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8-K

Park Hotels & Resorts Inc. (PK)

8-K 2023-02-22 For: 2023-02-22
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Added on April 08, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 22, 2023

Park Hotels & Resorts Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware 001-37795 36-2058176
(State or Other Jurisdiction<br><br>of Incorporation) (Commission<br><br>File Number) (IRS Employer<br><br>Identification No.)
1775 Tysons Blvd., 7th Floor, Tysons, VA 22102
(Address of Principal Executive Offices) (Zip Code)

(571)

302-5757

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of class Trading Symbol Name of exchange on which registered
Common Stock, $0.01 par value per share PK New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 22, 2023, Park Hotels & Resorts Inc. (the “Company”) issued a press release announcing its results of operations for the fourth quarter and full year ended December 31, 2022 and made available certain supplemental information concerning the portfolio and operation of the Company. Copies of the press release and the supplemental information are furnished as Exhibits 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.

In accordance with General Instructions B.2 of Form 8-K, the information included in Item 2.02 of this Current Report on Form 8-K (including Exhibits 99.1 and 99.2 hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit<br><br>Number Description
99.1 Press release dated February 22, 2023
99.2 Fourth Quarter and Full Year 2022 Supplemental Data
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Park Hotels & Resorts Inc.
Date: February 22, 2023 By: /s/ Sean M. Dell’Orto
Sean M. Dell’Orto
Executive Vice President, Chief Financial Officer and Treasurer

EX-99

Exhibit 99.1

Investor Contact 1775 Tysons Boulevard, 7th Floor
Ian Weissman Tysons, VA 22102
+ 1 571 302 5591 www.pkhotelsandresorts.com

Park Hotels & Resorts Inc. Reports Fourth Quarter and Full Year 2022 Results

TYSONS, VA (February 22, 2023) – Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the fourth quarter and full year ended December 31, 2022 and provided an operational update.

Selected Statistical and Financial Information

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

Three Months Ended December 31, Year Ended December 31,
2022 2021 Change(1) 2022 2021 Change(1)
Comparable RevPAR $ 162.81 $ 111.02 46.7 % $ 156.38 $ 84.54 85.0 %
Comparable Occupancy 67.7 % 52.1 % 15.6 % pts 65.5 % 42.7 % 22.8 % pts
Comparable ADR $ 240.57 $ 213.37 12.7 % $ 238.79 $ 197.91 20.7 %
Comparable Total RevPAR $ 258.41 $ 171.66 50.5 % $ 243.87 $ 128.57 89.7 %
Net income (loss) $ 35 $ (65 ) 153.8 % $ 173 $ (452 ) 138.3 %
Net income (loss) attributable to<br>   stockholders $ 34 $ (67 ) 150.7 % $ 162 $ (459 ) 135.3 %
Operating income (loss) $ 84 $ 2 3,238.1 % $ 296 $ (179 ) 265.6 %
Operating income (loss) margin 12.6 % 0.6 % 1,200 bps 11.8 % (13.1 )% 2,490 bps
Comparable Hotel Adjusted EBITDA $ 166 $ 85 98.4 % $ 626 $ 175 258.8 %
Comparable Hotel Adjusted EBITDA margin 25.8 % 19.6 % 620 bps 26.0 % 13.7 % 1,230 bps
Adjusted EBITDA $ 159 $ 81 96.3 % $ 606 $ 142 326.8 %
Adjusted FFO attributable to stockholders $ 101 $ 10 910.0 % $ 352 $ (136 ) 358.8 %
Earnings (loss) per share – Diluted(1) $ 0.15 $ (0.28 ) 153.6 % $ 0.71 $ (1.95 ) 136.4 %
Adjusted FFO per share – Diluted(1) $ 0.45 $ 0.05 800.0 % $ 1.54 $ (0.57 ) 370.2 %
Weighted average shares outstanding –<br>   Diluted 224 236 (12 ) 228 236 (8 )
(1) Amounts are calculated based on unrounded numbers.
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Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, “I am extremely pleased by our fourth quarter results, which exceeded our expectations and guidance that we provided mid-December, and am encouraged by the positive trends continuing into early 2023. Group business continued to accelerate in the fourth quarter, with group revenue approximately 83% of the fourth quarter of 2019. Business transient demand continues to grow, and despite some seasonal moderation, leisure demand continued to improve at our urban markets. During the fourth quarter, average rates at our resort and airport hotels exceeded 2019 levels by 21% and 8%, respectively, while rate at our urban and suburban hotels exceeded 2019 levels by approximately 2%. Additionally, Park executed on its capital allocation priorities over the past year by completing $435 million of non-core asset sales and recycling this capital into repurchases of nearly $260 million of our common stock and repayments of over $100 million of debt, while also amending and

extending our Revolver, further improving the Company's financial flexibility. Looking ahead into 2023, I am excited by the continued positive momentum across our portfolio, with improving city-wide calendars and the return of international travel. We currently do not see recession concerns making a significant impact on our business, and we remain well positioned with approximately $1.9 billion of liquidity to ramp up our dividend distributions and ROI capex spend this year while prudently making opportunistic investments, whether it be additional share repurchases or acquisitions."

Additional Highlights

• Reopened all previously suspended hotels by May 2022;

• Moody’s Investors Service upgraded Park’s outlook to Stable from Negative;

• Reinstated Park's quarterly dividend in the first quarter of 2022, declaring a total of $0.28 per share to stockholders for the year, including a dividend of $0.25 per share declared for the fourth quarter of 2022 to common stockholders of record as of December 30, 2022, which was paid on January 17, 2023;

• Converted the Casa Marina Key West from a Waldorf Astoria Resort to a Curio in March 2022;

• During 2022, repurchased a total of 12.7 million shares at an average price of $17.82 per share, or $227 million, with an additional 2.5 million shares repurchased in January 2023 at an average price of $11.64 per share, or $30 million;

• Exited the covenant relief period under Park's credit and term loan facilities in July 2022, one quarter earlier than the scheduled end of the waiver period;

• Amended and restated Park's revolving credit facility ("Revolver") in December 2022, which increased total capacity from $901 million to $950 million, extended the maturity date by three years to December 2026 and released all collateral securing the Revolver and Park's senior notes consisting of pledges of equity interests in Park-affiliated entities owning certain unencumbered properties;

• In December 2022, fully repaid (i) the remaining $78 million balance on the unsecured delayed draw term loan facility ("2019 Term Facility") using $50 million of the Revolver and available cash on hand as well as (ii) the $26 million mortgage loan secured by the Hilton Checkers;

• Opened the newly constructed 13,000 square foot ballroom at the Waldorf Astoria Bonnet Creek in Orlando in December 2022;

• During 2022, Park has sold its interests in seven non-core hotels for total gross proceeds of approximately $317 million, or 14.0x the hotels’ combined 2019 Adjusted EBITDA (or 12.9x when excluding anticipated capital expenditures), and at an average capitalization rate of 6.2% on the hotels’ combined 2019 net operating income (or 6.7% excluding anticipated maintenance capital expenditures); and

• In February 2023, sold the 508-room Hilton Miami Airport for gross proceeds of $118.25 million, or $233,000 per key, 14.0x the hotel's 2019 Adjusted EBITDA (or 11.1x when excluding anticipated capital expenditures), and at a capitalization rate of 6.2% on the hotel's 2019 net operating income (or 7.9% excluding anticipated capital expenditures). Park utilized $50 million of the net proceeds to fully repay the outstanding balance on the Revolver.

Operational Update

Changes in Park's 2022 Comparable ADR, Occupancy and RevPAR compared to the same periods in 2021 and 2019, and 2022 Comparable Occupancy were as follows:

Change in Comparable ADR Change in Comparable Occupancy Change in Comparable RevPAR 2022 Comparable
2022 vs. 2021 2022 vs. 2019 2022 vs. 2021 2022 vs. 2019 2022 vs. 2021 2022 vs. 2019 Occupancy
Q1 2022 43.7 % 0.8 % 25.3 % pts (26.0 )% pts 183.4 % (33.1 )% 51.4 %
Q2 2022 29.0 8.5 29.3 (14.7 ) 120.0 (10.1 ) 70.9
Q3 2022 14.6 7.2 20.9 (12.5 ) 61.7 (8.8 ) 71.7
Oct 2022 20.2 4.0 23.7 (11.2 ) 77.5 (9.7 ) 73.4
Nov 2022 14.4 7.7 15.5 (14.0 ) 48.9 (10.9 ) 67.1
Dec 2022 5.6 14.5 7.7 (13.5 ) 20.5 (5.8 ) 62.5
Q4 2022 12.7 8.4 15.6 (12.9 ) 46.7 (8.9 ) 67.7
2023 vs. 2022 2023 vs. 2019 2023 vs. 2022 2023 vs. 2019 2023 vs. 2022 2023 vs. 2019 2023 Comparable Occupancy
Jan 2023 17.8 5.9 19.8 (12.7 ) 76.7 (12.9 ) 59.3

Changes in Park's 2022 Comparable ADR, Occupancy and RevPAR for the three months and year ended December 31, 2022 compared to the same periods in 2021 and 2019, and 2022 Comparable Occupancy for the three months and year ended December 31, 2022 by hotel type were as follows:

Three Months Ended December 31,
Change in Comparable ADR Change in Comparable Occupancy Change in Comparable RevPAR 2022 Comparable
2022 vs. 2021 2022 vs. 2019 2022 vs. 2021 2022 vs. 2019 2022 vs. 2021 2022 vs. 2019 Occupancy
Resort 3.7 % 21.0 % 11.3 % pts (8.9 )% pts 22.4 % 8.2 % 74.3 %
Urban 19.1 1.5 19.9 (16.7 ) 73.3 (19.6 ) 63.6
Airport 20.0 7.9 9.3 (9.2 ) 38.4 (4.5 ) 70.5
Suburban 31.3 2.3 19.0 (11.2 ) 88.6 (13.3 ) 62.5
All Types 12.7 8.4 15.6 (12.9 ) 46.7 (8.9 ) 67.7

For the fourth quarter of 2022 as compared to the fourth quarter of 2019, excluding Park's San Francisco hotels, Comparable Occupancy was 69.9%, or 90% of 2019 levels, with an increase in Comparable rate of 14.1% and Comparable RevPAR at 2019 levels. Additionally, for the fourth quarter of 2022, Comparable Occupancy at Park's urban hotels, excluding its San Francisco hotels, was 67.5%, or 90% of 2019 levels, with an increase in Comparable rate of 12.0% and Comparable RevPAR at approximately 98% of 2019 levels.

