Exhibit 99.1

Park Hotels & Resorts Inc. Reports Second Quarter 2022 Results

TYSONS, VA (August 3, 2022) – Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the second quarter ended June 30, 2022 and provided an operational update.

Second quarter financial highlights include:

Additional highlights include:

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, “I am extremely excited to see continued demand growth across our portfolio during the second quarter. Leisure demand remains strong in our Hawaii, Florida and Puerto Rico markets, while business transient and group demand continue to strengthen, helping to drive average rates at our urban hotels above 2019 levels by over 2% and group rates to 2019 levels during the second quarter. Additionally, we sold four hotels and our ownership interests in the joint ventures that own and operate one hotel during 2022 for gross proceeds of approximately $268 million and utilized these proceeds to buy back $218 million in stock at a significant discount to our estimated net asset value. Despite the macroeconomic and geopolitical pressures that exist, I am optimistic that our portfolio will continue to recover through the back half of the year as pent-up demand persists across all segments, including our current forecast reflecting transient occupancy for the third quarter at nearly 90% of 2019 levels. With current liquidity of approximately $1.7 billion, we are well positioned to pivot between defense and offense as we continue to strengthen our balance sheet and reinvest in our portfolio."

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Selected Statistical and Financial Information

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

Operational Update

All of Park's hotels are open following the reopening of the 1,024-room Parc 55 San Francisco – a Hilton Hotel on May 19, 2022. Changes in Park's 2022 Pro-forma ADR, occupancy and RevPAR compared to the same periods in 2021 and 2019, and 2022 Pro-forma occupancy were as follows:

Changes in Park's 2022 Pro-forma ADR, occupancy and RevPAR for the three and six months ended June 30, 2022 compared to the same periods in 2021 and 2019, and 2022 Pro-forma occupancy for the three and six months ended June 30, 2022 by hotel type were as follows:

For the second quarter of 2022, Park’s portfolio generated positive Pro-forma Hotel Adjusted EBITDA for the fifth consecutive quarter, with 42 of 43 of Park’s consolidated hotels open for the entire quarter exceeding break-even levels.

Domestic leisure transient demand continues to grow compared to 2021 as a result of the easing of domestic restrictions, despite some disruption from virus variants; however, some restrictions on international travel remain in place. The Pro-forma Rooms Revenue mix for the three and six months ended June 30, 2022, 2021, 2020 and 2019 were as follows:

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Park saw an improvement in demand beginning in mid-February 2022 as restrictions declined across the country, business travel accelerated and group demand began to return to Park's urban hotels. In June 2022, group bookings for the remainder of 2022 and 2023 continued to gain with the addition of approximately 100,000 room nights as compared to May 2022. As of the end of June 2022, group bookings for the remainder of 2022 were approximately 68% of what 2019 group bookings were as of the end of June 2019, an improvement of over 400 basis points from March 2022, with average group rate near 2019 levels for the same time period. Group bookings for 2023 are 71% of what 2019 group bookings were as of June 2018, with average group rates exceeding 2019 average group rates by over 2% for the same time period.

Mid-week occupancies for Park's business-oriented hotels open for the entire quarter increased to an average of 73% for the second quarter of 2022 compared to 41% for the first quarter of 2022, with June 2022 at 80%, signaling continued recovery of business transient demand.

Highlights for Park's consolidated hotels owned as of August 3, 2022 in each of the Company’s key markets are as follows:

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Balance Sheet and Liquidity

Park’s Net Debt as of June 30, 2022 was $4.0 billion. The Company has just $78 million outstanding on its sole remaining corporate term loan. Only 1% of Park’s total outstanding debt matures in 2022, and the weighted average maturity of Park’s consolidated debt is 4.2 years. Park's current liquidity is approximately $1.7 billion, including $901 million of available capacity under the Company's revolving credit facility ("Revolver").

As of June 30, 2022, Park had $109 million of restricted cash, which includes $83 million currently held by the lenders of the mortgage loans secured by the Hilton Hawaiian Village Waikiki Beach Resort and Hilton Denver City Center expected to be released during the third quarter upon submission of the certificates reflecting compliance with financial ratios associated with these loans.

Additionally, Park exited the covenant relief period under its credit facilities upon delivery of the second quarter 2022 compliance certificate in July 2022, which reflected compliance with all required covenants one quarter earlier than the scheduled end of the waiver period. Upon exit of the waiver period, certain restrictions related to investments and the incurrence, repayment of debt and dividends and distributions ceased to apply.

Park had the following debt outstanding as of June 30, 2022:

Capital Investments

During the second quarter of 2022, Park spent $31 million on capital improvements at its hotels. Park expects to invest approximately $200 million to $225 million in capital improvements during 2022, including $55 million to $62 million on return on investment projects and $145 million to $163 million on maintenance projects. Key current and upcoming projects are summarized below:

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Dividends and Share Repurchases

Park declared a second quarter 2022 cash dividend of $0.01 per share to stockholders of record as of June 30, 2022. The second quarter 2022 cash dividend was paid on July 15, 2022.

During the second quarter, Park repurchased 8.5 million shares of its common stock at an average price of $18.33 per share, or $157 million in the aggregate, through its previously disclosed $300 million stock repurchase program, which was approved by our Board of Directors in February 2022. Year-to-date, 12.0 million shares have been repurchased at an average price of $18.23 per share, or $218 million.

Q3 2022 Outlook

Park is only providing third quarter 2022 guidance at this time given the uncertainty with respect to macroeconomic and geopolitical pressures in the latter part of the year. Expectations for third quarter 2022 operating results are as follows:

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Q3 2022 outlook is based in part on the following assumptions:

Park's Q3 2022 outlook is based on a number of factors, many of which are outside the Company's control, including uncertainty surrounding any new disruptions from the COVID-19 pandemic and other macro-economic factors, including inflation, increases in interest rates, supply chain disruptions and the possibility of an economic recession or slowdown in 2022, all of which are subject to change.

Supplemental Disclosures

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

Conference Call

Park will host a conference call for investors and other interested parties to discuss second quarter 2022 results on August 4, 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’ Second Quarter 2022 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 resources, including expected 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 impact from macroeconomic factors (including inflation, increases in interest rates, potential economic slowdown or a recession and geopolitical conflicts), the effects of competition and the effects of future legislation or regulations, the expected completion of anticipated dispositions, the declaration 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 actions taken to contain the pandemic or mitigate its effects, the emergences of virus variants and 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. 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, 2021 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, 2021, 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.

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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 49 premium-branded hotels and resorts with over 30,000 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.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)

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PARK HOTELS & RESORTS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except per share data)