 191.53  205.38  (6.7) 75.5  74.1  1.4  144.66 152.25 (5.0) 191.59 209.55 (8.6)
23 JW Marriott San Francisco Union Square 321.07  339.93  (5.5) 68.5  66.9  1.6  220.07 227.68 (3.3) 292.33 301.59 (3.1)
24 DoubleTree Hotel San Jose 183.74  171.28  7.3  61.0  60.1  0.9  112.09 103.03 8.8  160.68 158.21 1.6 
25 Juniper Hotel Cupertino, Curio Collection 199.36  193.07  3.3  73.4  62.8  10.6  146.33 121.31 20.6  164.56 140.28 17.3 
Total Core Hotels 265.22  260.28  1.9  75.9  73.8  2.1  201.21 192.07 4.8  328.55 313.31 4.9 
All Other Hotels 191.50  193.84  (1.2) 75.0  72.5  2.5  143.62 140.55 2.2  206.94 201.15 2.9 
Total Comparable Hotels $ 248.57  $ 245.34  1.3  % 75.7  % 73.5  % 2.2  % pts $ 188.08  $ 180.33  4.3  % $ 300.83  $ 287.74  4.5  %
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.

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Portfolio and Operating Metrics (continued)
Core Hotels: YTD Q3 2024 vs. YTD Q3 2023
(unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin
  2024 2023
Change(1)
2024 2023
Change(1)
2024 2023 Change
Core Hotels
1 Hilton Hawaiian Village Waikiki Beach Resort $ 144  $ 148  (2.9) % $ 345  $ 356  (3.0) % 41.6  % 41.5  % 10 bps
2 Hilton Waikoloa Village 33  42  (21.7) 97  111  (12.3) 33.6  37.6  (400)
3 Signia by Hilton Orlando Bonnet Creek 43  33  33.4  122  98  24.3  35.7  33.3  240
4 Waldorf Astoria Orlando 16  11  51.2  62  53  16.8  26.3  20.3  600
5 Hilton Orlando Lake Buena Vista 15  16  (5.4) 54  53  2.7  28.4  30.8  (240)
6 New York Hilton Midtown 25  19  30.1  203  187  8.4  12.2  10.2  200
7 Hilton New Orleans Riverside 39  40  (3.5) 114  109  4.4  33.9  36.7  (280)
8
Hilton Boston Logan Airport(2)
16  14  14.0  49  48  2.0  32.4  29.0  340
9
Hyatt Regency Boston(2)
17  13  30.9  41  36  13.2  42.1  36.4  570
10
Boston Marriott Newton(2)
46.6  23  21  11.0  33.0  25.0  800
11 Hilton Santa Barbara Beachfront Resort 18  18  (3.5) 38  40  (3.4) 45.7  45.7 
12 Hyatt Regency Mission Bay Spa and Marina 11  11  (4.6) 43  43  0.1  25.1  26.3  (120)
13 Hilton Checkers Los Angeles 31.2  10  (4.0) 14.4  10.5  390
14
Casa Marina Key West, Curio Collection(3)
22  441.5  54  23  133.5  41.1  17.7  2,340
15 The Reach Key West, Curio Collection (2.7) 24  24  1.1  37.6  39.1  (150)
16
Hilton Chicago(4)
16  15  6.1  103  92  11.5  16.0  16.8  (80)
17
W Chicago – City Center(4)
(39.1) 23  22  1.9  13.1  22.0  (890)
18
W Chicago – Lakeshore(4)
(50.6) 24  23  3.4  5.9  12.3  (640)
19 DoubleTree Hotel Washington DC – Crystal City 10  10  (0.8) 33  33  1.0  29.3  29.9  (60)
20 Hilton Denver City Center 12  13  (6.4) 34  35  (1.7) 35.4  37.2  (180)
21 Royal Palm South Beach Miami 11  11  6.7  31  30  3.3  37.0  35.8  120
22 Hyatt Centric Fisherman's Wharf (48.2) 17  18  (8.2) 9.0  16.0  (700)
23 JW Marriott San Francisco Union Square (36.6) 28  28  (2.7) 9.9  15.2  (530)
24 DoubleTree Hotel San Jose 29.4  22  21  1.9  10.1  8.0  210
25 Juniper Hotel Cupertino, Curio Collection 83.8  10  17.7  24.8  15.9  890
Total Core Hotels 479  451  6.2  1,603  1,523  5.3  29.9  29.6  30
All Other Hotels 60  61  (2.3) 298  289  3.3  19.9  21.0  (110)
Total Comparable Hotels $ 539  $ 512  5.2  % $ 1,901  $ 1,812  4.9  % 28.3  % 28.2  % 10 bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)During Q1 2024, Park's Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation's Hotel & Motel Relief Grant Program.
