EX-99.2 3 pk-ex992_7.htm EX-99.2 pk-ex992_7.pptx.htm

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Royal Palm South Beach Miami, a Tribute Portfolio Resort Parc 55 San Francisco, a Hilton Hotel Hilton Hawaiian Village Waikiki Beach Resort September 30, 2019 Third Quarter 2019 Supplemental Data Exhibit 99.2

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About Park and Safe Harbor Disclosure About Park Hotels & Resorts Inc. Park (NYSE: PK) is the second largest publicly traded lodging real estate company with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio consists of 66 premium-branded hotels and resorts with over 35,000 rooms primarily located in prime city center and resort locations, which includes 18 hotels with approximately 6,000 rooms acquired in the Chesapeake Lodging Trust acquisition. 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 Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, the effects of competition and the effects of future legislation or regulations, 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” or the negative version of these words or other comparable words.   Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2018, 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 refers to certain non-generally accepted accounting principles (“GAAP”) financial measures in this presentation, including Funds from Operations (“FFO”) calculated in accordance with the guidelines of the National Association of Real Estate Investment Trusts (“Nareit”), Adjusted FFO, FFO per share, Adjusted FFO per share, Earnings before interest expense, taxes and depreciation and amortization (“EBITDA”), Adjusted EBITDA, Hotel Adjusted EBITDA, Comparable 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. About Park and Safe Harbor Disclosure About Park Hotels & Resorts Inc. Park (NYSE: PK) is the second largest publicly traded lodging real estate company with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio consists of 66 premium-branded hotels and resorts with over 35,000 rooms primarily located in prime city center and resort locations, which includes 18 hotels with approximately 6,000 rooms acquired in the Chesapeake Lodging Trust acquisition. 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 Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, the effects of competition and the effects of future legislation or regulations, 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” or the negative version of these words or other comparable words. Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2018, 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 refers to certain non-generally accepted accounting principles (“GAAP”) financial measures in this presentation, including Funds from Operations (“FFO”) calculated in accordance with the guidelines of the National Association of Real Estate Investment Trusts (“Nareit”), Adjusted FFO, FFO per share, Adjusted FFO per share, Earnings before interest expense, taxes and depreciation and amortization (“EBITDA”), Adjusted EBITDA, Hotel Adjusted EBITDA, Comparable Hotel Adjusted EBITDA margin, Net debt and Net debt to Adjusted EBITDA ratio. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of its operating performance. Please see the schedules included in this presentation including the “Definitions” section for additional information and reconciliations of such non-GAAP financial measures.

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Financial Statements Supplementary Financial Information Guidance Portfolio and Operating Metrics Acquisitions and Dispositions Debt Summary Definitions Table of Contents 4 7 17 21 33 36 38 New York Hilton Midtown Le Meridien San Francisco Waldorf Astoria Orlando Table of Contents 1. Financial Statements 2. Supplementary Financial Information 3. Guidance 4. Portfolio and Operating Metrics 5. Acquisitions and Dispositions 6. Debt Summary 7. Definitions 4 7 17 21 33 36 38 Waldorf Astoria Orlando Le Meridien San Francisco New York Hilton Midtown

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Financial Statements Casa Marina, a Waldorf Astoria Resort Hilton Chicago Hyatt Regency Mission Bay Spa and Marina Financial Statements Hilton Chicago Casa Marina, a Waldorf Astoria Resort Hyatt Regency Mission Bay Spa and Marina

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Financial Statements Condensed Consolidated Balance Sheets (unaudited in millions, except share and per share data) March 31, 2019 December 31, 2018 ASSETS Property and equipment, net $7,944 $7,975 Investments in affiliates 49 50 Goodwill 607 607 Intangibles, net 2 27 Cash and cash equivalents 276 410 Restricted cash 14 15 Accounts receivable, net 172 153 Prepaid expenses 76 82 Other assets 42 44 Operating lease right-of-use asset 212 — TOTAL ASSETS $9,394 $9,363 LIABILITIES AND EQUITY Liabilities Debt $2,949 $2,948 Accounts payable and accrued expenses 162 183 Due to hotel manager 110 137 Due to Hilton Grand Vacations 135 135 Deferred income tax liabilities 41 42 Other liabilities 213 332 Operating lease liability 204 — Total liabilities $3,814 $3,777 Stockholders' Equity "Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 201,715,453 shares issued and 201,539,398 shares outstanding as of March 31, 2019 and 201,290,458 shares issued and 201,198,381 shares outstanding as of December 31, 2018" 2 2 Additional paid-in capital 3,588 3,589 Retained earnings 2,044 2,047 Accumulated other comprehensive loss (6) (6) Total stockholders' equity 5,628 5,632 Noncontrolling interests (48) (46) Total equity 5,580 5,586 TOTAL LIABILITIES AND EQUITY $9,394 $9,363 Condensed Consolidated Balance Sheets Financial Statements Financial Statements Condensed Consolidated Balance Sheets (unaudited in millions, except share and per share data) September 30, 2019 December 31, 2018 ASSETS Property and equipment, net $9,986 $7,975 Investments in affiliates 52 50 Goodwill 607 607 Intangibles, net 46 27 Cash and cash equivalents 321 410 Restricted cash 43 15 Accounts receivable, net 193 153 Prepaid expenses 76 82 Other assets 29 44 Operating lease right-of-use asset 267 — TOTAL ASSETS $11,620 $9,363 LIABILITIES AND EQUITY Liabilities Debt $4,100 $2,948 Accounts payable and accrued expenses 237 183 Due to hotel manager 128 137 Due to Hilton Grand Vacations 135 135 Deferred income tax liabilities 42 42 Other liabilities 241 332 Operating lease liability 284 — Total liabilities $5,167 $3,777 Stockholders' Equity "Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 239,590,752 shares issued and 239,388,083 shares outstanding as of September 30, 2019 and 201,290,458 shares issued and 201,198,381 shares outstanding as of December 31, 2018" 2 2 Additional paid-in capital 4,572 3,589 Retained earnings 1,931 2,047 Accumulated other comprehensive loss (8) (6) Total stockholders' equity 6,497 5,632 Noncontrolling interests (44) (46) Total equity 6,453 5,586 TOTAL LIABILITIES AND EQUITY $11,620 $9,363

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Financial Statements (continued) Condensed Consolidated Statements of Operations Financial Statements (continued) Condensed Consolidated Statements of Operations Three Months Ended Nine Months Ended (unaudited in millions, except per share data) September 30, September 30,2019 2018 2019 2018 Revenues Rooms $431 $429 $1,271 $1,298 Food and beverage 156 144 534 532 Ancillary hotel 63 60 170 168 Other 22 19 59 53 Total revenues 672 652 2,034 2,051 Operating expensesRooms 114 113 334 337 Food and beverage 117 111 371 368 Other departmental and support 153 157 453 469 Other property-level 54 54 152 157 Management fees 32 32 101 103 Casualty loss (gain) and impairment loss, net 8 (1) 8 (1) Depreciation and amortization 61 69 184 208 Corporate general and administrative 14 16 47 47 Acquisition costs 59 — 65 — Other 23 19 61 54 Total expenses 635 570 1,776 1,742 Gain on sales of assets, net 1 2 20 98 Operating income 38 84 278 407 Interest income 2 2 5 4 Interest income (33)(32) (98) (94) Interest expense 3 4 18 16 Loss on foreign currency transactions (2)(1) (2) (4) Other gain (loss), net 1 (2) 1 106 Income before income taxes 9 55 202 435 Income tax expense — — (12) (13) Net income 9 55 190 422 Net income attributable to noncontrolling interests (4) (3) (7) (4) Net income attributable to stockholders $5 $52 $183 $418 Earnings per share: Earnings per share - Basic$0.02 $0.26 $0.90 $2.04 Earnings per share - Diluted $0.02 $0.26 $0.90 $2.04 Weighted average shares outstanding - Basic 206 200 203 204 Weighted average shares outstanding - Diluted 207 201 204 205

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Supplementary Financial Information Juniper Hotel Cupertino, Curio Collection Hotel Adagio, Autograph Collection The Reach, a Waldorf Astoria Resort Supplementary Financial Information Juniper Hotel Cupertino, Curio Collection Hotel Adagio, Autograph Collection The Reach, a Waldorf Astoria Resort

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Supplementary Financial Information EBITDA and Adjusted EBITDA (1)Included in other gain (loss), net in the condensed consolidated statements of operations. Supplementary Financial Information EBITDA and Adjusted EBITDA (1) Included in other gain (loss), net in the condensed consolidated statements of operations Three Months Ended Nine Months Ended (unaudited, in millions) September 30, September 30, 2019 2018 2019 2018 Net income $9 $55 $190 $422 Depreciation and amortization expense 61 69 184 208 Interest income (2) (2) (5) (4) Interest expense 33 32 98 94 Income tax expense — — 12 13 "Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates" 7 8 19 20 EBITDA 108 162 498 753 Gain on sales of assets, net (1) (2) (20)(98) Loss (gain) on sale of investments in affiliates(1) — 1 — (107) Loss on foreign currency transactions 2 1 2 4 Transition expense — 1 — 3 Acquisition costs 59 — 65 — Severance expense — 1 2 2 Share-based compensation expense 4 4 12 12 Casualty loss (gain) and impairment loss, net 8 (1) 8 (1) Other items — 1 (4) 2 Adjusted EBITDA $180 $168 $563 $570

