Exhibit 99.1

Park Hotels & Resorts Inc. Reports Fourth Quarter and Full Year 2021 Results

TYSONS, VA (February 17, 2022) – Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the fourth quarter and full year ended December 31, 2021 and provided an operational update on COVID-19.

Fourth quarter financial highlights include:

Full-year financial highlights include:

Additional highlights for the year include:

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Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, “I am extremely proud of our team as we navigated the ongoing challenges of COVID-19 during the past year. On the operations side, we continued to adapt our operating model to maximize efficiencies while also working with our operating partners to prioritize meaningful standards and amenities such as enhanced cleaning and limited face-to-face contact. We remained disciplined throughout the year and reopened six hotels when it was profitable to do so, which allowed us to generate positive Hotel Adjusted EBITDA for the third consecutive quarter and positive Adjusted FFO for the second consecutive quarter. Additionally, we have worked diligently to de-lever our balance sheet through assets sales totaling $477 million in gross proceeds during 2021 and maintain financial flexibility to readily execute on our long-term strategies. As we think about our current operating environment, we continue to be encouraged by the strong fundamentals in the leisure segment, particularly in Hawaii, Miami and Key West. While we expect some headwinds in the first quarter of 2022 resulting from group cancellations and cautious business travel sentiment due to the Omicron variant, we anticipate a more broad-based recovery across our industry and expect increasing demand trends throughout the year as groups look to rebook their long-postponed events, business travel ramps up and international travel resumes. With our diversified portfolio and current liquidity of nearly $1.6 billion, Park remains incredibly well positioned to capitalize on recovery fundamentals across all demand segments as well as accretive internal and external growth opportunities that fit Park’s strategic profile.”

Selected Statistical and Financial Information

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

Operational Update

The current status of Park’s hotels as of February 17, 2022 is as follows (for a list of status by hotel please see Park’s financial supplement):

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The timing of reopening Park's two remaining suspended hotels will depend primarily on market demand recovery in their respective markets.

Changes in Pro-forma ADR, Occupancy and RevPAR compared to the same periods in 2020 and 2019 and Pro-forma Occupancy for Park’s 48 consolidated hotels were as follows:

Changes in Pro-forma ADR, Occupancy and RevPAR for certain periods in 2021 compared to the same periods in 2020 and 2019 and Pro-forma Occupancy for 2021 for only the consolidated hotels open for substantially all of each period were as follows:

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For the fourth quarter of 2021, Park’s portfolio generated positive Hotel Adjusted EBITDA for the third consecutive quarter with 37 of 46 of Park’s open consolidated hotels exceeding break-even levels.

During 2021, domestic leisure transient demand grew significantly compared to 2020 as COVID-19 vaccinations rates increased and domestic restrictions eased, despite some disruption from virus variants; however, restrictions on international travel remained in place for the majority of the year. The Rooms Revenue mix for each of the three months and years ended December 31, 2021, 2020 and 2019 for the 46 consolidated hotels open for substantially all of the fourth quarter of 2021 or 40 consolidated hotels open during the entirety of 2021 were as follows:

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Park saw a decrease in demand in January 2022 and month-to-date in February 2022 due to the rapid rise in COVID-19 cases from the Omicron variant, disruptions throughout the travel industry and restrictions being re-imposed by an increasing number of jurisdictions. At this time, Park expects that demand for only the first quarter of 2022 will be affected, with approximately $30 million of first quarter 2022 group business cancelled, of which most has been replaced with incremental new bookings during the balance of 2022.

While the operating environment remains very fluid due to rapidly changing trends from the Omicron variant, Park currently expects to see a return of group demand beginning in the second quarter of 2022 in select markets as groups continue to push out meetings originally scheduled for the third and fourth quarters of 2021 and the first quarter of 2022. Group bookings for 2022 have grown by approximately 239,000 room nights, or nearly 28%, since September 30, 2020, with acceleration following the approval of COVID-19 vaccines for emergency use in November 2020. As of December 31, 2021, group bookings for 2022 were approximately 62% of what 2019 group bookings were as of December 31, 2018, a slight decrease from last quarter due to cancellations in Q1 2022 and a slowdown in bookings resulting from concerns over the Omicron variant. Despite these developments, 2022 average group rates on the books remain strong, equaling 2019 average group rates on the books at December 31, 2018. In addition, as of December 31, 2021, group bookings for 2023 are 73% of what 2019 group bookings were as of December 31, 2017, and average group rates were strong for 2023, exceeding 2019 average group rates on the books at December 31, 2017.

Highlights for Park's consolidated hotels owned as of February 17, 2022 in each of the Company’s key markets, segmented between leisure and other markets, are as follows:

Leisure Markets

Other Markets

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Balance Sheet and Liquidity

Park and its hotel managers have taken several proactive steps to reduce the Company's burn rate, increase liquidity and mitigate the effects of COVID-19 on its business, including reducing labor and other operating expenses and cutting capital expenditures for 2021 to approximately $44 million for maintenance projects. As a result of these measures, coupled with continued leisure demand and the continued distribution of COVID-19 vaccines, Park's portfolio generated positive Hotel Adjusted EBITDA for the past three consecutive quarters and has generated positive Adjusted FFO for the second consecutive quarter.

Park’s Net Debt as of December 31, 2021 was $4.2 billion. Utilizing the net proceeds from the issuance of the 2029 Senior Secured Notes and the sales of five hotels during 2021 to repay outstanding debt, the Company has just $78 million outstanding on its sole remaining corporate term loan. Only 2% of Park’s total outstanding debt matures in 2022, and the weighted average maturity of Park’s consolidated debt is 4.7 years. Park's current liquidity is nearly $1.6 billion, including $901 million of available capacity under the Company's Revolver.