(3)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.
(4)In Q3 2023, Park's Chicago hotels benefited from a property tax reassessment resulting in an approximately $8 million benefit. Additionally, Park's Chicago hotels received a grant of approximately $2 million under the Back-to-Business Illinois Hotel Jobs and Recovery Grant Program, which offset payroll expenses.


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Properties Acquired and Sold
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Properties Acquired and Sold
Properties Acquired
Hotel Location Room Count
2019 Acquisitions:
Chesapeake Lodging Trust Acquisition(1)
Hilton Denver City Center Denver, CO 613
W Chicago – Lakeshore Chicago, IL 520
Hyatt Regency Boston Boston, MA 502
Hyatt Regency Mission Bay Spa and Marina San Diego, CA 438
Boston Marriott Newton Newton, MA 430
Le Meridien New Orleans(2)
New Orleans, LA 410
W Chicago – City Center Chicago, IL 403
Royal Palm South Beach Miami, a Tribute Portfolio Resort Miami Beach, FL 393
Le Meridien San Francisco(3)
San Francisco, CA 360
JW Marriott San Francisco Union Square San Francisco, CA 344
Hyatt Centric Fisherman’s Wharf San Francisco, CA 316
Hotel Indigo San Diego Gaslamp Quarter(4)
San Diego, CA 210
Courtyard Washington Capitol Hill/Navy Yard(4)
Washington, DC 204
Homewood Suites by Hilton Seattle Convention Center Pike Street(5)
Seattle, WA 195
Hilton Checkers Los Angeles Los Angeles, CA 193
Ace Hotel Downtown Los Angeles(2)
Los Angeles, CA 182
Hotel Adagio, Autograph Collection(6)
San Francisco, CA 171
W New Orleans – French Quarter(7)
New Orleans, LA 97
  5,981
_____________________________________
(1)Park’s acquisition by merger of Chesapeake Lodging Trust closed in September 2019 for total consideration of approximately $2.5 billion, including acquisition costs.
(2)Sold in December 2019.
(3)Sold in August 2021.
(4)Sold in June 2021.
(5)Sold in June 2022.
(6)Sold in July 2021.
(7)Sold in April 2021.
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Properties Acquired and Sold (continued)
Properties Sold
Hotel Location Month Sold Room Count Gross Proceeds
(in millions)
2018 Total Sales (13 Hotels) 3,193 $ 519.0 
2019 Total Sales (8 Hotels) 2,597 $ 496.9 
2020 Total Sales (2 Hotels) 700 $ 207.9 
2021 Total Sales (5 Hotels) 1,042 $ 476.6 
2022 Sales:
Hampton Inn & Suites Memphis – Shady Grove Memphis, Tennessee April 2022 131 $ 11.5 
Hilton Chicago/Oak Brook Suites Chicago, Illinois May 2022 211 10.3 
Homewood Suites by Hilton Seattle Convention Center Pike Street Seattle, Washington June 2022 195 80.0 
Hilton San Diego Bayfront(1)
San Diego, California June 2022 1,190 157.0 
Hilton Garden Inn Chicago/Oakbrook Terrace Chicago, Illinois July 2022 128 9.4 
Hilton Garden Inn LAX/El Segundo El Segundo, California September 2022 162 37.5 
DoubleTree Hotel Las Vegas Airport(2)
Las Vegas, Nevada October 2022 190 11.2 
2022 Total (7 Hotels) 2,207 $ 316.9 
2023 Sales:
Hilton Miami Airport Miami, Florida February 2023 508 $ 118.3 
2023 Total (1 Hotel) 508 $ 118.3 
2024 Sales:
Hilton La Jolla Torrey Pines(3)
La Jolla, California July 2024 394 $ 41.3 
2024 Total (1 Hotel) 394 $ 41.3 
Grand Total(4) (37 Hotels)
10,641 $ 2,176.9 
_____________________________________
(1)Park sold its 25% interests in the joint ventures that own and operate this unconsolidated hotel for total gross proceeds of approximately $157 million, which were reduced by $55 million for Park’s share of the mortgage debt.
