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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): February 19, 2025
______________________________________________________________________________________
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 February 19, 2025, Park Hotels & Resorts Inc. (the “Company”) issued a press release announcing its results of operations for the fourth quarter and full-year ended December 31, 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: February 19, 2025
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 Fourth Quarter and Full-Year 2024 Results
and Announces Transformative Renovation at the Royal Palm South Beach Miami
TYSONS, VA (February 19, 2025) – Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the fourth quarter and full-year ended December 31, 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 December 31, Year Ended December 31,
2024 2023
Change(1)
2024 2023
Change(1)
Comparable RevPAR(2)
$ 179.02  $ 181.52  (1.4) % $ 186.78  $ 181.57  2.9  %
Comparable Occupancy 69.9  % 71.4  % (1.5) % pts 74.2  % 73.0  % 1.2  % pts
Comparable ADR $ 255.98  $ 254.20  0.7  % $ 251.74  $ 248.85  1.2  %
Comparable Total RevPAR $ 287.21  $ 292.88  (1.9) % $ 299.25  $ 290.81  2.9  %
Net income
$ 73  $ 188  (61.2) % $ 226  $ 106  113.2  %
Net income attributable to stockholders
$ 66  $ 187  (64.7) % $ 212  $ 97  118.6  %
Operating income $ 83  $ 276  (69.8) % $ 391  $ 343  13.9  %
Operating income margin 13.3  % 42.0  % (2,870)  bps 15.0  % 12.7  % 230   bps
Comparable Hotel Adjusted EBITDA $ 147  $ 171  (13.7) % $ 682  $ 679  0.5  %
Comparable Hotel Adjusted EBITDA margin(2)
24.6  % 27.9  % (330)  bps 27.5  % 28.2  % (70)  bps
Adjusted EBITDA $ 138  $ 163  (15.3) % $ 652  $ 659  (1.1) %
Adjusted FFO attributable to stockholders $ 80  $ 110  (27.3) % $ 430  $ 439  (2.1) %
Earnings per share - Diluted(1)
$ 0.32  $ 0.88  (63.6) % $ 1.01  $ 0.44  129.5  %
Adjusted FFO per share – Diluted(1)
$ 0.39  $ 0.52  (25.0) % $ 2.06  $ 2.04  1.0  %
Weighted average shares outstanding – Diluted 206 210 (4) 209 215 (6)
______________________________________________
(1)Amounts are calculated based on unrounded numbers.
(2)Disruption from strike and related labor activity at four of Park's hotels in Hawaii, Seattle and Boston impacted Comparable RevPAR and Comparable Hotel Adjusted EBITDA margin by (450) bps and (350) bps, respectively, for the three months ended December 31, 2024 and (130) bps and (100) bps, respectively, for the full-year ended December 31, 2024.

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, "I am extremely pleased with our fourth quarter and full-year performance, which exceeded expectations despite the impact of renovations and strike activity in the second half of the year. When adjusting for the impact of strike activity, fourth quarter Comparable RevPAR would have increased more than 3%, while full-year Comparable RevPAR would have grown by a sector-leading 4.2%. Exceptional performance at our Bonnet Creek and Key West hotels drove our 2024 results, underscoring the success of our transformative renovations at these properties. Looking ahead, we anticipate continued strength in group demand, with Comparable Group Revenue Pace for 2025 up nearly 6% year-over-year, driven by increased corporate demand, with active citywide convention calendars in many of our markets and more in-house group events in our Florida and Hawaii hotels, including the Hilton Waikoloa Village where 2025 Group Revenue Pace has surged nearly 70% compared to the same time last year.
1



We continue to execute on our strategic priorities, disposing of three non-core assets in 2024, including the sale of two joint venture hotels for a combined $200 million, and since 2017, we have disposed of 45 hotels for over $3 billion as we continue to make significant progress reshaping our portfolio. Additionally, we returned over $400 million of capital back to our shareholders, including repurchasing 8.0 million shares of our common stock, addressed our 2025 debt maturities and reinvested nearly $230 million back into our portfolio. Building on this momentum, we are excited to announce the $100 million transformative renovation at the Royal Palm South Beach Miami, scheduled to begin late spring, alongside the second phase of guestroom renovations and room conversions at our Hawaii and New Orleans hotels. We remain laser-focused on creating long-term shareholder value, and despite expected renovation disruption at the Royal Palm South Beach Miami of 110 basis points to 2025 Comparable RevPAR, we expect Comparable RevPAR growth to be between 0.0% and 3.0%.”
Additional Highlights
•During 2024, repurchased 8.0 million shares of common stock for a total purchase price of $116 million at an average purchase price of $14.44 per share;
•Declared a total of $1.40 of dividends to stockholders in 2024, which includes a dividend of $0.65 during the fourth quarter, comprised of a regular quarterly dividend and a top-off dividend based on 2024 operating results;
•Recognized by Newsweek as one of America's Most Responsible Companies in 2024 and 2025, the fifth time Park has been included in the annual survey, as well as one of America's Most Trustworthy Companies for 2024. Park also received the 2024 ENERGY STAR Partner of the Year Award for Energy Management for the second consecutive year, the only hotel company to once again earn this recognition for its energy management program;
•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, following the over $220 million transformative expansion and full-scale renovation of the Waldorf Astoria Orlando and Signia by Hilton Orlando Bonnet Creek hotels, including the opening of the Waterside Ballroom, in January 2024;
•In December 2024, the consolidated joint venture that owned the 375-room DoubleTree Hotel Spokane City Center sold the hotel for gross proceeds of $35 million, or approximately $93,000 per key. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 6.2% capitalization rate on trailing 12-month net operating income (9.2% excluding capex), or 13.0x trailing 12-month EBITDA (8.7x excluding capex). Proceeds from the sale were used to repay the $13.5 million mortgage on the property and the approximately $10 million representing Park's pro rata share of the remaining net proceeds will be used for general corporate purposes;
•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 July 2024, the unconsolidated joint venture that owned and operated 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; and
•In May 2024, issued $550 million of 7.0% senior notes due 2030 ("2030 Senior Notes") and amended the Company's existing credit agreement to include a new $200 million senior unsecured term loan facility due May 2027 ("2024 Term Loan"). Net proceeds from the 2030 Senior Notes and the 2024 Term Loan were used to repurchase or redeem all of the $650 million of 7.5% senior notes due in 2025 ("2025 Senior Notes"), and the remainder was used for general corporate purposes.
2


Operational Update
Results for Park's Comparable hotels in each of the Company’s key markets and by hotel type are as follows:
(unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR
Hotels Rooms 4Q24 4Q23
Change(1)
4Q24 4Q23 Change 4Q24 4Q23
Change(1)
Hawaii(2)
2 3,525 $ 296.45  $ 313.30  (5.4  %) 65.6  % 84.8  % (19.2  % pts) $ 194.33  $ 265.50  (26.8  %)
Orlando 3 2,325 252.89  231.79  9.1  75.6  65.2  10.4  191.20  151.18  26.5 
New York 1 1,878 402.05  391.98  2.6  90.7  89.9  0.8  364.48  352.03  3.5 
New Orleans 1 1,622 221.16  214.82  2.9  59.5  68.7  (9.2) 131.69  147.64  (10.8)
Boston(2)
3 1,536 243.45  240.47  1.2  80.3  79.5  0.8  195.43  191.04  2.3 
Southern California 5 1,773 203.88  211.95  (3.8) 74.9  72.5  2.4  152.70  153.65  (0.6)
Key West 2 461 540.03  500.78  7.8  73.0  56.3  16.7  394.47  282.40  39.7 
Chicago 3 2,467 233.51  220.54  5.9  60.1  56.5  3.6  140.25  124.42  12.7 
Puerto Rico 1 652 298.30  283.61  5.2  71.4  68.3  3.1  212.90  193.72  9.9 
Washington, D.C. 2 1,085 195.36  189.29  3.2  65.0  65.4  (0.4) 127.03  123.84  2.6 
Denver 1 613 177.98  180.17  (1.2) 56.8  69.9  (13.1) 101.05  125.94  (19.8)
Miami 1 393 257.11  243.58  5.6  76.8  80.1  (3.3) 197.44  195.00  1.3 
Seattle(2)
2 1,246 132.98  136.55  (2.6) 69.4  65.6  3.8  92.22  89.47  3.1 
San Francisco 2 660 214.08  241.97  (11.5) 77.1  71.6  5.5  165.13  173.38  (4.8)
Other 8 2,475 190.59  186.44  2.2  63.5  63.4  0.1  121.04  118.24  2.4 
All Markets(2)
37 22,711 $ 255.98  $ 254.20  0.7  % 69.9  % 71.4  % (1.5  % pts) $ 179.02  $ 181.52  (1.4  %)

Comparable ADR Comparable Occupancy Comparable RevPAR
Hotels Rooms 4Q24 4Q23
Change(1)
4Q24 4Q23 Change 4Q24 4Q23
Change(1)
Resort(2)
12 8,313 $ 288.99  $ 288.31  0.2  % 70.4  % 74.4  % (4.0) % pts $ 203.56  $ 214.60  (5.1) %
Urban 13 8,963 268.96  263.12  2.2  69.6  70.1  (0.5) 187.20 184.40 1.5 
Airport(2)
6 3,464 175.52  176.32  (0.5) 72.1  72.2  (0.1) 126.59 127.33 (0.6)
Suburban 6 1,971 199.62  196.67  1.5  65.5  63.3  2.2  130.76 124.49 5.0 
All Types(2)
37 22,711 $ 255.98  $ 254.20  0.7  % 69.9  % 71.4  % (1.5) % pts $ 179.02  $ 181.52  (1.4  %)
______________________________________________
(1)Calculated based on unrounded numbers.
(2)Beginning in late September 2024, four of Park's hotels in Hawaii, Seattle and Boston were impacted by strike and related labor activity, which was resolved during October and November 2024.
During 2024, Park continued to see improvements in group demand at its resort hotels that benefited from comprehensive renovation and expansion projects, as well as certain of its urban hotels, with Comparable group revenues increasing by over 8% year-over-year despite the impact of strike and related labor activity primarily during the fourth quarter. During the fourth quarter, excluding the impact of strike and related labor activity, Comparable RevPAR growth was over 3% year-over-year, driven by increased group business at Park's Florida hotels. Following recent transformative renovations, group revenues at the Waldorf Astoria Orlando increased nearly 56%, driving an increase in RevPAR of over 76%, compared to the fourth quarter of 2023, and group revenues at the Casa Marina Key West, Curio Collection, increased by nearly 89%, driving RevPAR growth of nearly 77% as rooms were closed until December 2023. Additionally, the Hilton New York Midtown and the Hilton Chicago benefited from increased group revenues of 16% and 7%, respectively, compared to the fourth quarter of 2023, which drove increases in RevPAR of nearly 4% and 15%, respectively.
At the end of December 2024, Comparable Group Revenue Pace and room night bookings for 2025 increased nearly 6% and 2%, respectively, as compared to what 2024 group bookings were at the end of December 2023, with 2025 average Comparable group rates projected to exceed 2024 average Comparable group rates by nearly 4% for the same time period.
Strike and Related Labor Activity Update
Beginning in late September 2024, the operations at four of Park's hotels were impacted by strike and related labor activity including: the 2,860-room Hilton Hawaiian Village Waikiki Beach Resort; the 604-room Hilton Boston Logan Airport; the 850-room DoubleTree Hotel Seattle Airport; and the 396-room Hilton Seattle Airport & Conference Center. Following negotiations between the operators and labor unions at these hotels, in November 2024, long-term labor agreements were ratified, and standard hotel operations resumed. Park experienced $32 million of Comparable Hotel Adjusted EBITDA disruption related to strike and related labor activity during the full-year ended December 31, 2024, with minimal impact expected on 2025 performance.
3