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Supplementary Financial Information (continued) Pro-forma Comparable Hotel Adjusted EBITDA and Pro-forma Comparable Hotel Adjusted EBITDA Margin(1) (1) Includes results from the 18 hotels acquired in the Chesapeake acquisition as if it had taken place on January 1, 2018. (2) Includes EBITDA of $8 million for both the three and nine months ended September 30, 2019, for the period of ownership of the Chesapeake hotels between September 18, 2019 and September 30, 2019. (3) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the condensed consolidated statement of operations. (4)Includes revenues from Park’s non-comparable hotels and rental revenues from office space and antenna rent leases located at its hotels. (5)Percentages are calculated based on unrounded numbers. Supplementary Financial Information (continued) Pro-forma Comparable Hotel Adjusted EBITDA and Pro-forma Comparable Hotel Adjusted EBITDA Margin(1) Three Months Ended Nine Months Ended (unaudited, dollars in millions) September 30, September 30, 2019 2018 2019 2018 Adjusted EBITDA(2) $180 $168 $563 $570 Less: Adjusted EBITDA from investments in affiliates 9 10 31 36 Less: All other(3) (12) (13) (41) (39) Hotel Adjusted EBITDA(2) 183 171 573 573 Add: Adjusted EBITDA from hotels acquired(1) 39 49 129 140 Less: Adjusted EBITDA from hotels disposed of (1) 8 10 31 Less: Adjusted EBITDA from non-comparable hotels 4 — (1) 5 Pro-forma Comparable Hotel Adjusted EBITDA(1) $219 $212 $693 $677 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Total Revenues $672 $652 $2,034 $2,051 Less: Other revenue 22 19 59 53 Add: Revenue from hotels acquired(1) 125 148 405 426 Less: Revenues from hotels disposed of — 41 35 150 Less: Revenues from non-comparable hotels(4) 16 9 23 18 Pro-forma Comparable Hotel Revenues(1)$759 $731 $2,322 $2,256 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 Change(5) 2019 2018 Change(5) Pro-forma Comparable Hotel Revenues(1) $759 $731 3.9% $2,322 $2,256 3.1% Pro-forma Comparable Hotel Adjusted EBITDA(1) $219 $212 3.1% $693 $677 2.5% Pro-forma Comparable Hotel Adjusted EBITDA margin(1) 28.8% 29.0% (20) bps 29.9% 30.1% (20) bps (1) Includes results from the 18 hotels acquired in the Chesapeake acquisition as if it had taken place on January 1, 2018. (2) Includes EBITDA of $8 million for both the three and nine months ended September 30, 2019, for the period of ownership of the Chesapeake hotels between September 18, 2019 and September 30, 2019. (3) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the condensed consolidated statement of operations. (4) Includes revenues from Park’s non-comparable hotels and rental revenues from office space and antenna rent leases located at its hotels. (5) Percentages are calculated based on unrounded numbers.

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Nareit FFO and Adjusted FFO (1)Included in other gain (loss), net in the condensed consolidated statements of operations. (2)Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented. Supplementary Financial Information (continued) Supplementary Financial Information (continued) Nareit FFO and Adjusted FFO Three Months Ended Nine Months Ended (unaudited, in millions, except per share data) September 30, September 30, 2019 2018 2019 2018 Net income attributable to stockholders $5 $52 $183 $418 Depreciation and amortization expense 61 69 184 208 "Depreciation and amortization expense attributable to noncontrolling interests" (1) (1) (3) (3) Gain on sales of assets, net (1) (2) (20) (98) Loss (gain) on sale of investments in affiliates(1) — 1 — (107) Equity investment adjustments: Equity in earnings from investments in affiliates (3) (4)(18) (16) Pro rata FFO of investments in affiliates 6 8 27 28 Nareit FFO attributable to stockholders 67 123 353 430 Loss on foreign currency transactions 2 1 2 4 Casualty loss (gain), net 7 (1) 7 (1) Transition expense— 1 — 3 Acquisition costs 59 — 65 — Severance expense Share-based compensation expense 4 4 12 12 Other items 1 3 (1) 6 Adjusted FFO attributable to stockholders $140 $132 $440 $456 Nareit FFO per share - Diluted(2) $0.33 $0.61 $1.73 $2.10 Adjusted FFO per share - Diluted(2) $0.68 $0.65 $2.16 $2.23 Weighted average shares outstanding - Diluted 207 201 204 205 (1) Included in other gain (loss), net in the condensed consolidated statements of operations. (2) Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented.  

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Historical Pro-forma Comparable Hotel Metrics Supplementary Financial Information (continued) The financial information below is for the 57 comparable hotels owned as of September 30, 2019(1). (1)Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (2)Trailing Twelve Months (“TTM”). Supplementary Financial Information (continued) Historical Pro-forma Comparable Hotel Metrics The financial information below is for the 57 comparable hotels owned as of September 30, 2019(1). (1) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018.(2) Trailing Twelve Months (“TTM”). TTM(2) Full Year (unaudited) December 31, March 31, June 30, September 30, September 30, December 31, 2018 2019 2019 2019 2019 2018 Pro-forma Comparable RevPAR $176.41 $178.48 $195.03 $187.70 $184.41 $182.10 Pro-forma Comparable Occupancy 80.1% 79.2% 87.0% 84.9% 82.8% 82.7% Pro-forma Comparable ADR $220.25 $225.39 $224.30 $221.17 $222.76 $220.28 Pro-forma Comparable Hotel Revenues (in millions) $747 $746 $816 $759 $3,068 $3,001 Supplementary Financial Information (continued) Historical Pro-forma Comparable Hotel Metrics The financial information below is for the 57 comparable hotels owned as of September 30, 2019(1). Three Months Ended TTM(2) Full Year (unaudited) December 31, March 31, June 30, September 30, September 30, December 31, 2018 2019 2019 2019 2019 2018 Pro-forma Comparable RevPAR $176.41 $178.48 $195.03 $187.70 $184.41 $182.10 Pro-forma Comparable Occupancy 80.1% 79.2% 87.0% 84.9% 82.8% 82.7% Pro-forma Comparable ADR $220.25 $225.39 $224.30 $221.17 $222.76 $220.28 Pro-forma Comparable Hotel Revenues (in millions) $747 $746 $816 $759 $3,068 $3,001 Pro-forma Comparable Hotel Adjusted EBITDA (in millions) $215 $213 $261 $219 $908 $892 Pro-forma Comparable Hotel Adjusted EBITDA margin 28.8% 28.6% 32.0% 28.8% 29.6% 29.7% TTM(2) Full Year (unaudited) December 31, March 31, June 30, September 30, September 30, December 31, 2017 2018 2018 2018 2018 2017 Pro-forma Comparable RevPAR $171.09 $171.73 $194.45 $185.71 $180.76 $176.86 Pro-forma Comparable Occupancy 79.6% 79.3% 86.4% 84.9% 82.5% 82.0% Pro-forma Comparable ADR $215.00 $216.61 $225.00 $218.90 $219.00 $215.56 Pro-forma Comparable Hotel Revenues (in millions) $722 $713 $810 $731 $2,976 $2,928 Pro-forma Comparable Hotel Adjusted EBITDA (in millions) $206 $198 $267 $212 $883 $856 Pro-forma Comparable Hotel Adjusted EBITDA margin 28.5% 27.8% 32.9% 29.0% 29.7% 29.2% (1) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018.(2) Trailing Twelve Months (“TTM”).

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Historical Pro-forma Comparable Hotel Adjusted EBITDA – 2019 TTM Supplementary Financial Information (continued) Three Months Ended TTM Full Year(unaudited, dollars in millions)September 30,December 31, March 31, June 30,June 30,December 31, 201720172018201820182017Net income $105 $61 $149 $218 $533 $2,631 Depreciation & Amortization 74 71 70 69 284 288 Interest income (1) — (1) (1) (3) (2)Interest expense 32 31 31 31 125 124 Income tax benefit (44) (2) — 13 (33) (2,346)"Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates" 6 6 7 5 24 24 EBITDA 172 167 256 335 930 719 Gain on sales of assets, net — (1) (89) (7) (97) (1)Gain on sale of investments in affiliates(1) — — — (108) (108) — Gain on foreign currency transactions 1 — (1) 4 4 4 Transition expenses 3 4 2 — 9 9 Transaction expenses — 2 — — 2 2 Severance costs — 1 — 1 2 1 Share-based compensation expense 3 4 4 4 15 14 Casualty and impairment loss 2 24 — — 26 26 Other items 2 (21) 2 (1) (18) (17)Adjusted EBITDA 183 180 174 228 765 757 Less: EBITDA from hotels disposed of 11 9 2 — 22 33 Less: Adjusted EBITDA from investments in affiliates 11 10 12 14 47 45 Less: All other(2) (10) (12) (12) (14) (48) (46)Hotel Adjusted EBITDA 171 173 172 228 744 725 Less: Adjusted EBITDA from non-comparable hotels 9 7 13 13 42 44 Comparable Hotel Adjusted EBITDA $162 $166 $159 $215 $702 $681 The financial information below is for the 57 comparable hotels owned as of September 30, 2019. (1)Included in other gain (loss), net in the condensed consolidated statement of operations. (2) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (3)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the condensedconsolidated statement of operations. Supplementary Financial Information (continued) Historical Pro-forma Comparable Hotel Adjusted EBITDA – 2019 TTM The financial information below is for the 57 comparable hotels owned as of September 30, 2019. Three Months Ended TTM Full Year (unaudited, dollars in millions) December 31, March 31, June 30, September 30, September 30,December 31, 2018 2019 2019 2019 2019 2018 Net income $55 $97 $84 $9 $245 $477 Depreciation and amortization expense 69 62 61 61 253 277 Interest income (2) (1) (2) (2) (7) (6) Interest expense 33 32 33 33 131 127 Income tax expense 10 7 5 — 22 23 "Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates" 6 5 7 7 25 26 EBITDA 171 202 188 108 669 924 Loss (gain) on sales of assets, net 2 (31) 12 (1) (18)(96) Loss on sale of investments in affiliates(1) — — — — — (107) (Gain) loss on foreign currency transactions (1) — — 2 1 3 Transition expense — — — — — 3 Dispostion costs 2 — 1 — 3 2 Acquisition costs — — 6 59 65 — Severance expense — 1 1 — 2 2 Share-based compensation expense 4 4 4 4 16 16 Casualty gain and impairment loss, net — — — 8 8 (1) Other items 6 — (5) — 1 8 Adjusted EBITDA 184 176 207 180 747 754 Add: Adjusted EBITDA from hotels acquired(2) 41 37 53 39 170 181 Less: Adjusted EBITDA from hotels disposed of 8 6 5 (1) 18 40 "Less: Adjusted EBITDA from investments in affiliates disposed" — — — — — 2 Pro-forma Adjusted EBITDA(2) 217 — 207 — 255 220 899 893 Less: Adjusted EBITDA from investments in affiliates 9 10 12 9 40 43 Less: All other(3)(13) (15) (14) (12) (54) (52) Pro-forma Hotel Adjusted EBITDA(2) 221 212 257 223 913 902 Less: Adjusted EBITDA from non-comparable hotels 6 (1)(4) 4 5 10 Pro-forma Comparable Hotel Adjusted EBITDA(2) $215 $213 $261 $219 $908 $892 (1) Included in other gain (loss), net in the condensed consolidated statement of operations. (2) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (3) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the condensed consolidated statement of operations.