(2)The unconsolidated hotel was sold for total gross proceeds of approximately $22 million, of which $11.2 million represents Park’s pro-rata share.
(3)The unconsolidated hotel was sold for total gross proceeds of approximately $165 million, of which $41.3 million represents Park's pro-rata share.
(4)To date, Park has sold its interest in 37 hotels. In addition, five other properties were subject to ground leases that either expired or were terminated by Park or the landlord, and consequently turned over to the landlord. Further, the two Hilton San Francisco Hotels were placed into receivership in October 2023.
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Comparable Supplementary Financial Information
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Comparable Supplementary Financial Information
Historical Comparable TTM Hotel Metrics
(unaudited, dollars in millions)
Three Months Ended
TTM
December 31, March 31, June 30, September 30, September 30,
2023 2024 2024 2024 2024
Comparable RevPAR $ 179.90  $ 177.51  $ 196.98  $ 189.73  $ 186.02 
Comparable Occupancy 71.3  % 71.3  % 77.6  % 78.1  % 74.6  %
Comparable ADR $ 252.30  $ 248.94  $ 254.00  $ 242.88  $ 249.46 
Total Revenues $ 657  $ 639  $ 686  $ 649  $ 2,631 
Operating income $ 276  $ 92  $ 121  $ 95  $ 584 
Operating income margin(1)
42.0  % 14.5  % 17.5  % 14.6  % 22.2  %
Comparable Hotel Revenues $ 616  $ 615  $ 661  $ 625  $ 2,517 
Comparable Hotel Adjusted EBITDA $ 171  $ 170  $ 199  $ 170  $ 710 
Comparable Hotel Adjusted EBITDA margin(1)
27.8  % 27.6  % 30.2  % 27.2  % 28.2  %
Three Months Ended Full-Year
March 31, June 30, September 30, December 31, December 31,
2023 2023 2023 2023 2023
Comparable RevPAR $ 164.44  $ 192.70  $ 183.64  $ 179.90  $ 180.22 
Comparable Occupancy 67.6  % 77.2  % 75.6  % 71.3  % 72.9  %
Comparable ADR $ 243.12  $ 249.68  $ 242.89  $ 252.30  $ 247.05 
Total Revenues $ 648  $ 714  $ 679  $ 657  $ 2,698 
Operating income (loss) $ 80  $ (98) $ 85  $ 276  $ 343 
Operating income (loss) margin(1)
12.4  % (13.7) % 12.5  % 42.0  % 12.7  %
Comparable Hotel Revenues $ 570  $ 640  $ 602  $ 616  $ 2,428 
Comparable Hotel Adjusted EBITDA $ 146  $ 193  $ 173  $ 171  $ 683 
Comparable Hotel Adjusted EBITDA margin(1)
25.6  % 30.1  % 28.8  % 27.8  % 28.1  %
Three Months Ended Full-Year
March 31, June 30, September 30, December 31, December 31,
2019 2019 2019 2019 2019
Comparable RevPAR $ 164.30  $ 189.02  $ 183.39  $ 174.26  $ 177.78 
Comparable Occupancy 76.1  % 84.8  % 83.4  % 79.6  % 81.0  %
Comparable ADR $ 215.96  $ 223.00  $ 219.99  $ 219.05  $ 219.61 
Total Revenues $ 659  $ 703  $ 672  $ 810  $ 2,844 
Operating income $ 129  $ 111  $ 38  $ 148  $ 426 
Operating income margin(1)
19.5  % 15.8  % 5.8  % 18.2  % 15.0  %
Comparable Hotel Revenues $ 572  $ 648  $ 613  $ 630  $ 2,463 
Comparable Hotel Adjusted EBITDA $ 154  $ 204  $ 177  $ 189  $ 724 
Comparable Hotel Adjusted EBITDA margin(1)
26.9  % 31.5  % 28.9  % 30.0  % 29.4  %
_____________________________________
(1)Percentages are calculated based on unrounded numbers.