The impact of strike and related labor activity on quarterly and full-year 2024 Comparable RevPAR and Comparable Hotel Adjusted EBITDA margin is outlined below:
Comparable RevPAR Comparable Hotel Adjusted EBITDA Margin
Unadjusted
Adjusted
Impact Unadjusted
Adjusted
Impact
Q1 2024 $ 178.94  $ 178.94  —  % 27.7  % 27.7  % bps
Q2 2024 198.26  198.26  —  30.2  30.2  — 
Q3 2024 190.94  192.01  (0.6) 27.2  27.7  (50)
Q4 2024 179.02  187.14  (4.5) 24.6  28.1  (350)
Full-Year 2024 $ 186.78  $ 189.09  (1.3) % 27.5  % 28.5  % (100) bps
Balance Sheet and Liquidity
As of December 31, 2024, Park's liquidity was approximately $1.4 billion, including $950 million of available capacity under the Company's revolving credit facility ("Revolver"). In addition, Park's Net Debt was approximately $3.6 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"), which were placed in receivership in October 2023.
As of December 31, 2024, the weighted average maturity of Park's consolidated debt, excluding the SF Mortgage Loan, is 3.2 years.
Park had the following debt outstanding as of December 31, 2024:
(unaudited, dollars in millions)     
Debt Collateral Interest Rate Maturity Date
As of
December 31, 2024
Fixed Rate Debt  
Mortgage loan Hilton Denver City Center 4.90%
June 2025(1)
$ 53 
Mortgage loan Hyatt Regency Boston 4.25% July 2026 125 
Mortgage loan Hilton Hawaiian Village Beach Resort 4.20% November 2026 1,275 
Mortgage loan Hilton Santa Barbara Beachfront Resort 4.17% December 2026 156 
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 7.04% 2025 to 2028
Total Fixed Rate Debt  
5.11%(2)
  3,665 
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 6.21%   200 
Add: unamortized premium — 
Less: unamortized deferred financing costs and discount     (24)
Total Debt(5)(6)
5.17%(2)
$ 3,841 
______________________________________________
(1)The loan matures in August 2042 but became callable by the lender in August 2022 with six months of notice. As of December 31, 2024, Park had not received notice from the lender.
(2)Calculated on a weighted average basis.
(3)As of February 19, 2025, Park has $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.
4


Capital Investments
In January 2024, Park completed the over $220 million project at its Bonnet Creek Orlando complex. The project included the addition of the Waterside Ballroom and Central Park Ballroom, as well as renovations to guestrooms, existing meeting space, lobbies, food and beverage outlets, the golf course, and other recreational amenities. In November 2024, Park completed phase one of guestroom renovations totaling $16 million at the Main Tower at the Hilton New Orleans Riverside, and, thus far in 2025, Park has completed the first phase of guestroom renovations and room conversions of the Rainbow Tower at the Hilton Hawaiian Village Waikiki Beach Resort and of the Palace Tower at the Hilton Waikoloa Village, totaling nearly $76 million. During 2024, Park spent nearly $230 million on capital improvements at its hotels, with nearly $65 million spent during the fourth quarter.
During 2025, Park expects to spend approximately $310 million to $330 million in capital expenditures, including the $100 million transformative renovation at the Royal Palm South Beach Miami, a Tribute Portfolio Resort, as well as continuing the second phase of guestroom renovations and room conversions at its Hawaii and New Orleans hotels.
The transformative renovation at the Royal Palm South Beach Miami, a Tribute Portfolio Resort, will include a full renovation of all 393 guestrooms at the oceanfront hotel, along with the addition of 11 new guestrooms. The project is expected to generate a 15% to 20% return on investment. Hotel operations are currently expected to be suspended in mid-May 2025, with reopening planned for May 2026, resulting in an anticipated $17 million of disruption to Hotel Adjusted EBITDA for 2025.
Recent and upcoming renovations and return on investment projects ("ROI") include:
(dollars in millions)
Projects & Scope of Work
Start Date(1)
Completion Date(1)
Budget
Total Incurred as of December 31, 2024
Royal Palm South Beach Miami, a Tribute Portfolio Resort
Full property renovation, including the renovation of 393 guestrooms and the addition of 11 guestrooms to increase the room count to 404 Q2 2025 Q2 2026 $ 103  $
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
Started in Q3 2024 Completed in February 2025 44  32 
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 42 
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
Started in Q3 2024 Completed in January 2025 32  27 
Phase 2: Renovation of 203 guestrooms and the addition of 8 guestrooms through the conversion of suites to increase room count at the Palace Tower to 414
Q3 2025 Q1 2026 33 
Hilton New Orleans Riverside
Phase 1: Renovation of 250 guestrooms at the 1,167-room Main Tower
Started in Q3 2024 Completed in November 2024 16  15 
Phase 2: Renovation of 428 guestrooms at the 1,167-room Main Tower
Q2 2025 Q4 2025 31  — 
______________________________________________
(1)Start dates and completion dates are estimates unless noted.

Dividends
Park declared a fourth quarter 2024 cash dividend of $0.65 per share to stockholders of record as of December 31, 2024, which included Park’s regular quarterly dividend of $0.25 coupled with a $0.40 top off dividend based on 2024 operating results. The fourth quarter 2024 cash dividend was paid on January 15, 2025. The fourth quarter dividend, together with the regular cash dividends declared for the first three quarters of 2024, represent an annual yield of 10% based on the closing stock price as of December 31, 2024.
On February 14, 2025, Park declared a first quarter 2025 cash dividend of $0.25 per share to be paid on April 15, 2025 to stockholders of record as of March 31, 2025.
5


Full-Year 2025 Outlook
Park expects full-year 2025 operating results to be as follows:
(unaudited, dollars in millions, except per share amounts and RevPAR)
Full-Year 2025 Outlook
as of February 19, 2025
Metric Low High
Comparable RevPAR $ 187  $ 192 
Comparable RevPAR change vs. 2024 0.0  % 3.0  %
Comparable RevPAR, excluding the Royal Palm South Beach Miami $ 188  $ 194 
Comparable RevPAR change vs. 2024, excluding the Royal Palm South Beach Miami 1.0  % 4.0  %
Net income $ 87  $ 147 
Net income attributable to stockholders $ 79  $ 139 
Earnings per share – Diluted(1)
$ 0.39  $ 0.69 
Operating income $ 338  $ 398 
Operating income margin 13.0  % 14.9  %
Adjusted EBITDA $ 610  $ 670 
Comparable Hotel Adjusted EBITDA margin(1)
26.1  % 27.7  %
Comparable Hotel Adjusted EBITDA margin change vs. 2024(1)
(140)  bps 20   bps
Adjusted FFO per share – Diluted(1)
$ 1.90  $ 2.20 
______________________________________________
(1)Amounts are calculated based on unrounded numbers.
Park's outlook is based in part on the following assumptions:
•Except where noted, includes the impact of renovations at the Royal Palm South Beach Miami, a Tribute Portfolio Resort, of approximately $17 million of Hotel Adjusted EBITDA and 40 bps of Comparable Hotel Adjusted EBITDA margin;
•Adjusted FFO excludes $35 million of default interest and late payment administrative fees associated with default of the SF Mortgage Loan through July 15, 2025 (when foreclosure is expected), which began in June 2023 and is required to be recognized in interest expense until legal title to the Hilton San Francisco Hotels are transferred;
•Fully diluted weighted average shares for the full-year 2025 of 202 million; and
•Park's portfolio as of February 19, 2025 and does not take into account potential future acquisitions, dispositions or any financing transactions, which could result in a material change to Park’s outlook.
Park's full-year 2025 outlook is based on a number of factors, many of which are outside the Company's control, including uncertainty surrounding macro-economic factors, such as inflation, changes in interest rates and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of which are subject to change.
Supplemental Disclosures
In conjunction with this release, Park has furnished a financial supplement with additional disclosures on its website. Visit www.pkhotelsandresorts.com for more information. Park has no obligation to update any of the information provided to conform to actual results or changes in Park’s portfolio, capital structure or future expectations.
Corporate Responsibility
In December 2024, Park published its 2024 Annual Corporate Responsibility Report ("CR Report"), which aligns with globally utilized frameworks including the Task Force on Climate-Related Financial Disclosures (“TCFD”), Sustainability Accounting Standards Board (“SASB”), United Nations Sustainable Development Goals (“UNSDGs”) and Global Reporting Initiative (“GRI”). The 2024 CR Report details Park's energy, carbon, water and waste metrics and also highlights the Company's sustainability and corporate responsibility efforts, including the efforts of Park's subcommittees - the Green Park Committee and the Park Cares Committee.
6


Park participated in the 2024 Global Real Estate Sustainability Benchmark ("GRESB") assessment for the fifth consecutive year, demonstrating the Company's continued support of its overall corporate responsibility program and desire to make meaningful improvements toward decarbonization. Park ranked in the top 30% of all publicly listed GRESB participant companies in the Americas and registered a one-point increase over 2023. Since 2020, Park’s GRESB Real Estate Assessment score has increased nine points overall. Furthermore, Park continued to achieve a GRESB Public Disclosure score of “A” in 2024.
Additionally, Park was recognized by Newsweek as one of America's Most Responsible Companies in 2024 and 2025, the fifth time Park has been included in the annual survey, as well as one of America's Most Trustworthy Companies for 2024. The Company was named an ENERGY STAR® Partner of the Year in 2024 for Energy Management for its outstanding contributions in the transition to a clean energy economy for the second consecutive year. Furthermore, eight of Park's properties earned the ENERGY STAR® Certification for Superior Energy Performance during 2024, including its largest hotel, the Hilton Hawaiian Village Waikiki Beach Resort.
Conference Call
Park will host a conference call for investors and other interested parties to discuss fourth quarter and full-year 2024 results on February 20, 2025 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’ Fourth Quarter and Full-Year 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.
Annual Stockholders Meeting
Park will host its 2025 Annual Stockholders Meeting on April 25, 2025 at 8:00 am ET at 1775 Tysons Boulevard, Tysons, Virginia. Park's Board has established the close of business on March 3, 2025 as the record date for determining those stockholders that are entitled to vote at the 2025 Annual Stockholders Meeting.
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, the impact of strike and related labor activity on Park (and its third-party managers' ability to rebook group events that have been cancelled as a result of such activity) or any future strike or related labor activity, 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 elevated inflation and interest rates, potential economic slowdown or a recession and geopolitical conflicts), the effects of competition and the effects of future legislation, executive action or regulations, tariffs, 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.
7


