pk-ex992_6.htm

EX-99.2 3 pk-ex992_6.htm EX-99.2 pk-ex992_6.htm

Exhibit 99.2

PARK HOTELS & RESORTS First Quarter 2021 Supplemental Data MARCH 31, 2021 Royal Palm South Beach Miami, a Tribute Portfolio Resort Parc 55 San Francisco, a Hilton Hotel Hilton Hawaiian Village Waikiki Beach Resort

th Quarter and Year End 2019 Supplemental Data December 31, 2019 Royal Palm South Beach Miami, a Tribute Portfolio Resort Parc 55 San Francisco, a Hilton Hotel Hilton Hawaiian Village Waikiki Beach Reso


	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 59 premium-branded hotels and resorts with over 33,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

Forward-Looking Statements

This supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including the expected reopening dates for the Company’s hotels and dates that its properties will break even or achieve positive Hotel Adjusted EBITDA, 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 possible 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 certain of the Company’s hotels on a limited basis, 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 impacts 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.

Supplemental Financial Information

Park refers to certain non-generally accepted accounting principles (“GAAP”) financial measures in this presentation, including Funds from (used in) 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 (loss) before interest expense, taxes and depreciation and amortization (“EBITDA”), Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin, Net debt and Net debt to Adjusted EBITDA ratio. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of its operating performance. Please see the schedules included in this presentation including the “Definitions” section for additional information and reconciliations of such non-GAAP financial measures.


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		Table of Contents


		1. Financial Statements	4
		2. Supplementary Financial Information	7
		3. Portfolio and Operating Metrics	17
		4. Properties Acquired & Sold	28
		5. Liquidity and Capital Structure	31
		6. Definitions	34

Waldorf Astoria Orlando Hilton midtown

Waldorf Astoria Orlando Le Meridien San Francisco New York Hilton Midtown


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		Financial Statements


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	Financial Statements

	Condensed Consolidated Balance Sheets

(in millions, except share and per share data)

	March 31, 2021			December 31, 2020

ASSETS
Property and equipment, net	$	9,125			9,193
Investments in affiliates		14			14
Intangibles, net		44			45
Cash and cash equivalents		868			951
Restricted cash		32			30
Accounts receivable, net of allowance for doubtful accounts of $2 and $3		38			26
Prepaid expenses		35			39
Other assets		53			60
Operating lease right-of-use assets		225			229
TOTAL ASSETS (variable interest entities - $228 and $229)	$	10,434		$	10,587
LIABILITIES AND EQUITY
Liabilities
Debt	$	5,121			5,121
Accounts payable and accrued expenses		196			147
Due to hotel managers		80			88
Deferred income tax liabilities		10			10
Other liabilities		134			134
Operating lease liabilities		240			244
Total liabilities (variable interest entities - $215 and $213)		5,781			5,744

Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 236,832,708 shares issued and 236,435,153 shares outstanding as of March 31, 2021 and 236,217,344 shares issued and 235,915,749 shares outstanding as of December 31, 2020		2			2
Additional paid-in capital		4,520			4,519
Retained earnings		185			376
Accumulated other comprehensive loss		(3	)		(4	)
Total stockholders' equity		4,704			4,893
Noncontrolling interests		(51	)		(50	)
Total equity		4,653			4,843
TOTAL LIABILITIES AND EQUITY	$	10,434		$	10,587


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	Financial Statements (continued)

	Condensed Consolidated Statements of Operations

y financial information juniper hotel, curio collection hotel adagio, autograph collection the reach, Astoria resort

(unaudited, in millions, except per share data)

	Three Months Ended March 31,
	2021			2020			2019
Revenues
Rooms	$	106		$	362		$	403
Food and beverage		22			161			183
Ancillary hotel		29			57			55
Other		8			19			18
Total revenues		165			599			659

Operating expenses
Rooms		35			112			107
Food and beverage		21			123			124
Other departmental and support		78			172			149
Other property-level		48			60			49
Management fees		7			25			33
Impairment loss and casualty gain, net		—			694			—
Depreciation and amortization		74			75			62
Corporate general and administrative		18			16			17
Other		7			21			20
Total expenses		288			1,298			561

Gain on sales of assets, net		—			62			31

Operating (loss) income		(123	)		(637	)		129

Interest income		—			1			1
Interest expense		(63	)		(40	)		(32	)
Equity in (losses) earnings from investments in affiliates		(4	)		(1	)		5
Other (loss) gain, net		—			(2	)		1

(Loss) income before income taxes		(190	)		(679	)		104
Income tax expense		(1	)		(10	)		(7	)
Net (loss) income⁽¹⁾		(191	)		(689	)		97
Net loss (income) attributable to noncontrolling interests		1			1			(1	)
Net (loss) income attributable to stockholders⁽¹⁾	$	(190	)	$	(688	)	$	96

(Loss) Earnings per share:
(Loss) earnings per share - Basic	$	(0.81	)	$	(2.89	)	$	0.48
(Loss) earnings per share - Diluted	$	(0.81	)	$	(2.89	)	$	0.48

Weighted average shares outstanding - Basic		235			238			201
Weighted average shares outstanding - Diluted		236			238			202

_____________________________________

(1)

The three months ended March 31, 2020 includes $607 million and $88 million of impairment losses related to goodwill and long-lived assets, respectively.


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Supplementary Financial Information


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	Supplementary Financial Information

	EBITDA and Adjusted EBITDA

(unaudited, in millions)	Three Months Ended March 31,
	2021			2020			2019
Net (loss) income	$	(191	)	$	(689	)	$	97
Depreciation and amortization expense		74			75			62
Interest income		—			(1	)		(1	)
Interest expense		63			40			32
Income tax expense		1			10			7
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates		1			5			5
EBITDA		(52	)		(560	)		202
Gain on sales of assets, net		—			(62	)		(31	)
Severance expense		—			2			1
Share-based compensation expense		6			2			4
Impairment loss and casualty gain, net		—			694			—
Other items		(3	)		6			—
Adjusted EBITDA	$	(49	)	$	82		$	176


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	Supplementary Financial Information (continued)

	Pro-forma Hotel Adjusted EBITDA and Pro-forma Hotel Adjusted EBITDA Margin⁽¹⁾

(unaudited, dollars in millions)
	Three Months Ended March 31,
	2021			2020			2019
Adjusted EBITDA	$	(49	)	82			$	176
Less: Adjusted EBITDA from investments in affiliates		2			(4	)		(10	)
Add: All other⁽²⁾		11			13			15
Hotel Adjusted EBITDA		(36	)		91			181
Add: Adjusted EBITDA from hotels acquired⁽¹⁾		—			—			37
Less: Adjusted EBITDA from hotels disposed of		1			(1	)		(13	)
Pro-forma Hotel Adjusted EBITDA⁽¹⁾	$	(35	)	$	90		$	205

	Three Months Ended March 31,
	2021			2020			2019
Total Revenues	$	165		$	599		$	659
Less: Other revenue		(8	)		(19	)		(18	)
Add: Revenues from hotels acquired⁽¹⁾		—			—			130
Less: Revenues from hotels disposed of		(1	)		(10	)		(51	)
Pro-forma Hotel Revenues⁽¹⁾	$	156		$	570		$	720

	Three Months Ended March 31,									2021 vs 2020			2021 vs 2019
	2021			2020			2019			Change⁽³⁾			Change⁽³⁾
Pro-forma Hotel Revenues⁽¹⁾	$	156		$	570		$	720			(72.7	)%		(78.3	)%
Pro-forma Hotel Adjusted EBITDA⁽¹⁾	$	(35	)	$	90		$	205		NM⁽⁴⁾			NM⁽⁴⁾
Pro-forma Hotel Adjusted EBITDA margin⁽¹⁾⁽³⁾		(22.6	)%		15.6	%		28.5	%	NM⁽⁴⁾			NM⁽⁴⁾

_____________________________________
⁽¹⁾ Assumes hotels were acquired on January 1, 2019.
⁽²⁾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 statements of operations.
⁽³⁾ Percentages are calculated based on unrounded numbers.
⁽⁴⁾ Percentage change is not meaningful.


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	Supplementary Financial Information (continued)

	Nareit FFO and Adjusted FFO

(unaudited, in millions, except per share data)

	Three Months Ended March 31,
	2021			2020			2019

Net (loss) income attributable to stockholders	$	(190	)	$	(688	)	$	96
Depreciation and amortization expense		74			75			62
Depreciation and amortization expense attributable to noncontrolling interests		(1	)		(1	)		(1	)
Gain on sales of assets, net		—			(62	)		(31	)
Impairment loss		—			695			—
Equity investment adjustments:
Equity in losses (earnings) from investments in affiliates		4			1			(5	)
Pro rata FFO of investments in affiliates		(2	)		1			9
Nareit FFO attributable to stockholders		(115	)		21			130
Severance expense		—			2			1
Share-based compensation expense		6			2			4
Other items⁽¹⁾		(4	)		32			1
Adjusted FFO attributable to stockholders	$	(113	)	$	57		$	136
Nareit FFO per share - Diluted⁽²⁾	$	(0.49	)	$	0.09		$	0.65
Adjusted FFO per share - Diluted⁽²⁾	$	(0.48	)	$	0.24		$	0.67
Weighted average shares outstanding - Diluted		236			238			202

⁽¹⁾

The three months ended March 31, 2020, includes $26 million of tax expense on hotels sold during the period.