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Historical Pro-forma Comparable Hotel Adjusted EBITDA – 2018 TTM Supplementary Financial Information (continued) The financial information below is for the 57 comparable hotels owned as of September 30, 2019. (1) Included in other gain (loss), net in the condensed consolidated statement of operations. (2) Includes results from the 18 hotels acquired in the Chesapeake acquisition as if it had taken place on January 1, 2018. (3)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the condensed consolidated statement of operations. Supplementary Financial Information (continued) Historical Pro-forma Comparable Hotel Adjusted EBITDA – 2018 TTM The financial information below is for the 57 comparable hotels owned as of September 30, 2019. Three Months Ended TTM Full Year (unaudited, dollars in millions) December 31, March 31, June 30, September 30, September 30, December 31, 2017 2018 2018 2018 2018 2017 Net income $61 $149 $218 $55 $483 $2,631 Depreciation and amortization expense 71 70 69 69 279 288 Interest income — (1) (1) (2) (4) (2) Interest expense 31 31 31 32 125 124 Income tax (benefit) expense (2) — 13 — 11 (2,346) "Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates" 6 7 5 8 26 24 EBITDA 167 256 335 162 920 719 Gain on sales of assets, net (1)(89) (7) (2) (99) (1) (Gain) loss on sale of investments in affiliates(1) — — (108) 1 (107) — (Gain) loss on foreign currency transactions — (1) 4 1 4 4 Transition expense 4 2 — 1 7 9 Disposition costs 2 — — — 2 2 Severance expense 1 — 1 1 3 1 Share-based compensation expense 4 4 4 4 16 14 Casualty loss (gain) and impairment loss, net 24 — — (1) 23 26 Other items (21) 2 (1) 1 (19) (17) Adjusted EBITDA 180 174 228 168 750 757 Add: Adjusted EBITDA from hotels acquired(2) 38 36 55 49 178 171 Less: Adjusted EBITDA from hotels disposed of 15 12 11 8 46 67 "Less: Adjusted EBITDA from investments in affiliates disposed" 7 — 2 — 9 7 Pro-forma Adjusted EBITDA(2) 196 — 198 270 209 873 854 Less: Adjusted EBITDA from investments in affiliates 3 12 12 10 37 38 Less: All other(3) (12) (12) (14) (13) (51) (46) Pro-forma Hotel Adjusted EBITDA(2) 205 198 272 212 887 862 Less: Adjusted EBITDA from non-comparable hotels(1)— 5 — 4 6 Pro-forma Comparable Hotel Adjusted EBITDA(2) $206 $198 $267 $212 $883 $856 (1) Included in other gain (loss), net in the condensed consolidated statement of operations. (2) Includes results from the 18 hotels acquired in the Chesapeake acquisition as if it had taken place on January 1, 2018.(3) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the condensed consolidated statement of operations.

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Historical Pro-forma Comparable Hotel Revenues – 2019 and 2018 TTM Supplementary Financial Information (continued) The financial information below is for the 57 comparable hotels owned as of September 30, 2019. (1) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (2) Includes revenues from Park's non-comparable hotels and rental revenues from office space and antenna rent leases located at its hotels. Supplementary Financial Information (continued) Historical Comparable Hotel Revenues – 2019 TTM The financial information below is for the 39 comparable hotels owned as of June 30, 2019.(1) Includes revenues from Park's non-comparable hotels and rental revenues from office space and antenna rent leases located at its hotels. TTM Full Year (unaudited, dollars in millions) September 30, December 31, March 31, June 30, June 30, December 31, 2018 2018 2019 20192019 2018 Total Revenues $652 $686 $659 $703 $2,700 $2,737 Less: Other revenue 19 19 18 19 75 72 Less: Revenues from hotels disposed of42 42 22 14 120 193 Less: Revenues from non-comparable hotels(1) 8 13 3 5 29 32 Comparable Hotel Revenues $583 $612 $616 $665 $2,476 $2,440 Supplementary Financial Information (continued) Historical Pro-forma Comparable Hotel Revenues – 2019 and 2018 TTM The financial information below is for the 57 comparable hotels owned as of September 30, 2019. Three Months Ended TTM Full Year (unaudited, dollars in millions) December 31, March 31, June 30, September 30, September 30, December 31, 2018 2019 2019 2019 2019 2018 Total Revenues $686 $659 $703 $672 $2,720 $2,737 Less: Other revenue 19 18 19 22 78 72 Add: Revenues from hotels acquired(1) 135 130 151 125 541 561 Less: Revenues from hotels disposed of 42 22 14 — 78 193 Less: Revenues from non-comparable hotels(2) 13 3 5 — 21 32 Pro-forma Comparable Hotel evenues(1) $747 $746 $816 $775 $3,084 $3,001 TTM Full Year (unaudited, dollars in millions) December 31, March 31, June 30, September 30, September 30, December 31, 2017 2018 2018 2018 2018 2017 Total Revenues $686 $668 $731 $652 $2,737 $2,791 Less: Other revenue 17 17 17 19 70 64 Add: Revenues from hotels acquired(1) 130 127 152 148 557 545 Less: Revenues from hotels disposed of 75 62 48 41 226 299 Less: Revenues from non-comparable hotels(2) 2 3 8 9 22 45 Pro-forma Comparable Hotel Revenues(1) $722 $713 $810 $731 $2,976 $2,928 (1) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018.(2) Includes revenues from Park's non-comparable hotels and rental revenues from office space and antenna rent leases located at its hotels.

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General and Administrative Expenses Supplementary Financial Information (continued) Supplementary Financial Information (continued) General and Administrative Expenses (unaudited, in millions) Three Months Ended Nine Months Ended September 30, September 30,20192018 2019 2018 Corporate general and administrative expenses $14 $16 $47 $47 Less: Share-based compensation expense 4 4 12 12 Transition expense — 1 — 3 Disposition costs — — 1 — Severance expense— — 1 1 G&A, excluding expenses not included in Adjusted EBITDA $10 $11 $33 $31

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Supplementary Financial Information (continued) Pro-forma Net Debt and Pro-forma Net Debt to Pro-forma Adjusted EBITDA Ratio (1) Debt as of December 31, 2018 includes $312 million of assumed Chesapeake mortgage loans and $850 million term facility borrowings, less $12 million of related unamortized deferred financing costs. (2) Unamortized deferred financing costs as of December 31, 2018 includes $3 million of unamortized deferred financing costs associated with the assumed Chesapeake mortgage loans and $9 million associated with the term facility entered into in September 2019. (3) Cash and cash equivalents as of December 31, 2018 includes Chesapeake's cash and cash equivalents of $71 million, less $105 million of costs associated with the acquisition. (4) Restricted cash as of December 31, 2018 includes Chesapeake’s restricted cash of $32 million. (5) See slide 12 for Pro-forma TTM Adjusted EBITDA at September 30, 2019. Pro-forma TTM Adjusted EBITDA includes EBITDA for periods prior to ownership for the 18 hotels acquired in the Chesapeake acquisition and excludes results from the 13 hotels disposed of in 2018, 1 hotel returned to the ground lessor at the end of 2018 and 5 hotels disposed of in 2019. Supplementary Financial Information (continued) Pro-forma Net Debt and Pro-forma Net Debt to Pro-forma Adjusted EBITDA Ratio Pro-forma TTM Adjusted EBITDA includes EBITDA for periods prior to ownership for the 18 hotels acquired in the Chesapeake acquisition and excludes results from the 13 hotels disposed of in 2018, 1 hotel returned to the ground lessor at the end of 2018 and 5 hotels disposed of in 2019. (unaudited, in millions) September 30, 2019 December 31, 2018 Debt(1) $4,100 $4,098 Add: unamortized deferred financing costs(2) 19 22 "Long-term debt, including current maturities and excluding unamortized deferred financing costs" 4,119 4,120 "Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs" 234 233 Less: cash and cash equivalents(3) 321 376 Less: restricted cash(4) 43 47 Pro-forma Net debt $3,989 $3,930 Pro-forma TTM Adjusted EBITDA(5) $899 $893 Pro-forma Net debt to Pro-forma Adjusted EBITDA ratio 4.4x 4.4x (1) Debt as of December 31, 2018 includes $312 million of assumed Chesapeake mortgage loans and $850 million term facility borrowings, less $12 million of related unamortized deferred financing costs. (2) Unamortized deferred financing costs as of December 31, 2018 includes $3 million of unamortized deferred financing costs associated with the assumed Chesapeake mortgage loans and $9 million associated with the term facility entered into in September 2019. (3) Cash and cash equivalents as of December 31, 2018 includes Chesapeake's cash and cash equivalents of $71 million, less $105 million of costs associated with the acquisition. (4) Restricted cash as of December 31, 2018 includes Chesapeake’s restricted cash of $32 million. (5) See slide 12 for Pro-forma TTM Adjusted EBITDA at September 30, 2019.