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 40 premium-branded hotels and resorts with approximately 25,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.
8


PARK HOTELS & RESORTS INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
December 31,
  2024 2023
ASSETS
Property and equipment, net $ 7,398  $ 7,459 
Contract asset 820  760 
Intangibles, net 41  42 
Cash and cash equivalents 402  717 
Restricted cash 38  33 
Accounts receivable, net of allowance for doubtful accounts of $4 and $3
131  112 
Prepaid expenses 69  59 
Other assets 71  40 
Operating lease right-of-use assets 191  197 
TOTAL ASSETS (variable interest entities – $223 and $236)
$ 9,161  $ 9,419 
LIABILITIES AND EQUITY    
Liabilities    
Debt $ 3,841  $ 3,765 
Debt associated with hotels in receivership 725  725 
Accrued interest associated with hotels in receivership 95  35 
Accounts payable and accrued expenses 226  210 
Dividends payable 138  362 
Due to hotel managers 138  131 
Other liabilities 179  200 
Operating lease liabilities 225  223 
Total liabilities (variable interest entities – $201 and $218)
5,567  5,651 
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 203,407,320 shares issued and 202,553,194 shares outstanding as of December 31, 2024 and 210,676,264 shares issued and 209,987,581 shares outstanding as of December 31, 2023
Additional paid-in capital 4,063  4,156 
Accumulated deficit (420) (344)
Total stockholders' equity 3,645  3,814 
Noncontrolling interests (51) (46)
Total equity 3,594  3,768 
TOTAL LIABILITIES AND EQUITY $ 9,161  $ 9,419 
9


PARK HOTELS & RESORTS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except per share data)
Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Revenues
Rooms $ 376  $ 397  $ 1,569  $ 1,653 
Food and beverage 167  178  688  696 
Ancillary hotel 60  61  256  264 
Other 22  21  86  85 
Total revenues 625  657  2,599  2,698 
Operating expenses
Rooms 105  106  419  449 
Food and beverage 118  124  474  501 
Other departmental and support 151  151  605  635 
Other property 57  59  231  241 
Management fees 32  31  125  126 
Casualty and impairment loss —  14  204 
Depreciation and amortization 65  94  257  287 
Corporate general and administrative 17  15  69  65 
Other 20  22  82  83 
Total expenses 566  602  2,276  2,591 
Gain on sale of assets, net —  15 
Gain on derecognition of assets 16  221  60  221 
Operating income 83  276  391  343 
Interest income 21  38 
Interest expense (53) (52) (214) (207)
Interest expense associated with hotels in receivership (16) (14) (60) (45)
Equity in earnings from investments in affiliates 31  11 
Other (loss) gain, net —  —  (4)
Income before income taxes 21  221  165  144 
Income tax benefit (expense) 52  (33) 61  (38)
Net income 73  188  226  106 
Net income attributable to noncontrolling interests (7) (1) (14) (9)
Net income attributable to stockholders $ 66  $ 187  $ 212  $ 97 
Earnings per share:
Earnings per share - Basic $ 0.32  $ 0.89  $ 1.02  $ 0.44 
Earnings per share - Diluted $ 0.32  $ 0.88  $ 1.01  $ 0.44 
Weighted average shares outstanding – Basic 204 209 207 214
Weighted average shares outstanding – Diluted 206 210 209 215
10


PARK HOTELS & RESORTS INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS
EBITDA AND ADJUSTED EBITDA
(unaudited, in millions) Three Months Ended
December 31,
Year Ended
December 31,
2024 2023 2024 2023
Net income $ 73  $ 188  $ 226  $ 106 
Depreciation and amortization expense 65  94  257  287 
Interest income (5) (9) (21) (38)
Interest expense 53  52  214  207 
Interest expense associated with hotels in receivership(1)
16  14  60  45 
Income tax (benefit) expense (52) 33  (61) 38 
Interest income and expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 10 
EBITDA 151  373  685  653 
Gain on sales of assets, net (8) —  (8) (15)
Gain on derecognition of assets(1)
(16) (221) (60) (221)
Gain on sale of investments in affiliates(2)
—  —  (19) (3)
Share-based compensation expense 19  18 
Casualty and impairment loss —  14  204 
Other items 21  23 
Adjusted EBITDA $ 138  $ 163  $ 652  $ 659 
______________________________________________
(1)For the three months and year ended December 31, 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 consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender. For the three months and year ended December 31, 2023, represents accrued interest expense associated with the default of the SF Mortgage Loan and the gain from derecognizing the Hilton San Francisco Hotels from its consolidated balance sheet in October 2023, when the receiver took control of the hotels.
(2)For the year ended December 31, 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. For the year ended December 31, 2023, the $3 million gain on sale of investments in affiliates is included in other (loss) gain, net.
11


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
December 31,
Year Ended
December 31,
2024 2023 2024 2023
Adjusted EBITDA $ 138  $ 163  $ 652  $ 659 
Less: Adjusted EBITDA from investments in affiliates (4) (5) (23) (24)
Add: All other(1)
13  11  54  51 
Hotel Adjusted EBITDA 147  169  683  686 
Less: Adjusted EBITDA from hotels disposed of —  —  (1) (4)
Less: Adjusted EBITDA from the Hilton San Francisco Hotels —  —  (3)
Comparable Hotel Adjusted EBITDA $ 147  $ 171  $ 682  $ 679 
Three Months Ended
December 31,
Year Ended
December 31,
2024 2023 2024 2023
Total Revenues $ 625  $ 657  $ 2,599  $ 2,698 
Less: Other revenue (22) (21) (86) (85)
Less: Revenues from hotels disposed of (3) (8) (28) (42)
Less: Revenues from the Hilton San Francisco Hotels —  (17) —  (162)
Comparable Hotel Revenues $ 600  $ 611  $ 2,485  $ 2,409 
Three Months Ended December 31, Year Ended December 31,
2024 2023
Change(2)
2024 2023
Change(2)
Total Revenues $ 625  $ 657  (4.9) % $ 2,599  $ 2,698  (3.7) %
Operating income $ 83  $ 276  (69.8) % $ 391  $ 343  13.9  %
Operating income margin(2)
13.3  % 42.0  % (2,870)  bps 15.0  % 12.7  % 230   bps
Comparable Hotel Revenues $ 600  $ 611  (1.9) % $ 2,485  $ 2,409  3.2  %
Comparable Hotel Adjusted EBITDA $ 147  $ 171  (13.7) % $ 682  $ 679  0.5  %
Comparable Hotel Adjusted EBITDA margin(2)
24.6  % 27.9  % (330) bps 27.5  % 28.2  % (70) 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.
12


PARK HOTELS & RESORTS INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS
NAREIT FFO AND ADJUSTED FFO
(unaudited, in millions, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2024 2023 2024 2023
Net income attributable to stockholders $ 66  $ 187  $ 212  $ 97 
Depreciation and amortization expense 65  94  257  287 
Depreciation and amortization expense attributable to noncontrolling interests (1) (1) (4) (4)
Gain on sales of assets, net (8) —  (8) (15)
Gain on sale of assets, net, attributable to noncontrolling
   interests
—  — 
Gain on derecognition of assets(1)
(16) (221) (60) (221)
Gain on sale of investments in affiliates(2)
—  —  (19) (3)
Impairment loss —  —  12  202 
Equity investment adjustments:
Equity in earnings from investments in affiliates(3)
(2) (2) (12) (11)
Pro rata FFO of investments in affiliates 16  14 
Nareit FFO attributable to stockholders 111  59  399  346 
Casualty loss — 
Share-based compensation expense 19  18 
Interest expense associated with hotels in receivership(1)
16  12  60  20 
Release of deferred tax valuation allowance
(54) —  (54) — 
Other items(4)
35  53 
Adjusted FFO attributable to stockholders $ 80  $ 110  $ 430  $ 439 
Nareit FFO per share – Diluted(5)
$ 0.54  $ 0.28  $ 1.91  $ 1.61 
Adjusted FFO per share – Diluted(5)
$ 0.39  $ 0.52  $ 2.06  $ 2.04 
Weighted average shares outstanding – Diluted 206  210  209  215 
______________________________________________
(1)For the three months and year ended December 31, 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 consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender. For the three months and year ended December 31, 2023, reflects incremental default interest expense and late payment administrative fees associated with the default of the SF Mortgage Loan beginning in June 2023 and 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)For the years ended December 31, 2024 and 2023, the gain on sale of investments in affiliates is included in equity in earnings from investments in affiliates and other (loss) gain, net, respectively.
(3)For the year ended December 31, 2024, the gain of $19 million on the sale of the Hilton La Jolla Torrey Pines is presented within gain on sale of investments in affiliates above.
(4)For the three months and year ended December 31, 2023, includes $28 million of income tax expense primarily associated with the effective exit from the Hilton San Francisco Hotels, of which $19 million was reversed during the year ended December 31, 2024 as it is no longer expected to be incurred.
(5)Per share amounts are calculated based on unrounded numbers.
13


PARK HOTELS & RESORTS INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS
NET DEBT
(unaudited, in millions)
December 31, 2024
Debt $ 3,841 
Add: unamortized deferred financing costs and discount 24 
Less: unamortized premium — 
Debt, excluding unamortized deferred financing cost,
   premiums and discounts
3,865 
Add: Park's share of unconsolidated affiliates debt,
excluding unamortized deferred financing costs
157 
Less: cash and cash equivalents (402)
Less: restricted cash (38)
Net Debt $ 3,582 
14


PARK HOTELS & RESORTS INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS
OUTLOOK – EBITDA, ADJUSTED EBITDA, COMPARABLE HOTEL ADJUSTED EBITDA
AND COMPARABLE HOTEL ADJUSTED EBITDA MARGIN
(unaudited, in millions) Year Ending
December 31, 2025
 
Low Case
High Case
Net income $ 87  $ 147 
Depreciation and amortization expense 263  263 
Interest income (8) (8)
Interest expense 210  210 
Interest expense associated with hotels in receivership 35  35 
Income tax expense 14  14 
Interest expense, income tax and depreciation and amortization
   included in equity in earnings from investments in affiliates
EBITDA 609  669 
Gain on derecognition of assets (35) (35)
Share-based compensation expense 19  19 
Other items 17  17 
Adjusted EBITDA 610  670 
Less: Adjusted EBITDA from investments in affiliates (18) (18)
Add: All other 61  61 
Comparable Hotel Adjusted EBITDA $ 653  $ 713 
Year Ending
December 31, 2025
Low Case High Case
Total Revenues $ 2,598  $ 2,673 
Less: Other revenue (93) (93)
Comparable Hotel Revenues $ 2,505  $ 2,580 
Year Ending
December 31, 2025
Low Case High Case
Total Revenues $ 2,598  $ 2,673 
Operating income $ 338  $ 398 
Operating income margin(1)
13.0  % 14.9  %
Comparable Hotel Revenues $ 2,505  $ 2,580 
Comparable Hotel Adjusted EBITDA $ 653  $ 713 
Comparable Hotel Adjusted EBITDA margin(1)
26.1  % 27.7  %
______________________________________________
(1)Percentages are calculated based on unrounded numbers.
15