Year Ended December 31,
Change in Comparable ADR Change in Comparable Occupancy Change in Comparable RevPAR 2022 Comparable
2022 vs. 2021 2022 vs. 2019 2022 vs. 2021 2022 vs. 2019 2022 vs. 2021 2022 vs. 2019 Occupancy
Resort 11.1 % 22.9 % 18.4 % pts (9.9 )% pts 47.2 % 8.6 % 75.0 %
Urban 37.0 (1.4 ) 26.7 (22.2 ) 151.8 (28.6 ) 58.5
Airport 22.0 (1.7 ) 19.7 (10.3 ) 68.0 (14.0 ) 71.9
Suburban 34.2 (1.8 ) 21.3 (17.8 ) 109.2 (24.5 ) 59.4
All Types 20.7 6.5 22.8 (16.5 ) 85.0 (14.9 ) 65.5

Domestic leisure transient demand continues to grow compared to 2021 as a result of the easing of domestic restrictions; however, some restrictions on international travel remain in place. The Comparable Rooms Revenue mix for the three months and years ended December 31, 2022, 2021, 2020 and 2019 were as follows:

Three Months Ended December 31,
2022 2021 2020 2019
Group 26.9 % 19.5 % 10.9 % 28.9 %
Transient 66.1 73.7 73.2 63.7
Contract 4.7 4.8 14.0 5.4
Other 2.3 2.0 1.9 2.0
Year Ended December 31,
2022 2021 2020 2019
Group 25.9 % 13.3 % 26.7 % 30.9 %
Transient 67.4 79.0 61.5 61.7
Contract 4.5 5.8 9.6 5.3
Other 2.2 1.9 2.2 2.1

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 its urban hotels. Park continues to see group business materialize, and during the fourth quarter of 2022, recognized $13 million of additional group revenue for business booked during the quarter. As of the end of December 2022, group bookings for 2023 continued to increase with the addition of approximately 200,000 room nights as compared to the end of September 2022. As of the end of December 2022, group bookings for 2023 were 74% of what 2019 group bookings were as of the end of December 2018, an increase of 180 basis points from the end of September 2022, with average group rates exceeding 2019 average group rates by over 5% for the same time period. In addition, Group Revenue Pace for 2023, as of the end of December 2022, was 78% as compared to 2019 as of the end of December 2018.

Results for Park's Comparable hotels in each of the Company’s key markets are as follows:

(unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR
Hotels Rooms 4Q22 4Q21 Change(1) 4Q22 4Q21 Change 4Q22 4Q21 Change(1)
Hawaii 2 3,507 $ 305.20 $ 265.86 14.8 % 80.3 % 63.5 % 16.8 % pts $ 245.04 $ 168.86 45.1 %
San Francisco 4 3,605 213.30 181.81 17.3 53.5 29.9 23.6 114.05 54.29 110.1
Orlando 3 2,325 243.50 238.18 2.2 68.3 57.4 10.9 166.26 136.75 21.6
New Orleans 1 1,622 211.44 182.02 16.2 68.3 52.0 16.3 144.48 94.65 52.6
Boston 3 1,536 224.09 188.87 18.6 77.9 65.9 12.0 174.54 124.44 40.3
New York 1 1,878 363.73 323.05 12.6 84.7 46.6 38.1 307.95 150.32 104.9
Southern California 5 1,773 215.37 207.95 3.6 71.7 65.5 6.2 154.46 136.20 13.4
Chicago 3 2,467 223.89 191.24 17.1 53.5 31.5 22.0 119.85 60.35 98.6
Key West 2 461 454.01 557.29 (18.5 ) 69.7 77.0 (7.3 ) 316.54 429.47 (26.3 )
Denver 1 613 177.32 136.41 30.0 63.8 63.2 0.6 113.21 86.34 31.1
Miami 2 901 208.13 194.69 6.9 83.3 78.3 5.0 173.33 152.37 13.8
Washington, D.C. 2 1,085 174.32 130.69 33.4 66.8 45.0 21.8 116.52 58.86 98.0
Seattle 2 1,246 157.98 122.62 28.8 59.7 51.5 8.2 94.32 63.17 49.3
Other 12 4,043 188.41 159.74 18.0 63.4 54.3 9.1 119.48 86.66 37.9
All Markets 43 27,062 $ 240.57 $ 213.37 12.7 % 67.7 % 52.1 % 15.6 % pts $ 162.81 $ 111.02 46.7 %
(1) Calculated based on unrounded numbers
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Balance Sheet and Liquidity

Park’s Net Debt as of December 31, 2022 was $3.9 billion. In December 2022, Park amended and restated the Revolver, which extended its maturity date to December 2026 and increased aggregate commitments from $901 million to $950 million, of which $50 million, together with cash on hand, was used to fully repay the remaining $78 million outstanding on its sole remaining corporate term loan. The amended agreement adjusted certain financial covenants to revised levels through the end of the first quarter of 2024, allows Park to conduct share repurchases, subject to compliance with the financial covenants, and released all collateral securing the credit facility and senior notes. It also placed restrictions on the Company, including Park’s ability to grant liens on certain properties, mergers, affiliate transactions, asset sales and the payment of dividends and distributions (except to the extent required to maintain REIT status and certain other agreed exceptions).

In addition, Park fully repaid the $26 million mortgage loan secured by the Hilton Checkers Los Angeles in December 2022 and expects to fully repay the $75 million mortgage loan secured by the W Chicago – City Center (due in August 2023) in May 2023 with available cash on hand. In February 2023, Park fully repaid the $50 million outstanding under the Revolver with a portion of the net proceeds from the sale of the Hilton Miami Airport.

Park has no significant maturities until the fourth quarter of 2023. Park is currently exploring various financing options for the $725 million mortgage loan secured by the Hilton San Francisco Union Square and Parc 55 Hotel San Francisco due in November 2023, and expects to have the matter addressed before the third quarter of 2023. As of December 31, 2022, the weighted average maturity of Park's consolidated debt is 3.8 years. Park's current liquidity is approximately $1.9 billion, including approximately $950 million of available capacity under the Company's Revolver.

Park had the following debt outstanding as of December 31, 2022:

(unaudited, dollars in millions)
Debt Collateral Interest Rate Maturity Date As of December 31, 2022
Fixed Rate Debt
Mortgage loan Hilton Denver City Center 4.90% June 2023(1) $ 56
Mortgage loan W Chicago – City Center 4.25% August 2023 75
Mortgage 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 132
Mortgage loan DoubleTree Hotel Spokane City Center 3.62% July 2026 14
Mortgage loan Hilton Hawaiian Village Beach Resort 4.20% November 2026 1,275
Mortgage loan Hilton Santa Barbara Beachfront Resort 4.17% December 2026 162
Mortgage loan DoubleTree Hotel Ontario Airport 5.37% May 2027 30
2025 Senior Notes 7.50% June 2025 650
2028 Senior Notes 5.88% October 2028 725
2029 Senior Notes 4.88% May 2029 750
Total Fixed Rate Debt 5.04%(2) 4,594
Variable Rate Debt
Revolver(3) Unsecured SOFR + 2.10% December 2026 50
Total Variable Rate Debt 6.22%(2) 50
Add: unamortized premium 3
Less: unamortized deferred financing costs and discount (30 )
Total Debt(4) 5.06%(2) $ 4,617
(1) The loan matures in August 2042 but is callable by the lender with six months of notice. As of December 31, 2022, Park had not received notice from the lender.
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(2) Calculated on a weighted average basis.
(3) In February 2023, Park fully repaid the outstanding balance under the Revolver. Park has approximately $950 million of available capacity under the Revolver.
(4) Excludes $169 million of Park’s share of debt of its unconsolidated joint ventures.

Capital Investments

During 2022, Park spent $168 million on capital improvements at its hotels, of which $64 million was spent during the fourth quarter of 2022. Park expects to invest approximately $300 million to $325 million in capital improvements during 2023, consisting of $108 million to $117 million on return on investment projects and $192 million to $208 million on maintenance projects. Key current and upcoming projects are summarized below:

• Hilton Hawaiian Village Waikiki Beach Resort (Guestroom): $85 million for three phases of guestroom renovations in the 1,020-room Tapa Tower, of which $52 million has been incurred to date with $16 million incurred in the fourth quarter of 2022. Phase one was completed in 2021, phase two completed at the end of 2022 and phase three is expected to be completed by the end of 2023;

• Waldorf Astoria Orlando and Signia by Hilton Orlando Bonnet Creek Complex:

o Meeting space expansion: $110 million expansion to add more than 100,000 square feet of meeting and event space, of which $14 million was incurred during the fourth quarter of 2022, bringing the total invested to date to $67 million since the project began in the fourth quarter of 2019, before being put on hold in 2020. The expansion at the Waldorf Astoria Orlando was completed during the fourth quarter of 2022 and the Signia by Hilton Orlando Bonnet Creek is expected to be completed by early 2024;

o Guestroom, existing meeting space & lobby: $20 million for existing meeting space and lobby renovations at the Signia by Hilton Orlando Bonnet Creek was substantially completed during the fourth quarter of 2022, of which $16 million has been incurred to date, with $2 million incurred during the fourth quarter of 2022. In addition, approximately $25 million was incurred on guestroom renovations at the Signia by Hilton Orlando Bonnet Creek in 2019 and 2020. Approximately $50 million for guestroom, existing meeting space, lobby and other public space renovations at the Waldorf Astoria Orlando, of which $11 million has been incurred to date, with $9 million incurred during the fourth quarter of 2022, to be completed by the fourth quarter of 2023;

o Golf course renovation: $9 million for two phases of golf course renovations, of which $2 million has been incurred since the project began during the second quarter of 2022. Phase one was completed in the fourth quarter of 2022 and phase two is expected to be completed by the fourth quarter of 2023; and

o Recreational amenities: $6 million for additional amenities, primarily at the pool, of which $1 million was incurred during the fourth quarter of 2022;

• Casa Marina Key West, Curio Collection: $70 million for a complete renovation of all 311 guestrooms, public spaces and hotel infrastructure, of which $6 million has been incurred to date with $5 million incurred in the fourth quarter of 2022, to be completed by the fourth quarter of 2023;

• Hilton New Orleans Riverside (Guestroom): $11 million for two phases of guestroom renovations in the 455-room Riverside building of which $2 million has been incurred to date since the project began in the third quarter of 2019 before being put on hold in 2020. The project is expected to be completed by the third quarter of 2023; and

• New York Hilton Midtown (Ballroom): $5 million for ballroom renovations that will begin and be completed during the third quarter of 2023.

Dividends and Share Repurchases

Park declared a fourth quarter 2022 cash dividend of $0.25 per share to stockholders of record as of December 30, 2022. The fourth quarter 2022 cash dividend was paid on January 17, 2023.

Park plans to declare its first quarter 2023 cash dividend in March 2023, which is currently expected to be $0.15 per share, subject to approval by its Board of Directors ("Board").

During 2022, Park repurchased 12.7 million shares at an average price of $17.82 per share, or $227 million, with an additional 2.5 million shares repurchased in January 2023 at an average price of $11.64 per share, or $30 million.

On February 17, 2023, Park's Board terminated its stock repurchase program authorized in February 2022, which was set to expire in February 2024. The Board authorized and approved a new stock repurchase program allowing Park to repurchase up to $300 million of its common stock over a two-year period, starting on February 21, 2023 and ending on February 21, 2025, subject to any applicable limitations or restrictions set forth in Park's credit facility and indentures related to its senior notes. Stock repurchases may be made through open market purchases, including through Rule 10b5-1 trading programs, in privately negotiated transactions, or in such other manner that would comply with applicable securities laws. The timing of any future stock repurchases and the number of shares to be repurchased will depend upon prevailing market conditions and other factors, and Park may suspend the repurchase program at any time. No stock repurchases have been made to date under the new program.