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Guidance Hyatt Centric Fisherman’s Wharf Hilton Waikoloa Village San Francisco Union Square Guidance Hyatt Centric Fisherman’s Wharf Hilton Waikoloa Village San Francisco Union Square

Slide 18

Guidance 2019 Guidance and Assumptions Net income, EBITDA and FFO includes projected Chesapeake results from the date of acquisition through the remainder of 2019; General and administrative expenses are projected to be $43 million, excluding $65 million of acquisition costs, $16 million of non-cash share-based compensation expense, $4 million of disposition costs and $1 million of severance expense; Fully diluted weighted average shares are expected to be 212.7 million; Comparable RevPAR for the fourth quarter of 2019 is expected to be flat compared to the fourth quarter of 2018; Includes $8 million of Adjusted EBITDA from the Caribe Hilton representing a partial year of operations, for which Park expects to be covered by business interruption insurance resulting from the hotel being closed for a portion of 2019 following the damage caused by Hurricane Maria; and Does not take into account potential future acquisitions and dispositions, including those currently under contract, which could result in a material change to Park’s outlook. Guidance 2019 Guidance and Assumptions Net income, EBITDA and FFO includes projected Chesapeake results from the date of acquisition through the remainder of 2019; General and administrative expenses are projected to be $43 million, excluding $65 million of acquisition costs, $16 million of non-cash share-based compensation expense, $4 million of disposition costs and $1 million of severance expense; Fully diluted weighted average shares are expected to be 212.7 million; Comparable RevPAR for the fourth quarter of 2019 is expected to be flat compared to the fourth quarter of 2018; Includes $8 million of Adjusted EBITDA from the Caribe Hilton representing a partial year of operations, for which Park expects to be covered by business interruption insurance resulting from the hotel being closed for a portion of 2019 following the damage caused by Hurricane Maria; and Does not take into account potential future acquisitions and dispositions, including those currently under contract, which could result in a material change to Park’s outlook. (unaudited, dollars in millions, except per share amounts and Comparable RevPAR) "2019 Outlook as of November 6, 2019"MetricLow High Comparable RevPAR Growth(1) 1.0% 2.0% Comparable RevPAR(1) $181 $183 Net income $264 $284 Net income attributable to stockholders $254 $274 Diluted earnings per share $1.19 $1.29 Adjusted EBITDA $768 $788 Comparable Hotel Adjusted EBITDA margin change(1) (50) bps(20)bps Adjusted FFO per share - Diluted(2)$2.80 $2.90 (1) Includes operating results for the 18 Chesapeake hotels for the fourth quarter only. (2) Per share amounts are calculated based on unrounded numbers.

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Guidance (continued) EBITDA and Adjusted EBITDA Guidance (continued) EBITDA and Adjusted EBITDA Year Ending (unaudited, in millions) December 31, 2019Low Case High Case Net income $264 $284 Depreciation and amortization expense 263 263 Interest income (6) (6) Interest expense 141 141 Income tax expense 13 13 "Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates" 23 23 EBITDA 698 718 Gain on sale of assets, net (20)(20) Acquisition costs 65 65 Severance expense 2 2 Share-based compensation expense 16 16 Casualty loss and impairment loss, net 8 8 Other items (1) (1) Adjusted EBITDA $768 $788

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Guidance (continued) Nareit FFO and Adjusted FFO (1) Per share amounts are calculated based on unrounded numbers. Guidance (continued) Nareit FFO and Adjusted FFO (1) Per share amounts are calculated based on unrounded numbers. Year Ending (unaudited, in millions except per share data) December 31, 2019 Low Case High Case Net income attributable to stockholders $254 $274 Depreciation and amortization expense 263 263 "Depreciation and amortization expense attributable to noncontrolling interests" (4) (4) Gain on sale of assets, net (20) (20) Equity investment adjustments: Equity in earnings from investments in affiliates (20) (21) Pro rata FFO of equity investments 33 34 Nareit FFO attributable to stockholders 506 526 Acquisition costs 65 65 Severance expense 2 2 Share-based compensation expense 16 16 Casualty loss, net7 7 Adjusted FFO attributable to stockholders $596 $616 Adjusted FFO per share - Diluted(1) $2.80 $2.90 Weighted average diluted shares outstanding 212.7 212.7

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Portfolio and Operating Metrics Hilton New Orleans Riverside Waldorf Astoria Orlando Golf Club Hilton Santa Barbara Beachfront Resort Portfolio and Operating Metrics Hilton Santa Barbara Beachfront Resort Hilton New Orleans Riverside Waldorf Astoria Orlando Golf Club

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Portfolio and Operating Metrics Hotel Portfolio as of November 6, 2019 Single $725 million CMBS loan secured by Hilton San Francisco Union Square and Parc 55 San Francisco – a Hilton Hotel. Classified as a non-comparable hotel in 2019. Portfolio and Operating Metrics Hotel Portfolio as of November 6, 2019 Hotel Name Rooms Market "Meeting Space(square feet)" Ownership quity Ownership "Debt(in millions)" Consolidated Domestic Portfolio Hilton Hawaiian Village Waikiki Beach Resort 2,860 Hawaii 150,000 Fee Simple 100% $1,275 Hilton San Francisco Union Square 1,921 Northern CA 130,000 Fee Simple 100% $725 (1) New York Hilton Midtown 1,878 New York 151,000 Fee Simple 100% — Hilton New Orleans Riverside 1,622 New Orleans 130,000 Fee Simple 100% — Hilton Chicago 1,544 Chicago 234,000 Fee Simple 100% — Hilton Waikoloa Village 1,110 Hawaii 235,000 Fee Simple 100% — Parc 55 San Francisco - a Hilton Hotel 1,024 Northern CA 30,000 Fee Simple 100% — (1) Hilton Orlando Bonnet Creek 1,009 Florida 132,000 Fee Simple 100% — DoubleTree Hotel Seattle Airport 850 Other U.S. 34,000 Leasehold 100% — Hilton Orlando Lake Buena Vista 814 Florida 78,000 Leasehold 100% — Caribe Hilton(2) 652 Other U.S. 65,000 Fee Simple 100% — DoubleTree Hotel Washington DC – Crystal City 627 Washington, D.C. 31,000 Fee Simple 100% — Hilton Denver City Center 613 Other U.S. 50,000 Fee Simple 100% $61 Hilton Boston Logan Airport 604 Boston 30,000 Leasehold 100% — W Chicago - Lakeshore 520 Chicago 21,000 Fee Simple 100% — Hilton Miami Airport 508 Florida 32,000 Fee Simple 100% — DoubleTree Hotel San Jose 505 Northern CA 48,000 Fee Simple 100% — Hyatt Regency Boston 502 Boston 30,000 Fee Simple 100% $142 Waldorf Astoria Orlando 502 Florida 42,000 Fee Simple 100% — Hilton Salt Lake City Center 499 Other U.S. 24,000 Leasehold 100% — DoubleTree Hotel Ontario Airport 482 Southern CA 27,000 Fee Simple 67% $30 Hilton McLean Tysons Corner 458 Washington, D.C. 27,000 Fee Simple 100% — Hyatt Regency Mission Bay Spa and Marina 438 Southern CA 60,000 Leasehold 100% — Boston Marriott Newton 430 Boston 34,000 Fee Simple 100% — Le Meridien New Orleans 410 New Orleans 17,000 Fee Simple 100% — W Chicago - City Center 403 Chicago 14,000 Fee Simple 100% $79 Hilton Seattle Airport & Conference Center 396 Other U.S. 40,000 Leasehold 100% — Royal Palm South Beach Miami, a Tribute Portfolio Resort 393 Florida 6,000 Fee Simple 100% — (1) Single $725 million CMBS loan secured by Hilton San Francisco Union Square and Parc 55 San Francisco – a Hilton Hotel. (2)Classified as a non-comparable hotel in 2019.

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Portfolio and Operating Metrics (continued) Hotel Portfolio as of November 6, 2019 Portfolio and Operating Metrics (continued) Hotel Portfolio as of November 6, 2019 Hotel Name Rooms Market "Meeting Space(square feet)“ Ownership Equity Ownership "Debt(in millions)" Consolidated Domestic Portfolio (continued) DoubleTree Hotel Spokane City Center 375 Other U.S. 21,000 Fee Simple 10% $12 Hilton Santa Barbara Beachfront Resort 360 Southern CA 40,000 Fee Simple 50% $165 Hilton Oakland Airport 360 Northern CA 16,000Leasehold 100% — Le Meridien San Francisco 360 Northern CA 13,000 Fee Simple 100% — JW Marriott San Francisco Union Square 344 Northern CA 12,000 Leasehold 100% — Hyatt Centric Fisherman's Wharf 316 Northern CA 19,000 Fee Simple 100% — Hilton Short Hills 314 Other U.S. 14,000 Fee Simple 100% — Casa Marina, A Waldorf Astoria Resort311 Florida 23,000 Fee Simple 100% — DoubleTree Hotel San Diego – Mission Valley 300 Southern CA 24,000 Leasehold 100% — Embassy Suites Kansas City Plaza 266 Other U.S. 11,000 Leasehold 100% — Embassy Suites Austin Downtown South Congress 262 Other U.S. 2,000 Leasehold 100% — DoubleTree Hotel Sonoma Wine Country 245 Northern CA 50,000 Leasehold 100% — Juniper Hotel Cupertino, Curio Collection 224 Northern CA 5,000 Fee Simple 100% — Hilton Chicago/Oak Brook Suites 211 Chicago 3,000 Fee Simple 100% — Hotel Indigo San Diego Gaslamp Quarter 210 Southern CA 2,000 Fee Simple 100% — Courtyard Washington Capitol Hill/Navy Yard 204 Washington, D.C. 2,000 Fee Simple 100% — Embassy Suites Washington DC Georgetown 197 Washington, D.C. 1,000Fee Simple 100%— Homewood Suites by Hilton Seattle Convention Center Pike Street 195 Other U.S. 1,000 Fee Simple 100% — Hilton Checkers Los Angeles 193 Southern CA 3,000 Fee Simple 100% $28 Ace Hotel Downtown Los Angeles182 Southern CA15,000Fee Simple 100%— Embassy Suites Phoenix Airport 182 Other U.S. 5,000 Leasehold 100% — Hotel Adagio, Autograph Collection 171 Northern CA 4,000 Fee Simple 100% — Hilton Garden Inn LAX/El Segundo 162 Southern CA 3,000 Fee Simple 100% — DoubleTree Hotel Durango 159 Other U.S. 6,000 Leasehold 100% — The Reach, A Waldorf Astoria Resort 150 Florida 15,000 Fee Simple 100% — Hampton Inn & Suites Memphis – Shady Grove 131 Other U.S. 1,000 Fee Simple 100% — Hilton Garden Inn Chicago/Oak Brook Terrace 128 Chicago 2,000 Fee Simple 100% — W New Orleans - French Quarter 97 New Orleans 1,000 Fee Simple100% Total Consolidated Domestic Portfolio 30,183 2,216,000 $2,517