PARK HOTELS & RESORTS INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS
OUTLOOK – NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND
ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS
(unaudited, in millions except per share data) Year Ending
December 31, 2025
Low Case High Case
Net income attributable to stockholders $ 79  $ 139 
Depreciation and amortization expense 263  263 
Depreciation and amortization expense attributable to
   noncontrolling interests
(3) (3)
Gain on derecognition of assets (35) (35)
Equity investment adjustments:
Equity in earnings from investments in affiliates —  — 
Pro rata FFO of equity investments
Nareit FFO attributable to stockholders 309  369 
Share-based compensation expense 19  19 
Interest expense associated with hotels in receivership 35  35 
Other items 20  22 
Adjusted FFO attributable to stockholders $ 383  $ 445 
Adjusted FFO per share – Diluted(1)
$ 1.90  $ 2.20 
Weighted average diluted shares outstanding 202 202
______________________________________________
(1)Per share amounts are calculated based on unrounded numbers.
16


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 February 19, 2025 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 income and 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.
17


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.
18


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.
19
EX-99.2 3 supplementexhibit992-live.htm EX-99.2 Document

Exhibit 99.2


pptsupptemplatea.jpg


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 40 premium-branded hotels and resorts with approximately 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, the impact of strike and related labor activity on Park (and its third-party managers' ability to rebook group events that have been cancelled as a result of such activity) or any future strike or related labor activity, 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 elevated inflation and interest rates, potential economic slowdown or a recession and geopolitical conflicts), the effects of competition and the effects of future legislation, executive action or regulations, tariffs, 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.
2
 


3
 


   

Financial Statements
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4
 

Financial Statements
Consolidated Balance Sheets
(in millions, except share and per share data) December 31, 2024 December 31, 2023
(unaudited)
ASSETS
Property and equipment, net $ 7,398  $ 7,459 
Contract asset 820  760 
Intangibles, net 41  42 
Cash and cash equivalents 402  717 
Restricted cash 38  33 
Accounts receivable, net of allowance for doubtful accounts of $4 and $3
131  112 
Prepaid expenses 69  59 
Other assets 71  40 
Operating lease right-of-use assets 191  197 
TOTAL ASSETS (variable interest entities – $223 and $236)
$ 9,161  $ 9,419 
LIABILITIES AND EQUITY
Liabilities
Debt $ 3,841  $ 3,765 
Debt associated with hotels in receivership 725  725 
Accrued interest associated with hotels in receivership 95  35 
Accounts payable and accrued expenses 226  210 
Dividends payable 138  362 
Due to hotel managers 138  131 
Other liabilities 179  200 
Operating lease liabilities 225  223 
Total liabilities (variable interest entities – $201 and $218)
5,567  5,651 
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 203,407,320 shares issued and 202,553,194 shares outstanding as of December 31, 2024 and 210,676,264 shares issued and 209,987,581 shares outstanding as of December 31, 2023
Additional paid-in capital 4,063  4,156 
Accumulated deficit (420) (344)
Total stockholders' equity 3,645  3,814 
Noncontrolling interests (51) (46)
Total equity 3,594  3,768 
TOTAL LIABILITIES AND EQUITY $ 9,161  $ 9,419 
5
 

Financial Statements (continued)
Consolidated Statements of Operations
(unaudited, in millions, except per share data)
Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Revenues
Rooms $ 376  $ 397  $ 1,569  $ 1,653 
Food and beverage 167  178  688  696 
Ancillary hotel 60  61  256  264 
Other 22  21  86  85 
Total revenues 625  657  2,599  2,698 
Operating expenses
Rooms 105  106  419  449 
Food and beverage 118  124  474  501 
Other departmental and support 151  151  605  635 
Other property 57  59  231  241 
Management fees 32  31  125  126 
Casualty and impairment loss —  14  204 
Depreciation and amortization 65  94  257  287 
Corporate general and administrative 17  15  69  65 
Other 20  22  82  83 
Total expenses 566  602  2,276  2,591 
Gain on sale of assets, net —  15 
Gain on derecognition of assets 16  221  60  221 
Operating income 83  276  391  343 
Interest income 21  38 
Interest expense (53) (52) (214) (207)
Interest expense associated with hotels in receivership (16) (14) (60) (45)
Equity in earnings from investments in affiliates 31  11 
Other (loss) gain, net —  —  (4)
Income before income taxes 21  221  165  144 
Income tax benefit (expense) 52  (33) 61  (38)
Net income 73  188  226  106 
Net income attributable to noncontrolling interests (7) (1) (14) (9)
Net income attributable to stockholders $ 66  $ 187  $ 212  $ 97 
Earnings per share:
Earnings per share – Basic $ 0.32  $ 0.89  $ 1.02  $ 0.44 
Earnings per share – Diluted $ 0.32  $ 0.88  $ 1.01  $ 0.44 
Weighted average shares outstanding – Basic 204 209 207 214
Weighted average shares outstanding – Diluted 206 210 209 215
6
 


   

Supplementary Financial Information
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7
 

Supplementary Financial Information
EBITDA and Adjusted EBITDA
(unaudited, in millions) Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Net income $ 73  $ 188  $ 226  $ 106 
Depreciation and amortization expense 65  94  257  287 
Interest income (5) (9) (21) (38)
Interest expense 53  52  214  207 
Interest expense associated with hotels in receivership(1)
16  14  60  45 
Income tax (benefit) expense (52) 33  (61) 38 
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates
10 
EBITDA 151  373  685  653 
Gain on sale of assets, net
(8) —  (8) (15)
Gain on derecognition of assets(1)
(16) (221) (60) (221)
Gain on sale of investments in affiliates(2)
—  —  (19) (3)
Share-based compensation expense 19  18 
Casualty and impairment loss —  14  204 
Other items 21  23 
Adjusted EBITDA $ 138  $ 163  $ 652  $ 659 
_____________________________________
(1)For the three months and year ended December 31, 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 consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender. For the three months and year ended December 31, 2023, represents accrued interest expense associated with the default of the SF Mortgage Loan and the gain from derecognizing the Hilton San Francisco Hotels from its consolidated balance sheet in October 2023, when the receiver took control of the hotels.
(2)For the year ended December 31, 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. For the year ended December 31, 2023, the $3 million gain on sale of investments in affiliates is included in other (loss) gain, net in the consolidated statements of operations.
8
 

Supplementary Financial Information (continued)
Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin
(unaudited, dollars in millions)
Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Adjusted EBITDA $ 138  $ 163  $ 652  $ 659 
Less: Adjusted EBITDA from investments in affiliates (4) (5) (23) (24)
Add: All other(1)
13  11  54  51 
Hotel Adjusted EBITDA 147  169  683  686 
Less: Adjusted EBITDA from hotels disposed of —  —  (1) (4)
Less: Adjusted EBITDA from the Hilton San Francisco Hotels —  —  (3)
Comparable Hotel Adjusted EBITDA
$ 147  $ 171  $ 682  $ 679 
Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Total Revenues $ 625  $ 657  $ 2,599  $ 2,698 
Less: Other revenue (22) (21) (86) (85)
Less: Revenues from hotels disposed of (3) (8) (28) (42)
Less: Revenue from the Hilton San Francisco Hotels —  (17) —  (162)
Comparable Hotel Revenues
$ 600  $ 611  $ 2,485  $ 2,409 
Three Months Ended December 31, Year Ended December 31,
2024 2023
Change(2)
2024 2023
Change(2)
Total Revenues $ 625  $ 657  (4.9) % $ 2,599  $ 2,698  (3.7) %
Operating income $ 83  $ 276  (69.8) % $ 391  $ 343  13.9  %
Operating income margin(2)
13.3  % 42.0  % (2,870)  bps 15.0  % 12.7  % 230   bps
Comparable Hotel Revenues
$ 600  $ 611  (1.9) % $ 2,485  $ 2,409  3.2  %
Comparable Hotel Adjusted EBITDA
$ 147  $ 171  (13.7) % $ 682  $ 679  0.5  %
Comparable Hotel Adjusted EBITDA margin(2)
24.6  % 27.9  % (330)  bps 27.5  % 28.2  % (70)  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 consolidated statements of operations.
(2)Percentages are calculated based on unrounded numbers.
9
 

Supplementary Financial Information (continued)
Nareit FFO and Adjusted FFO

(unaudited, in millions, except per share data)
Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Net income attributable to stockholders $ 66  $ 187  $ 212  $ 97 
Depreciation and amortization expense 65  94  257  287 
Depreciation and amortization expense attributable to noncontrolling interests
(1) (1) (4) (4)
Gain on sale of assets, net (8) —  (8) (15)
Gain on sale of assets, net, attributable to noncontrolling interests —  — 
Gain on derecognition of assets(1)
(16) (221) (60) (221)
Gain on sale of investments in affiliates(2)
—  —  (19) (3)
Impairment loss —  —  12  202 
Equity investment adjustments:
Equity in earnings from investments in affiliates(3)
(2) (2) (12) (11)
Pro rata FFO of investments in affiliates 16  14 
Nareit FFO attributable to stockholders 111  59  399  346 
Casualty loss — 
Share-based compensation expense 19  18 
Interest expense associated with hotels in receivership(1)
16  12  60  20 
Release of deferred tax valuation allowance
(54) —  (54) — 
Other items(4)
35  53 
Adjusted FFO attributable to stockholders $ 80  $ 110  $ 430  $ 439 
Nareit FFO per share – Diluted(5)
$ 0.54  $ 0.28  $ 1.91  $ 1.61 
Adjusted FFO per share – Diluted(5)
$ 0.39  $ 0.52  $ 2.06  $ 2.04 
Weighted average shares outstanding – Diluted(6)
206 210 209 215
__________________________________________________________________________
(1)For the three months and year ended December 31, 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 consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender. For the three months and year ended December 31, 2023, reflects incremental default interest expense and late payment administrative fees associated with the default of the SF Mortgage Loan beginning in June 2023 and 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)For the years ended December 31, 2024 and 2023, the gain on sale of investments in affiliates is included in equity in earnings from investments in affiliates and other (loss) gain, net, respectively.
(3)For the year ended December 31, 2024, the gain of $19 million on the sale of the Hilton La Jolla Torrey Pines is presented within gain on sale of investments in affiliates above.
(4)For the three months and year ended December 31, 2023, includes $28 million of income tax expense primarily associated with the effective exit from the Hilton San Francisco Hotels, of which $19 million was reversed during the year ended December 31, 2024 as it is no longer expected to be incurred.
(5)Per share amounts are calculated based on unrounded numbers.
(6)Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of December 31, 2024, see page 5.
10
 

Supplementary Financial Information (continued)
General and Administrative Expenses

(unaudited, in millions) Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Corporate general and administrative expenses $ 17  $ 15  $ 69  $ 65 
Less:
Share-based compensation expense 19  18 
Other corporate expenses — 
G&A, excluding expenses not included in Adjusted EBITDA $ 11  $ 11  $ 46  $ 45 
11
 

Supplementary Financial Information (continued)
Net Debt and Net Debt to Comparable Adjusted EBITDA Ratio
(unaudited, in millions)
December 31, 2024
December 31, 2023
Debt $ 3,841  $ 3,765 
Add: unamortized deferred financing costs and discount 24 22
Less: unamortized premium (1)
Debt, excluding unamortized deferred financing cost, premiums and discounts
3,865 3,786
Add: Park’s share of unconsolidated affiliates debt, excluding unamortized deferred financing costs(1)
157 147
Less: cash and cash equivalents(2)
(402) (555)
Less: restricted cash (38) (33)
Net Debt $ 3,582  $ 3,345 
Full-year Comparable Adjusted EBITDA(3)
$ 649  $ 648 
Net Debt to full-year Comparable Adjusted EBITDA ratio 5.52x 5.16x
_____________________________________
(1)As of December 31, 2023, 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 34 and 35 for full-year Comparable Adjusted EBITDA as of December 31, 2024 and 2023, respectively.