⁽²⁾

Per share amounts are calculated based on unrounded numbers.


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	Supplementary Financial Information (continued)

	Historical Pro-forma Hotel Metrics

The financial information below is for the 52 consolidated hotels owned as of May 6, 2021⁽¹⁾.

	Three Months Ended												TTM			Full Year
(unaudited)	June 30,			September 30,			December 31,			March 31,			March 31,			December 31,
	2020			2020			2020			2021			2021			2020
Pro-forma RevPAR	$	7.87		$	26.19		$	27.41		$	40.79		$	25.53		$	49.28
Pro-forma Occupancy		6.2	%		19.1	%		20.4	%		26.4	%		18.0	%		26.8	%
Pro-forma ADR	$	127.58		$	137.05		$	134.53		$	154.63		$	141.88		$	183.93

Pro-forma Hotel Revenues (in millions)	$	39		$	95		$	108		$	156		$	398		$	812
Pro-forma Hotel Adjusted EBITDA (in millions)	$	(108	)	$	(76	)	$	(54	)	$	(35	)	$	(273	)	$	(148	)
Pro-forma Hotel Adjusted EBITDA margin⁽²⁾		(282.0	)%		(80.7	)%		(49.9	)%		(22.6	)%		(68.8	)%		(18.2	)%



	Three Months Ended												TTM			Full Year
(unaudited)	June 30,			September 30,			December 31,			March 31,			March 31,			December 31,
	2019			2019			2019			2020			2020			2019
Pro-forma RevPAR	$	192.87		$	188.03		$	177.79		$	136.16		$	173.91		$	183.65
Pro-forma Occupancy		85.9	%		84.6	%		80.8	%		61.7	%		78.3	%		82.3	%
Pro-forma ADR	$	224.55		$	222.16		$	220.12		$	220.73		$	222.01		$	223.26

Pro-forma Hotel Revenues (in millions)	$	788		$	748		$	763		$	570		$	2,869		$	3,019
Pro-forma Hotel Adjusted EBITDA (in millions)	$	248		$	217		$	223		$	90		$	778		$	892
Pro-forma Hotel Adjusted EBITDA margin⁽²⁾		31.4	%		28.9	%		29.2	%		15.6	%		27.0	%		29.5	%

⁽¹⁾

Assumes hotels were acquired on January 1, 2019.

⁽²⁾

Percentages are calculated based on unrounded numbers.


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	Supplementary Financial Information (continued)

	Historical Pro-forma Hotel Adjusted EBITDA – 2021 TTM

The financial information below is for the 52 consolidated hotels owned as of May 6, 2021.

	Three Months Ended												TTM			Full Year
(unaudited, in millions)	June 30,			September 30,			December 31,			March 31,			March 31,			December 31,
	2020			2020			2020			2021			2021			2020
Net loss	$	(261	)	$	(276	)	$	(218	)	$	(191	)	$	(946	)	$	(1,444	)
Depreciation and amortization expense		75			75			73			74			297			298
Interest income		(1	)		—			—			—			(1	)		(2	)
Interest expense		50			59			64			63			236			213
Income tax expense		3			1			(20	)		1			(15	)		(6	)
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates		4			2			5			1			12			16
EBITDA		(130	)		(139	)		(96	)		(52	)		(417	)		(925	)
(Gain) loss on sales of assets, net		(1	)		1			—			—			—			(62	)
Gain on sale of investments in affiliates⁽¹⁾		(1	)		—			—			—			(1	)		(1	)
Acquisition costs		—			9			—			—			9			10
Severance expense		—			24			7			—			31			33
Share-based compensation expense		4			4			10			6			24			20
Impairment loss and casualty loss, net		—			2			—			—			2			696
Other items		6			10			14			(3	)		27			35
Adjusted EBITDA		(122	)		(89	)		(65	)		(49	)		(325	)		(194	)
Less: Adjusted EBITDA from hotels disposed of		—			—			—			1			1			(1	)
Pro-forma Adjusted EBITDA		(122	)		(89	)		(65	)		(48	)		(324	)		(195	)
Less: Adjusted EBITDA from investments in affiliates		4			2			1			2			9			3
Add: All other⁽²⁾		10			11			10			11			42			44
Pro-forma Hotel Adjusted EBITDA	$	(108	)	$	(76	)	$	(54	)	$	(35	)	$	(273	)	$	(148	)

⁽¹⁾

Included in other (loss) gain, net in the consolidated statement of operations.

⁽²⁾

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 consolidated statements of operations.


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	Supplementary Financial Information (continued)

	Historical Pro-forma Hotel Adjusted EBITDA – 2020 TTM

The financial information below is for the 52 consolidated hotels owned as of May 6, 2021.

	Three Months Ended												TTM			Full Year
(unaudited, in millions)	June 30,			September 30,			December 31,			March 31,			March 31,			December 31,
	2019			2019			2019			2020			2020			2019
Net income (loss)	$	84		$	9		$	126		$	(689	)	$	(470	)	$	316
Depreciation and amortization expense		61			61			80			75			277			264
Interest income		(2	)		(2	)		(1	)		(1	)		(6	)		(6	)
Interest expense		33			33			42			40			148			140
Income tax expense		5			—			23			10			38			35
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates		7			7			4			5			23			23
EBITDA		188			108			274			(560	)		10			772
Loss (gain) on sales of assets, net		12			(1	)		1			(62	)		(50	)		(19	)
Gain on sale of investments in affiliates⁽¹⁾		—			—			(44	)		—			(44	)		(44	)
Acquisition costs		6			59			5			1			71			70
Severance expense		1			—			—			2			3			2
Share-based compensation expense		4			4			4			2			14			16
Casualty loss (gain) and impairment loss, net		—			8			(26	)		694			676			(18	)
Other items		(4	)		2			9			5			12			7
Adjusted EBITDA		207			180			223			82			692			786
Add: Adjusted EBITDA from hotels acquired⁽²⁾		53			39			—			—			92			129
Less: Adjusted EBITDA from hotels disposed of		(14	)		(5	)		(6	)		(1	)		(26	)		(39	)
Less: Adjusted EBITDA from investments in affiliates disposed of		(1	)		(1	)		—			—			(2	)		(2	)
Pro-forma Adjusted EBITDA⁽²⁾		245			213			217			81			756			874
Less: Adjusted EBITDA from investments in affiliates		(11	)		(8	)		(6	)		(4	)		(29	)		(35	)
Add: All other⁽³⁾		14			12			12			13			51			53
Pro-forma Hotel Adjusted EBITDA⁽²⁾	$	248		$	217		$	223		$	90		$	778		$	892

⁽¹⁾

Included in other (loss) gain, net in the consolidated statements of operations.

⁽²⁾

Assumes hotels were acquired on January 1, 2019.

⁽³⁾


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	Supplementary Financial Information (continued)

	Historical Pro-forma Hotel Revenues – 2021 and 2020 TTM

The financial information below is for the 52 consolidated hotels owned as of May 6, 2021.

	Three Months Ended												TTM			Full Year
(unaudited, in millions)	June 30,			September 30,			December 31,			March 31,			March 31,			December 31,
	2020			2020			2020			2021			2021			2020
Total Revenues	$	42		$	98		$	113		$	165		$	418		$	852
Less: Other revenue		(3	)		(3	)		(4	)		(8	)		(18	)		(29	)
Less: Revenues from hotels disposed of		—			—			(1	)		(1	)		(2	)		(11	)
Pro-forma Hotel Revenues	$	39		$	95		$	108		$	156		$	398		$	812

	Three Months Ended												TTM			Full Year
	June 30,			September 30,			December 31,			March 31,			March 31,			December 31,
	2019			2019			2019			2020			2020			2019
Total Revenues	$	703		$	672		$	810		$	599		$	2,784		$	2,844
Less: Other revenue		(19	)		(22	)		(18	)		(19	)		(78	)		(77	)
Add: Revenues from hotels acquired⁽¹⁾		151			125			—			—			276			406
Less: Revenues from hotels disposed of		(47	)		(27	)		(29	)		(10	)		(113	)		(154	)
Pro-forma Hotel Revenues⁽¹⁾	$	788		$	748		$	763		$	570		$	2,869		$	3,019

⁽¹⁾

Assumes hotels were acquired on January 1, 2019.


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	Supplementary Financial Information (continued)

	General and Administrative Expenses

(unaudited, in millions)	Three Months Ended
	March 31,
	2021		2020
Corporate general and administrative expenses	$	18	$	16
Less:
Share-based compensation expense		6		2
Severance expense		—		2
G&A, excluding expenses not included in Adjusted EBITDA	$	12	$	12


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	Supplementary Financial Information (continued)

	Net Debt and Net Debt to Pro-forma Adjusted EBITDA Ratio

(unaudited, in millions)
	March 31, 2021			December 31, 2020
Debt	$	5,121		$	5,121
Add: unamortized deferred financing costs and discount		37			38
Less: unamortized premium		(3	)		(3	)
Long-term debt, including current maturities and excluding unamortized deferred financing cost, premiums and discounts		5,155			5,156
Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs		225			225
Less: cash and cash equivalents		(868	)		(951	)
Less: restricted cash		(32	)		(30	)
Net debt	$	4,480		$	4,400
Pro-forma Adjusted EBITDA⁽¹⁾	$	(324	)	$	(195	)
Net debt to Pro-forma Adjusted EBITDA ratio	NM⁽²⁾			NM⁽²⁾

⁽¹⁾

See slide 12 for Pro-forma Adjusted EBITDA at March 31, 2021 and December 31, 2020. Pro-forma Adjusted EBITDA excludes results from disposed hotels.