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Comparable Supplementary Financial Information (continued)
Historical Comparable Hotel Adjusted EBITDA – TTM
Three Months Ended TTM
(unaudited, in millions) December 31, March 31, June 30, September 30, September 30,
2023 2024 2024 2024 2024
Net income $ 188  $ 29  $ 67  $ 57  $ 341 
Depreciation and amortization expense 94  65  64  63  286 
Interest income (9) (5) (5) (6) (25)
Interest expense 52  53  54  54  213 
Interest expense associated with hotels in receivership 14  14  15  15  58 
Income tax expense (benefit) 33  (12) 24 
Interest expense, income tax and depreciation and amortization
   included in equity in earnings from investments in affiliates
10 
EBITDA 373  160  185  189  907 
Gain on sales of assets, net(1)
—  —  —  (19) (19)
Gain on derecognition of assets(2)
(221) (14) (15) (15) (265)
Share-based compensation expense 18 
Impairment and casualty loss —  —  13 
Other items 11  (1) 23 
Adjusted EBITDA 163  162  193  159  677 
Less: Adjusted EBITDA from hotels disposed of —  — 
Less: Adjusted EBITDA from investments in affiliates disposed of (1) (1) (1) —  (3)
Less: Adjusted EBITDA from the Hilton San Francisco Hotels —  —  — 
Comparable Adjusted EBITDA 164  162  192  161  679 
Less: Adjusted EBITDA from investments in affiliates (4) (7) (7) (3) (21)
Add: All other(3)
11  15  14  12  52 
Comparable Hotel Adjusted EBITDA $ 171  $ 170  $ 199  $ 170  $ 710 
_____________________________________
(1)For the three and twelve months ended September 30, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates in the condensed consolidated statements of operations.
(2)For the three months ended December 31, 2023, represents the gain from derecognizing the Hilton San Francisco Hotels from Park's consolidated balance sheet in October 2023, when the receiver took control of the hotels. Additionally, for the three months ended March 31, 2024, June 30, 2024 and September 30, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender.
(3)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated statements of operations.
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Comparable Supplementary Financial Information (continued)
Historical Comparable Hotel Adjusted EBITDA – Full-Year 2023
  Three Months Ended Full-Year
(unaudited, in millions) March 31, June 30, September 30, December 31, December 31,
2023 2023 2023 2023 2023
Net income (loss) $ 33  $ (146) $ 31  $ 188  $ 106 
Depreciation and amortization expense 64 64 65 94 287
Interest income (10) (10) (9) (9) (38)
Interest expense 52 52 51 52 207
Interest expense associated with hotels in receivership 8 9 14 14 45
Income tax expense 2 3 33 38
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates
3 2 2 1 8
EBITDA 152 (26) 154 373 653
Gain on sales of assets, net
(15) (15)
Gain on derecognition of assets(1)
(221) (221)
Gain on sale of investments in affiliates(2)
(3) (3)
Share-based compensation expense 4 5 5 4 18
Casualty and impairment loss 1 203 204
Other items 4 8 4 7 23
Adjusted EBITDA 146 187 163 163 659
Less: Adjusted EBITDA from hotels disposed of (1) 1
Less: Adjusted EBITDA from investments in affiliates disposed of
(1) (1) (1) (1) (4)
Less: Adjusted EBITDA from the Hilton San Francisco Hotels
(5) 1 (1) 2 (3)
Comparable Adjusted EBITDA
139 187 162 164 652
Less: Adjusted EBITDA from investments in affiliates (6) (7) (3) (4) (20)
Add: All other(3)
13 13 14 11 51
Comparable Hotel Adjusted EBITDA
$ 146  $ 193  $ 173  $ 171  $ 683 
_____________________________________
(1)For the three months and year ended December 31, 2023, represents the gain from derecognizing the Hilton San Francisco Hotels from Park's consolidated balance sheet in October 2023, when the receiver took control of the hotels.