Q1 2023 and Full-Year 2023 Outlook

Park expects first quarter and full-year 2023 operating results to be as follows:

(unaudited, dollars in millions, except per share amounts and RevPAR)
Q1 2023 Outlook Full-Year 2023 Outlook
as of February 22, 2023 as of February 22, 2023
Metric Low High Low High
RevPAR $ 156 $ 162 $ 167 $ 179
RevPAR change vs. 2022 34 % 40 % 7 % 14 %
Net income $ 12 $ 28 $ 92 $ 180
Net income attributable to stockholders $ 11 $ 27 $ 78 $ 166
Earnings per share – Diluted(1) $ 0.05 $ 0.12 $ 0.35 $ 0.75
Operating income $ 63 $ 79 $ 316 $ 396
Operating income margin 10.6 % 12.2 % 12.7 % 14.5 %
Adjusted EBITDA $ 124 $ 140 $ 610 $ 690
Hotel Adjusted EBITDA margin 22.8 % 23.4 % 26.7 % 27.3 %
Hotel Adjusted EBITDA margin change vs. 2022 400 bps 460 bps 80 bps 140 bps
Adjusted FFO per share – Diluted(1) $ 0.30 $ 0.37 $ 1.60 $ 1.99
(1) Per share amounts are calculated based on unrounded numbers.
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Park's outlook is based in part on the following assumptions:

• Fully diluted weighted average shares are expected to be 222 million for both Q1 2023 and full-year 2023;

• The repayment of the $75 million mortgage loan secured by the W Chicago – City Center in May 2023;

• An increase in interest expense during the second half of 2023 upon extending the maturity date of the $725 million mortgage loan secured by the Hilton San Francisco Union Square and Parc 55 Hotel San Francisco;

• The mortgage loan secured by the Hilton Denver City Center is not called by the lender during 2023;

• The removal of $4 million and $12 million, respectively, of Hotel Adjusted EBITDA for Q1 and full-year related to the sale of the Hilton Miami Airport;

• Includes $14 million of Hotel Adjusted EBITDA disruption from a full-scale renovation at the Casa Marina Key West, Curio Collection, which is expected to be completed in the fourth quarter of 2023; and

• Current portfolio as of February 22, 2023 and does not take into account potential future acquisitions and dispositions, which could result in a material change to Park’s outlook.

Park's first quarter and full-year 2023 outlook are based on a number of factors, many of which are outside the Company's control, including uncertainty surrounding macro-economic factors, including inflation, increases in interest rates, supply chain disruptions and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of which are subject to change.

Supplemental Disclosures

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

Environmental, Social and Governance ("ESG")

In January 2023, Park published its 2022 Annual Corporate Responsibility Report ("CR Report") which includes Global Reporting Initiative ("GRI") and Sustainability Accounting Standards Board ("SASB") indices as well as its Task Force on Climate-Related Financial Disclosures ("TCFD") report. The 2022 CR Report details Park's energy, carbon, water and waste metrics and also highlights the Company's enhanced sustainability and corporate responsibility efforts, including the efforts related to Park's Diversity and Inclusion Steering Committee. Park also participated in the 2022 Global Real Estate Sustainability Benchmark ("GRESB") assessment, ranking in the top 35% of all GRESB participant companies, increasing its score compared to the pre-pandemic 2020 results. Compared to 2021, Park's ranking declined slightly due to drastic fluctuations in utility consumption across its portfolio from properties reopening and being utilized to a greater capacity. Additionally, in 2022, Park was recognized by Newsweek as one of America's Most Responsible Companies for the third consecutive year, ranking in the top third of all selected companies, and Park received the 2022 Nareit Leader in the Light Award for the hospitality sector. Five of Park's properties were awarded the ENERGY STAR® Certification for Superior Energy Efficiency, including Park's largest hotel, the Hilton Hawaiian Village Waikiki Beach Resort, and 85% of Park's portfolio was Google Eco-certified via Hilton's LightStay program.

Park formalized and strengthened oversight over its ESG activities by renaming two of its Board-level committees to more accurately reflect how ESG is embedded in Park's governance policies and establishing an executive-level ESG committee to develop, implement and monitor Park's ESG initiatives and policies. The executive-level ESG committee provides oversight of Park's three dedicated ESG working committees – the Green Park Committee, the Park Cares Committee, and the Diversity & Inclusion Steering Committee. ESG performance targets were also embedded into executive performance objectives and compensation.

Conference Call

Park will host a conference call for investors and other interested parties to discuss fourth quarter and full year 2022 results on February 23, 2023 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 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.

Annual Stockholders Meeting

Park will host its 2023 Annual Stockholders Meeting on April 26, 2023 at 8:00 am ET at 1775 Tysons Boulevard, Tysons, Virginia. Park's Board has established the close of business on March 2, 2023 as the record date for determining those stockholders that are entitled to vote at the 2023 Annual Stockholders Meeting.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including anticipated repayment of certain of the Company's indebtedness, the completion of capital allocation priorities, the expected repurchase of the Company's stock, the impact to the Company's business and financial condition and that of its hotel management companies, 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.

Forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from 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.

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 46 premium-branded hotels and resorts with over 29,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

PARK HOTELS & RESORTS INC.

CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)
2021
ASSETS
Property and equipment, net 8,301 $ 8,511
Investments in affiliates 1 15
Intangibles, net 43 44
Cash and cash equivalents 906 688
Restricted cash 33 75
Accounts receivable, net of allowance for doubtful accounts of 2 and 2 129 96
Prepaid expenses 58 35
Other assets 46 69
Operating lease right-of-use assets 214 210
TOTAL ASSETS (variable interest entities – 237 and 237) 9,731 $ 9,743
LIABILITIES AND EQUITY
Liabilities
Debt 4,617 $ 4,672
Accounts payable and accrued expenses 220 156
Due to hotel managers 141 111
Other liabilities 228 174
Operating lease liabilities 234 227
Total liabilities (variable interest entities – 219 and 219) 5,440 5,340

All values are in US Dollars.

Stockholders' Equity
Common stock, par value 0.01 per share, 6,000,000,000 shares   authorized, 224,573,858 shares issued and 224,061,745 shares outstanding as of   December 31, 2022 and 236,888,804 shares issued and 236,483,990   shares outstanding as of December 31, 2021 2 2
Additional paid-in capital 4,321 4,533
Retained earnings (accumulated deficit) 16 (83 )
Total stockholders' equity 4,339 4,452
Noncontrolling interests (48 ) (49 )
Total equity 4,291 4,403
TOTAL LIABILITIES AND EQUITY 9,731 $ 9,743

All values are in US Dollars.

PARK HOTELS & RESORTS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except per share data)

Three Months Ended December 31, Year Ended December 31,
2022 2021 2022 2021
Revenues
Rooms $ 406 $ 283 $ 1,559 $ 870
Food and beverage 175 99 606 251
Ancillary hotel 63 53 261 190
Other 21 16 75 51
Total revenues 665 451 2,501 1,362
Operating expenses
Rooms 110 84 408 254
Food and beverage 128 82 449 208
Other departmental and support 160 125 613 423
Other property-level 50 40 223 191
Management fees 31 19 115 59
Casualty and impairment loss, net 2 2 6 9
Depreciation and amortization 65 68 269 281
Corporate general and administrative 15 14 63 62
Other 20 15 72 49
Total expenses 581 449 2,218 1,536
Gain (loss) on sales of assets, net — — 13 (5 )
Operating income (loss) 84 2 296 (179 )
Interest income 8 1 13 1
Interest expense (62 ) (63 ) (247 ) (258 )
Equity in earnings (losses) from investments in affiliates 9 (1 ) 15 (7 )
Other (loss) gain, net (2 ) — 96 (7 )
Income (loss) before income taxes 37 (61 ) 173 (450 )
Income tax expense (2 ) (4 ) — (2 )
Net income (loss) 35 (65 ) 173 (452 )
Net income attributable to noncontrolling interests (1 ) (2 ) (11 ) (7 )
Net income (loss) attributable to stockholders $ 34 $ (67 ) $ 162 $ (459 )
Earnings (loss) per share:
--- --- --- --- --- --- --- --- --- --- ---
Earnings (loss) per share – Basic $ 0.15 $ (0.28 ) $ 0.71 $ (1.95 )
Earnings (loss) per share – Diluted $ 0.15 $ (0.28 ) $ 0.71 $ (1.95 )
Weighted average shares outstanding – Basic 224 236 228 236
Weighted average shares outstanding – Diluted 224 236 228 236

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

EBITDA AND ADJUSTED EBITDA

(unaudited, in millions) Three Months Ended December 31, Year Ended December 31,
2022 2021 2022 2021
Operating income (loss) $ 84 $ 2 $ 296 $ (179 )
Interest income 8 1 13 1
Interest expense (62 ) (63 ) (247 ) (258 )
Equity in earnings (losses) from investments in affiliates 9 (1 ) 15 (7 )
Other (loss) gain, net (2 ) — 96 (7 )
Income tax expense (2 ) (4 ) — (2 )
Net income (loss) 35 (65 ) 173 (452 )
Depreciation and amortization expense 65 68 269 281
Interest income (8 ) (1 ) (13 ) (1 )
Interest expense 62 63 247 258
Income tax expense 2 4 — 2
Interest expense, income tax and depreciation and<br>     amortization included in equity in earnings from<br>     investments in affiliates 2 3 9 11
EBITDA 158 72 685 99
(Gain) loss on sales of assets, net(1) (9 ) — (22 ) 5
Gain on sale of investments in affiliates(2) — — (92 ) —
Share-based compensation expense 4 4 17 19
Casualty and impairment loss, net 2 2 6 9
Other items 4 3 12 10
Adjusted EBITDA $ 159 $ 81 $ 606 $ 142
(1) For the three months and year ended December 31, 2022, includes a gain of $9 million on the sale of the DoubleTree Hotel Las Vegas Airport included in equity in earnings (losses) from investments in affiliates.
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(2) Included in other gain (loss), net.

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

COMPARABLE HOTEL ADJUSTED EBITDA AND

COMPARABLE HOTEL ADJUSTED EBITDA MARGIN

(unaudited, dollars in millions) Three Months Ended Year Ended
December 31, December 31,
2022 2021 2022 2021
Adjusted EBITDA $ 159 $ 81 $ 606 $ 142
Less: Adjusted EBITDA from investments in affiliates (5 ) (3 ) (25 ) (7 )
Add: All other(1) 12 9 49 42
Hotel Adjusted EBITDA 166 87 630 177
Less: Adjusted EBITDA from hotels disposed of — (2 ) (4 ) (2 )
Comparable Hotel Adjusted EBITDA $ 166 $ 85 $ 626 $ 175
Three Months Ended Year Ended
December 31, December 31,
2022 2021 2022 2021
Total Revenues $ 665 $ 451 $ 2,501 $ 1,362
Less: Other revenue (21 ) (16 ) (75 ) (51 )
Less: Revenues from hotels disposed of — (8 ) (17 ) (41 )
Comparable Hotel Revenues $ 644 $ 427 $ 2,409 $ 1,270
Three Months Ended Year Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
December 31, December 31,
2022 2021 Change(2) 2022 2021 Change(2)
Total Revenues $ 665 $ 451 47.2 % $ 2,501 $ 1,362 83.5 %
Operating income (loss) $ 84 $ 2 3,238.1 % $ 296 $ (179 ) 265.6 %
Operating income (loss) margin(2) 12.6 % 0.6 % 1,200 bps 11.8 % (13.1 )% 2,490 bps
Comparable Hotel Revenues $ 644 $ 427 50.5 % $ 2,409 $ 1,270 89.7 %
Comparable Hotel Adjusted EBITDA $ 166 $ 85 98.4 % $ 626 $ 175 258.8 %
Comparable Hotel Adjusted EBITDA <br>     margin(2) 25.8 % 19.6 % 620 bps 26.0 % 13.7 % 1,230 bps
__________________________________
(1) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate<br>     general and administrative expenses in the consolidated statements of operations.
(2)  Percentages are calculated based on unrounded numbers.