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Portfolio and Operating Metrics (continued) Hotel Portfolio as of November 6, 2019 (1) Debt related to unconsolidated joint ventures is presented on a pro-rata basis. Portfolio and Operating Metrics (continued) Hotel Portfolio as of November 6, 2019 Hotel Name Rooms Market "Meeting Space(square feet)" Ownership Equity Ownership "Debt(1)(in millions)" Consolidated International Portfolio Hilton São Paulo Morumbi 503 International 15,000 Fee Simple 100% — Hilton Sheffield Hotel 128 International 12,000 Leasehold 100% — Total Consolidated International Portfolio 631 27,000 — Total Consolidated Portfolio (58 Hotels) 30,814 2,243,000 $2,517 Unconsolidated Joint Venture Portfolio Hilton Orlando 1,424 Florida 236,000 Fee Simple 20% $95 Hilton San Diego Bayfront 1,190 Southern CA 165,000 Leasehold 25% $55 Capital Hilton 550 Washington, D.C. 30,000 Fee Simple 25% $25 Hilton La Jolla Torrey Pines 394 Southern CA 41,000 Leasehold 25% $24 Embassy Suites Alexandria Old Town 288 Washington, D.C. 7,000 Fee Simple 50% $26 Embassy Suites Secaucus Meadowlands 261 Other U.S. 1,000 Leasehold 50% — Conrad Dublin 192 International 13,000 Fee Simple 48% $9 DoubleTree Hotel Las Vegas Airport 190 Other U.S. 3,000 Fee Simple 50% — Total Unconsolidated Joint Venture Portfolio 4,489 496,000 $234 TOTAL PARK HOTELS & RESORTS PORTFOLIO (66 Hotels) 35,303 2,739,000 $2,751 (1) Debt related to unconsolidated joint ventures is presented on a pro-rata basis.

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Portfolio and Operating Metrics (continued) Pro-forma Comparable Hotels By Market: Q3 2019 vs. Q3 2018 (1)Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (2)Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (3) Calculated based on unrounded numbers. (unaudited) Pro-forma Comparable ADR(1) Pro-forma Comparable Occupancy(1) Pro-forma Comparable RevPAR(1) Hotels Rooms 3Q19 3Q18(2) Change(3) 3Q19 3Q18 Change 3Q19 3Q18(2) Change(3) Hawaii 2 3,970 $274.79 $261.16 5.2% 92.6% 86.2% 6.4% pts $254.55 $225.19 13.0% Northern California 10 5,470 264.02 268.68 (1.7) 91.6 92.8 (1.2) 241.80 249.22 (3.0) Florida 7 3,687 166.49 167.78 (0.8) 70.2 75.0 (4.8) 116.88 125.81 (7.1) Boston 3 1,536 252.46 250.77 0.7 89.9 92.5 (2.6) 227.02 232.12 (2.2) New Orleans 3 2,129 161.54 148.36 8.9 69.0 68.5 0.5 111.39 101.63 9.6  Chicago 5 2,806 205.91 211.29 (2.5) 83.8 84.1 (0.3) 172.52 177.65 (2.9) New York 1 1,878 272.69 275.98 (1.2) 95.4 93.1 2.3 260.27 256.95 1.3  Southern California 8 2,327 207.67 206.69 0.5 91.2 91.5 (0.3) 189.30 188.96 0.2  Washington, D.C. 4 1,486 174.13 163.14 6.7 79.0 79.8 (0.8) 137.54 130.25 5.6  Denver 1 613 184.18 191.85 (4.0) 94.7 88.0 6.7 174.33 168.83 3.3  Other 11 3,629 172.42 172.99 (0.3) 82.8 82.9 (0.1) 142.75 143.37 (0.4) Total Domestic 55 29,531 $222.39 $220.32 0.9% 85.2% 85.0% 0.2% pts $189.48 $187.27 1.2% Total International 2 631 $152.84 $144.90 5.5% 71.4% 76.0% (4.6)% pts $109.07 $110.11 (0.9)% All Markets 57 30,162 $221.17 $218.90 1.0% 84.9% 84.9% 0.0% pts $187.70 $185.71 1.1% (1) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (2) Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (3) Calculated based on unrounded numbers.

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Portfolio and Operating Metrics (continued) (1)Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (2)Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (3) Calculated based on unrounded numbers. Pro-forma Comparable Hotels By Market: Q3 2019 vs. Q3 2018 (unaudited, dollars in millions) Pro-forma Comparable Hotel Adjusted EBITDA(1) Pro-forma Comparable Hotel Revenue(1) "Pro-forma Comparable Hotel Adjusted EBITDA Margin(1)" Hotels Rooms 3Q19 3Q18(2) Change(3) 3Q19 3Q18(2) Change(3) 3Q19 3Q18(2) Change Hawaii 2 3,970 $62 $49 28.0% $158 $133 18.3% 39.5% 36.5% 300 bps Northern California 10 5,470 44 49 (10.6) 151 155 (2.1) 28.9 31.7 (280) Florida 7 3,687 12 19 (35.2) 72 77 (7.1) 17.1 24.5 (740) Boston 3 1,536 15 15 (5.2) 41 41 (1.2) 36.0 37.5 (150) New Orleans 3 2,129 11 8 27.0 36 33 8.3 29.6 25.2 440 Chicago 5 2,806 17 14 20.3 66 64 4.0 25.2 21.8 340 New York 1 1,878 9 8 5.2 66 62 5.7 13.3 13.4 (10) Southern California 8 2,327 21 21 2.4 60 59 1.8 34.8 34.6 20 Washington, D.C. 4 1,486 6 5 17.5 25 24 4.5 23.7 21.1 260 Denver 1 613 5 6 (6.3) 14 13 9.2 39.2 45.7 (650) Other 11 3,629 15 16 (2.2) 61 61 2.1 25.3 26.4 (110) Total Domestic 55 29,531 $217 $210 3.4% $750 $722 4.0% 28.9% 29.1% (20) bps Total International 2 631 $2 $2 (23.1)% $9 $9 0.1% 20.4% 26.6% (620) bps All Markets 57 30,162 $219 $212 3.1% $759 $731 3.9% 28.8% 29.0% (20) bps (1) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (2) Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (3) Calculated based on unrounded numbers.

Slide 27

Portfolio and Operating Metrics (continued) (1)Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (2)Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (3) Calculated based on unrounded numbers. Pro-forma Comparable Hotels By Market: Q3 YTD 2019 vs. Q3 YTD 2018 Portfolio and Operating Metrics (continued) Pro-forma Comparable Hotels By Market: Q3 YTD 2019 vs. Q3 YTD 2018 (1) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (2) Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (3) Calculated based on unrounded numbers. (unaudited) Pro-forma Comparable ADR(1) Pro-forma Comparable Occupancy(1) Pro-forma Comparable RevPAR(1) Hotels Rooms 2019 2018(2) Change(3) 2019 2018 Change 2019 2018(2) Change(3) Hawaii 2 3,970 $259.57 $254.25 2.1% 90.7% 88.6% 2.1% pts $235.45 $225.30 4.5% Northern California 10 5,470 275.15 262.07 5.0 89.8 89.4 0.4 247.07 234.29 5.5 Florida 7 3,687 215.44 215.28 0.1 80.6 82.0 (1.4) 173.61 176.58 (1.7) Boston 3 1,536 234.03 229.99 1.8 85.9 87.5 (1.6) 200.92 201.16 (0.1) New Orleans 3 2,129 187.25 185.49 1.0 75.1 76.6 (1.5) 140.64 142.03 (1.0) Chicago 5 2,806 194.24 199.56 (2.7) 74.9 76.1 (1.2) 145.50 151.82 (4.2) New York 1 1,878 266.21 276.06 (3.6) 89.7 86.9 2.8 238.88 240.12 (0.5) Southern California 8 2,327 195.55 193.17 1.2 87.3 86.8 0.5 170.71 167.68 1.8 Washington, D.C. 4 1,486 185.21 182.12 1.7 79.0 79.0 0.0 146.28 143.77 1.7 Denver 1 613 179.29 181.85 (1.4) 86.1 77.5 8.6 154.38 140.89 9.6 Other 11 3,629 164.08 164.65 (0.3) 79.3 79.9 (0.6) 130.08 131.49 (1.1) Total Domestic 55 29,531 $224.71 $221.64 1.4% 84.0% 83.8% 0.2% pts $188.76 $185.68 1.7% Total International 2 631 $159.69 $147.05 8.6% 70.4% 72.2% (1.8)% pts $112.45 $106.16 5.9% All Markets 57 30,162 $223.57 $220.29 1.5% 83.7% 83.5% 0.2% pts $187.11 $184.02 1.7% (1) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (2) Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (3) Calculated based on unrounded numbers.