In February 2022, Park amended its credit and term loan facilities to extend the waiver period for the testing of the financial covenants to the date the financial statements are delivered for the quarter ended September 30, 2022 (except for the minimum fixed charge coverage ratio, which waiver period for such covenant will end as of the date the financial statements are delivered for the quarter ended June 30, 2022), in each case, unless Park elects an earlier date, and to adjust the required ratio levels of particular financial covenants after such waiver periods. As part of the amendment process, Park (i) extended the temporary periods for which calculation of certain financial covenants are annualized once quarterly testing of financial covenants resumes, (ii) extended the minimum liquidity covenant of $200 million through March 2023, (iii) obtained the ability to repurchase up to $250 million of shares as long as the Revolver balance is $0, (iv) increased the amount of non-recourse debt allowed to be incurred during the waiver period to $500 million from $350 million, (v) obtained the ability during the waiver period to voluntarily prepay certain debt maturing in 2022 and 2023, (vi) removed the limitation applied during the waiver period on capital expenditures within the portfolio, (vii) increased the ability during the waiver period to acquire investments to $1 billion from $200 million, with an option to expand to $1.5 billion with a corresponding increase of the minimum liquidity covenant to $300 million, and (viii) removed any restrictions on asset sales that applied during the waiver period. In addition, Park amended the mandatory prepayment requirements that apply during the waiver period to, among other things, only require mandatory repayments from specified events if and to the extent the Revolver balance exceeds $600 million (and no prepayment of the 2019 Term Facility being required).

Park had the following debt outstanding as of December 31, 2021:

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Dividends

In light of the COVID-19 pandemic, Park suspended dividend payments following the payment of its first quarter 2020 dividend. However, Park is currently evaluating the reinstatement of a quarterly cash dividend of $0.01 per share, subject to approval by its Board of Directors.

Full-Year 2022 Outlook

Given the continued economic uncertainty, travel restrictions and rapidly changing circumstances related to the COVID-19 pandemic, Park is not providing an outlook for full-year 2022 at this time.

The Company’s ability to predict future operating results remains significantly impacted by the current COVID-19 pandemic. Park expects that the trends affecting the economy will continue to depress hotel operating results across the portfolio. While recent trends have shown signs of improvement, the economic environment continues to lack sufficient clarity at this time to provide accurate guidance.

Supplemental Disclosures

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

Environmental, Social and Governance

In November 2021, Park published its 2021 Annual Corporate Responsibility Report ("CR Report"), which includes Global Reporting Initiative and Sustainability Accounting Standards Board indices as well as its first Task Force on Climate-Related Financial Disclosures report. The 2021 CR Report details Park's energy, carbon, water and waste metrics in 2020 and also highlights the Company’s enhanced sustainability and corporate responsibility efforts throughout the pandemic, including the efforts related to Park’s Diversity and Inclusion Steering Committee. Park also participated in the 2021 Global Real Estate Sustainability Benchmark ("GRESB") assessment for the second consecutive year, improving its score and ranking in the top 35% of all GRESB participant companies. Additionally, Park was recognized by Newsweek as one of America's Most Responsible Companies for the third consecutive year in 2022, ranking in the top third of all selected companies.

Conference Call

Park will host a conference call for investors and other interested parties to discuss fourth quarter and full year 2021 results on February 18, 2022 beginning at 11 a.m. Eastern Time. Participants may listen to the live webcast by logging onto the Investors section of the website at www.pkhotelsandresorts.com. Alternatively, participants may listen to the live call by dialing (877) 451-6152 in the United States or (201) 389-0879 internationally and requesting Park Hotels & Resorts’ Fourth Quarter and Full Year 2021 Earnings Conference Call. Participants are encouraged to dial into the call or link to the webcast at least ten minutes prior to the scheduled start time.

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

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park’s current expectations regarding the performance of its business, financial results, liquidity and capital

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resources, including the expected dates for reopening the Company’s hotels and dates that its hotels will break even or achieve positive Hotel Adjusted EBITDA, the impact to the Company's business and financial condition and that of its hotel management companies, measures being taken in response to COVID-19, the effects of competition and the effects of future legislation or regulations, the expected completion of anticipated dispositions, the declaration and payment of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors continues to be the adverse effect of COVID-19, including resurgences, on the Company’s financial condition, results of operations, cash flows and performance, its hotel management companies and its hotels’ tenants, and the global economy and financial markets. COVID-19 has significantly affected the Company’s business, and the extent to which COVID-19 continues to affect the Company, its hotel managers, tenants and guests at the Company’s hotels will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its effect, the emergence of virus variants, the efficacy, availability and deployment of vaccinations and other treatments to combat COVID-19, including public adoption rates of COVID-19 vaccines, additional closures that may be mandated or advisable even after the reopening of the Company’s hotels, whether due to an increased number of COVID-19 cases or otherwise, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, investors are cautioned to interpret many of the risks identified in the risk factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as being heightened as a result of the ongoing and numerous adverse effects of COVID-19.

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, 2020, as such factors may be updated from time to time in Park’s filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

Park presents certain non-GAAP financial measures in this press release, including Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin and Net debt. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of its operating performance. Please see the schedules included in this press release including the “Definitions” section for additional information and reconciliations of such non-GAAP financial measures.

About Park

Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 54 premium-branded hotels and resorts with approximately 32,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

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PARK HOTELS & RESORTS INC.

CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)

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PARK HOTELS & RESORTS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)