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

NAREIT FFO AND ADJUSTED FFO

(unaudited, in millions, except per share data)

Three Months Ended December 31, Year Ended December 31,
2022 2021 2022 2021
Net income (loss) attributable to stockholders $ 34 $ (67 ) $ 162 $ (459 )
Depreciation and amortization expense 65 68 269 281
Depreciation and amortization expense<br>   attributable to noncontrolling interests (1 ) (1 ) (4 ) (4 )
(Gain) loss on sales of assets, net — — (13 ) 5
Gain on sale of investments in affiliates(1) — — (92 ) —
Impairment loss — — — 5
Equity investment adjustments:
Equity in (earnings) losses from investments in affiliates (9 ) 1 (15 ) 7
Pro rata FFO of investments in affiliates 1 1 12 2
Nareit FFO attributable to stockholders 90 2 319 (163 )
Casualty loss, net 2 2 6 4
Share-based compensation expense 4 4 17 19
Other items 5 2 10 4
Adjusted FFO attributable to stockholders $ 101 $ 10 $ 352 $ (136 )
Nareit FFO per share – Diluted(2) $ 0.40 $ 0.01 $ 1.40 $ (0.69 )
Adjusted FFO per share – Diluted(2) $ 0.45 $ 0.05 $ 1.54 $ (0.57 )
Weighted average shares outstanding – Diluted 224 236 228 236
(1) Included in other gain (loss), net.
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(2) Per share amounts are calculated based on unrounded numbers.

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

NET DEBT

(unaudited, in millions)
December 31, 2022
Debt $ 4,617
Add: unamortized deferred financing costs and discount 30
Less: unamortized premium (3 )
Debt, excluding unamortized deferred financing cost,<br>   premiums and discounts 4,644
Add: Park's share of unconsolidated affiliates debt, <br>   excluding unamortized deferred financing costs 169
Less: cash and cash equivalents (906 )
Less: restricted cash (33 )
Net debt $ 3,874

PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

OUTLOOK – EBITDA, ADJUSTED EBITDA, HOTEL ADJUSTED EBITDA

AND HOTEL ADJUSTED EBITDA MARGIN

Three Months Ending Year Ending
(unaudited, in millions) March 31, 2023 December 31, 2023
Low Case High Case Low Case High Case
Operating income $ 63 $ 79 $ 316 $ 396
Interest income 6 6 16 16
Interest expense (60 ) (60 ) (247 ) (236 )
Equity in earnings from investments in affiliates 4 4 9 9
Income tax expense (1 ) (1 ) (2 ) (5 )
Net income 12 28 92 180
Depreciation and amortization expense 64 64 261 261
Interest income (6 ) (6 ) (16 ) (16 )
Interest expense 60 60 247 236
Income tax expense 1 1 2 5
Interest expense, income tax and depreciation and amortization<br>   included in equity in earnings from investments in affiliates 2 2 9 9
EBITDA 133 149 595 675
Gain on sale of assets, net (15 ) (15 ) (15 ) (15 )
Share-based compensation expense 4 4 17 17
Other items 2 2 13 13
Adjusted EBITDA 124 140 610 690
Less: Adjusted EBITDA from investments in affiliates (6 ) (6 ) (22 ) (22 )
Add: All other 12 12 54 54
Hotel Adjusted EBITDA $ 130 $ 146 $ 642 $ 722
Three Months Ending Year Ending
March 31, 2023 December 31, 2023
Low Case High Case Low Case High Case
Total Revenues $ 594 $ 649 $ 2,490 $ 2,730
Less: Other revenue (24 ) (24 ) (87 ) (87 )
Hotel Revenues $ 570 $ 625 $ 2,403 $ 2,643
Three Months Ending Year Ending
March 31, 2023 December 31, 2023
Low Case High Case Low Case High Case
Total Revenues $ 594 $ 649 $ 2,490 $ 2,730
Operating income $ 63 $ 79 $ 316 $ 396
Operating income margin(1) 10.6 % 12.2 % 12.7 % 14.5 %
Hotel Revenues $ 570 $ 625 $ 2,403 $ 2,643
Hotel Adjusted EBITDA $ 130 $ 146 $ 642 $ 722
Hotel Adjusted EBITDA margin(1) 22.8 % 23.4 % 26.7 % 27.3 %
(1) Percentages are calculated based on unrounded numbers.
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PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

OUTLOOK – NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND

ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS

Three Months Ending Year Ending
(unaudited, in millions except per share data) March 31, 2023 December 31, 2023
Low Case High Case Low Case High Case
Net income attributable to stockholders $ 11 $ 27 $ 78 $ 166
Depreciation and amortization expense 64 64 261 261
Depreciation and amortization expense attributable to <br>   noncontrolling interests (1 ) (1 ) (4 ) (4 )
Gain on sale of assets, net (15 ) (15 ) (15 ) (15 )
Equity investment adjustments:
Equity in earnings from investments in affiliates (4 ) (4 ) (9 ) (9 )
Pro rata FFO of equity investments 5 5 13 13
Nareit FFO attributable to stockholders 60 76 324 412
Share-based compensation expense 4 4 17 17
Other items 2 2 13 13
Adjusted FFO attributable to stockholders $ 66 $ 82 $ 354 $ 442
Adjusted FFO per share – Diluted(1) $ 0.30 $ 0.37 $ 1.60 $ 1.99
Weighted average diluted shares outstanding 222 222 222 222
(1) Per share amounts are calculated based on unrounded numbers.
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PARK HOTELS & RESORTS INC.

DEFINITIONS

Comparable Hotels

The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Total RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s Comparable metrics exclude results from property dispositions that have occurred through December 31, 2022 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 the following items that are not reflective of Park's ongoing operating performance or incurred in the normal course of business, and thus, excluded in management's analysis in making day-to-day operating decisions and evaluations of Park's operating performance against other companies within its industry:

• Gains or losses on sales of assets for both consolidated and unconsolidated investments;

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

• Severance expense;

• Share-based compensation expense;

• Impairment losses and casualty gains or losses; and

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

Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company’s consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company’s profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company’s consolidated hotels.

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

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

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

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company’s operating performance and results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available to the Company to meet its obligations.

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

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

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

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

• Severance expense;

• Share-based compensation expense;

• Casualty gains or losses; and

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

Net Debt

Net debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net debt is calculated as (i) 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.

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 the period of suspended or reduced operations at certain of the Company'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 rooms increases or decreases.

Average Daily Rate

ADR (or rate) represents rooms revenue divided by total number of room nights sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in the hotel industry, and management uses ADR to assess pricing levels that the Company is able to generate by type of customer, as changes in rates have a more pronounced effect on overall revenues and incremental profitability than changes in Occupancy, as described above.

Revenue per Available Room

Revenue per Available Room (“RevPAR”) represents rooms revenue divided by the total number of room nights available to guests for a given period. Room nights available to guests have not been adjusted for the period of suspended or reduced operations at certain of the Company'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 the period of suspended or reduced operations at certain of the Company'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.

Group Revenue Pace

Group Revenue Pace represents bookings for future business and is calculated as group room nights multiplied by the contracted room rate expressed as a percentage of a prior period relative to a prior point in time.

EX-99

Exhibit 99.2

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

\

About Park and Safe Harbor Disclosure
About Park Hotels & Resorts Inc.<br><br>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 46 premium-branded hotels and resorts with over 29,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.<br><br><br><br>Forward-Looking Statements<br><br>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 anticipated repayment of certain of the Company’s indebtedness, the completion of capital allocation priorities, the expected repurchase of the Company’s stock, the impact to the Company's business and financial condition and that of its hotel management companies, 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.<br><br><br><br>Forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from 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.<br><br><br><br>Supplemental Financial Information<br><br>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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2
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Table of Contents
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1. Financial Statements 4
2. Supplementary Financial Information 7
3. Outlook 13
4. Portfolio and Operating Metrics 17
5. Properties Acquired and Sold 36
6. In-Place Supplementary Financial Information 40
7. Liquidity and Capital Structure 46
8. Definitions 49
3
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Financial Statements
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Casa Marina, a Waldorf Astoria Resort Hilton Chicago Hyatt Regency Mission Bay Spa and Marina

4
Financial Statements
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Consolidated Balance Sheets

(in millions, except share and per share data)
2021
ASSETS
Property and equipment, net 8,301 $ 8,511
Investments in affiliates 1 15
Intangibles, net 43 44
Cash and cash equivalents 906 688
Restricted cash 33 75
Accounts receivable, net of allowance for doubtful accounts of 2 and 2 129 96
Prepaid expenses 58 35
Other assets 46 69
Operating lease right-of-use assets 214 210
TOTAL ASSETS (variable interest entities – 237 and 237) 9,731 $ 9,743
LIABILITIES AND EQUITY
Liabilities
Debt 4,617 $ 4,672
Accounts payable and accrued expenses 220 156
Due to hotel managers 141 111
Other liabilities 228 174
Operating lease liabilities 234 227
Total liabilities (variable interest entities – 219 and 219) 5,440 5,340
Stockholders' Equity
Common stock, par value 0.01 per share, 6,000,000,000 shares   authorized, 224,573,858 shares issued and 224,061,745 shares outstanding as of   December 31, 2022 and 236,888,804 shares issued and 236,483,990   shares outstanding as of December 31, 2021 2 2
Additional paid-in capital 4,321 4,533
Retained earnings (accumulated deficit) 16 (83 )
Total stockholders' equity 4,339 4,452
Noncontrolling interests (48 ) (49 )
Total equity 4,291 4,403
TOTAL LIABILITIES AND EQUITY 9,731 $ 9,743

All values are in US Dollars.

5
Financial Statements (continued)
---
Consolidated Statements of Operations

(unaudited, in millions, except per share data)

Three Months Ended December 31, Year Ended December 31,
2022 2021 2019 2022 2021 2019
Revenues
Rooms $ 406 $ 283 $ 497 $ 1,559 $ 870 $ 1,764
Food and beverage 175 99 209 606 251 743
Ancillary hotel 63 53 86 261 190 260
Other 21 16 18 75 51 77
Total revenues 665 451 810 2,501 1,362 2,844
Operating expenses
Rooms 110 84 133 408 254 467
Food and beverage 128 82 147 449 208 518
Other departmental and support 160 125 185 613 423 638
Other property-level 50 40 67 223 191 219
Management fees 31 19 38 115 59 139
Casualty and impairment loss, net 2 2 (26 ) 6 9 (18 )
Depreciation and amortization 65 68 80 269 281 264
Corporate general and administrative 15 14 15 63 62 62
Acquisition costs — — 5 — — 70
Other 20 15 17 72 49 78
Total expenses 581 449 661 2,218 1,536 2,437
(Loss) gain on sales of assets, net — — (1 ) 13 (5 ) 19
Operating income (loss) 84 2 148 296 (179 ) 426
Interest income 8 1 1 13 1 6
Interest expense (62 ) (63 ) (42 ) (247 ) (258 ) (140 )
Equity in earnings (losses) from investments in affiliates 9 (1 ) (4 ) 15 (7 ) 14
Other (loss) gain, net (2 ) — 46 96 (7 ) 45
Income (loss) before income taxes 37 (61 ) 149 173 (450 ) 351
Income tax expense (2 ) (4 ) (23 ) — (2 ) (35 )
Net income (loss) 35 (65 ) 126 173 (452 ) 316
Net income attributable to noncontrolling interests (1 ) (2 ) (3 ) (11 ) (7 ) (10 )
Net income (loss) attributable to stockholders $ 34 $ (67 ) $ 123 $ 162 $ (459 ) $ 306
Earnings (loss) per share:
Earnings (loss) per share – Basic $ 0.15 $ (0.28 ) $ 0.51 $ 0.71 $ (1.95 ) $ 1.44
Earnings (loss) per share – Diluted $ 0.15 $ (0.28 ) $ 0.51 $ 0.71 $ (1.95 ) $ 1.44
Weighted average shares outstanding – Basic 224 236 239 228 236 212
Weighted average shares outstanding – Diluted 224 236 240 228 236 213
6
---
Supplementary Financial Information
---

Juniper Hotel Cupertino, Curio Collection Hotel Adagio, Autograph Collection The Reach Key West, Curio Collection