⁽²⁾

The Net debt to Pro-forma Adjusted EBITDA ratio as of March 31, 2021 and December 31, 2020 are not meaningful.


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Portfolio and Operating Metrics

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


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	Portfolio and Operating Metrics

	Hotel Portfolio as of May 6, 2021

Hotel Name	Total Rooms		Operating Status	Reopening Date⁽¹⁾	Market	Meeting Space (square feet)		Ownership	Equity Ownership	Debt (in millions)
Consolidated Portfolio

Hilton Hawaiian Village Waikiki Beach Resort		2,860	Open	12/15/2020	Hawaii		150,000	Fee Simple	100%	$	1,275
Hilton San Francisco Union Square		1,921	Suspended	Q2 2021	San Francisco		130,000	Fee Simple	100%	$	725	⁽²⁾
New York Hilton Midtown		1,878	Suspended	Q3 2021	New York		151,000	Fee Simple	100%		—
Hilton New Orleans Riverside		1,622	Open	7/9/2020	New Orleans		130,000	Fee Simple	100%		—
Hilton Chicago		1,544	Suspended	Q2 2021	Chicago		234,000	Fee Simple	100%		—
Parc 55 San Francisco - a Hilton Hotel		1,024	Suspended	Q3 2021	San Francisco		30,000	Fee Simple	100%		—	⁽²⁾
Hilton Orlando Bonnet Creek		1,009	Open	7/1/2020	Orlando		122,000	Fee Simple	100%		—
DoubleTree Hotel Seattle Airport		850	Open	3/21/2021	Seattle		34,000	Leasehold	100%		—
Hilton Orlando Lake Buena Vista		814	Open	11/2/2020	Orlando		78,000	Leasehold	100%		—
Caribe Hilton		652	Open	10/8/2020	Other U.S.		65,000	Fee Simple	100%		—
Hilton Waikoloa Village		647	Open	11/13/2020	Hawaii		235,000	Fee Simple	100%		—
DoubleTree Hotel Washington DC – Crystal City		627	Open		Washington, D.C.		31,000	Fee Simple	100%		—
Hilton Denver City Center		613	Open	7/1/2020	Denver		50,000	Fee Simple	100%	$	60
Hilton Boston Logan Airport		604	Open		Boston		30,000	Leasehold	100%		—
W Chicago - Lakeshore		520	Open		Chicago		21,000	Fee Simple	100%		—
Hilton Miami Airport		508	Open	6/4/2020	Miami		32,000	Fee Simple	100%		—
DoubleTree Hotel San Jose		505	Open		Other U.S.		48,000	Fee Simple	100%		—
Hyatt Regency Boston		502	Open	6/21/2020	Boston		30,000	Fee Simple	100%	$	139
Waldorf Astoria Orlando		502	Open	7/1/2020	Orlando		52,000	Fee Simple	100%		—
Hilton Salt Lake City Center		499	Open		Other U.S.		24,000	Leasehold	100%		—
DoubleTree Hotel Ontario Airport		482	Open		Southern California		27,000	Fee Simple	67%	$	30
Hilton McLean Tysons Corner		458	Open		Washington, D.C.		27,000	Fee Simple	100%		—
Hyatt Regency Mission Bay Spa and Marina		438	Open	6/25/2020	Southern California		24,000	Leasehold	100%		—
Boston Marriott Newton		430	Open		Boston		34,000	Fee Simple	100%		—
W Chicago - City Center		403	Suspended	Q2 2021	Chicago		13,000	Fee Simple	100%	$	75
Hilton Seattle Airport & Conference Center		396	Open		Seattle		40,000	Leasehold	100%		—
Royal Palm South Beach Miami, a Tribute Portfolio Resort		393	Open	6/1/2020	Miami		11,000	Fee Simple	100%		—
DoubleTree Hotel Spokane City Center		375	Open		Other U.S.		21,000	Fee Simple	10%	$	12
Hilton Santa Barbara Beachfront Resort		360	Open		Southern California		40,000	Fee Simple	50%	$	165
Hilton Oakland Airport		360	Open		Other U.S.		16,000	Leasehold	100%		—
Le Meridien San Francisco		360	Open	3/29/2021	San Francisco		13,000	Fee Simple	100%		—
JW Marriott San Francisco Union Square		344	Open		San Francisco		12,000	Leasehold	100%		—
Hyatt Centric Fisherman's Wharf		316	Open		San Francisco		19,000	Fee Simple	100%		—
Hilton Short Hills		314	Suspended	Q2 2021	Other U.S.		14,000	Fee Simple	100%		—
Casa Marina, A Waldorf Astoria Resort		311	Open	6/1/2020	Key West		23,000	Fee Simple	100%		—
DoubleTree Hotel San Diego – Mission Valley		300	Open	9/14/2020	Southern California		24,000	Leasehold	100%		—

⁽¹⁾	For hotels that are suspended as of May 6, 2021, the current projected reopening dates are estimated.

⁽²⁾	Single $725 million CMBS loan secured by Hilton San Francisco Union Square and Parc 55 San Francisco – a Hilton Hotel.


18 \|


	Portfolio and Operating Metrics (continued)

	Hotel Portfolio as of May 6, 2021

Hotel Name	Total Rooms		Operating Status	Reopening Date⁽¹⁾	Market	Meeting Space (square feet)		Ownership	Equity Ownership	Debt⁽²⁾ (in millions)
Consolidated Portfolio (continued)

Embassy Suites Kansas City Plaza		266	Open	7/16/2020	Other U.S.		11,000	Leasehold	100%		—
Embassy Suites Austin Downtown South Congress		262	Open	7/1/2020	Other U.S.		2,000	Leasehold	100%		—
DoubleTree Hotel Sonoma Wine Country		245	Open	6/4/2020	Other U.S.		50,000	Leasehold	100%		—
Juniper Hotel Cupertino, Curio Collection		224	Open	7/9/2020	Other U.S.		5,000	Fee Simple	100%		—
Hilton Chicago/Oak Brook Suites		211	Open		Chicago		3,000	Fee Simple	100%		—
Hotel Indigo San Diego Gaslamp Quarter		210	Open	6/26/2020	Southern California		6,000	Fee Simple	100%		—
Courtyard Washington Capitol Hill/Navy Yard		204	Open		Washington, D.C.		2,000	Fee Simple	100%		—
Homewood Suites by Hilton Seattle Convention Center Pike Street		195	Open		Seattle		1,000	Fee Simple	100%		—
Hilton Checkers Los Angeles		193	Open	7/20/2020	Southern California		3,000	Fee Simple	100%	$	27
Embassy Suites Phoenix Airport		182	Open	6/12/2020	Other U.S.		5,000	Leasehold	100%		—
Hotel Adagio, Autograph Collection		171	Open	3/31/2021	San Francisco		4,000	Fee Simple	100%		—
Hilton Garden Inn LAX/El Segundo		162	Open	7/1/2020	Southern California		3,000	Fee Simple	100%		—
DoubleTree Hotel Durango		159	Open	6/1/2020	Other U.S.		6,000	Leasehold	100%		—
The Reach Key West, Curio Collection		150	Open	6/1/2020	Key West		22,000	Fee Simple	100%		—
Hampton Inn & Suites Memphis – Shady Grove		131	Open		Other U.S.		1,000	Fee Simple	100%		—
Hilton Garden Inn Chicago/Oak Brook Terrace		128	Suspended	Q2 2021	Chicago		2,000	Fee Simple	100%		—
Total Consolidated Portfolio (52 Hotels)		28,834					2,161,000			$	2,508

Unconsolidated Joint Venture Portfolio

Hilton Orlando		1,424	Open		Orlando		236,000	Fee Simple	20%	$	95
Hilton San Diego Bayfront		1,190	Open	8/15/2020	Southern California		165,000	Leasehold	25%	$	55
Capital Hilton		550	Open	8/20/2020	Washington, D.C.		30,000	Fee Simple	25%	$	25
Hilton La Jolla Torrey Pines		394	Open		Southern California		41,000	Leasehold	25%	$	24
Embassy Suites Alexandria Old Town		288	Open	7/1/2020	Washington, D.C.		7,000	Fee Simple	50%	$	26
Embassy Suites Secaucus Meadowlands		261	Open		Other U.S.		1,000	Leasehold	50%		—
DoubleTree Hotel Las Vegas Airport		190	Open		Other U.S.		3,000	Fee Simple	50%		—
Total Unconsolidated Joint Venture Portfolio		4,297					483,000			$	225

TOTAL PARK HOTELS & RESORTS PORTFOLIO (59 Hotels)		33,131					2,644,000			$	2,733

⁽¹⁾	For hotels that are suspended as of May 6, 2021, the current projected reopening dates are estimated.

⁽²⁾	Debt related to unconsolidated joint ventures is presented on a pro-rata basis.