(2)Included in other (loss) gain, net in the condensed consolidated statements of operations.
(3)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated statements of operations.
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Comparable Supplementary Financial Information (continued)
Historical Comparable Hotel Adjusted EBITDA – Full-Year 2019
Three Months Ended Full-Year
(unaudited, in millions) March 31, June 30, September 30, December 31, December 31,
2019 2019 2019 2019 2019
Net income $ 97  $ 84  $ $ 126  $ 316 
Depreciation and amortization expense 62 61 61 80 264
Interest income (1) (2) (2) (1) (6)
Interest expense 25 26 25 34 110
Interest expense associated with hotels in receivership 7 7 8 8 30
Income tax expense 7 5 23 35
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates
5 7 7 4 23
EBITDA 202  188  108  274  772 
(Gain) loss on sales of assets, net (31) 12 (1) 1 (19)
Gain on sale of investments in affiliates(1)
(44) (44)
Acquisition costs 6 59 5 70
Severance expense 1 1 2
Share-based compensation expense 4 4 4 4 16
Casualty loss (gain) and impairment loss, net 8 (26) (18)
Other items (4) 2 9
Adjusted EBITDA 176  207  180  223  786 
Add: Adjusted EBITDA from hotels acquired 37 53 39 129
Less: Adjusted EBITDA from hotels disposed of (31) (31) (20) (19) (101)
Less: Adjusted EBITDA from investments in affiliates disposed of (4) (6) (6) (4) (20)
Less: Adjusted EBITDA from the Hilton San Francisco Hotels (33) (27) (25) (21) (106)
Comparable Adjusted EBITDA(2)
145  196  168  179  688 
Less: Adjusted EBITDA from investments in affiliates (6) (6) (3) (2) (17)
Add: All other(3)
15 14 12 12 53
Comparable Hotel Adjusted EBITDA $ 154  $ 204  $ 177  $ 189  $ 724 
_____________________________________
(1)Included in other (loss) gain, net in the condensed consolidated statements of operations.
(2)Full year December 31, 2019 includes $15 million associated with 466 rooms at the Hilton Waikoloa Village that were transferred to Hilton Grand Vacations at the end of 2019, $6 million associated with business interruption proceeds related to the loss of income in prior years for the Hilton Caribe and a $6 million operating loss generated from Park’s laundry facilities that were closed in 2021. Excluding these amounts, 2019 Comparable Adjusted EBITDA would have been $673 million.
(3)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated statements of operations.