7
Supplementary Financial Information
---
EBITDA and Adjusted EBITDA
(unaudited, in millions) Three Months Ended December 31, Year Ended December 31,
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
2022 2021 2019 2022 2021 2019
Operating income (loss) $ 84 $ 2 $ 148 $ 296 $ (179 ) $ 426
Interest income 8 1 1 13 1 6
Interest expense (62 ) (63 ) (42 ) (247 ) (258 ) (140 )
Equity in earnings (losses) from investments in affiliates 9 (1 ) (4 ) 15 (7 ) 14
Other (loss) gain, net (2 ) — 46 96 (7 ) 45
Income tax expense (2 ) (4 ) (23 ) — (2 ) (35 )
Net income (loss) 35 (65 ) 126 173 (452 ) 316
Depreciation and amortization expense 65 68 80 269 281 264
Interest income (8 ) (1 ) (1 ) (13 ) (1 ) (6 )
Interest expense 62 63 42 247 258 140
Income tax expense 2 4 23 — 2 35
Interest expense, income tax and depreciation and<br><br>amortization included in equity in earnings from<br><br>investments in affiliates 2 3 4 9 11 23
EBITDA 158 72 274 685 99 772
(Gain) loss on sales of assets, net(1) (9 ) — 1 (22 ) 5 (19 )
Gain on sale of investments in affiliates(2) — — (44 ) (92 ) — (44 )
Acquisition costs — — 5 — — 70
Severance expense — — — — — 2
Share-based compensation expense 4 4 4 17 19 16
Casualty and impairment loss, net 2 2 (26 ) 6 9 (18 )
Other items(3) 4 3 9 12 10 7
Adjusted EBITDA $ 159 $ 81 $ 223 $ 606 $ 142 $ 786
(1) For the three months and year ended December 31, 2022, includes a gain of $9 million on the sale of the DoubleTree Hotel Las Vegas Airport included in equity in earnings (losses) from investments
---
in affiliates in the consolidated statements of operations.
(2) Included in other (loss) gain, net in the consolidated statements of operations.
(3) For the year ended December 31, 2019, includes a $7 million reserve related to ongoing claims in connection with Park’s obligation to indemnify Hilton under agreements entered into
with Hilton at the time of Park’s spin-off from Hilton.
8
---
Supplementary Financial Information (continued)
---
Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin
(unaudited, dollars in millions)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Three Months Ended December 31, Year Ended December 31,
2022 2021 2019 2022 2021 2019
Adjusted EBITDA(1) $ 159 $ 81 $ 223 $ 606 $ 142 $ 786
Less: Adjusted EBITDA from investments in affiliates (5 ) (3 ) (6 ) (25 ) (7 ) (37 )
Add: All other(2) 12 9 12 49 42 53
Hotel Adjusted EBITDA 166 87 229 630 177 802
Add: Adjusted EBITDA from hotels acquired — — — — — 129
Less: Adjusted EBITDA from hotels disposed of — (2 ) (15 ) (4 ) (2 ) (87 )
Comparable Hotel Adjusted EBITDA $ 166 $ 85 $ 214 $ 626 $ 175 $ 844
Three Months Ended December 31, Year Ended December 31,
2022 2021 2019 2022 2021 2019
Total Revenues $ 665 $ 451 $ 810 $ 2,501 $ 1,362 $ 2,844
Less: Other revenue (21 ) (16 ) (18 ) (75 ) (51 ) (77 )
Add: Revenues from hotels acquired — — — — — 406
Less: Revenues from hotels disposed of — (8 ) (60 ) (17 ) (41 ) (288 )
Comparable Hotel Revenues $ 644 $ 427 $ 732 $ 2,409 $ 1,270 $ 2,885
Three Months Ended December 31, 2022 vs 2021 2022 vs 2019
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
2022 2021 2019 Change(3) Change(3)
Total Revenues $ 665 $ 451 $ 810 47.2 % (18.0 )%
Operating income $ 84 $ 2 $ 148 3,238.1 % (43.1 )%
Operating income margin(3) 12.6 % 0.6 % 18.2 % 1,200 bps (560 ) bps
Comparable Hotel Revenues $ 644 $ 427 $ 732 50.5 % (12.1 )%
Comparable Hotel Adjusted EBITDA $ 166 $ 85 $ 214 98.4 % (22.2 )%
Comparable Hotel Adjusted EBITDA margin(3) 25.8 % 19.6 % 29.2 % 620 bps (340 ) bps
Year Ended December 31, 2022 vs 2021 2022 vs 2019
2022 2021 2019 Change(3) Change(3)
Total Revenues $ 2,501 $ 1,362 $ 2,844 83.5 % (12.1 )%
Operating income (loss) $ 296 $ (179 ) $ 426 265.6 % (30.6 )%
Operating income (loss) margin(3) 11.8 % (13.1 )% 15.0 % 2,490 bps (320 ) bps
Comparable Hotel Revenues $ 2,409 $ 1,270 $ 2,885 89.7 % (16.5 )%
Comparable Hotel Adjusted EBITDA $ 626 $ 175 $ 844 258.8 % (25.8 )%
Comparable Hotel Adjusted EBITDA margin(3) 26.0 % 13.7 % 29.3 % 1,230 bps (330 ) bps
(1) Includes EBITDA of $42 million for both the three months and year ended December 31, 2019, for the period of ownership of the 18 hotels acquired in connection with the Company’s merger with Chesapeake Lodging
---
Trust on September 18, 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 consolidated statements of operations.
(3)   Percentages are calculated based on unrounded numbers.
9
---
Supplementary Financial Information (continued)
---
Nareit FFO and Adjusted FFO

(unaudited, in millions, except per share data)

Three Months Ended December 31, Year Ended December 31,
2022 2021 2019 2022 2021 2019
Net income (loss) attributable to stockholders $ 34 $ (67 ) $ 123 $ 162 $ (459 ) $ 306
Depreciation and amortization expense 65 68 80 269 281 264
Depreciation and amortization expense<br><br>attributable to noncontrolling interests (1 ) (1 ) (1 ) (4 ) (4 ) (4 )
Loss (gain) on sales of assets, net — — 1 (13 ) 5 (19 )
Gain on sale of investments in affiliates(1) — — (44 ) (92 ) — (44 )
Impairment loss — — — — 5 —
Equity investment adjustments:
Equity in (earnings) losses from investments in affiliates (9 ) 1 4 (15 ) 7 (14 )
Pro rata FFO of investments in affiliates 1 1 4 12 2 31
Nareit FFO attributable to stockholders 90 2 167 319 (163 ) 520
Casualty loss (gain), net 2 2 (26 ) 6 4 (18 )
Severance expense — — — — — 2
Acquisition costs — — 5 — — 70
Share-based compensation expense 4 4 4 17 19 16
Other items(2) 5 2 23 10 4 23
Adjusted FFO attributable to stockholders $ 101 $ 10 $ 173 $ 352 $ (136 ) $ 613
Nareit FFO per share – Diluted(3) $ 0.40 $ 0.01 $ 0.70 $ 1.40 $ (0.69 ) $ 2.44
Adjusted FFO per share – Diluted(3) $ 0.45 $ 0.05 $ 0.72 $ 1.54 $ (0.57 ) $ 2.88
Weighted average shares outstanding – Diluted(4) 224 236 240 228 236 213
(1) Included in other (loss) gain, net in the consolidated statements of operations.
---
(2) For the year ended December 31, 2019, includes $15 million of tax expense on hotels sold during the period.
(3) Per share amounts are calculated based on unrounded numbers.
(4) Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of December 31, 2022, see page 5.
10
---
Supplementary Financial Information (continued)
---
General and Administrative Expenses
(unaudited, in millions) Three Months Ended Year Ended
--- --- --- --- --- --- --- --- ---
December 31, December 31,
2022 2021 2022 2021
Corporate general and administrative expenses $ 15 $ 14 $ 63 $ 62
Less:
Share-based compensation expense 4 4 17 19
Other items — — 3 3
G&A, excluding expenses not included in Adjusted EBITDA $ 11 $ 10 $ 43 $ 40
11
---
Supplementary Financial Information (continued)
---
Net Debt and Net Debt to In-Place Adjusted EBITDA Ratio
(unaudited, in millions)
--- --- --- --- --- --- --- --- --- ---
December 31, 2022 December 31, 2021 December 31, 2020
Debt $ 4,617 $ 4,672 $ 5,121
Add: unamortized deferred financing costs and discount 30 38 38
Less: unamortized premium (3 ) (4 ) (3 )
Debt, excluding unamortized deferred financing cost,<br><br>premiums and discounts 4,644 4,706 5,156
Add: Park's share of unconsolidated affiliates debt,<br><br>excluding unamortized deferred financing costs 169 225 225
Less: cash and cash equivalents (906 ) (688 ) (951 )
Less: restricted cash (33 ) (75 ) (30 )
Net debt $ 3,874 $ 4,168 $ 4,400
2019 In-Place Adjusted EBITDA(1) $ 801 $ 801 $ 801
Net debt to In-Place Adjusted EBITDA ratio 4.84x 5.20x 5.49x
(1)         See page 44 for In-Place Adjusted EBITDA for the year ended December 31, 2019.
---
12
---
Outlook
---

img187544587_5.jpg

\

Outlook
Q1 2023 and Full-Year 2023 Outlook and Assumptions
(unaudited, dollars in millions, except per share amounts and RevPAR)
--- --- --- --- --- --- --- --- --- --- --- --- ---
Q1 2023 Outlook Full-Year 2023 Outlook
as of February 22, 2023 as of February 22, 2023
Metric Low High Low High
RevPAR $ 156 $ 162 $ 167 $ 179
RevPAR change vs. 2022 34 % 40 % 7 % 14 %
Net income $ 12 $ 28 $ 92 $ 180
Net income attributable to stockholders $ 11 $ 27 $ 78 $ 166
Earnings per share – Diluted(1) $ 0.05 $ 0.12 $ 0.35 $ 0.75
Operating income $ 63 $ 79 $ 316 $ 396
Operating income margin 10.6 % 12.2 % 12.7 % 14.5 %
Adjusted EBITDA $ 124 $ 140 $ 610 $ 690
Hotel Adjusted EBITDA margin 22.8 % 23.4 % 26.7 % 27.3 %
Hotel Adjusted EBITDA margin change vs. 2022 400 bps 460 bps 80 bps 140 bps
Adjusted FFO per share – Diluted(1) $ 0.30 $ 0.37 $ 1.60 $ 1.99

(1) Per share amounts are calculated based on unrounded numbers.