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Portfolio and Operating Metrics (continued) (1)Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (2)Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (3) Calculated based on unrounded numbers. Pro-forma Comparable Hotels By Market: Q3 YTD 2019 vs. Q3 YTD 2018 Portfolio and Operating Metrics (continued) Pro-forma Comparable Hotels By Market: Q3 YTD 2019 vs. Q3 YTD 2018 (1) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (2) Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (3) Calculated based on unrounded numbers. (unaudited, dollars in millions) Pro-forma Comparable Hotel Adjusted EBITDA(1) Pro-forma Comparable Hotel Revenue(1) "Pro-forma Comparable Hotel Adjusted EBITDA Margin(1)" Hotels Rooms 2019 2018(2) Change(3) 2019 2018(2) Change(3) 2019 2018(2) Change Hawaii 2 3,970 $164 $149 11.1% $437 $400 9.2% 37.5% 36.9% 60 bps Northern California 10 5,470 145 138 4.7 471 452 4.5 30.7 30.6 10 Florida 7 3,687 105 114 (7.5) 315 317 (0.7) 33.4 35.8 (240) Boston 3 1,536 37 37 (1.2) 112 111 0.9 33.0 33.7 (70) New Orleans 3 2,129 49 47 2.3 134 133 0.9 36.4 35.9 50 Chicago 5 2,806 34 34 1.9 171 172 (0.1) 20.2 19.8 40 New York 1 1,878 25 29 (14.3) 198 199 (0.5) 12.5 14.5 (200) Southern California 8 2,327 53 48 9.1 166 160 4.5 31.8 30.5 130 Washington, D.C. 4 1,486 22 21 3.7 81 80 1.5 27.0 26.4 60 Denver 1 613 15 14 10.3 38 35 10.7 39.9 40.1 (20) Other 11 3,629 38 40 (3.8) 169 170 0.2 22.8 23.7 (90) Total Domestic 55 29,531 $687 $671 2.5% $2,292 $2,229 3.1% 30.0% 30.1% (10) bps Total International 2 631 $6 $6 0.1% $30 $27 5.9% 20.2% 21.4% (120) bps All Markets 57 30,162 $693 $677 2.5% $2,322 $2,256 3.1% 29.9% 30.1% (20) bps (1) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (2) Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (3) Calculated based on unrounded numbers.

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Portfolio and Operating Metrics (continued) Top 10 Assets: Q3 2019 vs. Q3 2018 (1)Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (2) Calculated based on unrounded numbers. (3) Excludes hotels acquired as part of the Chesapeake acquisition in September 2019. (4)Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (5)Includes the Caribe Hilton and assets disposed of by Park in 2018 and 2019. (unaudited) ADR Occupancy RevPAR 3Q19 3Q18(1) Change(2) 3Q19 3Q18 Change 3Q19 3Q18(1) Change(2) Top 10 Park Hotels Hilton Hawaiian Village Waikiki Beach Resort $280.92 $274.09 2.5% 95.6% 94.9% 0.7% pts $268.64 $260.14 3.3% Hilton San Francisco Union Square 269.66 276.18 (2.4) 92.7 91.9 0.8 249.93 253.73 (1.5) Parc 55 San Francisco - a Hilton Hotel 273.75 277.60 (1.4) 92.6 94.4 (1.8) 253.39 261.96 (3.3) New York Hilton Midtown 272.69 275.98 (1.2) 95.4 93.1 2.3 260.27 256.95 1.3 Hilton Orlando Bonnet Creek 148.91 149.60 (0.5) 65.3 68.0 (2.7) 97.20 101.66 (4.4) Waldorf Astoria Orlando 230.04 207.50 10.9 71.0 73.8 (2.8) 163.40 153.23 6.6 Hilton New Orleans Riverside 168.37 148.89 13.1 66.9 68.3 (1.4) 112.69 101.69 10.8 Hilton Chicago 204.09 216.75 (5.8) 84.2 83.2 1.0 171.80 180.29 (4.7) Casa Marina, A Waldorf Astoria Resort 290.17 292.75 (0.9) 73.9 69.2 4.7 214.37 202.39 5.9 Hilton Waikoloa Village 256.99 211.65 21.4 84.9 63.8 21.1 218.25 135.15 61.5 Sub-total Top 10 Park Hotels $248.02 $243.64 1.8% 85.8% 83.9% 1.9% pts $212.88 $204.48 4.1% Top 11-25 Park Comparable Hotels $194.02 $192.68 0.7% 79.1% 82.9% (3.8)% pts $153.50 $159.75 (3.9)% All Other Park Comparable Hotels $154.33 $150.89 2.3% 84.0% 84.5% (0.5)% pts $129.68 $127.54 1.7% Park Comparable Hotels(3) $219.16 $215.01 1.9% 83.7% 83.7% — pts $183.51 $180.07 1.9% Pro-forma Chesapeake Comparable Hotels(4) $228.77 $233.67 (2.1)% 89.5% 89.3% 0.2% pts $204.65 $208.53 (1.9)% Total Pro-forma Comparable Hotels(4) $221.17 $218.90 1.0% 84.9% 84.9% — pts $187.70 $185.71 1.1% Non-Comparable Hotels(5) $168.59 $151.37 11.4% 58.1% 59.6% (1.5)% pts $97.98 $90.27 8.5% Total Consolidated Portfolio(4) $220.40 $213.91 3.0% 84.3% 82.3% 2.0% pts $185.81 $175.99 5.6% (1) Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (2) Calculated based on unrounded numbers. (3) Excludes hotels acquired as part of the Chesapeake acquisition in September 2019. (4) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (5) Includes the Caribe Hilton and assets disposed of by Park in 2018 and 2019.

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Portfolio and Operating Metrics (continued) Top 10 Assets: Q3 2019 vs. Q3 2018 (1)Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (2) Calculated based on unrounded numbers. (3) Excludes hotels acquired as part of the Chesapeake acquisition in September 2019. (4)Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (5)Includes the Caribe Hilton and assets disposed of by Park in 2018 and 2019. Portfolio and Operating Metrics (continued) Top 10 Assets: Q3 2019 vs. Q3 2018 (1) Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (2) Calculated based on unrounded numbers. (3) Excludes hotels acquired as part of the Chesapeake acquisition in September 2019. (4) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (5) Includes the Caribe Hilton and assets disposed of by Park in 2018 and 2019. (unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin 3Q19 3Q18(1) Change(2) 3Q19 3Q18(1) Change(2) 3Q19 3Q18(1) Change Top 10 Park Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $44 $44 0.8% $110 $106 4.5% 40.1% 41.6% (150) bps 2 Hilton San Francisco Union Square 17 19 (8.0) 60 59 0.6 28.8 31.5 (270) 3 Parc 55 San Francisco - a Hilton Hotel 8 9 (13.1) 26 27 (4.5) 30.4 33.4 (300) 4 New York Hilton Midtown 9 8 5.2 66 62 5.7 13.3 13.4 (10) 5 Hilton Orlando Bonnet Creek 3 6 (42.3) 21 23 (9.0) 16.5 26.0 (950) 6 Waldorf Astoria Orlando 3 2 11.8 14 14 3.0 17.6 16.2 140 7 Hilton New Orleans Riverside 10 8 31.5 30 27 9.5 33.7 28.1 560 8 Hilton Chicago 10 8 18.6 41 38 5.2 23.6 20.9 270 9 Casa Marina, A Waldorf Astoria Resort 2 3 (14.2) 9 9 6.6 22.9 28.4 (550) 10 Hilton Waikoloa Village 18 4 287.4 47 28 71.4 37.9 16.8 2,110 Sub-total Top 10 Park Hotels $124 $111 11.4% $424 $393 7.8% 29.2% 28.3% 90 bps Top 11-25 Park Comparable Hotels $35 $38 (9.8)% $128 $131 (2.5)% 27.2% 29.4% (220) bps All Other Park Comparable Hotels $13 $14 (0.8)% $60 $59 2.4% 22.5% 22.9% (40) bps Park Comparable Hotels(3) $172 $163 5.5% $612 $583 4.9% 28.1% 27.9% 20 bps Pro-forma Chesapeake Comparable Hotels(4) $47 $49 (4.9)% $147 $148 0.0% 31.6% 33.2% (160) bps Total Pro-forma Comparable Hotels(4) $219 $212 3.1% $759 $731 3.9% 28.8% 29.0% (20) bps Non-Comparable Hotels(5) $3 $8 (54.5)% $16 $50 (67.4)% 20.7% 14.8% 590 bps Total Consolidated Portfolio(4) $222 $220 1.2% $775 $781 (0.6)% 28.7% 28.1% 60 bps (1) Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (2) Calculated based on unrounded numbers. (3) Excludes hotels acquired as part of the Chesapeake acquisition in September 2019. (4) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (5) Includes the Caribe Hilton and assets disposed of by Park in 2018 and 2019.