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Comparable Supplementary Financial Information (continued)
Historical Comparable TTM Hotel Revenues – 2024, 2023 and 2019
Three Months Ended
TTM
(unaudited, in millions) December 31,
2023
March 31,
2024
June 30,
2024
September 30,
2024
September 30,
2024
Total Revenues $ 657  $ 639  $ 686  $ 649  $ 2,631 
Less: Other revenue (21) (21) (22) (21) (85)
Less: Revenues from hotels disposed of (3) (3) (3) (3) (12)
Less: Revenues from the Hilton San Francisco Hotels
(17) —  —  —  (17)
Comparable Hotel Revenues $ 616  $ 615  $ 661  $ 625  $ 2,517 
Three Months Ended Full-Year
March 31,
2023
June 30,
2023
September 30,
2023
December 31,
2023
December 31,
2023
Total Revenues $ 648  $ 714  $ 679  $ 657  $ 2,698 
Less: Other revenue (20) (22) (22) (21) (85)
Less: Revenues from hotels disposed of (10) (6) (4) (3) (23)
Less: Revenues from the Hilton San Francisco Hotels
(48) (46) (51) (17) (162)
Comparable Hotel Revenues $ 570  $ 640  $ 602  $ 616  $ 2,428 
Three Months Ended Full-Year
March 31,
2019
June 30,
2019
September 30,
2019
December 31,
2019
December 31,
2019
Total Revenues $ 659  $ 703  $ 672  $ 810  $ 2,844 
Less: Other revenue (18) (19) (22) (18) (77)
Add: Revenues from hotels acquired 130  151  125  —  406 
Less: Revenues from hotels disposed of (104) (99) (76) (77) (356)
Less: Revenues from the Hilton San Francisco Hotels
(95) (88) (86) (85) (354)
Comparable Hotel Revenues $ 572  $ 648  $ 613  $ 630  $ 2,463 
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Capital Structure
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Capital Structure
Fixed and Variable Rate Debt
(unaudited, dollars in millions)
As of September 30, 2024
Debt Collateral Interest Rate Maturity Date
Fixed Rate Debt
Mortgage loan Hilton Denver City Center 4.90%
March 2025(1)
$ 53 
Mortgage loan Hyatt Regency Boston 4.25% July 2026 125 
Mortgage loan DoubleTree Hotel Spokane City Center 3.62% July 2026 14 
Mortgage loan Hilton Hawaiian Village Beach Resort 4.20% November 2026 1,275 
Mortgage loan Hilton Santa Barbara Beachfront Resort 4.17% December 2026 157 
Mortgage loan DoubleTree Hotel Ontario Airport 5.37% May 2027 30 
2028 Senior Notes Unsecured 5.88% October 2028 725 
2029 Senior Notes Unsecured 4.88% May 2029 750 
2030 Senior Notes Unsecured 7.00% February 2030 550 
Finance lease obligations 7.44% 2024 to 2028
Total Fixed Rate Debt
5.10%(2)
3,680 
Variable Rate Debt
Revolver(3)
Unsecured
SOFR + 1.80%(4)
December 2026 — 
2024 Term Loan Unsecured
SOFR + 1.75%(4)
May 2027 200 
Total Variable Rate Debt 6.81% 200 
Add: unamortized premium — 
Less: unamortized deferred financing costs and discount (25)
Total Debt(5)(6)
5.19%(2)
$ 3,855 
(1)The loan matures in August 2042 but became callable by the lender in August 2022 with six months of notice. As of September 30, 2024, Park had not received notice from the lender.
(2)Calculated on a weighted average basis.
(3)Park has approximately $950 million of available capacity under the Revolver.
(4)SOFR includes a credit spread adjustment of 0.1%.
(5)Excludes $157 million of Park’s share of debt of its unconsolidated joint ventures.
(6)Excludes the SF Mortgage Loan, which is included in debt associated with hotels in receivership in Park's consolidated balance sheets. In October 2023, the Hilton San Francisco Hotels were placed into court-ordered receivership, and thus, Park has no further economic interest in the operations of the hotels.
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Definitions
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Definitions
Comparable
The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable 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’s Comparable metrics include results from hotels that were active and operating in Park's portfolio since January 1st of the previous year and property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable metrics exclude results from property dispositions that have occurred through October 29, 2024 and the Hilton San Francisco Hotels, which were placed into receivership at the end of October 2023.
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin
Earnings before interest expense, taxes and depreciation and amortization (“EBITDA”), presented herein, reflects net income (loss) excluding depreciation and amortization, interest income, interest expense, income taxes and also interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates.