Park’s outlook is based in part on the following assumptions:<br><br><br><br>•<br>Fully diluted weighted average shares are expected to be 222 million for both Q1 2023 and full-year 2023;<br><br>•<br>The repayment of the $75 million mortgage loan secured by the W Chicago – City Center in May 2023;<br><br>•<br>An increase in interest expense during the second half of 2023 upon extending the maturity date of the $725 million mortgage loan secured by the Hilton San Francisco Union Square and Parc 55 Hotel San Francisco;<br><br>•<br>The mortgage loan secured by the Hilton Denver City Center is not called by the lender during 2023;<br><br>•<br>The removal of $4 million and $12 million, respectively, of Hotel Adjusted EBITDA for Q1 and full-year related to the sale of the Hilton Miami Airport;<br><br>•<br>Includes $14 million of Hotel Adjusted EBITDA disruption from a full-scale renovation at the Casa Marina Key West, Curio Collection, which is expected to be completed in the fourth quarter of 2023; and<br><br>•<br>Current portfolio as of February 22, 2023 and does not take into account potential future acquisitions and dispositions, which could result in a material change to Park’s outlook.<br><br><br><br>Park's first quarter and full-year 2023 outlook are based on a number of factors, many of which are outside the Company's control, including uncertainty surrounding macro-economic factors, including inflation, increases in interest rates, supply chain disruptions and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of which are subject to change.
14
---
Outlook (continued)
---
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin
Three Months Ending Year Ending
--- --- --- --- --- --- --- --- --- --- --- --- ---
(unaudited, in millions) March 31, 2023 December 31, 2023
Low Case High Case Low Case High Case
Operating income $ 63 $ 79 $ 316 $ 396
Interest income 6 6 16 16
Interest expense (60 ) (60 ) (247 ) (236 )
Equity in earnings from investments in affiliates 4 4 9 9
Income tax expense (1 ) (1 ) (2 ) (5 )
Net income 12 28 92 180
Depreciation and amortization expense 64 64 261 261
Interest income (6 ) (6 ) (16 ) (16 )
Interest expense 60 60 247 236
Income tax expense 1 1 2 5
Interest expense, income tax and depreciation and amortization<br><br>included in equity in earnings from investments in affiliates 2 2 9 9
EBITDA 133 149 595 675
Gain on sale of assets, net (15 ) (15 ) (15 ) (15 )
Share-based compensation expense 4 4 17 17
Other items 2 2 13 13
Adjusted EBITDA 124 140 610 690
Less: Adjusted EBITDA from investments in affiliates (6 ) (6 ) (22 ) (22 )
Add: All other 12 12 54 54
Hotel Adjusted EBITDA $ 130 $ 146 $ 642 $ 722
Three Months Ending Year Ending
March 31, 2023 December 31, 2023
Low Case High Case Low Case High Case
Total Revenues $ 594 $ 649 $ 2,490 $ 2,730
Less: Other revenue (24 ) (24 ) (87 ) (87 )
Hotel Revenues $ 570 $ 625 $ 2,403 $ 2,643
Three Months Ending Year Ending
March 31, 2023 December 31, 2023
Low Case High Case Low Case High Case
Total Revenues $ 594 $ 649 $ 2,490 $ 2,730
Operating income $ 63 $ 79 $ 316 $ 396
Operating income margin(1) 10.6 % 12.2 % 12.7 % 14.5 %
Hotel Revenues $ 570 $ 625 $ 2,403 $ 2,643
Hotel Adjusted EBITDA $ 130 $ 146 $ 642 $ 722
Hotel Adjusted EBITDA margin(1) 22.8 % 23.4 % 26.7 % 27.3 %

(1) Percentages are calculated based on unrounded numbers.

15
Outlook (continued)
---
Nareit FFO and Adjusted FFO
Three Months Ending Year Ending
--- --- --- --- --- --- --- --- --- --- --- --- ---
(unaudited, in millions except per share data) March 31, 2023 December 31, 2023
Low Case High Case Low Case High Case
Net income attributable to stockholders $ 11 $ 27 $ 78 $ 166
Depreciation and amortization expense 64 64 261 261
Depreciation and amortization expense attributable to<br><br>noncontrolling interests (1 ) (1 ) (4 ) (4 )
Gain on sale of assets, net (15 ) (15 ) (15 ) (15 )
Equity investment adjustments:
Equity in earnings from investments in affiliates (4 ) (4 ) (9 ) (9 )
Pro rata FFO of equity investments 5 5 13 13
Nareit FFO attributable to stockholders 60 76 324 412
Share-based compensation expense 4 4 17 17
Other items 2 2 13 13
Adjusted FFO attributable to stockholders $ 66 $ 82 $ 354 $ 442
Adjusted FFO per share – Diluted(1) $ 0.30 $ 0.37 $ 1.60 $ 1.99
Weighted average diluted shares outstanding 222 222 222 222

(1) Per share amounts are calculated based on unrounded numbers.

16
Portfolio and Operating Metrics
---

Hilton Santa Barbara Beachfront Resort Hilton New Orleans Riverside Waldorf Astoria Orlando

17
Portfolio and Operating Metrics
---
Hotel Portfolio as of February 22, 2023
Hotel Name Total Rooms Market Meeting Space<br><br>(square feet) Ownership Equity Ownership Debt<br><br>(in millions)
--- --- --- --- --- --- --- --- --- --- ---
Consolidated Portfolio
Hilton Hawaiian Village Waikiki Beach Resort 2,860 Hawaii 150,000 Fee Simple 100% $ 1,275
Hilton San Francisco Union Square 1,921 San Francisco 135,000 Fee Simple 100% $ 725 (1)
New York Hilton Midtown 1,878 New York 151,000 Fee Simple 100% —
Hilton New Orleans Riverside 1,622 New Orleans 158,000 Fee Simple 100% —
Hilton Chicago 1,544 Chicago 234,000 Fee Simple 100% —
Parc 55 San Francisco – a Hilton Hotel 1,024 San Francisco 32,000 Fee Simple 100% — (1)
Signia by Hilton Orlando Bonnet Creek 1,009 Orlando 157,000 Fee Simple 100% —
DoubleTree Hotel Seattle Airport 850 Seattle 41,000 Leasehold 100% —
Hilton Orlando Lake Buena Vista 814 Orlando 86,000 Leasehold 100% —
Caribe Hilton 652 Other U.S. 65,000 Fee Simple 100% —
Hilton Waikoloa Village 647 Hawaii 241,000 Fee Simple 100% —
DoubleTree Hotel Washington DC – Crystal City 627 Washington, D.C. 36,000 Fee Simple 100% —
Hilton Denver City Center 613 Denver 50,000 Fee Simple 100% $ 56
Hilton Boston Logan Airport 604 Boston 30,000 Leasehold 100% —
W Chicago – Lakeshore 520 Chicago 20,000 Fee Simple 100% —
DoubleTree Hotel San Jose 505 Other U.S. 48,000 Fee Simple 100% —
Hyatt Regency Boston 502 Boston 30,000 Fee Simple 100% $ 132
Waldorf Astoria Orlando 502 Orlando 47,000 Fee Simple 100% —
Hilton Salt Lake City Center 499 Other U.S. 24,000 Leasehold 100% —
DoubleTree Hotel Ontario Airport 482 Southern California 27,000 Fee Simple 67% $ 30
Hilton McLean Tysons Corner 458 Washington, D.C. 28,000 Fee Simple 100% —
Hyatt Regency Mission Bay Spa and Marina 438 Southern California 24,000 Leasehold 100% —
Boston Marriott Newton 430 Boston 34,000 Fee Simple 100% —
W Chicago – City Center 403 Chicago 13,000 Fee Simple 100% $ 75
Hilton Seattle Airport & Conference Center 396 Seattle 40,000 Leasehold 100% —
Royal Palm South Beach Miami, a Tribute Portfolio Resort 393 Miami 11,000 Fee Simple 100% —
DoubleTree Hotel Spokane City Center 375 Other U.S. 21,000 Fee Simple 10% $ 14
Hilton Santa Barbara Beachfront Resort 360 Southern California 62,000 Fee Simple 50% $ 162
Hilton Oakland Airport 360 Other U.S. 15,000 Leasehold 100% —
JW Marriott San Francisco Union Square 344 San Francisco 12,000 Leasehold 100% —
Hyatt Centric Fisherman's Wharf 316 San Francisco 19,000 Fee Simple 100% —
Hilton Short Hills 314 Other U.S. 21,000 Fee Simple 100% —
Casa Marina Key West, Curio Collection 311 Key West 21,000 Fee Simple 100% —
DoubleTree Hotel San Diego – Mission Valley 300 Southern California 24,000 Leasehold 100% —

Barbara Beachfront Resort Hilton New Orleans Riverside Waldorf Astoria Orlando

(1) 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 February 22, 2023
Hotel Name Total Rooms Market Meeting Space<br><br>(square feet) Ownership Equity Ownership Debt(1)<br><br>(in millions)
--- --- --- --- --- --- --- --- --- ---
Consolidated Portfolio (continued)
Embassy Suites Kansas City Plaza 266 Other U.S. 11,000 Leasehold 100% —
Embassy Suites Austin Downtown South Congress 262 Other U.S. 2,000 Leasehold 100% —
DoubleTree Hotel Sonoma Wine Country 245 Other U.S. 50,000 Leasehold 100% —
Juniper Hotel Cupertino, Curio Collection 224 Other U.S. 5,000 Fee Simple 100% —
Hilton Checkers Los Angeles 193 Southern California 3,000 Fee Simple 100% —
Embassy Suites Phoenix Airport 182 Other U.S. 5,000 Leasehold 100% —
DoubleTree Hotel Durango 159 Other U.S. 7,000 Leasehold 100% —
The Reach Key West, Curio Collection 150 Key West 18,000 Fee Simple 100% —
Total Consolidated Portfolio (42 Hotels) 26,554 2,208,000 $ 2,469
Unconsolidated Joint Venture Portfolio
Hilton Orlando 1,424 Orlando 236,000 Fee Simple 20% $ 95
Capital Hilton 550 Washington, D.C. 30,000 Fee Simple 25% $ 25
Hilton La Jolla Torrey Pines 394 Southern California 41,000 Leasehold 25% $ 24
Embassy Suites Alexandria Old Town 288 Washington, D.C. 11,000 Fee Simple 50% $ 25
Total Unconsolidated Joint Venture Portfolio (4 Hotels) 2,656 318,000 $ 169
TOTAL PARK HOTELS & RESORTS PORTFOLIO (46 Hotels) 29,210 2,526,000 $ 2,638