19 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Hotels by Market: Q1 2021 vs. Q1 2020

(unaudited)					Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
	Hotels		Rooms		1Q21		1Q20		Change⁽¹⁾			1Q21			1Q20			Change				1Q21		1Q20		Change⁽¹⁾			1Q21		1Q20		Change⁽¹⁾
Hawaii		2		3,507	$	199.42	$	261.58		(23.8	)%		25.0	%		77.1	%		(52.1	)%	pts	$	49.81	$	201.75		(75.3	)%	$	91.84	$	351.30		(73.9	)%
San Francisco		6		4,136		147.70		313.97		(53.0	)		4.5			61.8			(57.3	)			6.67		194.10		(96.6	)		8.97		265.08		(96.6	)
Orlando		3		2,325		175.94		243.63		(27.8	)		26.2			64.1			(37.9	)			46.18		156.23		(70.4	)		93.90		332.19		(71.7	)
New Orleans		1		1,622		62.02		214.19		(71.0	)		50.8			54.1			(3.3	)			31.50		115.80		(72.8	)		45.06		206.79		(78.2	)
Boston		3		1,536		116.28		164.25		(29.2	)		26.3			61.4			(35.1	)			30.60		100.81		(69.6	)		39.91		146.87		(72.8	)
New York		1		1,878		—		207.00		(100.0	)		—			61.1			(61.1	)			—		126.53		(100.0	)		1.46		228.72		(99.4	)
Southern California		7		2,145		146.07		175.65		(16.8	)		39.6			67.6			(28.0	)			57.82		118.69		(51.3	)		79.76		183.96		(56.6	)
Chicago		5		2,806		117.51		140.73		(16.5	)		5.6			39.3			(33.7	)			6.62		55.31		(88.0	)		8.57		95.72		(91.0	)
Key West		2		461		522.14		476.09		9.7			84.3			74.7			9.6				440.21		355.88		23.7			610.64		519.95		17.4
Denver		1		613		102.94		156.59		(34.3	)		23.8			61.2			(37.4	)			24.51		95.87		(74.4	)		29.77		147.97		(79.9	)
Miami		2		901		181.15		243.45		(25.6	)		65.7			75.3			(9.6	)			118.94		183.13		(35.1	)		164.73		246.05		(33.1	)
Washington, D.C.		3		1,289		113.38		159.14		(28.8	)		43.5			54.5			(11.0	)			49.36		86.71		(43.1	)		54.76		126.83		(56.8	)
Seattle		3		1,441		97.50		129.96		(25.0	)		27.4			62.2			(34.8	)			26.70		80.81		(67.0	)		33.43		119.05		(71.9	)
Other		13		4,174		122.90		177.28		(30.7	)		38.7			60.3			(21.6	)			47.59		106.95		(55.5	)		60.61		154.68		(60.8	)
All Markets		52		28,834	$	154.63	$	220.73		(29.9	)%		26.4	%		61.7	%		(35.3	)%	pts	$	40.79	$	136.16		(70.0	)%	$	59.99	$	218.05		(72.5	)%

⁽¹⁾

Calculated based on unrounded numbers.


20 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Hotels by Market: Q1 2021 vs. Q1 2020

(unaudited, dollars in millions)					Pro-forma Hotel Adjusted EBITDA							Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
	Hotels		Rooms		1Q21			1Q20			Change⁽¹⁾	1Q21		1Q20		Change⁽²⁾			1Q21			1Q20			Change⁽¹⁾
Hawaii		2		3,507	$	(2	)	$	34		NM	$	29	$	112		(74.1	)%		(5.9	)%		30.3	%	NM
San Francisco		6		4,136		(17	)		21		NM		3		100		(96.7	)		(516.0	)		21.0		NM
Orlando		3		2,325		—			22		NM		20		70		(72.0	)		(1.5	)		30.7		NM
New Orleans		1		1,622		(1	)		10		NM		7		31		(78.5	)		(8.9	)		31.3		NM
Boston		3		1,536		(4	)		1		NM		6		21		(73.1	)		(77.4	)		4.2		NM
New York		1		1,878		(9	)		(16	)	NM		—		39		(99.4	)		(3,692.8	)		(40.2	)	NM
Southern California		7		2,145		—			7		NM		15		36		(57.1	)		(0.7	)		19.3		NM
Chicago		5		2,806		(8	)		(11	)	NM		2		24		(91.1	)		(392.1	)		(46.9	)	NM
Key West		2		461		12			8		NM		25		22		16.2			49.2			37.6		NM
Denver		1		613		(1	)		2		NM		2		8		(80.1	)		(68.5	)		19.4		NM
Miami		2		901		4			8		NM		13		20		(33.8	)		33.4			41.5		NM
Washington, D.C.		3		1,289		—			—		NM		6		15		(57.3	)		(1.2	)		2.3		NM
Seattle		3		1,441		(3	)		—		NM		4		16		(72.2	)		(70.7	)		0.2		NM
Other		13		4,174		(6	)		4		NM		24		56		(59.2	)		(26.6	)		7.0		NM
All Markets		52		28,834	$	(35	)	$	90		NM	$	156	$	570		(72.7	)%		(22.6	)%		15.6	%	NM

⁽¹⁾

Percentage change is not meaningful.

⁽²⁾

Calculated based on unrounded numbers.


21 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: Q1 2021 vs. Q1 2020

	(unaudited)	Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
		1Q21		1Q20		Change⁽¹⁾			1Q21			1Q20			Change				1Q21		1Q20		Change⁽¹⁾			1Q21		1Q20		Change⁽¹⁾
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	200.30	$	260.12		(23.0	)%		21.3	%		76.4	%		(55.1	)%	pts	$	42.69	$	198.86		(78.5	)%	$	68.07	$	323.38		(79.0	)%
2	Hilton Waikoloa Village		197.40		267.75		(26.3	)		41.2			80.2			(39.0	)			81.26		214.52		(62.1	)		196.90		474.69		(58.5	)
3	Hilton San Francisco Union Square		—		307.84		(100.0	)		—			59.1			(59.1	)			—		181.85		(100.0	)		0.83		277.93		(99.7	)
4	Parc 55 San Francisco - a Hilton Hotel		—		290.78		(100.0	)		—			60.7			(60.7	)			—		176.36		(100.0	)		1.31		209.06		(99.4	)
5	Le Meridien San Francisco		157.01		349.46		(55.1	)		0.9			67.7			(66.8	)			1.34		236.34		(99.4	)		1.39		292.12		(99.5	)
6	JW Marriott San Francisco Union Square		168.70		441.71		(61.8	)		26.1			67.1			(41.0	)			44.07		296.34		(85.1	)		51.49		399.05		(87.1	)
7	Hyatt Centric Fisherman's Wharf		127.97		231.67		(44.8	)		29.6			68.2			(38.6	)			37.88		158.03		(76.0	)		50.35		205.26		(75.5	)
8	Hotel Adagio, Autograph Collection		118.95		322.84		(63.2	)		0.1			65.0			(64.9	)			0.16		210.00		(99.9	)		0.30		240.45		(99.9	)
9	Hilton Orlando Bonnet Creek		143.67		232.21		(38.1	)		30.9			62.7			(31.8	)			44.37		145.64		(69.5	)		92.71		355.59		(73.9	)
10	Waldorf Astoria Orlando		345.32		366.88		(5.9	)		24.4			59.3			(34.9	)			84.19		217.42		(61.3	)		179.96		425.08		(57.7	)
11	Hilton Orlando Lake Buena Vista		115.38		191.10		(39.6	)		21.7			68.9			(47.2	)			24.98		131.61		(81.0	)		42.29		245.88		(82.8	)
12	Hilton New Orleans Riverside		62.02		214.19		(71.0	)		50.8			54.1			(3.3	)			31.50		115.80		(72.8	)		45.06		206.79		(78.2	)
13	Hyatt Regency Boston		98.62		158.02		(37.6	)		27.1			70.3			(43.2	)			26.71		111.14		(76.0	)		37.15		152.26		(75.6	)
14	Hilton Boston Logan Airport		128.84		169.07		(23.8	)		34.5			66.1			(31.6	)			44.46		111.78		(60.2	)		55.53		155.05		(64.2	)
15	Boston Marriott Newton		112.66		165.71		(32.0	)		13.9			44.2			(30.3	)			15.68		73.34		(78.6	)		21.18		129.09		(83.6	)
16	New York Hilton Midtown		—		207.00		(100.0	)		—			61.1			(61.1	)			—		126.53		(100.0	)		1.46		228.72		(99.4	)
17	Hilton Santa Barbara Beachfront Resort		258.07		237.70		8.6			42.3			60.7			(18.4	)			109.05		144.16		(24.4	)		155.12		245.92		(36.9	)
18	Hyatt Regency Mission Bay Spa and Marina		172.67		168.64		2.4			26.4			57.4			(31.0	)			45.54		96.72		(52.9	)		84.92		191.98		(55.8	)
19	Hotel Indigo San Diego Gaslamp Quarter		123.93		194.57		(36.3	)		54.7			73.4			(18.7	)			67.80		142.92		(52.6	)		81.19		173.02		(53.1	)
20	Hilton Checkers Los Angeles		122.37		230.85		(47.0	)		22.0			65.6			(43.6	)			26.88		151.44		(82.2	)		31.35		176.55		(82.2	)
21	Hilton Chicago		—		129.22		(100.0	)		—			37.2			(37.2	)			—		48.03		(100.0	)		1.33		107.92		(98.8	)
22	W Chicago - City Center		—		211.19		(100.0	)		—			45.5			(45.5	)			—		96.20		(100.0	)		—		119.94		(100.0	)
23	W Chicago - Lakeshore		134.15		137.36		(2.3	)		18.3			34.6			(16.3	)			24.59		47.55		(48.3	)		28.80		60.67		(52.5	)
24	Casa Marina, A Waldorf Astoria Resort		550.24		499.01		10.3			83.3			74.9			8.4				458.20		373.54		22.7			642.02		550.34		16.7
25	The Reach Key West, Curio Collection		466.02		428.35		8.8			86.5			74.6			11.9				402.92		319.27		26.2			545.57		456.93		19.4
26	Hilton Denver City Center		102.94		156.59		(34.3	)		23.8			61.2			(37.4	)			24.51		95.87		(74.4	)		29.77		147.97		(79.9	)
27	Royal Palm South Beach Miami		221.85		295.51		(24.9	)		82.0			78.4			3.6				181.92		231.58		(21.4	)		252.69		308.60		(18.1	)
28	DoubleTree Hotel Washington DC – Crystal City		116.62		143.86		(18.9	)		43.9			48.6			(4.7	)			51.15		69.86		(26.8	)		55.76		90.55		(38.4	)
29	DoubleTree Hotel San Jose		110.35		206.85		(46.7	)		27.0			63.6			(36.6	)			29.80		131.50		(77.3	)		38.06		203.38		(81.3	)
30	Juniper Hotel Cupertino, Curio Collection		87.77		248.07		(64.6	)		33.1			57.9			(24.8	)			29.01		143.40		(79.8	)		31.61		175.92		(82.0	)
	Sub-total Core Hotels	$	176.79	$	242.68		(27.1	)%		22.2	%		61.4	%		(39.2	)%	pts	$	39.18	$	148.93		(73.7	)%	$	60.86	$	243.38		(75.0	)%