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Portfolio and Operating Metrics (continued) Top 10 Assets: Q3 YTD 2019 vs. Q3 YTD 2018 (1)Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (2) Calculated based on unrounded numbers. (3) Excludes hotels acquired as part of the Chesapeake acquisition in September 2019. (4)Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (5)Includes the Caribe Hilton and assets disposed of by Park in 2018 and 2019. Portfolio and Operating Metrics (continued) Top 10 Assets: Q3 YTD 2019 vs. Q3 YTD 2018 (1) Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (2) Calculated based on unrounded numbers. (3) Excludes hotels acquired as part of the Chesapeake acquisition in September 2019. (4) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (5) Includes the Caribe Hilton and assets disposed of by Park in 2018 and 2019. (unaudited) ADR Occupancy RevPAR 2019 2018(1) Change(2) 2019 2018 Change 2019 2018(1) Change(2) Top 10 Park Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $267.17 $261.75 2.1% 94.0% 94.5% (0.5)% pts $251.25 $247.35 1.6% 2 Hilton San Francisco Union Square 284.89 271.07 5.1 90.0 86.5 3.5 256.54 234.48 9.4 3 Parc 55 San Francisco - a Hilton Hotel 284.13 267.90 6.1 90.7 91.2 (0.5) 257.67 244.37 5.4 4 New York Hilton Midtown 266.21 276.06 (3.6) 89.7 86.9 2.8 238.88 240.12 (0.5) 5 Hilton Orlando Bonnet Creek 188.56 188.52 0.0 76.9 76.6 0.3 145.02 144.44 0.4 6 Waldorf Astoria Orlando 283.57 278.71 1.7 76.2 76.8 (0.6) 216.15 214.14 0.9 7 Hilton New Orleans Riverside 192.43 186.93 2.9 74.4 75.6 (1.2) 143.14 141.24 1.3 8 Hilton Chicago 194.08 201.69 (3.8) 75.8 75.5 0.3 147.17 152.42 (3.4) 9 Casa Marina, A Waldorf Astoria Resort 386.68 381.26 1.4 83.3 79.1 4.2 322.26 301.64 6.8 10 Hilton Waikoloa Village 237.17 229.39 3.4 82.1 73.4 8.7 194.75 168.48 15.6 Sub-total Top 10 Park Hotels $251.66 $247.53 1.7% 85.2% 83.8% 1.4% pts $214.39 $207.35 3.4% Top 11-25 Park Comparable Hotels $197.20 $193.21 2.1% 79.9% 81.8% (1.9)% pts $157.64 $158.14 (0.3)% All Other Park Comparable Hotels $152.34 $150.62 1.1% 82.2% 81.7% 0.5% pts $125.25 $123.11 1.7% Park Comparable Hotels(3) $221.82 $217.75 1.9% 83.3% 82.9% 0.4% pts $184.77 $180.57 2.3% Pro-forma Chesapeake Comparable Hotels(4) $230.46 $230.21 0.1% 85.3% 86.0% (0.7)% pts $196.55 $197.96 (0.7)% Total Pro-forma Comparable Hotels(4) $223.57 $220.29 1.5% 83.7% 83.5% 0.2% pts $187.11 $184.02 1.7% Non-Comparable Hotels(5) $153.18 $154.43 (0.8)% 56.1% 62.8% (6.7)% pts $85.91 $96.97 (11.4)% Total Consolidated Portfolio(4) $221.33 $214.41 3.2% 82.4% 81.1% 1.3% pts $182.39 $173.97 4.8% (1) Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (2) Calculated based on unrounded numbers. (3) Excludes hotels acquired as part of the Chesapeake acquisition in September 2019. (4) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (5) Includes the Caribe Hilton and assets disposed of by Park in 2018 and 2019.

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Portfolio and Operating Metrics (continued) Top 10 Assets: Q3 YTD 2019 vs. Q3 YTD 2018 (1)Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (2) Calculated based on unrounded numbers. (3) Excludes hotels acquired as part of the Chesapeake acquisition in September 2019. (4)Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (5)Includes the Caribe Hilton and assets disposed of by Park in 2018 and 2019. Portfolio and Operating Metrics (continued) Top 10 Assets: Q3 YTD 2019 vs. Q3 YTD 2018 (1) Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (2) Calculated based on unrounded numbers. (3) Excludes hotels acquired as part of the Chesapeake acquisition in September 2019. (4) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (5) Includes the Caribe Hilton and assets disposed of by Park in 2018 and 2019. (unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue " Hotel Adjusted EBITDA Margin" 2019 2018(1) Change(2) 2019 2018(1) Change(2) 2019 2018(1) Change Top 10 Park Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $124 $121 2.8% $314 $301 4.5% 39.6% 40.2% (60) bps 2 Hilton San Francisco Union Square 58 52 11.4 188 174 8.0 31.0 30.0 100 3 Parc 55 San Francisco - a Hilton Hotel 27 26 2.1 81 79 2.9 32.6 32.9 (30) 4 New York Hilton Midtown 25 29 (14.3) 198 199 (0.5) 12.5 14.5 (200) 5 Hilton Orlando Bonnet Creek 33 36 (7.9) 95 96 (1.7) 35.2 37.6 (240) 6 Waldorf Astoria Orlando 16 15 4.5 57 55 3.0 28.3 27.9 40 7 Hilton New Orleans Riverside 43 40 6.1 109 107 2.7 39.0 37.7 130 8 Hilton Chicago 21 20 3.8 108 106 1.8 19.2 18.8 40 9 Casa Marina, A Waldorf Astoria Resort 15 16 (2.1) 41 38 6.5 37.7 41.0 (330) 10 Hilton Waikoloa Village 40 27 47.9 123 100 23.3 32.3 26.9 540 Sub-total Top 10 Park Hotels $402 $382 5.1% $1,314 $1,255 4.7% 30.6% 30.5% 10 bps Top 11-25 Park Comparable Hotels $114 $116 (0.3)% $402 $401 1.0% 28.5% 28.8% (30) bps All Other Park Comparable Hotels $40 $39 1.6% $178 $174 2.6% 22.5% 22.7% (20) bps Park Comparable Hotels(3) $556 $537 3.7% $1,894 $1,830 3.7% 29.4% 29.4% 0 bps Pro-forma Chesapeake Comparable Hotels(4) $137 $140 (2.2)% $428 $426 0.5% 32.0% 32.9% (90) bps Total Pro-forma Comparable Hotels(4) $693 $677 2.5% $2,322 $2,256 3.1% 29.9% 30.1% (20) bps Non-Comparable Hotels(5) $9 $36 (74.7)% $58 $168 (64.7)% 15.4% 21.5% (610) bps Total Consolidated Portfolio(4) $702 $713 (1.4)% $2,380 $2,424 (1.6)% 29.5% 29.5% 0 bps (1) Presented on a currency neutral basis (prior periods are reflected using the current period exchange rates). (2) Calculated based on unrounded numbers. (3) Excludes hotels acquired as part of the Chesapeake acquisition in September 2019. (4) Includes results from the 18 hotels acquired from Chesapeake as if the acquisition had taken place on January 1, 2018. (5) Includes the Caribe Hilton and assets disposed of by Park in 2018 and 2019.

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Acquisitions & Dispositions Hyatt Regency Boston Caribe Hilton W New Orleans French Quarter Acquisitions & Dispositions Caribe Hilton W New Orleans French Quarter

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Property Acquisitions and Dispositions Property Acquisitions Property Acquisitions and Dispositions Property Acquisitions Hotel Location Room Count Chesapeake Lodging Trust Acquisition (1) Hilton Denver City Center Denver, CO 613 W Chicago – Lakeshore Chicago, IL 520 Hyatt Regency Boston Boston, MA 502 Hyatt Regency Mission Bay Spa and Marina San Diego, CA 438 Boston Marriott Newton Newton, MA 430 Le Meridien New OrleansNew Orleans, LA 410 W Chicago – City CenterChicago, IL 403 Royal Palm South Beach Miami, a Tribute Portfolio Resort Miami Beach, FL 393 Le Meridien San Francisco 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 San Diego, CA 210 Courtyard Washington Capitol Hill/Navy Yard Washington, DC 204 Homewood Suites by Hilton Seattle Convention Center Pike Street Seattle, WA 195 Hilton Checkers Los Angeles Los Angeles, CA 193 Ace Hotel Downtown Los Angeles Los Angeles, CA 182 Hotel Adagio, Autograph Collection San Francisco, CA 171 W New Orleans – French Quarter New Orleans, LA 97 5,981 (1) Chesapeake acquisition closed in September 2019 for total consideration of approximately $2.5 billion, including acquisition costs. (1) Chesapeake acquisition closed in September 2019 for total consideration of approximately $2.5 billion, including acquisition costs.

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Property Acquisitions and Dispositions Property Dispositions (1) The unconsolidated hotel was sold for a total sales price of approximately $350 million, of which $140 million represents Park’s pro rata share. (2) Hotels were sold as a portfolio in the same transaction. (3) Park sold a total of 18 hotels in 2018 and 2019. Property Acquisitions and Dispositions Property Dispositions Hotel Location Month Sold Room Count Sales Price (in millions) 2018 Dispositions:Hilton Rotterdam Rotterdam, Netherlands January 2018 254 $62 2 Embassy Suites Portfolio - 3 Hotels Domestic US February 2018 676 95 8 UK Portfolio - 7 Hotels United Kingdom February 2018 1,334 188.5 Hilton Durban Durban, South Africa February 2018 328 32.5 Hilton Berlin(1) Berlin, Germany May 2018 601 140.0 2018 Total 3,193 $519.0 2019 Dispositions:Pointe Hilton Squaw Peak Resort Phoenix, Arizona February 2019 563 $51.4 Hilton Nuremberg Nuremberg, Germany March 2019 152 17.5 Hilton Atlanta Aiport Atlanta, Georgia June 2019 507 101.0 Portfolio(2) June 2019 Hilton New Orleans Airport New Orleans, Louisiana 317 48.0 Embassy Suites Parsippany Parsippany, New Jersey 274 17.0 591 65.0 2019 Total 1,813 $234.9 Grand Total 5,006 $753.9 (1) The unconsolidated hotel was sold for a total sales price of approximately $350 million, of which $140 million represents Park’s pro rata share. (2) Hotels were sold as a portfolio in the same transaction. (3) Total of 18 hotels sold in 2018 and 2019.