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

19
Portfolio and Operating Metrics (continued)
---
Comparable Hotels by Market: Q4 2022 vs. Q4 2021
(unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR Comparable Total RevPAR
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Hotels Rooms 4Q22 4Q21 Change(1) 4Q22 4Q21 Change 4Q22 4Q21 Change(1) 4Q22 4Q21 Change(1)
Hawaii 2 3,507 $ 305.20 $ 265.86 14.8 % 80.3 % 63.5 % 16.8 % pts $ 245.04 $ 168.86 45.1 % $ 424.88 $ 289.30 46.9 %
San Francisco 4 3,605 213.30 181.81 17.3 53.5 29.9 23.6 114.05 54.29 110.1 163.09 73.44 122.1
Orlando 3 2,325 243.50 238.18 2.2 68.3 57.4 10.9 166.26 136.75 21.6 315.70 246.14 28.3
New Orleans 1 1,622 211.44 182.02 16.2 68.3 52.0 16.3 144.48 94.65 52.6 250.60 163.93 52.9
Boston 3 1,536 224.09 188.87 18.6 77.9 65.9 12.0 174.54 124.44 40.3 240.50 164.37 46.3
New York 1 1,878 363.73 323.05 12.6 84.7 46.6 38.1 307.95 150.32 104.9 468.31 220.63 112.3
Southern California 5 1,773 215.37 207.95 3.6 71.7 65.5 6.2 154.46 136.20 13.4 254.67 211.51 20.4
Chicago 3 2,467 223.89 191.24 17.1 53.5 31.5 22.0 119.85 60.35 98.6 184.30 96.37 91.2
Key West 2 461 454.01 557.29 (18.5 ) 69.7 77.0 (7.3 ) 316.54 429.47 (26.3 ) 474.75 611.48 (22.4 )
Denver 1 613 177.32 136.41 30.0 63.8 63.2 0.6 113.21 86.34 31.1 166.26 114.38 45.4
Miami 2 901 208.13 194.69 6.9 83.3 78.3 5.0 173.33 152.37 13.8 247.16 208.00 18.8
Washington, D.C. 2 1,085 174.32 130.69 33.4 66.8 45.0 21.8 116.52 58.86 98.0 181.15 85.99 110.7
Seattle 2 1,246 157.98 122.62 28.8 59.7 51.5 8.2 94.32 63.17 49.3 137.04 90.15 52.0
Other 12 4,043 188.41 159.74 18.0 63.4 54.3 9.1 119.48 86.66 37.9 175.35 124.52 40.8
All Markets 43 27,062 $ 240.57 $ 213.37 12.7 % 67.7 % 52.1 % 15.6 % pts $ 162.81 $ 111.02 46.7 % $ 258.41 $ 171.66 50.5 %
(1)          Calculated based on unrounded numbers.
---
20
---
Portfolio and Operating Metrics (continued)
---
Comparable Hotels by Market: Q4 2022 vs. Q4 2021
(unaudited, dollars in millions) Comparable Hotel Adjusted EBITDA Comparable Hotel Revenue Comparable Hotel Adjusted EBITDA Margin
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Hotels Rooms 4Q22 4Q21 Change(1) 4Q22 4Q21 Change(1) 4Q22 4Q21 Change
Hawaii 2 3,507 $ 51 $ 32 60.5 % $ 137 $ 93 46.9 % 37.0 % 33.9 % 310 bps
San Francisco 4 3,605 (2 ) (12 ) 82.6 54 24 122.1 (3.9 ) (50.0 ) 4,610
Orlando 3 2,325 22 18 26.1 68 53 28.3 33.3 33.9 (60 )
New Orleans 1 1,622 13 8 67.7 37 24 52.9 34.7 31.6 310
Boston 3 1,536 10 5 83.7 34 23 46.3 28.4 22.6 580
New York 1 1,878 22 (3 ) 811.1 81 38 112.3 27.5 (8.2 ) 3,570
Southern California 5 1,773 11 10 16.4 42 35 20.4 27.6 28.6 (100 )
Chicago 3 2,467 4 4 9.5 42 22 91.2 10.4 18.2 (780 )
Key West 2 461 6 11 (43.7 ) 20 26 (22.4 ) 32.1 44.3 (1,220 )
Denver 1 613 3 1 84.6 9 6 45.4 28.8 22.7 610
Miami 2 901 8 6 19.1 20 17 18.8 37.0 36.9 10
Washington, D.C. 2 1,085 4 (1 ) 810.3 18 9 110.7 23.6 (7.0 ) 3,060
Seattle 2 1,246 2 (1 ) 294.4 16 10 52.0 11.6 (9.0 ) 2,060
Other 12 4,043 12 7 130.8 66 47 40.8 17.6 10.7 690
All Markets 43 27,062 $ 166 $ 85 98.4% $ 644 $ 427 50.5 % 25.8 % 19.6 % 620 bps

(1) Calculated based on unrounded numbers.

21
Portfolio and Operating Metrics (continued)
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Comparable Hotels by Market: Full Year 2022 vs. Full Year 2021
(unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR Comparable Total RevPAR
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Hotels Rooms 2022 2021 Change(1) 2022 2021 Change 2022 2021 Change(1) 2022 2021 Change(1)
Hawaii 2 3,507 $ 297.25 $ 256.52 15.9 % 83.7 % 57.4 % 26.3 % pts $ 248.67 $ 147.21 68.9 % $ 434.24 $ 254.22 70.8 %
San Francisco 4 3,605 232.30 177.15 31.1 48.6 19.4 29.2 112.81 34.36 228.3 154.63 46.22 234.6
Orlando 3 2,325 236.99 202.92 16.8 63.5 45.4 18.1 150.52 92.07 63.5 296.40 179.32 65.3
New Orleans 1 1,622 203.56 120.80 68.5 61.7 51.3 10.4 125.64 62.02 102.6 216.87 101.14 114.4
Boston 3 1,536 226.04 173.37 30.4 75.2 51.8 23.4 170.01 89.77 89.4 223.25 115.44 93.4
New York 1 1,878 311.69 322.96 (3.5 ) 65.7 11.8 53.9 204.67 37.88 440.3 316.09 57.11 453.5
Southern California 5 1,773 240.58 217.02 10.9 73.6 60.3 13.3 177.13 130.97 35.2 268.69 187.25 43.5
Chicago 3 2,467 222.97 191.35 16.5 52.3 21.2 31.1 116.68 40.53 187.9 177.48 58.48 203.5
Key West 2 461 547.24 509.39 7.4 73.5 80.6 (7.1 ) 402.13 410.50 (2.0 ) 580.81 581.66 (0.1 )
Denver 1 613 181.48 141.72 28.1 66.2 51.4 14.8 120.10 72.79 65.0 178.58 95.43 87.1
Miami 2 901 216.93 187.55 15.7 82.4 70.7 11.7 178.70 132.54 34.8 243.43 182.14 33.7
Washington, D.C. 2 1,085 162.82 122.28 33.2 63.7 40.8 22.9 103.66 49.81 108.1 153.07 66.45 130.3
Seattle 2 1,246 160.27 129.13 24.1 64.2 43.7 20.5 102.89 56.44 82.3 142.72 76.77 85.9
Other 12 4,043 189.10 153.81 22.9 64.3 50.5 13.8 121.52 77.69 56.4 169.98 104.13 63.2
All Markets 43 27,062 $ 238.79 $ 197.91 20.7 % 65.5 % 42.7 % 22.8 % pts $ 156.38 $ 84.54 85.0 % $ 243.87 $ 128.57 89.7 %
(1)          Calculated based on unrounded numbers.
---
22
---
Portfolio and Operating Metrics (continued)
---
Comparable Hotels by Market: Full Year 2022 vs. Full Year 2021
(unaudited, dollars in millions) Comparable Hotel Adjusted EBITDA Comparable Hotel Revenue Comparable Hotel Adjusted EBITDA Margin
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Hotels Rooms 2022 2021 Change(1) 2022 2021 Change(1) 2022 2021 Change
Hawaii 2 3,507 $ 227 $ 105 116.0 % $ 556 $ 325 70.8 % 40.9 % 32.4 % 850 bps
San Francisco 4 3,605 (1 ) (50 ) 97.1 203 61 234.6 (0.7 ) (82.7 ) 8,200
Orlando 3 2,325 81 38 114.9 252 152 65.3 32.1 24.7 740
New Orleans 1 1,622 45 12 261.9 128 60 114.4 35.0 20.7 1,430
Boston 3 1,536 37 7 409.3 125 65 93.4 29.9 11.4 1,850
New York 1 1,878 22 (37 ) 159.8 217 39 453.5 10.2 (94.9 ) 10,510
Southern California 5 1,773 56 36 56.3 174 121 43.5 32.2 29.6 260
Chicago 3 2,467 13 (9 ) 246.3 160 53 203.5 8.2 (17.0 ) 2,520
Key West 2 461 39 44 (9.6 ) 98 98 (0.1 ) 40.4 44.6 (420 )
Denver 1 613 13 5 177.2 40 21 87.1 33.4 22.5 1,090
Miami 2 901 30 20 51.1 80 60 33.7 37.0 32.7 430
Washington, D.C. 2 1,085 12 (2 ) 673.9 61 26 130.3 19.6 (7.9 ) 2,750
Seattle 2 1,246 8 (3 ) 357.7 65 35 85.9 12.6 (9.1 ) 2,170
Other 12 4,043 44 9 347.5 250 154 63.2 17.5 6.4 1,110
All Markets 43 27,062 $ 626 $ 175 258.8 % $ 2,409 $ 1,270 89.7 % 26.0 % 13.7 % 1,230 bps

(1) Calculated based on unrounded numbers.