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:
•Gains or losses on sales of assets for both consolidated and unconsolidated investments;
•Costs associated with hotel acquisitions or dispositions expensed during the period;
•Severance expense;
•Share-based compensation expense;
•Impairment losses and casualty gains or losses; and
•Other items that management believes are not representative of the Company’s current or future operating performance.
Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company’s consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company’s profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company’s consolidated hotels.
Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (“U.S.”) 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’s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies.

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Definitions (continued)
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’s 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.
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’s 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. Further, the Company does not use or present EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin as measures of liquidity or cash flows.
Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – Diluted and Adjusted FFO per share – Diluted
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’s performance. The Company calculates funds from (used in) operations (“FFO”) attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), 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’s pro rata share of the FFO of those entities on the same basis.
As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper – 2018 Restatement,” 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’s 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.




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Definitions (continued)
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’s 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’s 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:
•Costs associated with hotel acquisitions or dispositions expensed during the period;
•Severance expense;
•Share-based compensation expense;
•Casualty gains or losses; and
•Other items that management believes are not representative of the Company’s current or future operating performance.
Net Debt
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) debt excluding unamortized deferred financing costs; and (ii) the Company’s 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. Net Debt also excludes Debt associated with hotels in receivership.
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.

Net Debt to Adjusted EBITDA Ratio
Net Debt to Adjusted EBITDA ratio, presented herein, is a non-GAAP financial measure and is included as it is frequently used by securities analysts, investors and other interested parties to compare the financial condition of companies. Net Debt to Adjusted EBITDA ratio should not be considered as an alternative to measures of financial condition derived in accordance with U.S. GAAP and it may not be comparable to a similarly titled measure of other companies.
Occupancy
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’s hotels’ 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 (“ADR”) levels as demand for rooms increases or decreases.
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Definitions (continued)
Average Daily Rate
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.
Revenue per Available Room
Revenue per Available Room (“RevPAR”) represents rooms revenue divided by the total number of room nights available to guests for a given period. Management considers RevPAR to be a meaningful indicator of the Company’s 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.
Total RevPAR
Total RevPAR represents rooms, food and beverage and other hotel revenues divided by the total number of room nights available to guests for a given period. Management considers Total RevPAR to be a meaningful indicator of the Company’s 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.
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Analyst Coverage
Analyst Company Phone Email
Dany Asad Bank of America (646) 855-5238 dany.asad@bofa.com
Ari Klein BMO Capital Markets (212) 885-4103 ari.klein@bmo.com
Smedes Rose Citi Research (212) 816-6243 smedes.rose@citi.com
Floris Van Dijkum Compass Point (646) 757-2621 fvandijkum@compasspointllc.com
Chris Woronka Deutsche Bank (212) 250-9376 chris.woronka@db.com
Duane Pfennigwerth Evercore ISI (212) 497-0817 duane.pfennigwerth@evercoreisi.com
Christopher Darling Green Street (949) 640-8780 cdarling@greenstreet.com
Meredith Jensen HSBC Global Research (212) 525-6858 meredith.jensen@us.hsbc.com
David Katz Jefferies (212) 323-3355 dkatz@jefferies.com
Joe Greff JP Morgan (212) 622-0548 joseph.greff@jpmorgan.com
Stephen Grambling Morgan Stanley (212) 761-1010 stephen.grambling@morganstanley.com
RJ Milligan Raymond James (727) 567-2585 rjmilligan@raymondjames.com
Patrick Scholes Truist Securities (212) 319-3915 patrick.scholes@research.Truist.com
Robin Farley UBS (212) 713-2060 robin.farley@ubs.com
Richard Anderson Wedbush Securities Inc. (212) 938-9949 richard.anderson@wedbush.com
Dori Kesten Wells Fargo (617) 603-4262 dori.kesten@wellsfargo.com
Keegan Carl Wolfe Research (646) 582-9251 kcarl@wolferesearch.com
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