12
 



Outlook and Assumptions
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13
 

Outlook and Assumptions
Full-Year 2025 Outlook
Park expects full-year 2025 operating results to be as follows:
(unaudited, dollars in millions, except per share amounts and RevPAR)
Full-Year 2025 Outlook
as of February 19, 2025
Metric Low High
Comparable RevPAR $ 187  $ 192 
Comparable RevPAR change vs. 2024 0.0  % 3.0  %
Comparable RevPAR, excluding the Royal Palm South Beach Miami $ 188  $ 194 
Comparable RevPAR change vs. 2024, excluding the Royal Palm South Beach Miami 1.0  % 4.0  %
Net income $ 87  $ 147 
Net income attributable to stockholders $ 79  $ 139 
Earnings per share – Diluted(1)
$ 0.39  $ 0.69 
Operating income $ 338  $ 398 
Operating income margin 13.0  % 14.9  %
Adjusted EBITDA $ 610  $ 670 
Comparable Hotel Adjusted EBITDA margin(1)
26.1  % 27.7  %
Comparable Hotel Adjusted EBITDA margin change vs. 2024(1)
(140)  bps 20  bps
Adjusted FFO per share – Diluted(1)
$ 1.90  $ 2.20 
__________________________________________________________________________
(1)Amounts are calculated based on unrounded numbers.
Park’s outlook is based in part on the following assumptions:
•Except where noted, includes the impact of renovations at the Royal Palm South Beach Miami, a Tribute Portfolio Resort, of approximately $17 million of Hotel Adjusted EBITDA and 40 bps of Comparable Hotel Adjusted EBITDA margin;
•Adjusted FFO excludes $35 million of default interest and late payment administrative fees associated with default of the SF Mortgage Loan through July 15, 2025 (when foreclosure is expected), which began in June 2023 and is required to be recognized in interest expense until legal title to the Hilton San Francisco Hotels are transferred;
•Fully diluted weighted average shares for the full-year 2025 of 202 million; and
•Park's portfolio as of February 19, 2025 and does not take into account potential future acquisitions, dispositions or any financing transactions, which could result in a material change to Park’s outlook.
Park's full-year 2025 outlook is based on a number of factors, many of which are outside the Company's control, including uncertainty surrounding macro-economic factors, such as inflation, changes in interest rates and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of which are subject to change.
14
 

Outlook and Assumptions (continued)
EBITDA, Adjusted EBITDA, Comparable Hotel Adjusted EBITDA and
Comparable Hotel Adjusted EBITDA Margin

Year Ending
(unaudited, in millions) December 31, 2025
Low Case High Case
Net income $ 87  $ 147 
Depreciation and amortization expense 263  263 
Interest income (8) (8)
Interest expense 210  210 
Interest expense associated with hotels in receivership 35  35 
Income tax expense 14  14 
Interest expense, income tax and depreciation and amortization
   included in equity in earnings from investments in affiliates
EBITDA 609  669 
Gain on derecognition of assets (35) (35)
Share-based compensation expense 19  19 
Other items 17  17 
Adjusted EBITDA 610  670 
Less: Adjusted EBITDA from investments in affiliates (18) (18)
Add: All other 61  61 
Comparable Hotel Adjusted EBITDA $ 653  $ 713 
15
 

Outlook and Assumptions (continued)
EBITDA, Adjusted EBITDA, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin (continued)

Year Ending
December 31, 2025
Low Case High Case
Total Revenues $ 2,598  $ 2,673 
Less: Other revenue (93) (93)
Comparable Hotel Revenues $ 2,505  $ 2,580 
Year Ending
December 31, 2025
Low Case High Case
Total Revenues $ 2,598  $ 2,673 
Operating income $ 338  $ 398 
Operating income margin(1)
13.0  % 14.9  %
Comparable Hotel Revenues $ 2,505  $ 2,580 
Comparable Hotel Adjusted EBITDA $ 653  $ 713 
Comparable Hotel Adjusted EBITDA margin(1)
26.1  % 27.7  %
_______________________________________________________________________________
(1)Percentages are calculated based on unrounded numbers.
16
 

Outlook and Assumptions (continued)
Nareit FFO and Adjusted FFO
Year Ending
(unaudited, in millions except per share data) December 31, 2025
Low Case High Case
Net income attributable to stockholders $ 79  $ 139 
Depreciation and amortization expense 263  263 
Depreciation and amortization expense attributable to
   noncontrolling interests
(3) (3)
Gain on derecognition of assets (35) (35)
Equity investment adjustments:
Equity in earnings from investments in affiliates —  — 
Pro rata FFO of equity investments
Nareit FFO attributable to stockholders 309  369 
Share-based compensation expense 19  19 
Interest expense associated with hotels in receivership 35  35 
Other items
20  22 
Adjusted FFO attributable to stockholders $ 383  $ 445 
Adjusted FFO per share – Diluted(1)
$ 1.90  $ 2.20 
Weighted average diluted shares outstanding 202 202
_____________________________________
(1)Per share amounts are calculated based on unrounded numbers.
17
 



Portfolio and Operating Metrics

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18
 

Portfolio and Operating Metrics
Hotel Portfolio as of February 19, 2025
Hotel Name Total Rooms Market
Meeting Space
(square feet)
Ownership Equity Ownership
Debt
(in millions)
 
Comparable Portfolio
 Hilton Hawaiian Village Waikiki Beach Resort 2,872 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% — 
 Hilton Waikoloa Village 653 Hawaii 241,000 Fee Simple 100% — 
 Caribe Hilton 652 Puerto Rico 65,000 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% — 
 The Wade(1)
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 121,000 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% — 
 The Midland Hotel, a Tribute Portfolio Hotel(2)
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% — 
 Hilton Santa Barbara Beachfront Resort 360 Southern California 62,000 Fee Simple 50% $ 156 
 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% — 
_____________________________________
(1)In February 2025, the W Chicago – Lakeshore was converted to The Wade.
(2)In January 2025, the W Chicago – City Center was converted to The Midland Hotel, a Tribute Portfolio Hotel.
19
 

Portfolio and Operating Metrics (continued)
Hotel Portfolio as of February 19, 2025
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 34,000 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 (37 Hotels)
22,711 2,170,000 $ 1,639 
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 (40 Hotels)
24,982   2,447,000 $ 1,796 
_____________________________________
(1)Debt related to unconsolidated joint ventures is presented on a pro-rata basis.
20
 

Portfolio and Operating Metrics (continued)
Comparable Hotels by Market: Q4 2024 vs. Q4 2023
(unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR Comparable Total RevPAR
Hotels Rooms 4Q24 4Q23
Change(1)
4Q24 4Q23 Change 4Q24 4Q23
Change(1)
4Q24 4Q23
Change(1)
Hawaii(2)
2 3,525 $ 296.45  $ 313.30  (5.4) % 65.6  % 84.8  % (19.2) % pts $ 194.33  $ 265.50  (26.8) % $ 333.09  $ 451.51  (26.2) %
Orlando 3 2,325 252.89  231.79  9.1  75.6  65.2  10.4  191.20  151.18  26.5  384.97  321.40  19.8 
New York 1 1,878 402.05  391.98  2.6  90.7  89.9  0.8  364.48  352.03  3.5  554.00  535.74  3.4 
New Orleans 1 1,622 221.16  214.82  2.9  59.5  68.7  (9.2) 131.69  147.64  (10.8) 246.80  256.21  (3.7)
Boston(2)
3 1,536 243.45  240.47  1.2  80.3  79.5  0.8  195.43  191.04  2.3  256.40  256.34  — 
Southern California 5 1,773 203.88  211.95  (3.8) 74.9  72.5  2.4  152.70  153.65  (0.6) 249.38  247.79  0.6 
Key West(3)
2 461 540.03  500.78  7.8  73.0  56.3  16.7  394.47  282.40  39.7  612.58  420.26  45.8 
Chicago 3 2,467 233.51  220.54  5.9  60.1  56.5  3.6  140.25  124.42  12.7  215.81  199.36  8.3 
Puerto Rico 1 652 298.30  283.61  5.2  71.4  68.3  3.1  212.90  193.72  9.9  355.90  333.26  6.8 
Washington, D.C. 2 1,085 195.36  189.29  3.2  65.0  65.4  (0.4) 127.03  123.84  2.6  198.22  195.99  1.1 
Denver 1 613 177.98  180.17  (1.2) 56.8  69.9  (13.1) 101.05  125.94  (19.8) 150.24  180.77  (16.9)
Miami 1 393 257.11  243.58  5.6  76.8  80.1  (3.3) 197.44  195.00  1.3  259.28  256.79  1.0 
Seattle(2)
2 1,246 132.98  136.55  (2.6) 69.4  65.6  3.8  92.22  89.47  3.1  127.84  137.71  (7.2)
San Francisco 2 660 214.08  241.97  (11.5) 77.1  71.6  5.5  165.13  173.38  (4.8) 211.93  230.25  (8.0)
Other 8 2,475 190.59  186.44  2.2  63.5  63.4  0.1  121.04  118.24  2.4  170.76  165.70  3.1 
All Markets 37 22,711 $ 255.98  $ 254.20  0.7  % 69.9  % 71.4  % (1.5) % pts $ 179.02  $ 181.52  (1.4) % $ 287.21  $ 292.88  (1.9) %
_____________________________________
(1)Calculated based on unrounded numbers.
(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.
(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.