	All Other Hotels	$	117.48	$	157.74		(25.5	)%		38.7	%		62.6	%		(23.9	)%	pts	$	45.50	$	99.78		(53.9	)%	$	57.44	$	143.87		(60.1	)%
	Total Consolidated Portfolio	$	154.63	$	220.73		(29.9	)%		26.4	%		61.7	%		(35.3	)%	pts	$	40.79	$	136.16		(70.0	)%	$	59.99	$	218.05		(72.5	)%

⁽¹⁾	Calculated based on unrounded numbers.


22 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: Q1 2021 vs. Q1 2020

	(unaudited, dollars in millions)	Pro-forma Hotel Adjusted EBITDA							Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
		1Q21			1Q20			Change⁽¹⁾	1Q21		1Q20		Change⁽²⁾			1Q21			1Q20			Change⁽¹⁾
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	(3	)	$	28		NM	$	18	$	84		(79.2	)%		(17.2	)%		32.5	%	NM
2	Hilton Waikoloa Village		1			7		NM		11		28		(59.0	)		11.4			23.7		NM
3	Hilton San Francisco Union Square		(7	)		10		NM		—		49		(99.7	)		(5,120.5	)		19.8		NM
4	Parc 55 San Francisco - a Hilton Hotel		(4	)		3		NM		—		19		(99.4	)		(3,262.1	)		17.1		NM
5	Le Meridien San Francisco		(2	)		3		NM		—		10		(99.5	)		(4,007.7	)		30.4		NM
6	JW Marriott San Francisco Union Square		(2	)		4		NM		2		12		(87.2	)		(150.4	)		28.0		NM
7	Hyatt Centric Fisherman's Wharf		(1	)		—		NM		1		6		(75.7	)		(60.7	)		8.3		NM
8	Hotel Adagio, Autograph Collection		(1	)		1		NM		—		4		(99.9	)		(19,034.2	)		29.4		NM
9	Hilton Orlando Bonnet Creek		—			11		NM		8		33		(74.2	)		(3.0	)		34.2		NM
10	Waldorf Astoria Orlando		1			5		NM		8		19		(58.1	)		14.6			26.6		NM
11	Hilton Orlando Lake Buena Vista		(1	)		5		NM		3		18		(83.0	)		(39.4	)		28.5		NM
12	Hilton New Orleans Riverside		(1	)		10		NM		7		31		(78.5	)		(8.9	)		31.3		NM
13	Hyatt Regency Boston		(2	)		1		NM		2		7		(75.9	)		(94.8	)		8.2		NM
14	Hilton Boston Logan Airport		(2	)		—		NM		3		9		(64.6	)		(56.6	)		0.6		NM
15	Boston Marriott Newton		(1	)		—		NM		1		5		(83.8	)		(118.7	)		4.8		NM
16	New York Hilton Midtown		(9	)		(16	)	NM		—		39		(99.4	)		(3,692.8	)		(40.2	)	NM
17	Hilton Santa Barbara Beachfront Resort		2			2		NM		5		8		(37.6	)		30.4			28.1		NM
18	Hyatt Regency Mission Bay Spa and Marina		—			—		NM		3		8		(56.3	)		(12.6	)		5.6		NM
19	Hotel Indigo San Diego Gaslamp Quarter		—			1		NM		2		3		(53.6	)		(3.5	)		36.2		NM
20	Hilton Checkers Los Angeles		(1	)		1		NM		1		3		(82.4	)		(121.1	)		21.9		NM
21	Hilton Chicago		(5	)		(8	)	NM		—		15		(98.8	)		(2,516.6	)		(51.2	)	NM
22	W Chicago - City Center		(1	)		(1	)	NM		—		4		(100.0	)		(167,781.7	)		(17.6	)	NM
23	W Chicago - Lakeshore		(2	)		(3	)	NM		1		3		(53.1	)		(151.5	)		(94.8	)	NM
24	Casa Marina, A Waldorf Astoria Resort		9			6		NM		18		16		15.4			51.4			40.2		NM
25	The Reach Key West, Curio Collection		3			2		NM		7		6		18.1			43.9			30.9		NM
26	Hilton Denver City Center		(1	)		2		NM		2		8		(80.1	)		(68.5	)		19.4		NM
27	Royal Palm South Beach Miami		4			5		NM		9		11		(19.0	)		40.2			46.7		NM
28	DoubleTree Hotel Washington DC – Crystal City		1			(1	)	NM		3		5		(39.1	)		18.7			(14.0	)	NM
29	DoubleTree Hotel San Jose		(1	)		2		NM		2		9		(81.5	)		(79.1	)		18.9		NM
30	Juniper Hotel Cupertino, Curio Collection		(1	)		1		NM		1		4		(82.2	)		(121.2	)		20.7		NM
	Sub-total Core Hotels	$	(27	)	$	81		NM	$	118	$	476		(75.3	)%		(23.2	)%		17.1	%	NM

	All Other Hotels	$	(8	)	$	9		NM	$	38	$	94		(60.5	)%		(20.7	)%		8.4	%	NM
	Total Consolidated Portfolio	$	(35	)	$	90		NM	$	156	$	570		(72.7	)%		(22.6	)%		15.6	%	NM

⁽¹⁾	Percentage change is not meaningful.

⁽²⁾	Calculated based on unrounded numbers.


23 \|


	Portfolio and Operating Metrics (continued)

	Pro-Forma Hotels by Market: Q1 2021 vs. Q1 2019

(unaudited)					Pro-forma ADR⁽¹⁾							Pro-forma Occupancy⁽¹⁾										Pro-forma RevPAR⁽¹⁾							Pro-forma Total RevPAR⁽¹⁾
	Hotels		Rooms		1Q21		1Q19		Change⁽²⁾			1Q21			1Q19			Change				1Q21		1Q19		Change⁽²⁾			1Q21		1Q19		Change⁽²⁾
Hawaii		2		3,507	$	199.42	$	255.24		(21.9	)%		25.0	%		90.1	%		(65.1	)%	pts	$	49.81	$	229.88		(78.3	)%	$	91.84	$	389.68		(76.4	)%
San Francisco		6		4,136		147.70		325.68		(54.6	)		4.5			88.1			(83.6	)			6.67		287.09		(97.7	)		8.97		371.20		(97.6	)
Orlando		3		2,325		175.94		230.25		(23.6	)		26.2			86.1			(59.9	)			46.18		198.33		(76.7	)		93.90		414.25		(77.3	)
New Orleans		1		1,622		62.02		215.74		(71.3	)		50.8			76.1			(25.3	)			31.50		164.10		(80.8	)		45.06		285.74		(84.2	)
Boston		3		1,536		116.28		180.14		(35.4	)		26.3			76.6			(50.3	)			30.60		138.01		(77.8	)		39.91		198.10		(79.9	)
New York		1		1,878		—		227.91		(100.0	)		—			79.1			(79.1	)			—		180.26		(100.0	)		1.46		308.07		(99.5	)
Southern California		7		2,145		146.07		176.65		(17.3	)		39.6			82.2			(42.6	)			57.82		145.19		(60.2	)		79.76		225.14		(64.6	)
Chicago		5		2,806		117.51		139.81		(16.0	)		5.6			55.3			(49.7	)			6.62		77.26		(91.4	)		8.57		134.03		(93.6	)
Key West		2		461		522.14		464.03		12.5			84.3			90.7			(6.4	)			440.21		420.58		4.7			610.64		597.85		2.1
Denver		1		613		102.94		163.18		(36.9	)		23.8			74.6			(50.8	)			24.51		121.82		(79.9	)		29.77		187.77		(84.1	)
Miami		2		901		181.15		237.08		(23.6	)		65.7			90.9			(25.2	)			118.94		215.47		(44.8	)		164.73		292.73		(43.7	)
Washington, D.C.		3		1,289		113.38		162.85		(30.4	)		43.5			69.0			(25.5	)			49.36		112.41		(56.1	)		54.76		161.22		(66.0	)
Seattle		3		1,441		97.50		140.79		(30.7	)		27.4			76.5			(49.1	)			26.70		107.63		(75.2	)		33.43		155.36		(78.5	)
Other		13		4,174		122.90		182.83		(32.8	)		38.7			63.2			(24.5	)			47.59		115.56		(58.8	)		60.61		159.15		(61.9	)
All Markets		52		28,834	$	154.63	$	226.36		(31.7	)%		26.4	%		77.7	%		(51.3	)%	pts	$	40.79	$	175.84		(76.8	)%	$	59.99	$	273.13		(78.0	)%