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Debt Summary Casa Marina, a Waldorf Astoria Resort Hilton Orlando Bonnet Creek New York Hilton Midtown Debt Summary Casa Marina, a Waldorf Astoria Resort Hilton Orlando Bonnet Creek New York Hilton Midtown

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Debt Summary Fixed and Variable Rate Debt (1)Calculated on a weighted average basis. (2)$1 billion available. (3)Assumes the exercise of all extensions that are exercisable solely at Park’s option. (4)Excludes $234 million of Park’s share of debt of its unconsolidated joint ventures. Debt Summary Fixed and Variable Rate Debt (unaudited, dollars in millions) Debt Collateral Interest Rate Maturity Date "As ofSeptember 30, 2019" Fixed Rate Debt Mortgage loan DoubleTree Hotel Spokane City Center 3.55% October 2020 $12 Mortgage loan Hilton Denver City Center 4.90% August 2022 61 Mortgage loan Hilton Checkers Los Angeles 4.11% March 2023 28 Mortgage loan W Chicago - City Center 4.25% August 2023 79 Commercial mortgage-backed securities loan Hilton San Francisco Union Square, Parc 55 San Francisco - a Hilton Hotel 4.11% November 2023 725 Mortgage loan Hyatt Regency Boston 4.25% July 2026 142 Commercial mortgage-backed securities loan Hilton Hawaiian Village Beach Resort 4.20% November 2026 1,275 Mortgage loan Hilton Santa Barbara Beachfront Resort 4.17% December 2026 165 Capital lease obligations 3.07% 2021 to 2022 1 Total Fixed Rate Debt 4.19%(1) 2,488 Variable Rate Debt Revolving credit facility 2) Unsecured L + 1.50% December 2021(3) — 2016 Term loan Unsecured L + 1.45% December 2021 750 Mortgage loan DoubleTree Hotel Ontario Airport L + 2.25% May 2022(3) 30 2019 Term Facility Unsecured L + 1.40% September 2024 850 Total Variable Rate Debt 3.52%(1) 1,630 Add: unamortized premium 3 Less: unamortized deferred financing costs and discount (21)Total Debt(4) 3.92%(1) $4,100 (1) Calculated on a weighted average basis. (2) $1 billion available. (3) Assumes the exercise of all extensions that are exercisable solely at Park’s option.(4) Excludes $234 million of Park’s share of debt of its unconsolidated joint ventures.

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Definitions Hilton Orlando Bonnet Creek W Chicago – City Center Hilton Denver City Center Definitions Hilton Orlando Bonnet Creek Hilton Denver City Center W Chicago – City Center

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Definitions 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 excluding depreciation and amortization, interest income, interest expense, income taxes and interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates. Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude: Gains or losses on sales of assets for both consolidated and unconsolidated investments; Gains or losses on foreign currency transactions; Transition expense related to the Company’s establishment as an independent, publicly traded company; Transaction costs associated with hotel acquisitions or dispositions expensed during the period; Severance expense; Share-based compensation expense; Casualty and impairment 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, including both comparable and non-comparable hotels but excluding 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 to 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 results as reported under U.S. GAAP. Definitions 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 excluding depreciation and amortization, interest income, interest expense, income taxes and interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates. Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude: Gains or losses on sales of assets for both consolidated and unconsolidated investments; Gains or losses on foreign currency transactions; Transition expense related to the Company’s establishment as an independent, publicly traded company; Transaction costs associated with hotel acquisition or disposition costs expensed during the period; Severance expense; Share-based compensation expense; Casualty and impairment 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, including both comparable and non-comparable hotels but excluding 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 to 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 results as reported under U.S. GAAP. PARK HOTELS & RESORTS 39 Definitions 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 excluding depreciation and amortization, interest income, interest expense, income taxes and interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates.Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude:Gains or losses on sales of assets for both consolidated and unconsolidated investments;Gains or losses on foreign currency transactions;Transition expense related to the Company’s establishment as an independent, publicly traded company;Transaction costs associated with hotel acquisitions or dispositions expensed during the period;Severance expense;Share-based compensation expense;Casualty and impairment 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, including both comparable and non-comparable hotels but excluding 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 to 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 results as reported under U.S. GAAP.

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Definitions (cont’d) 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 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:   Gains or losses on foreign currency transactions; Transition expense related to the Company’s establishment as an independent, publicly traded company; Transaction 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. Pro-forma Certain financial measures and other information have been adjusted to reflect the effects of hotels disposed of and assume hotels acquired were owned as of the beginning of each of the periods presented. When presenting such information, the amounts are identified as “Pro-forma.” Definitions (cont’d) 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 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:Gains or losses on foreign currency transactions;Transition expense related to the Company’s establishment as an independent, publicly traded company;Transaction 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.Pro-forma Certain financial measures and other information have been adjusted to reflect the effects of hotels disposed of and assume hotels acquired were owned as of the beginning of each of the periods presented. When presenting such information, the amounts are identified as “Pro-forma.”

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Definitions (cont’d) 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) long-term debt, including current maturities and 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. The Company believes Pro-forma 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 Pro-forma Adjusted EBITDA Ratio Net debt to Pro-forma 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. Pro-forma Net debt to Pro-forma 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. Comparable Hotels The Company presents certain data for its consolidated hotels on a comparable hotel basis as supplemental information for investors. The Company presents comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its comparable hotels. Park Comparable Hotels The Company presents certain data for Park’s legacy portfolio on a comparable basis. The Company defines Park comparable hotels as those that: (i) were active and operating in since January 1st of the previous year, and (ii) have not sustained substantial property damage or business interruption, have not undergone large-scale capital projects and for which comparable results are not available. Of the 40 Park legacy hotels that are consolidated as of September 30, 2019, 39 hotels have been classified as Park comparable hotels, which excludes 18 hotels acquired from Chesapeake. Due to the effects of business interruption from Hurricane Maria at the Caribe Hilton in Puerto Rico during the first half of 2019, the results from this property were excluded from comparable hotels in 2019. Park’s comparable hotels also exclude the 12 consolidated hotels that were sold in January and February 2018, one consolidated hotel that was returned to the lessor after the expiration of the ground lease in December 2018 and five consolidated hotels that were sold in 2019. Definitions (cont’d) 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) long-term debt, including current maturities and 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.The Company believes Pro-forma 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 Pro-forma Adjusted EBITDA Ratio Net debt to Pro-forma 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. Pro-forma Net debt to Pro-forma 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.Comparable Hotels The Company presents certain data for its consolidated hotels on a comparable hotel basis as supplemental information for investors. The Company presents comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its comparable hotels.Park Comparable Hotels The Company presents certain data for Park’s legacy portfolio on a comparable basis. The Company defines Park comparable hotels as those that: (i) were active and operating in since January 1st of the previous year, and (ii) have not sustained substantial property damage or business interruption, have not undergone large-scale capital projects and for which comparable results are not available. Of the 40 Park legacy hotels that are consolidated as of September 30, 2019, 39 hotels have been classified as Park comparable hotels, which excludes 18 hotels acquired from Chesapeake. Due to the effects of business interruption from Hurricane Maria at the Caribe Hilton in Puerto Rico during the first half of 2019, the results from this property were excluded from comparable hotels in 2019. Park’s comparable hotels also exclude the 12 consolidated hotels that were sold in January and February 2018, one consolidated hotel that was returned to the lessor after the expiration of the ground lease in December 2018 and five consolidated hotels that were sold in 2019.

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Definitions (cont’d) Chesapeake Comparable Hotels The Company presents certain data for Chesapeake’s comparable hotels on a pro-forma comparable hotel basis, which includes 18 hotels the Company acquired from Chesapeake in September 2019. Total Pro-Forma Comparable Hotels The Company presents certain data for its consolidated hotels on a pro-forma comparable hotel basis, which includes Park and Chesapeake comparable hotels. Of the 58 hotels that are consolidated as of September 30, 2019, 57 hotels have been classified as comparable hotels. 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 hotel rooms increases or decreases. Average Daily Rate ADR 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 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 for comparable hotels. References to RevPAR and ADR are presented on a comparable basis and references to RevPAR and ADR are presented on a currency neutral basis (prior periods are reflected using the current period exchange rates), unless otherwise noted. Definitions (cont’d) Chesapeake Comparable Hotels The Company presents certain data for Chesapeake’s comparable hotels on a pro-forma comparable hotel basis, which includes 18 hotels the Company acquired from Chesapeake in September 2019.Total Pro-Forma Comparable Hotels The Company presents certain data for its consolidated hotels on a pro-forma comparable hotel basis, which includes Park and Chesapeake comparable hotels. Of the 58 hotels that are consolidated as of September 30, 2019, 57 hotels have been classified as comparable hotels. 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 hotel rooms increases or decreases. Average Daily Rate ADR 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 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 for comparable hotels.References to RevPAR and ADR are presented on a comparable basis and references to RevPAR and ADR are presented on a currency neutral basis (prior periods are reflected using the current period exchange rates), unless otherwise noted.

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Analyst Coverage Analyst Coverage Analyst Company Phone Email Shaun Kelley Bank of America (646) 855-1005 shaun.kelley@baml.com Anthony Powell Barclays (212) 526-8768 anthony.powell@barclays.com Ari Klein BMO Capital Markets (212) 885-4103 ari.klein@bmo.com Neil Malkin Capital One Securities (571) 633-8191 neil.malkin@capitalone.com Smedes Rose Citi Research (212) 816-6243 smedes.rose@citi.com Chris Woronka Deutsche Bank (212) 250-9376 chris.woronka@db.com Richard Hightower Evercore ISI (212) 752-0886 rich.hightower@evercoreisi.com Stephen Grambling Goldman Sachs (212) 902-7832 stephen.grambling@gs.com Lukas Hartwich Green Street (949) 640-8780 lhartwich@greenst.com David Katz Jefferies (212) 323-3355 dkatz@jefferies.com Brandt Montour JP Morgan (212) 622-1111 brandt.a.montour@jpmorgan.com Brian Dobson Nomura/Instinet(212) 310-5416 brian.dobson@instinet.com Bill Crow Raymond James (727) 567-2594 bill.crow@raymondjames.com Patrick Scholes SunTrust (212) 319-3915 patrick.scholes@suntrust.com Robin Farley UBS (212) 713-2060robin.farley@ubs.com Dori Kesten Wells Fargo (617) 603-4262 dori.kesten@wellsfargo.com