21
 

Portfolio and Operating Metrics (continued)
Comparable Hotels by Market: Q4 2024 vs. Q4 2023
(unaudited, dollars in millions)  
Comparable Hotel Adjusted EBITDA
Comparable Hotel Revenue
Comparable Hotel Adjusted EBITDA Margin
Hotels Rooms 4Q24 4Q23
Change(1)
4Q24 4Q23
Change(1)
4Q24 4Q23 Change
Hawaii(2)
2 3,525 $ 26  $ 54  (52.7) % $ 107  $ 146  (26.2) % 23.9  % 37.3  % (1,340) bps
Orlando 3 2,325 27  22  27.3  82  69  19.8  33.1  31.1  200
New York 1 1,878 28  26  8.0  96  93  3.4  29.1  27.9  120
New Orleans 1 1,622 13  14  (6.0) 37  38  (3.7) 35.7  36.6  (90)
Boston(2)
3 1,536 11  (12.6) 36  36  —  25.2  28.8  (360)
Southern California 5 1,773 10  11  (10.3) 41  40  0.6  24.0  26.9  (290)
Key West(3)
2 461 10  96.4  26  18  45.8  40.3  29.9  1,040

Chicago 3 2,467 36.7  49  45  8.3  12.0  9.4  260
Puerto Rico 1 652 6.1  21  20  6.8  23.9  24.1  (20)
Washington, D.C. 2 1,085 (8.7) 20  20  1.1  20.7  22.9  (220)
Denver 1 613 (22.1) 10  (16.9) 31.4  33.5  (210)
Miami 1 393 (18.1) 1.0  31.3  38.6  (730)
Seattle(2)
2 1,246 (1) —  (467.6) 15  16  (7.2) (10.2) 2.6  (1,280)
San Francisco 2 660 (1) (141.8) 13  14  (8.0) (4.4) 9.7  (1,410)
Other 8 2,475 (13.0) 40  37  3.1  13.6  16.1  (250)
All Markets 37 22,711 $ 147  $ 171  (13.7) % $ 600  $ 611  (1.9) % 24.6  % 27.9  % (330) bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.
(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.

22
 

Portfolio and Operating Metrics (continued)
Comparable Hotels by Market: Full-Year 2024 vs. Full-Year 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)
2 3,525 $ 306.85  $ 308.66  (0.6) % 82.4  % 89.5  % (7.1) % pts $ 252.82  $ 276.24  (8.5) % $ 428.26  $ 478.28  (10.5) %
Orlando 3 2,325 245.89 233.13 5.5  70.8  66.5 4.3  174.14  155.07  12.3  376.21  320.99  17.2 
New York 1 1,878 322.03 316.99 1.6  86.3  84.5 1.8  277.92  267.91  3.7  434.48  408.14  6.5 
New Orleans 1 1,622 210.65 206.02 2.2  66.3  66.0 0.3  139.64  135.97  2.7  253.71  248.75  2.0 
Boston(2)
3 1,536 251.11 242.00 3.8  82.0  79.6 2.4  205.94  192.77  6.8  265.94  252.36  5.4 
Southern California 5 1,773 220.80 231.80 (4.7) 79.1  75.8 3.3  174.63  175.76  (0.6) 275.55  278.45  (1.0)
Key West(3)
2 461 541.57 521.30 3.9  74.8  50.7 24.1  405.35  264.45  53.3  619.07  387.15  59.9 
Chicago 3 2,467 227.48 221.48 2.7  62.5  58.9 3.6  142.08  130.30  9.0  219.73  203.04  8.2 
Puerto Rico 1 652 302.02 288.95 4.5  74.6  75.8 (1.2) 225.25 218.85 2.9  351.76 345.01 2.0 
Washington, D.C. 2 1,085 193.51 182.76 5.9  72.2  72.0 0.2  139.66  131.62  6.1  206.34  195.74  5.4 
Denver 1 613 190.84 191.51 (0.3) 66.0  71.8 (5.8) 125.97  137.58  (8.4) 189.31  200.18  (5.4)
Miami 1 393 264.69 254.47 4.0  80.0  80.1 (0.1) 211.82  203.92  3.9  279.24  272.50  2.5 
Seattle(2)
2 1,246 156.04 161.62 (3.5) 75.5  69.1 6.4  117.78  111.62  5.5  159.50  155.88  2.3 
San Francisco 2 660 244.83 264.41 (7.4) 73.2  70.7 2.5  179.23  186.98  (4.1) 236.01  250.65  (5.8)
Other 8 2,475 189.35 189.47 (0.1) 66.5  64.8 1.7  125.85  122.78  2.5  173.24  168.98  2.5 
All Markets 37 22,711 $ 251.74  $ 248.85  1.2  % 74.2  % 73.0  % 1.2  % pts $ 186.78  $ 181.57  2.9  % $ 299.25  $ 290.81  2.9  %
_____________________________________
(1)Calculated based on unrounded numbers.
(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.
(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.
23
 

Portfolio and Operating Metrics (continued)
Comparable Hotels by Market: Full-Year 2024 vs. Full-Year 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)
2 3,525 $ 202  $ 244  (17.2) % $ 550  $ 612  (10.2) % 36.7  % 39.8  % (310) bps
Orlando 3 2,325 102  81  26.4  320  272  17.5  32.0  29.8  220
New York 1 1,878 53  45  17.3  299  280  6.7  17.6  16.0  160
New Orleans 1 1,622 52  54  (4.1) 151  147  2.3  34.4  36.7  (230)
Boston(2)(4)
3 1,536 50  43  16.6  150  141  5.7  33.4  30.3  310
Southern California 5 1,773 51  54  (5.4) 179  180  (0.8) 28.8  30.2  (140)
Key West(5)
2 461 42  19  121.8  104  65  60.3  40.1  29.0  1,110
Chicago(6)
3 2,467 27  27  (3.0) 198  183  8.5  13.5  15.1  (160)
Puerto Rico 1 652 22  22  1.0  84  82  2.2  26.0  26.3  (30)
Washington, D.C. 2 1,085 20  19  7.1  82  78  5.7  24.5  24.2  30
Denver 1 613 15  16  (9.7) 42  45  (5.2) 34.6  36.3  (170)
Miami 1 393 14  14  0.4  40  39  2.8  35.6  36.4  (80)
Seattle(2)
2 1,246 (32.0) 73  71  2.6  7.2  10.9  (370)
San Francisco 2 660 (57.2) 57  61  (5.6) 6.4  14.1  (770)
Other 8 2,475 23  24  (3.1) 156  153  2.8  15.3  16.2  (90)
All Markets 37 22,711 $ 682  $ 679  0.5  % $ 2,485  $ 2,409  3.2  % 27.5  % 28.2  % (70) bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.
(3)During Q1 2024, Park’s Hawaii hotels benefited from a state unemployment tax refund of approximately $4 million.
(4)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.
(5)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.
(6)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.

24
 

Portfolio and Operating Metrics (continued)
Core Hotels: Q4 2024 vs. Q4 2023
(unaudited) ADR Occupancy RevPAR Total RevPAR
  4Q24 4Q23
Change(1)
4Q24 4Q23 Change 4Q24 4Q23
Change(1)
4Q24 4Q23
Change(1)
Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort(2)
$ 292.16  $ 305.11  (4.2) % 65.7  % 84.4  % (18.7) % pts $ 191.95  $ 257.60  (25.5) % $ 304.75  $ 413.03  (26.2) %
2
Hilton Waikoloa Village(3)
315.62  348.78  (9.5) 64.9  86.1  (21.2) 204.87  300.45  (31.8) 458.38  621.57  (26.3)
3 Signia by Hilton Orlando Bonnet Creek 233.98  225.98  3.5  71.6  69.7  1.9  167.44  157.45  6.3  413.62  391.91  5.5 
4 Waldorf Astoria Orlando 402.33  375.25  7.2  79.8  48.5  31.3  320.96  182.06  76.3  556.06  349.52  59.1 
5 Hilton Orlando Lake Buena Vista 180.17  177.63  1.4  78.1  70.1  8.0  140.63  124.36  13.1  243.95  216.65  12.6 
6 New York Hilton Midtown 402.05  391.98  2.6  90.7  89.9  0.8  364.48  352.03  3.5  554.00  535.74  3.4 
7 Hilton New Orleans Riverside 221.16  214.82  2.9  59.5  68.7  (9.2) 131.69  147.64  (10.8) 246.80  256.21  (3.7)
8
Hilton Boston Logan Airport(2)
250.25  243.74  2.7  86.7  90.8  (4.1) 217.05  221.39  (2.0) 269.11  283.13  (5.0)
9 Hyatt Regency Boston 264.37  262.01  0.9  86.3  80.6  5.7  228.11  211.18  8.0  286.72  271.42  5.6 
10 Boston Marriott Newton 197.70  201.11  (1.7) 64.2  62.1  2.1  126.89  124.90  1.6  203.17  201.12  1.0 
11 Hilton Santa Barbara Beachfront Resort 307.48  302.80  1.5  65.0  70.3  (5.3) 199.92  212.84  (6.1) 331.02  345.28  (4.1)
12 Hyatt Regency Mission Bay Spa and Marina 212.02  221.09  (4.1) 72.4  65.4  7.0  153.44  144.62  6.1  276.72  271.71  1.8 
13 Hilton Checkers Los Angeles 187.59  218.82  (14.3) 72.6  70.5  2.1  136.23  154.31  (11.7) 173.84  187.22  (7.1)
14
Casa Marina Key West, Curio Collection(4)
562.09  507.49  10.8  74.4  46.7  27.7  417.97  236.66  76.6  651.25  353.59  84.2 
15 The Reach Key West, Curio Collection 491.67  492.31  (0.1) 70.3  76.6  (6.3) 345.74  377.23  (8.3) 532.41  558.49  (4.7)
16 Hilton Chicago 224.74  213.10  5.5  61.4  56.4  5.0  137.96  120.25  14.7  238.55  220.90  8.0 
17 The Midland Hotel, a Tribute Portfolio Hotel 293.40  280.53  4.6  55.7  56.0  (0.3) 163.32  157.02  4.0  193.10  195.39  (1.2)
18 The Wade 216.95  196.64  10.3  59.5  56.7  2.8  129.18  111.52  15.8  165.89  138.48  19.8 
19 DoubleTree Hotel Washington DC – Crystal City 183.74  180.66  1.7  65.3  65.9  (0.6) 120.05  119.06  0.8  162.67  167.44  (2.8)
20 Hilton Denver City Center 177.98  180.17  (1.2) 56.8  69.9  (13.1) 101.05  125.94  (19.8) 150.24  180.77  (16.9)
21 Royal Palm South Beach Miami 257.11  243.58  5.6  76.8  80.1  (3.3) 197.44  195.00  1.3  259.28  256.79  1.0 
22 Hyatt Centric Fisherman’s Wharf 169.45  189.62  (10.6) 72.8  73.8  (1.0) 123.31  139.98  (11.9) 166.95  190.12  (12.2)
23 JW Marriott San Francisco Union Square 250.84  292.94  (14.4) 81.1  69.6  11.5  203.55  204.06  (0.3) 253.24  267.11  (5.2)
24 DoubleTree Hotel San Jose 181.49  182.42  (0.5) 58.4  61.6  (3.2) 106.01  112.32  (5.6) 154.42  162.93  (5.2)
25 Juniper Hotel Cupertino, Curio Collection 203.13  187.41  8.4  67.5  63.1  4.4  137.16  118.37  15.9  158.84  137.93  15.2 
Total Core Hotels 274.44  271.66  1.0  70.1  72.6  (2.5) 192.36  197.07  (2.4) 310.85  319.67  (2.8)
All Other Hotels(2)
187.99  185.55  1.3  69.4  67.3  2.1  130.40  124.81  4.5  201.00  195.20  3.0 
Total Comparable Hotels $ 255.98  $ 254.20  0.7  % 69.9  % 71.4  % (1.5) % pts $ 179.02  $ 181.52  (1.4) % $ 287.21  $ 292.88  (1.9) %
_____________________________________
(1)Calculated based on unrounded numbers.
(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.
(3)Beginning in August 2024, operations at the Hilton Waikoloa Village were disrupted by the first phase of comprehensive guestroom renovations at the Palace Tower, which were completed by January 2025.
(4)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.