(1)

Assumes hotels were acquired on January 1, 2019.

(2)

Calculated based on unrounded numbers.


24 \|


	Portfolio and Operating Metrics (continued)

	Pro-Forma Hotels by Market: Q1 2021 vs. Q1 2019

(unaudited, dollars in millions)					Pro-forma Hotel Adjusted EBITDA⁽¹⁾							Pro-forma Hotel Revenue⁽¹⁾							Pro-forma Hotel Adjusted EBITDA Margin⁽¹⁾
	Hotels		Rooms		1Q21			1Q19			Change⁽²⁾	1Q21		1Q19		Change⁽³⁾			1Q21			1Q19			Change⁽²⁾
Hawaii		2		3,507	$	(2	)	$	51		NM	$	29	$	139		(79.2	)%		(5.9	)%		36.5	%	NM
San Francisco		6		4,136		(17	)		48		NM		3		138		(97.6	)		(516.0	)		35.0		NM
Orlando		3		2,325		—			35		NM		20		87		(77.3	)		(1.5	)		40.0		NM
New Orleans		1		1,622		(1	)		17		NM		7		42		(84.2	)		(8.9	)		42.2		NM
Boston		3		1,536		(4	)		5		NM		6		27		(79.8	)		(77.4	)		19.7		NM
New York		1		1,878		(9	)		(2	)	NM		—		52		(99.5	)		(3,692.8	)		(4.1	)	NM
Southern California		7		2,145		—			12		NM		15		44		(64.5	)		(0.7	)		27.6		NM
Chicago		5		2,806		(8	)		(5	)	NM		2		34		(93.6	)		(392.1	)		(16.2	)	NM
Key West		2		461		12			11		NM		25		25		2.1			49.2			45.7		NM
Denver		1		613		(1	)		4		NM		2		10		(84.1	)		(68.5	)		34.1		NM
Miami		2		901		4			11		NM		13		24		(43.7	)		33.4			46.5		NM
Washington, D.C.		3		1,289		—			3		NM		6		19		(66.0	)		(1.2	)		16.2		NM
Seattle		3		1,441		(3	)		3		NM		4		20		(78.5	)		(70.7	)		15.4		NM
Other		13		4,174		(6	)		12		NM		24		59		(61.9	)		(26.6	)		19.3		NM
All Markets		52		28,834	$	(35	)	$	205		NM	$	156	$	720		(78.3	)%		(22.6	)%		28.5	%	NM

⁽¹⁾

Assumes hotels were acquired on January 1, 2019.

⁽²⁾

Percentage change is not meaningful.

⁽³⁾

Calculated based on unrounded numbers.


25 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: Q1 2021 vs. Q1 2019

	(unaudited)	Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
		1Q21		1Q19		Change⁽¹⁾			1Q21			1Q19			Change				1Q21		1Q19		Change⁽¹⁾			1Q21		1Q19		Change⁽¹⁾
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	200.30	$	260.34		(23.1	)%		21.3	%		92.5	%		(71.2	)%	pts	$	42.69	$	240.99		(82.3	)%	$	68.07	$	386.99		(82.4	)%
2	Hilton Waikoloa Village		197.40		240.69		(18.0	)		41.2			83.6			(42.4	)			81.26		201.24		(59.6	)		196.90		396.59		(50.4	)
3	Hilton San Francisco Union Square		—		320.01		(100.0	)		—			85.0			(85.0	)			—		271.96		(100.0	)		0.83		383.65		(99.8	)
4	Parc 55 San Francisco - a Hilton Hotel		—		309.13		(100.0	)		—			87.7			(87.7	)			—		270.94		(100.0	)		1.31		308.89		(99.6	)
5	Le Meridien San Francisco		157.01		357.60		(56.1	)		0.9			93.0			(92.1	)			1.34		332.61		(99.6	)		1.39		398.36		(99.7	)
6	JW Marriott San Francisco Union Square		168.70		424.88		(60.3	)		26.1			92.4			(66.3	)			44.07		392.35		(88.8	)		51.49		522.54		(90.1	)
7	Hyatt Centric Fisherman's Wharf		127.97		256.98		(50.2	)		29.6			97.4			(67.8	)			37.88		250.28		(84.9	)		50.35		316.31		(84.1	)
8	Hotel Adagio, Autograph Collection		118.95		345.32		(65.6	)		0.1			90.9			(90.8	)			0.16		314.17		(99.9	)		0.30		344.40		(99.9	)
9	Hilton Orlando Bonnet Creek		143.67		223.66		(35.8	)		30.9			85.4			(54.5	)			44.37		191.00		(76.8	)		92.71		457.91		(79.8	)
10	Waldorf Astoria Orlando		345.32		334.46		3.2			24.4			78.3			(53.9	)			84.19		261.81		(67.8	)		179.96		514.18		(65.0	)
11	Hilton Orlando Lake Buena Vista		115.38		183.10		(37.0	)		21.7			91.9			(70.2	)			24.98		168.26		(85.2	)		42.29		298.51		(85.8	)
12	Hilton New Orleans Riverside		62.02		215.74		(71.3	)		50.8			76.1			(25.3	)			31.50		164.10		(80.8	)		45.06		285.74		(84.2	)
13	Hyatt Regency Boston		98.62		175.14		(43.7	)		27.1			91.3			(64.2	)			26.71		159.91		(83.3	)		37.15		212.83		(82.5	)
14	Hilton Boston Logan Airport		128.84		194.42		(33.7	)		34.5			77.5			(43.0	)			44.46		150.65		(70.5	)		55.53		208.12		(73.3	)
15	Boston Marriott Newton		112.66		162.79		(30.8	)		13.9			58.3			(44.4	)			15.68		94.79		(83.5	)		21.18		166.94		(87.3	)
16	New York Hilton Midtown		—		227.91		(100.0	)		—			79.1			(79.1	)			—		180.26		(100.0	)		1.46		308.07		(99.5	)
17	Hilton Santa Barbara Beachfront Resort		258.07		233.48		10.5			42.3			75.8			(33.5	)			109.05		177.14		(38.4	)		155.12		294.11		(47.3	)
18	Hyatt Regency Mission Bay Spa and Marina		172.67		164.08		5.2			26.4			73.5			(47.1	)			45.54		120.45		(62.2	)		84.92		239.05		(64.5	)
19	Hotel Indigo San Diego Gaslamp Quarter		123.93		199.27		(37.8	)		54.7			85.9			(31.2	)			67.80		171.01		(60.4	)		81.19		202.07		(59.8	)
20	Hilton Checkers Los Angeles		122.37		231.69		(47.2	)		22.0			76.2			(54.2	)			26.88		176.49		(84.8	)		31.35		202.45		(84.5	)
21	Hilton Chicago		—		138.29		(100.0	)		—			54.8			(54.8	)			—		75.72		(100.0	)		1.33		158.86		(99.2	)
22	W Chicago - City Center		—		190.17		(100.0	)		—			58.4			(58.4	)			—		111.19		(100.0	)		—		147.51		(100.0	)
23	W Chicago - Lakeshore		134.15		124.84		7.5			18.3			45.8			(27.5	)			24.59		57.15		(57.0	)		28.80		76.89		(62.5	)
24	Casa Marina, A Waldorf Astoria Resort		550.24		476.63		15.4			83.3			91.5			(8.2	)			458.20		436.07		5.1			642.02		625.86		2.6
25	The Reach Key West, Curio Collection		466.02		437.15		6.6			86.5			88.8			(2.3	)			402.92		388.48		3.7			545.57		539.76		1.1
26	Hilton Denver City Center		102.94		163.18		(36.9	)		23.8			74.6			(50.8	)			24.51		121.82		(79.9	)		29.77		187.77		(84.1	)
27	Royal Palm South Beach Miami		221.85		276.66		(19.8	)		82.0			96.9			(14.9	)			181.92		268.03		(32.1	)		252.69		356.46		(29.1	)
28	DoubleTree Hotel Washington DC – Crystal City		116.62		150.08		(22.3	)		43.9			62.4			(18.5	)			51.15		93.66		(45.4	)		55.76		127.73		(56.3	)
29	DoubleTree Hotel San Jose		110.35		231.69		(52.4	)		27.0			83.4			(56.4	)			29.80		193.12		(84.6	)		38.06		274.48		(86.1	)
30	Juniper Hotel Cupertino, Curio Collection		87.77		272.68		(67.8	)		33.1			79.9			(46.8	)			29.01		217.82		(86.7	)		31.61		257.62		(87.7	)
	Sub-total Core Hotels	$	176.79	$	246.20		(28.2	)%		22.2	%		80.2	%		(58.0	)%	pts	$	39.18	$	197.43		(80.2	)%	$	60.86	$	311.35		(80.5	)%

	All Other Hotels	$	117.48	$	158.54		(25.9	)%		38.7	%		70.2	%		(31.5	)%	pts	$	45.50	$	111.23		(59.1	)%	$	57.44	$	158.81		(63.8	)%
	Total Consolidated Portfolio⁽²⁾	$	154.63	$	226.36		(31.7	)%		26.4	%		77.7	%		(51.3	)%	pts	$	40.79	$	175.84		(76.8	)%	$	59.99	$	273.13		(78.0	)%

⁽¹⁾Calculated based on unrounded numbers.