25
 

Portfolio and Operating Metrics (continued)
Core Hotels: Q4 2024 vs. Q4 2023
(unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin
4Q24 4Q23
Change(1)
4Q24 4Q23
Change(1)
4Q24 4Q23 Change
Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort(2)
$ 18  $ 40  (56.0) % $ 80  $ 109  (26.2) % 21.9  % 36.8  % (1,490) bps
2
Hilton Waikoloa Village(3)
14  (43.3) 27  37  (26.3) 29.8  38.8  (900)
3 Signia by Hilton Orlando Bonnet Creek 14  14  (3.3) 38  36  5.5  35.3  38.5  (320)
4 Waldorf Astoria Orlando 209.1  26  16  59.1  34.5  17.8  1,670
5 Hilton Orlando Lake Buena Vista 6.9  18  16  12.6  26.6  28.0  (140)
6 New York Hilton Midtown 28  26  8.0  96  93  3.4  29.1  27.9  120
7 Hilton New Orleans Riverside 13  14  (6.0) 37  38  (3.7) 35.7  36.6  (90)
8
Hilton Boston Logan Airport(2)
(15.6) 15  16  (5.0) 26.0  29.3  (330)
9 Hyatt Regency Boston (4.2) 13  13  5.6  28.1  31.0  (290)
10 Boston Marriott Newton (22.0) 1.0  19.0  24.6  (560)
11 Hilton Santa Barbara Beachfront Resort (11.9) 11  11  (4.1) 40.5  44.1  (360)
12 Hyatt Regency Mission Bay Spa and Marina (9.1) 11  11  1.8  15.2  17.0  (180)
13 Hilton Checkers Los Angeles —  —  (25.8) (7.1) 9.9  12.4  (250)
14
Casa Marina Key West, Curio Collection(4)
209.0  19  10  84.2  41.7  24.9  1,680
15 The Reach Key West, Curio Collection (3.9) (4.7) 36.9  36.6  30
16 Hilton Chicago 11.9  34  31  8.0  15.4  14.9  50
17 The Midland Hotel, a Tribute Portfolio Hotel —  30.0  (1.2) 9.0  6.8  220
18 The Wade —  (1) 103.4  19.8  0.4  (12.8) 1,320
19 DoubleTree Hotel Washington DC – Crystal City (16.3) 10  (2.8) 19.4  22.5  (310)
20 Hilton Denver City Center (22.1) 10  (16.9) 31.4  33.5  (210)
21 Royal Palm South Beach Miami (18.1) 1.0  31.3  38.6  (730)
22 Hyatt Centric Fisherman’s Wharf —  (141.3) (12.2) (5.2) 11.1  (1,630)
23 JW Marriott San Francisco Union Square —  (142.2) (5.2) (3.9) 8.8  (1,270)
24 DoubleTree Hotel San Jose —  (67.7) (5.2) 3.7  10.8  (710)
25 Juniper Hotel Cupertino, Curio Collection —  63.9  15.2  21.6  15.2  640
Total Core Hotels 134  155  (13.5) 509  524  (2.8) 26.3  29.6  (330)
All Other Hotels(2)
13  16  (15.1) 91  87  3.0  14.9  18.1  (320)
Total Comparable Hotels $ 147  $ 171  (13.7) % $ 600  $ 611  (1.9) % 24.6  % 27.9  % (330) bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.
(3)Beginning in August 2024, operations at the Hilton Waikoloa Village were disrupted by the first phase of comprehensive guestroom renovations at the Palace Tower, which were completed by January 2025.
(4)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.


26
 

Portfolio and Operating Metrics (continued)
Core Hotels: Full-Year 2024 vs. Full-Year 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(2)
$ 303.95  $ 302.01  0.6  % 84.1  % 90.8  % (6.7) % pts $ 255.69  $ 274.17  (6.7) % $ 406.39  $ 445.04  (8.7) %
2
Hilton Waikoloa Village(3)
321.28  340.53  (5.7) 74.7  83.8  (9.1) 240.12 285.37 (15.9) 524.91 625.22 (16.0)
3 Signia by Hilton Orlando Bonnet Creek 233.06  219.76  6.1  72.8  69.8  3.0  169.71 153.47 10.6  433.00 364.19 18.9 
4 Waldorf Astoria Orlando 383.24  363.04  5.6  66.3  54.8  11.5  254.15 199.01 27.7  477.56 378.00 26.3 
5 Hilton Orlando Lake Buena Vista 183.18  186.67  (1.9) 71.1  69.6  1.5  130.28 129.97 0.2  243.33 232.30 4.8 
6 New York Hilton Midtown 322.03  316.99  1.6  86.3  84.5  1.8  277.92 267.91 3.7  434.48 408.14 6.5 
7 Hilton New Orleans Riverside 210.65 206.02 2.2  66.3  66.0 0.3  139.64 135.97 2.7  253.71 248.75 2.0 
8
Hilton Boston Logan Airport(2)
258.15  246.77  4.6  91.3  92.9  (1.6) 235.72 229.30 2.8  290.82 290.72 — 
9 Hyatt Regency Boston 273.73  263.37  3.9  85.4  79.4  6.0  233.65 209.01 11.8  293.92 265.00 10.9 
10 Boston Marriott Newton 202.56  199.59  1.5  65.0  61.3  3.7  131.74 122.52 7.5  198.32 183.71 8.0 
11 Hilton Santa Barbara Beachfront Resort 331.55  337.95  (1.9) 72.0  71.7  0.3  238.55 242.16 (1.5) 375.12 389.99 (3.8)
12 Hyatt Regency Mission Bay Spa and Marina 244.85  276.05  (11.3) 78.4  68.4  10.0  192.02 188.91 1.6  337.25 336.75 0.1 
13 Hilton Checkers Los Angeles 196.02  216.85  (9.6) 72.1  72.8  (0.7) 141.26 157.80 (10.5) 176.74 186.17 (5.1)
14
Casa Marina Key West, Curio Collection(4)
555.92  528.79  5.1  74.7  37.4  37.3  415.20 197.46 110.3  638.29 292.93 117.9 
15 The Reach Key West, Curio Collection 512.03  513.91  (0.4) 75.2  78.5  (3.3) 384.93 403.34 (4.6) 579.21 582.50 (0.6)
16 Hilton Chicago 214.93  211.81  1.5  64.5  58.3  6.2  138.68 123.43 12.4  241.92 219.27 10.3 
17 The Midland Hotel, a Tribute Portfolio Hotel 297.23  280.27  6.1  56.6  58.2  (1.6) 168.11 162.89 3.2  201.77 200.08 0.8 
18 The Wade 216.75  205.49  5.5  60.9  61.0  (0.1) 132.02 125.42 5.3  167.75 157.13 6.8 
19 DoubleTree Hotel Washington DC – Crystal City 184.99  175.63  5.3  74.1  74.5  (0.4) 137.14 130.97 4.7  186.04 186.25 (0.1)
20 Hilton Denver City Center 190.84  191.51  (0.3) 66.0  71.8  (5.8) 125.97 137.58 (8.4) 189.31 200.18 (5.4)
21 Royal Palm South Beach Miami 264.69  254.47  4.0  80.0  80.1  (0.1) 211.82 203.92 3.9  279.24 272.50 2.5 
22 Hyatt Centric Fisherman’s Wharf 186.13  201.42  (7.6) 74.8  74.0  0.8  139.29 149.15 (6.6) 185.40 204.65 (9.4)
23 JW Marriott San Francisco Union Square 301.10  327.74  (8.1) 71.7  67.6  4.1  215.92 221.73 (2.6) 282.50 292.90 (3.6)
24 DoubleTree Hotel San Jose 183.20  174.14  5.2  60.4  60.6  (0.2) 110.56 105.37 4.9  159.11 159.40 (0.2)
25 Juniper Hotel Cupertino, Curio Collection 200.25  191.63  4.5  71.9  62.9  9.0  144.03 120.57 19.5  163.12 139.69 16.8 
Total Core Hotels 267.41  263.11  1.6  74.4  73.5  0.9  198.98 193.33 2.9  324.10 314.91 2.9 
All Other Hotels(2)
193.85  195.11  (0.6) 73.4  71.1  2.3  142.29 138.69 2.6  208.61 202.93 2.8 
Total Comparable Hotels $ 251.74  $ 248.85  1.2  % 74.2  % 73.0  % 1.2  % pts $ 186.78  $ 181.57  2.9  % $ 299.25  $ 290.81  2.9  %
_______________________________________________________________
(1)Calculated based on unrounded numbers.
(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.
(3)Beginning in August 2024, operations at the Hilton Waikoloa Village were disrupted by the first phase of comprehensive guestroom renovations at the Palace Tower, which were completed by January 2025.
(4)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.

27
 

Portfolio and Operating Metrics (continued)
Core Hotels: Full-Year 2024 vs. Full-Year 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(2)(3)
$ 161  $ 188  (14.2) % $ 426  $ 464  (8.4) % 37.9  % 40.5  % (260) bps
2
Hilton Waikoloa Village(4)
41  56  (27.3) 124  148  (15.8) 32.8  38.0  (520)
3 Signia by Hilton Orlando Bonnet Creek 57  46  22.3  160  134  19.2  35.6  34.7  90
4 Waldorf Astoria Orlando 25  14  84.3  88  69  26.7  28.7  19.7  900
5 Hilton Orlando Lake Buena Vista 20  21  (2.7) 72  69  5.0  27.9  30.1  (220)
6 New York Hilton Midtown 53  45  17.3  299  280  6.7  17.6  16.0  160
7 Hilton New Orleans Riverside 52  54  (4.1) 151  147  2.3  34.4  36.7  (230)
8
Hilton Boston Logan Airport(2)(4)
20  19  6.7  64  64  0.3  31.0  29.2  180
9
Hyatt Regency Boston(4)
21  17  22.9  55  49  11.2  38.6  34.9  370
10
Boston Marriott Newton(4)
27.8  31  29  8.2  29.4  24.9  450
11 Hilton Santa Barbara Beachfront Resort 22  23  (5.3) 49  51  (3.5) 44.6  45.4  (80)
12 Hyatt Regency Mission Bay Spa and Marina 12  13  (5.3) 54  54  0.4  23.1  24.5  (140)
13 Hilton Checkers Los Angeles 14.9  12  13  (4.8) 13.3  11.0  230
14
Casa Marina Key West, Curio Collection(5)
30  353.2  73  33  118.5  41.3  19.9  2,140
15 The Reach Key West, Curio Collection 12  12  (3.0) 32  32  (0.3) 37.4  38.4  (100)
16
Hilton Chicago(6)
22  20  7.4  137  124  10.6  15.8  16.3  (50)
17
The Midland Hotel, a Tribute Portfolio Hotel(6)
(32.7) 30  29  1.1  12.1  18.2  (610)
18
The Wade(6)
(28.2) 32  30  7.1  4.5  6.7  (220)
19 DoubleTree Hotel Washington DC – Crystal City 11  12  (3.6) 43  43  0.2  27.1  28.2  (110)
20 Hilton Denver City Center 15  16  (9.7) 42  45  (5.2) 34.6  36.3  (170)
21 Royal Palm South Beach Miami 14  14  0.4  40  39  2.8  35.6  36.4  (80)
22 Hyatt Centric Fisherman’s Wharf (64.5) 21  24  (9.2) 5.8  14.9  (910)
23 JW Marriott San Francisco Union Square (52.1) 36  37  (3.3) 6.8  13.7  (690)
24 DoubleTree Hotel San Jose (1.5) 29  29  0.1  8.5  8.6  (10)
25 Juniper Hotel Cupertino, Curio Collection 79.0  13  11  17.1  24.0  15.7  830
Total Core Hotels 613  606  1.2  2,113  2,047  3.2  29.0  29.6  (60)
All Other Hotels(2)
69  73  (5.3) 372  362  3.1  18.5  20.1  (160)
Total Comparable Hotels $ 682  $ 679  0.5  % $ 2,485  $ 2,409  3.2  % 27.5  % 28.2  % (70) bps
____________________________________________________
(1)Calculated based on unrounded numbers.
(2)Beginning in late September 2024, four of Park’s hotels in Hawaii, Seattle and Boston were impacted by labor activity, which was resolved during October and November 2024.
(3)During Q1 2024, Park’s Hawaii hotels benefited from a state unemployment tax refund of approximately $4 million.
(4)Beginning in August 2024, operations at the Hilton Waikoloa Village were disrupted by the first phase of comprehensive guestroom renovations at the Palace Tower, which were completed by January 2025.
(5)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.
(6)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.
(7)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.
28
 