⁽²⁾Assumes hotels were acquired on January 1, 2019.


26 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: Q1 2021 vs. Q1 2019

	(unaudited, dollars in millions)	Pro-forma Hotel Adjusted EBITDA							Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
		1Q21			1Q19			Change⁽¹⁾	1Q21		1Q19		Change⁽²⁾			1Q21			1Q19			Change⁽¹⁾
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	(3	)	$	39		NM	$	18	$	100		(82.4	)%		(17.2	)%		38.7	%	NM
2	Hilton Waikoloa Village		1			12		NM		11		40		(71.1	)		11.4			30.9		NM
3	Hilton San Francisco Union Square		(7	)		22		NM		—		66		(99.8	)		(5,120.5	)		34.5		NM
4	Parc 55 San Francisco - a Hilton Hotel		(4	)		10		NM		—		28		(99.6	)		(3,262.1	)		35.1		NM
5	Le Meridien San Francisco		(2	)		5		NM		—		13		(99.7	)		(4,007.7	)		39.1		NM
6	JW Marriott San Francisco Union Square		(2	)		5		NM		2		16		(90.1	)		(150.4	)		33.8		NM
7	Hyatt Centric Fisherman's Wharf		(1	)		3		NM		1		9		(84.1	)		(60.7	)		29.7		NM
8	Hotel Adagio, Autograph Collection		(1	)		2		NM		—		5		(99.9	)		(19,034.2	)		44.9		NM
9	Hilton Orlando Bonnet Creek		—			17		NM		8		42		(79.8	)		(3.0	)		42.7		NM
10	Waldorf Astoria Orlando		1			9		NM		8		23		(65.0	)		14.6			36.9		NM
11	Hilton Orlando Lake Buena Vista		(1	)		8		NM		3		22		(85.8	)		(39.4	)		37.8		NM
12	Hilton New Orleans Riverside		(1	)		17		NM		7		42		(84.2	)		(8.9	)		42.2		NM
13	Hyatt Regency Boston		(2	)		3		NM		2		10		(82.5	)		(94.8	)		27.8		NM
14	Hilton Boston Logan Airport		(2	)		2		NM		3		11		(73.1	)		(56.6	)		15.2		NM
15	Boston Marriott Newton		(1	)		1		NM		1		6		(87.3	)		(118.7	)		15.5		NM
16	New York Hilton Midtown		(9	)		(2	)	NM		—		52		(99.5	)		(3,692.8	)		(4.1	)	NM
17	Hilton Santa Barbara Beachfront Resort		2			3		NM		5		10		(47.3	)		30.4			33.3		NM
18	Hyatt Regency Mission Bay Spa and Marina		—			1		NM		3		9		(64.1	)		(12.6	)		14.8		NM
19	Hotel Indigo San Diego Gaslamp Quarter		—			2		NM		2		4		(59.8	)		(3.5	)		41.0		NM
20	Hilton Checkers Los Angeles		(1	)		1		NM		1		4		(84.5	)		(121.1	)		27.5		NM
21	Hilton Chicago		(5	)		(3	)	NM		—		22		(99.2	)		(2,516.6	)		(14.4	)	NM
22	W Chicago - City Center		(1	)		—		NM		—		5		(100.0	)		(167,781.7	)		(8.3	)	NM
23	W Chicago - Lakeshore		(2	)		(2	)	NM		1		4		(62.5	)		(151.5	)		(63.9	)	NM
24	Casa Marina, A Waldorf Astoria Resort		9			8		NM		18		18		2.6			51.4			45.5		NM
25	The Reach Key West, Curio Collection		3			3		NM		7		7		1.1			43.9			45.8		NM
26	Hilton Denver City Center		(1	)		4		NM		2		10		(84.1	)		(68.5	)		34.1		NM
27	Royal Palm South Beach Miami		4			6		NM		9		13		(29.1	)		40.2			49.4		NM
28	DoubleTree Hotel Washington DC – Crystal City		1			1		NM		3		7		(56.3	)		18.7			7.4		NM
29	DoubleTree Hotel San Jose		(1	)		4		NM		2		12		(86.1	)		(79.1	)		29.9		NM
30	Juniper Hotel Cupertino, Curio Collection		(1	)		2		NM		1		5		(87.7	)		(121.2	)		37.8		NM
	Sub-total Core Hotels	$	(27	)	$	183		NM	$	118	$	615		(80.9	)%		(23.2	)%		29.8	%	NM

	All Other Hotels	$	(8	)	$	22		NM	$	38	$	105		(63.8	)%		(20.7	)%		20.6	%	NM
	Total Consolidated Portfolio⁽³⁾	$	(35	)	$	205		NM	$	156	$	720		(78.3	)%		(22.6	)%		28.5	%	NM

⁽¹⁾	Percentage change is not meaningful.

⁽²⁾Calculated based on unrounded numbers

⁽³⁾Assumes hotels were acquired on January 1, 2019.


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Properties Acquired & Sold

Acquisitions & W New Orleans French Quarter


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	Properties Acquired and Sold

	Properties Acquired


Hotel	Location	Room Count
2019 Acquisitions:

Chesapeake Lodging Trust Acquisition⁽¹⁾
Hilton Denver City Center	Denver, CO	613
W Chicago – Lakeshore	Chicago, IL	520
Hyatt Regency Boston	Boston, MA	502
Hyatt Regency Mission Bay Spa and Marina	San Diego, CA	438
Boston Marriott Newton	Newton, MA	430
Le Meridien New Orleans⁽²⁾	New Orleans, LA	410
W Chicago – City Center	Chicago, IL	403
Royal Palm South Beach Miami, a Tribute Portfolio Resort	Miami Beach, FL	393
Le Meridien San Francisco	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⁽²⁾	Los Angeles, CA	182
Hotel Adagio, Autograph Collection	San Francisco, CA	171
W New Orleans – French Quarter⁽³⁾	New Orleans, LA	97
			5,981

⁽¹⁾

Park’s acquisition by merger of Chesapeake Lodging Trust closed in September 2019 for total consideration of approximately $2.5 billion, including acquisition costs.

⁽²⁾

Sold in December 2019.

⁽³⁾

Sold in April 2021.


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	Properties Acquired and Sold (continued)

	Properties Sold

Hotel	Location	Month Sold	Room Count		Gross Proceeds
					(in millions)
2018 Sales:
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 Sales:
Pointe Hilton Squaw Peak Resort	Phoenix, Arizona	February 2019		563	$	51.4
Hilton Nuremberg	Nuremberg, Germany	March 2019		152		17.5
Hilton Atlanta Airport	Atlanta, Georgia	June 2019		507		101.0

Hilton New Orleans Airport⁽²⁾	New Orleans, Louisiana	June 2019		317		48.0
Embassy Suites Parsippany⁽²⁾	Parsippany, New Jersey	June 2019		274		17.0
				591		65.0

Conrad Dublin⁽³⁾	Dublin, Ireland	November 2019		192		61.0
Ace Hotel Downtown Los Angeles	Los Angeles, California	December 2019		182		117.0
Le Meridien New Orleans	New Orleans, Louisiana	December 2019		410		84.0
2019 Total				2,597	$	496.9

2020 Sales:
Hilton São Paulo Morumbi	São Paulo, Brazil	February 2020		503	$	117.5
Embassy Suites Washington DC Georgetown	Washington, D.C.	February 2020		197		90.4
2020 Total				700	$	207.9

2021 Sales:
W New Orleans - French Quarter	New Orleans, Louisiana	April 2021		97	$	24.1
Grand Total⁽⁴⁾				6,587	$	1,247.9

⁽¹⁾

The unconsolidated hotel was sold for total gross proceeds 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⁾

The unconsolidated hotel was sold for total gross proceeds of approximately $128 million, of which $61 million represents Park’s pro rata share.

⁽⁴⁾

To date, Park has sold a total of 24 hotels. In addition, in December 2019, Park terminated the ground lease on the Hilton Sheffield Hotel.