   

Properties Acquired and Sold
acquisitioncovera.jpg
29
 

Properties Acquired and Sold
Properties Acquired
Hotel Location Room Count
2019 Acquisitions:
Chesapeake Lodging Trust Acquisition(1)
Hilton Denver City Center Denver, CO 613
The Wade(2)
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(3)
New Orleans, LA 410
The Midland Hotel, a Tribute Portfolio Hotel(4)
Chicago, IL 403
Royal Palm South Beach Miami, a Tribute Portfolio Resort Miami Beach, FL 393
Le Meridien San Francisco(5)
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(6)
San Diego, CA 210
Courtyard Washington Capitol Hill/Navy Yard(6)
Washington, DC 204
Homewood Suites by Hilton Seattle Convention Center Pike Street(7)
Seattle, WA 195
Hilton Checkers Los Angeles Los Angeles, CA 193
Ace Hotel Downtown Los Angeles(3)
Los Angeles, CA 182
Hotel Adagio, Autograph Collection(8)
San Francisco, CA 171
W New Orleans – French Quarter(9)
New Orleans, LA 97
  5,981
_____________________________________
(1)Park’s acquisition of Chesapeake Lodging Trust closed in September 2019 for total consideration of approximately $2.5 billion, including acquisition costs.
(2)In February 2025, the W Chicago – Lakeshore was converted to The Wade.
(3)Sold in December 2019.
(4)In January 2025, the W Chicago – City Center was converted to The Midland Hotel, a Tribute Portfolio Hotel.
(5)Sold in August 2021.
(6)Sold in June 2021.
(7)Sold in June 2022.
(8)Sold in July 2021.
(9)Sold in April 2021.

30
 

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 
DoubleTree Hotel Spokane City Center(4)
Spokane, Washington December 2024 375 35.0 
2024 Total (2 Hotels) 769 $ 76.3 
Grand Total(5) (38 Hotels)
11,016 $ 2,211.9 
_____________________________________
(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)The hotel that was owned by a consolidated joint venture was sold for total gross proceeds of approximately $35 million, which were reduced for the repayment of the $14 million mortgage loan. Park’s pro-rata share of the net proceeds was approximately $10 million.
(5)To date, Park has sold its interest in 38 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.
31
 



Comparable Supplementary Financial Information
compslidecovera.jpg
32
 

Comparable Supplementary Financial Information
Historical Comparable Full-Year Hotel Metrics
(unaudited, dollars in millions)
Three Months Ended
Full-Year
March 31, June 30, September 30, December 31, December 31,
2024 2024 2024 2024 2024
Comparable RevPAR $ 178.94  $ 198.26  $ 190.94  $ 179.02  $ 186.78 
Comparable Occupancy 71.4  % 77.5  % 78.0  % 69.9  % 74.2  %
Comparable ADR $ 250.75  $ 255.83  $ 244.82  $ 255.98  $ 251.74 
Total Revenues $ 639  $ 686  $ 649  $ 625  $ 2,599 
Operating income $ 92  $ 121  $ 95  $ 83  $ 391 
Operating income margin(1)
14.5  % 17.5  % 14.6  % 13.3  % 15.0  %
Comparable Hotel Revenues $ 610  $ 655  $ 620  $ 600  $ 2,485 
Comparable Hotel Adjusted EBITDA $ 169  $ 198  $ 168  $ 147  $ 682 
Comparable Hotel Adjusted EBITDA margin(1)
27.7  % 30.2  % 27.2  % 24.6  % 27.5  %
Three Months Ended Full-Year
March 31, June 30, September 30, December 31, December 31,
2023 2023 2023 2023 2023
Comparable RevPAR $ 165.89  $ 193.81  $ 184.85  $ 181.52  $ 181.57 
Comparable Occupancy 67.8  % 77.1  % 75.5  % 71.4  % 73.0  %
Comparable ADR $ 244.75  $ 251.42  $ 244.81  $ 254.20  $ 248.85 
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 $ 567  $ 634  $ 597  $ 611  $ 2,409 
Comparable Hotel Adjusted EBITDA $ 146  $ 190  $ 172  $ 171  $ 679 
Comparable Hotel Adjusted EBITDA margin(1)
25.8  % 30.1  % 28.8  % 27.9  % 28.2  %
Three Months Ended Full-Year
March 31, June 30, September 30, December 31, December 31,
2019 2019 2019 2019 2019
Comparable RevPAR $ 165.70  $ 190.25  $ 184.48  $ 175.77  $ 179.09 
Comparable Occupancy 76.2  % 84.7  % 83.2  % 79.6  % 81.0  %
Comparable ADR $ 217.44  $ 224.59  $ 221.65  $ 220.71  $ 221.21 
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 $ 569  $ 642  $ 607  $ 626  $ 2,444 
Comparable Hotel Adjusted EBITDA $ 153  $ 202  $ 176  $ 189  $ 720 
Comparable Hotel Adjusted EBITDA margin(1)
26.9  % 31.5  % 28.9  % 30.1  % 29.4  %
_____________________________________
(1)Percentages are calculated based on unrounded numbers.
33
 

Comparable Supplementary Financial Information (continued)
Historical Comparable Hotel Adjusted EBITDA – Full-Year 2024
Three Months Ended Full-Year
(unaudited, in millions) March 31, June 30, September December 31, December 31,
2024 2024 2024 2024 2024
Net income $ 29  $ 67  $ 57  $ 73  $ 226 
Depreciation and amortization expense 65  64  63  65  257 
Interest income (5) (5) (6) (5) (21)
Interest expense 53  54  54  53  214 
Interest expense associated with hotels in receivership(1)
14  15  15  16  60 
Income tax expense (benefit) (12) (52) (61)
Interest expense, income tax and depreciation and amortization
   included in equity in earnings from investments in affiliates
10 
EBITDA 160  185  189  151  685 
Gain on sales of assets, net —  —  —  (8) (8)
Gain on derecognition of assets(1)
(14) (15) (15) (16) (60)
Gain on sale of investments in affiliates(2)
—  —  (19) —  (19)
Share-based compensation expense 19 
Impairment and casualty loss —  14 
Other items 11  (1) 21 
Adjusted EBITDA 162  193  159  138  652 
Less: Adjusted EBITDA from hotels disposed of —  (1) —  —  (1)
Less: Adjusted EBITDA from investments in affiliates disposed of (1) (1) —  —  (2)
Comparable Adjusted EBITDA 161  191  159  138  649 
Less: Adjusted EBITDA from investments in affiliates (7) (7) (3) (4) (21)
Add: All other(3)
15  14  12  13  54 
Comparable Hotel Adjusted EBITDA $ 169  $ 198  $ 168  $ 147  $ 682 
_____________________________________
(1)For the year ended December 31, 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.
(2)For the year ended December 31, 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 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 consolidated statements of operations.
34
 

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) (3) (4)
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
139 184 161 164 648
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  $ 190  $ 172  $ 171  $ 679 
_____________________________________
(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 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 consolidated statements of operations.
35
 

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 (32) (33) (21) (19) (105)
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)
144  194  167  179  684 
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 $ 153  $ 202  $ 176  $ 189  $ 720 
_____________________________________
(1)Included in other (loss) gain, net in the 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 $669 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 consolidated statements of operations.
36
 

Comparable Supplementary Financial Information (continued)
Historical Comparable Full-Year Hotel Revenues – 2024, 2023 and 2019
Three Months Ended
Full-Year
(unaudited, in millions) March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
December 31,
2024
Total Revenues $ 639  $ 686  $ 649  $ 625  $ 2,599 
Less: Other revenue (21) (22) (21) (22) (86)
Less: Revenues from hotels disposed of (8) (9) (8) (3) (28)
Comparable Hotel Revenues $ 610  $ 655  $ 620  $ 600  $ 2,485 
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 (13) (12) (9) (8) (42)
Less: Revenues from the Hilton San Francisco Hotels
(48) (46) (51) (17) (162)
Comparable Hotel Revenues $ 567  $ 634  $ 597  $ 611  $ 2,409 
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 (107) (105) (82) (81) (375)
Less: Revenues from the Hilton San Francisco Hotels
(95) (88) (86) (85) (354)
Comparable Hotel Revenues $ 569  $ 642  $ 607  $ 626  $ 2,444 
37
 



Capital Structure
capitala.jpg

38
 

Capital Structure
Fixed and Variable Rate Debt
(unaudited, dollars in millions)
As of December 31, 2024
Debt Collateral Interest Rate Maturity Date
Fixed Rate Debt
Mortgage loan Hilton Denver City Center 4.90%
June 2025(1)
$ 53 
Mortgage loan Hyatt Regency Boston 4.25% July 2026 125 
Mortgage loan Hilton Hawaiian Village Beach Resort 4.20% November 2026 1,275 
Mortgage loan Hilton Santa Barbara Beachfront Resort 4.17% December 2026 156 
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 7.04% 2025 to 2028
Total Fixed Rate Debt
5.11%(2)
3,665 
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 6.21% 200 
Add: unamortized premium — 
Less: unamortized deferred financing costs and discount (24)
Total Debt(5)(6)
5.17%(2)
$ 3,841 
(1)The loan matures in August 2042 but became callable by the lender in August 2022 with six months of notice. As of December 31, 2024, Park had not received notice from the lender.
(2)Calculated on a weighted average basis.
(3)As of February 19, 2025, Park has $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.
39
 



Definitions
pptsupptemplate1.jpg
40
 

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 February 19, 2025 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 income and 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.

41
 

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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