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Liquidity and Capital Structure

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


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	Liquidity and Capital Structure

	Fixed and Variable Rate Debt

(unaudited, dollars in millions)

Debt

Collateral

Interest Rate

Maturity Date

As of

March 31, 2021

Fixed Rate Debt

Mortgage loan

DoubleTree Hotel Spokane City Center

3.55%

October 2021⁽¹⁾

Mortgage loan

Hilton Denver City Center

4.90%

August 2022⁽²⁾

Mortgage loan

Hilton Checkers Los Angeles

4.11%

March 2023

Mortgage loan

W Chicago - City Center

4.25%

August 2023⁽³⁾

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

139

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

2025 Senior Secured Notes

7.50%

June 2025

650

2028 Senior Secured Notes

5.88%

October 2028

725

Finance lease obligations

3.07%

2021 to 2022

Total Fixed Rate Debt

5.07%⁽⁴⁾

3,854

Variable Rate Debt

Revolving credit facility⁽⁵⁾⁽⁶⁾

Unsecured

L + 3.00%

2021 to 2023⁽⁶⁾

601

Mortgage loan

DoubleTree Hotel Ontario Airport

L + 2.25%

May 2022⁽⁷⁾

2019 Term Facility⁽⁵⁾⁽⁸⁾

Unsecured

L + 2.65%

August 2024

670

Total Variable Rate Debt

3.08%⁽⁴⁾

1,301

Add: unamortized premium

Less: unamortized deferred financing costs and discount

(37

)

Total Debt⁽⁹⁾

4.63%⁽⁴⁾

5,121

⁽¹⁾

In December 2020, Park’s joint venture executed a forbearance agreement for its $12 million loan secured by the Doubletree Spokane in which the lender agreed to forbear exercising its rights and remedies arising from Park’s joint venture non-payment of the loan at maturity due to market conditions until October 6, 2021. Beginning April 2021, the interest rate on the loan will be accrued at the default rate of 6.55%.

⁽²⁾

The loan matures in August 2042 but is callable by the lender beginning August 2022.

⁽³⁾

In January 2021, Park ceased making debt service payments for the $75 million mortgage loan secured by the W Chicago City Center. Failure to make debt service payments constitutes an event of default. While Park hopes to negotiate an amendment with the lender, there can be no assurances that an agreement will be reached.

⁽⁴⁾

Calculated on a weighted average basis.

⁽⁵⁾

In May 2020, Park amended its credit and term loan facilities to add a LIBOR floor of 25 basis points

⁽⁶⁾

In September 2020, Park increased its aggregate commitments under the Revolver by $75 million to $1.075 billion and extended the maturity date with respect to $901 million of the aggregate commitments for two years to December 2023, including all $75 million of the increased Revolver commitments. The maturity date for the remaining $174 million of commitments under the Revolver is December 2021.

⁽⁷⁾

In May 2021, Park’s joint venture modified the loan agreement for the $30 million loan secured by the DoubleTree Hotel Ontario to extend the maturity date by one year to May 2022.

⁽⁸⁾

In August 2019, the Company, Park Intermediate Holdings LLC and PK Domestic entered into a term loan facility (the “2019 Term Facility”).

⁽⁹⁾

Excludes $225 million of Park’s share of debt of its unconsolidated joint ventures.


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	Liquidity and Capital Structure

	Cash Preservation: Estimated Burn Rate

•

Based on Park’s liquidity as of March 31, 2021 of $1.3 billion and its March 2021 monthly burn rate of approximately $26 million, which takes into account current operations from both open and suspended hotels. Using an accrual-based methodology, Park estimates it currently has over 50 months of liquidity available to meet its financial obligations.

•

Park continues to take proactive measures to reduce the burn rate from $42 million average per month in the fourth quarter of 2020 to $26 million in March of 2021. As a result of these measures, coupled with expected continued leisure demand and the continued distribution of COVID-19 vaccines, Park’s portfolio generated positive Hotel Adjusted EBITDA for March 2021. Park expects to reach break-even at the corporate level during the second half of 2021, with its portfolio expected to generate positive Hotel Adjusted EBITDA during the second quarter of 2021.

•

This estimate does not take into account capital expenditures, any possible alternative sources of revenue that may arise, any additional hotel property dispositions or payment of future cash dividends, if any, or continued improvement in operations. Additionally, this estimate does not take into account any amount available to Park under existing or future debt facilities, or proceeds from issuance of any additional debt, equity or equity-linked securities.


33 \|

Definitions

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


34 \|


	Definitions

Pro-forma

The Company presents certain data for its consolidated hotels on a pro-forma hotel basis as supplemental information for investors: Pro-forma Hotel Revenues, Pro-forma RevPAR, Pro-forma Total RevPAR, Pro-forma Occupancy, Pro-forma ADR, Pro-forma Adjusted EBITDA, Pro-forma Hotel Adjusted EBITDA and Pro-forma Hotel Adjusted EBITDA Margin and Net debt to Pro-forma Adjusted EBITDA ratio. The Company presents pro-forma hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s pro-forma metrics exclude results from property dispositions that have occurred through May 6, 2021 and include results from property acquisitions as though such acquisitions occurred on the earliest period presented.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin

Earnings (loss) before interest expense, taxes and depreciation and amortization (“EBITDA”), presented herein, reflects net income (loss) excluding depreciation and amortization, interest income, interest expense, income taxes and interest expense, income tax and depreciation and amortization included in equity in earnings (losses) 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;

• Transition expense related to the Company’s establishment as an independent, publicly-traded company;

• Costs associated with hotel acquisitions or dispositions expensed during the period;

• Severance expense;

• Share-based compensation expense;

• Casualty gains or losses;

• 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, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company’s profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company’s consolidated hotels.

Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.


35 \|


	Definitions (continued)

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (“U.S.”) GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, the Company’s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies.

The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company’s management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by removing the effect of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results; and (ii) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in the industry.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company’s operating performance and results as reported under U.S. GAAP.

Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – Diluted and Adjusted FFO per share – Diluted

Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP measures of the Company’s performance. The Company calculates funds from (used in) operations (“FFO”) attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), as net income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect the Company’s pro rata share of the FFO of those entities on the same basis. As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper – 2018 Restatement,” since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITS. The Company’s presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.


36 \|


	Definitions (continued)

The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding the Company’s ongoing operating performance. Management historically has made the adjustments detailed below in evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful supplemental information that is beneficial to an investor’s complete understanding of operating performance. The Company adjusts Nareit FFO attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO attributable to stockholders:

• Costs associated with hotel acquisitions or dispositions expensed during the period;

• Severance expense;

• Share-based compensation expense;

• Casualty gains or losses; and

• Other items that management believes are not representative of the Company’s current or future operating performance.

Net Debt

Net debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net debt is calculated as (i) 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 Net debt provides useful information about its indebtedness to investors as it is frequently used by securities analysts, investors and other interested parties to compare the indebtedness of companies. Net debt should not be considered as a substitute to debt presented in accordance with U.S. GAAP. Net debt may not be comparable to a similarly titled measure of other companies.

Net Debt to Adjusted EBITDA Ratio

Net debt to Adjusted EBITDA ratio, presented herein, is a non-GAAP financial measure and is included as it is frequently used by securities analysts, investors and other interested parties to compare the financial condition of companies. Net debt to Adjusted EBITDA ratio should not be considered as an alternative to measures of financial condition derived in accordance with U.S. GAAP and it may not be comparable to a similarly titled measure of other companies.

Occupancy

Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. Room nights available to guests have not been adjusted for suspended or reduced operations at certain of Park’s hotels as a result of COVID-19. 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.


37 \|


	Definitions (continued)

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. Room nights available to guests have not been adjusted for suspended or reduced operations at certain of Park’s hotels as a result of COVID-19. Management considers RevPAR to be a meaningful indicator of the Company’s performance as it provides a metric correlated to two primary and key factors of operations at a hotel or group of hotels: occupancy and ADR. RevPAR is also a useful indicator in measuring performance over comparable periods.

Total RevPAR

Total RevPAR represents rooms, food and beverage and other hotel revenues divided by the total number of room nights available to guests for a given period. Room nights available to guests have not been adjusted for suspended or reduced operations at certain of Park’s hotels as a result of COVID-19. Management considers Total RevPAR to be a meaningful indicator of the Company’s performance as approximately one-third of revenues are earned from food and beverage and other hotel revenues. Total RevPAR is also a useful indicator in measuring performance over comparable periods.

References to RevPAR, Total RevPAR and ADR are presented on a currency neutral basis (prior periods are reflected using current period exchange rates), unless otherwise noted.


38 \|


	Analyst Coverage

Analyst	Company	Phone	Email
Shaun Kelley	Bank of America	(646) 855-1005	shaun.kelley@bofa.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
Floris Van Dijkum	Compass Point	(646) 757-2621	fvandijkum@compasspointllc.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
Bill Crow	Raymond James	(727) 567-2594	bill.crow@raymondjames.com
Patrick Scholes	Truist Securities	(212) 319-3915	patrick.scholes@research.Truist.com
Robin Farley	UBS	(212) 713-2060	robin.farley@ubs.com
Dori Kesten	Wells Fargo	(617) 603-4262	dori.kesten@wellsfargo.com


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