23
Portfolio and Operating Metrics (continued)
---
Comparable Core Hotels: Q4 2022 vs. Q4 2021
(unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR Comparable Total RevPAR
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
4Q22 4Q21 Change(1) 4Q22 4Q21 Change 4Q22 4Q21 Change(1) 4Q22 4Q21 Change(1)
Core Hotels
1 Hilton Hawaiian Village Waikiki Beach Resort $ 297.39 $ 258.32 15.1 % 82.3 % 62.5 % 19.8 % pts $ 244.86 $ 161.47 51.6 % $ 403.63 $ 255.03 58.3 %
2 Hilton Waikoloa Village 345.12 296.51 16.4 71.2 67.9 3.3 245.82 201.50 22.0 518.82 440.76 17.7
3 Hilton San Francisco Union Square 213.02 178.48 19.4 48.6 31.9 16.7 103.51 57.00 81.6 161.95 79.79 103.0
4 Parc 55 San Francisco – a Hilton Hotel 198.05 — 100.0 49.2 — 49.2 97.41 — 100.0 120.75 (1.23 ) 9,909.3
5 JW Marriott San Francisco Union Square 274.68 213.14 28.9 72.2 70.7 1.5 198.37 150.83 31.5 264.82 191.07 38.6
6 Hyatt Centric Fisherman's Wharf 183.14 156.41 17.1 76.6 69.5 7.1 140.32 108.66 29.1 196.43 148.77 32.0
7 Signia by Hilton Orlando Bonnet Creek 221.11 212.25 4.2 68.4 49.6 18.8 151.33 105.41 43.6 321.91 217.84 47.8
8 Waldorf Astoria Orlando 400.80 398.37 0.6 63.7 60.9 2.8 255.21 242.70 5.2 454.82 404.75 12.4
9 Hilton Orlando Lake Buena Vista 183.17 169.99 7.8 70.9 64.8 6.1 129.91 110.26 17.8 222.21 183.40 21.2
10 Hilton New Orleans Riverside 211.44 182.02 16.2 68.3 52.0 16.3 144.48 94.65 52.6 250.60 163.93 52.9
11 Hyatt Regency Boston 238.66 209.26 14.0 80.8 68.4 12.4 192.86 143.11 34.8 262.80 184.72 42.3
12 Hilton Boston Logan Airport 229.46 185.85 23.5 87.7 79.1 8.6 201.24 146.95 36.9 263.44 187.65 40.4
13 Boston Marriott Newton 190.54 159.81 19.2 60.7 44.4 16.3 115.66 71.03 62.8 182.23 107.90 68.9
14 New York Hilton Midtown 363.73 323.05 12.6 84.7 46.6 38.1 307.95 150.32 104.9 468.31 220.63 112.3
15 Hilton Santa Barbara Beachfront Resort 308.35 321.52 (4.1 ) 74.4 76.0 (1.6 ) 229.33 244.37 (6.2 ) 402.25 365.29 10.1
16 Hyatt Regency Mission Bay Spa and Marina 243.24 221.66 9.7 57.3 47.6 9.7 139.33 105.50 32.1 254.72 195.68 30.2
17 Hilton Checkers Los Angeles 221.49 203.31 8.9 64.2 52.7 11.5 142.11 107.07 32.7 166.93 125.92 32.6
18 Hilton Chicago 211.06 185.28 13.9 55.3 27.8 27.5 116.78 51.51 126.7 199.71 95.54 109.0
19 W Chicago – City Center 290.94 224.07 29.8 51.7 37.1 14.6 150.54 83.14 81.1 190.74 108.80 75.3
20 W Chicago – Lakeshore 212.15 179.45 18.2 49.6 38.4 11.2 105.17 68.91 52.6 133.54 89.19 49.7
21 Casa Marina Key West, Curio Collection 445.83 561.17 (20.6 ) 67.9 79.2 (11.3 ) 302.75 444.32 (31.9 ) 451.64 636.57 (29.1 )
22 The Reach Key West, Curio Collection 469.68 548.54 (14.4 ) 73.5 72.7 0.8 345.11 398.68 (13.4 ) 522.67 559.46 (6.6 )
23 Hilton Denver City Center 177.32 136.41 30.0 63.8 63.2 0.6 113.21 86.34 31.1 166.26 114.38 45.4
24 Royal Palm South Beach Miami 251.29 249.31 0.8 81.4 76.5 4.9 204.60 190.77 7.3 271.18 245.71 10.4
25 DoubleTree Hotel Washington DC – Crystal City 163.87 125.21 30.9 68.8 43.0 25.8 112.81 53.87 109.4 156.09 71.79 117.4
26 DoubleTree Hotel San Jose 178.56 129.93 37.4 56.9 57.0 (0.1 ) 101.59 74.04 37.2 158.18 113.16 39.8
27 Juniper Hotel Cupertino, Curio Collection 214.02 121.28 76.5 62.7 53.4 9.3 134.20 64.82 107.0 154.61 77.49 99.5
Sub-total Core Hotels $ 259.38 $ 234.23 10.7 % 67.8 % 50.4 % 17.4 % pts $ 175.98 $ 117.96 49.2 % $ 281.89 $ 184.62 52.7 %
All Other Hotels $ 178.01 $ 153.28 16.1 % 67.1 % 57.5 % 9.6 % pts $ 119.45 $ 88.17 35.5 % $ 181.18 $ 129.02 40.4 %
Total Consolidated Portfolio $ 240.57 $ 213.37 12.7 % 67.7 % 52.1 % 15.6 % pts $ 162.81 $ 111.02 46.7 % $ 258.41 $ 171.66 50.5 %
(1)          Calculated based on unrounded numbers.
---
24
---
Portfolio and Operating Metrics (continued)
---
Comparable Core Hotels: Q4 2022 vs. Q4 2021
(unaudited, dollars in millions) Comparable Hotel Adjusted EBITDA Comparable Hotel Revenue Comparable Hotel Adjusted EBITDA Margin
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
4Q22 4Q21 Change(1) 4Q22 4Q21 Change(1) 4Q22 4Q21 Change
Core Hotels
1 Hilton Hawaiian Village Waikiki Beach Resort $ 39 $ 23 70.7 % $ 106 $ 67 58.3 % 37.1 % 34.4 % 270 bps
2 Hilton Waikoloa Village 11 9 33.0 31 26 17.7 37.0 32.8 420
3 Hilton San Francisco Union Square (3 ) (7 ) 59.6 29 14 103.0 (10.0 ) (50.2 ) 4,020
4 Parc 55 San Francisco – a Hilton Hotel (2 ) (5 ) 55.8 11 — 9,909.3 (18.2 ) (4,035.0 ) 401,680
5 JW Marriott San Francisco Union Square 2 (1 ) 313.0 8 6 38.6 21.6 (14.1 ) 3,570
6 Hyatt Centric Fisherman's Wharf 1 — 138.1 6 4 32.0 17.4 9.6 780
7 Signia by Hilton Orlando Bonnet Creek 10 6 68.5 30 20 47.8 33.9 29.7 420
8 Waldorf Astoria Orlando 7 7 (0.5 ) 21 19 12.4 34.9 39.4 (450 )
9 Hilton Orlando Lake Buena Vista 5 4 13.1 17 14 21.2 30.3 32.5 (220 )
10 Hilton New Orleans Riverside 13 8 67.7 37 24 52.9 34.7 31.6 310
11 Hyatt Regency Boston 4 3 70.6 12 9 42.3 35.3 29.4 590
12 Hilton Boston Logan Airport 4 2 83.5 15 10 40.4 26.4 20.2 620
13 Boston Marriott Newton 2 1 136.6 7 4 68.9 20.8 14.8 600
14 New York Hilton Midtown 22 (3 ) 811.1 81 38 112.3 27.5 (8.2 ) 3,570
15 Hilton Santa Barbara Beachfront Resort 6 6 (2.6 ) 13 12 10.1 44.2 50.0 (580 )
16 Hyatt Regency Mission Bay Spa and Marina 1 1 173.5 10 8 30.2 14.1 6.7 740
17 Hilton Checkers Los Angeles — — 45.1 3 2 32.6 13.1 12.0 110
18 Hilton Chicago 4 2 85.7 28 14 109.0 13.6 15.3 (170 )
19 W Chicago – City Center 1 1 (23.6 ) 7 4 75.3 11.7 26.9 (1,520 )
20 W Chicago – Lakeshore — 1 (142.0 ) 6 4 49.7 (5.3 ) 19.0 (2,430 )
21 Casa Marina Key West, Curio Collection 4 8 (54.5 ) 13 18 (29.1 ) 29.2 45.5 (1,630 )
22 The Reach Key West, Curio Collection 3 3 (15.8 ) 7 8 (6.6 ) 37.2 41.3 (410 )
23 Hilton Denver City Center 3 1 84.6 9 6 45.4 28.8 22.7 610
24 Royal Palm South Beach Miami 4 3 20.2 10 9 10.4 38.8 35.6 320
25 DoubleTree Hotel Washington DC – Crystal City 2 — 1,548.6 9 4 117.4 22.1 (3.3 ) 2,540
26 DoubleTree Hotel San Jose 1 — 1,007.1 7 5 39.8 14.4 1.8 1,260
27 Juniper Hotel Cupertino, Curio Collection — — 314.4 3 2 99.5 13.6 (12.7 ) 2,630
Sub-total Core Hotels $ 144 $ 73 95.8 % $ 536 $ 351 52.7 % 26.9 % 20.9 % 600 bps
All Other Hotels $ 22 $ 12 118.4 % $ 108 $ 76 40.4 % 20.5 % 13.2 % 730 bps
Total Consolidated Portfolio $ 166 $ 85 98.4 % $ 644 $ 427 50.5 % 25.8 % 19.6 % 620 bps

(1) Calculated based on unrounded numbers.

25
Portfolio and Operating Metrics (continued)
---
Comparable Core Hotels: Full Year 2022 vs. Full Year 2021
(unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR Comparable Total RevPAR
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
2022 2021 Change(1) 2022 2021 Change 2022 2021 Change(1) 2022 2021 Change(1)
Core Hotels
1 Hilton Hawaiian Village Waikiki Beach Resort $ 287.70 $ 252.03 14.2 % 85.4 % 55.4 % 30.0 % pts $ 245.79 $ 139.76 75.9 % $ 400.00 $ 220.92 81.1 %
2 Hilton Waikoloa Village 344.82 273.18 26.2 75.8 65.9 9.9 261.40 180.13 45.1 585.60 401.42 45.9
3 Hilton San Francisco Union Square 228.58 173.53 31.7 48.2 17.0 31.2 110.07 29.44 273.8 160.33 41.22 289.0
4 Parc 55 San Francisco – a Hilton Hotel 221.89 — 100.0 34.3 — 34.3 76.05 — 100.0 88.99 0.77 11,480.1
5 JW Marriott San Francisco Union Square 288.73 203.95 41.6 69.7 52.7 17.0 201.17 107.33 87.4 274.65 132.83 106.8
6 Hyatt Centric Fisherman's Wharf 204.95 158.08 29.7 74.4 60.9 13.5 152.42 96.22 58.4 201.97 129.59 55.9
7 Signia by Hilton Orlando Bonnet Creek 214.11 175.81 21.8 63.1 46.9 16.2 135.06 82.37 64.0 305.07 181.82 67.8
8 Waldorf Astoria Orlando 383.38 349.90 9.6 60.7 44.5 16.2 232.61 155.56 49.5 423.42 291.24 45.4
9 Hilton Orlando Lake Buena Vista 180.94 147.26 22.9 65.8 44.1 21.7 119.07 64.94 83.4 207.33 107.20 93.4
10 Hilton New Orleans Riverside 203.56 120.80 68.5 61.7 51.3 10.4 125.64 62.02 102.6 216.87 101.14 114.4
11 Hyatt Regency Boston 250.22 182.88 36.8 74.2 53.3 20.9 185.61 97.40 90.6 241.25 124.21 94.2
12 Hilton Boston Logan Airport 226.80 176.05 28.8 89.1 63.0 26.1 202.12 110.97 82.1 256.51 139.21 84.3
13 Boston Marriott Newton 187.56 149.18 25.7 56.9 34.2 22.7 106.70 51.07 108.9 155.51 71.81 116.6
14 New York Hilton Midtown 311.69 322.96 (3.5 ) 65.7 11.8 53.9 204.67 37.88 440.3 316.09 57.11 453.5
15 Hilton Santa Barbara Beachfront Resort 361.12 360.45 0.2 78.3 69.6 8.7 282.73 250.96 12.7 426.16 343.34 24.1
16 Hyatt Regency Mission Bay Spa and Marina 294.87 243.77 21.0 61.6 48.7 12.9 181.61 118.77 52.9 309.03 202.89 52.3
17 Hilton Checkers Los Angeles 222.40 175.90 26.4 65.9 41.2 24.7 146.52 72.42 102.3 168.22 84.59 98.9
18 Hilton Chicago 209.92 192.44 9.1 52.5 15.6 36.9 110.15 29.88 268.7 189.12 50.65 273.4
19 W Chicago – City Center 290.39 214.21 35.6 50.2 23.5 26.7 145.87 50.37 189.6 177.24 61.44 188.5
20 W Chicago – Lakeshore 211.92 178.43 18.8 53.5 36.1 17.4 113.47 64.54 75.8 143.08 79.44 80.1
21 Casa Marina Key West, Curio Collection 543.63 525.98 3.4 72.2 80.2 (8.0 ) 392.46 421.78 (7.0 ) 568.28 598.68 (5.1 )
22 The Reach Key West, Curio Collection 554.33 475.53 16.6 76.2 81.4 (5.2 ) 422.18 387.12 9.1 606.80 546.37 11.1
23 Hilton Denver City Center 181.48 141.72 28.1 66.2 51.4 14.8 120.10 72.79 65.0 178.58 95.43 87.1
24 Royal Palm South Beach Miami 276.70 228.07 21.3 78.6 76.5 2.1 217.55 174.57 24.6 284.24 237.33 19.8
25 DoubleTree Hotel Washington DC – Crystal City 154.88 121.36 27.6 69.0 38.3 30.7 106.88 46.50 129.9 144.71 58.40 147.8
26 DoubleTree Hotel San Jose 167.15 122.63 36.3 57.8 44.8 13.0 96.68 54.93 76.0 142.27 77.80 82.9
27 Juniper Hotel Cupertino, Curio Collection 203.59 112.89 80.3 64.4 46.3 18.1 131.02 52.24 150.8 151.85 61.64 146.3
Sub-total Core Hotels $ 257.77 $ 217.42 18.6 % 64.8 % 39.7 % 25.1 % pts $ 166.96 $ 86.31 93.5 % $ 265.12 $ 135.22 96.1 %
All Other Hotels $ 179.16 $ 149.52 19.8 % 67.8 % 52.6 % 15.2 % pts $ 121.55 $ 78.72 54.4 % $ 173.95 $ 106.70 63.0 %
Total Consolidated Portfolio $ 238.79 $ 197.91 20.7 % 65.5 % 42.7 % 22.8 % pts $ 156.38 $ 84.54 85.0 % $ 243.87 $ 128.57 89.7 %
(1)          Calculated based on unrounded numbers.
---
26
---
Portfolio and Operating Metrics (continued)
---
Comparable Core Hotels: Full Year 2022 vs. Full Year 2021
(unaudited, dollars in millions) Comparable Hotel Adjusted EBITDA Comparable Hotel Revenue Comparable Hotel Adjusted<br><br>EBITDA Margin
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
2022 2021 Change(1) 2022 2021 Change(1) 2022 2021 Change
Core Hotels
1 Hilton Hawaiian Village Waikiki Beach Resort $ 173 $ 75 129.9 % $ 418 $ 231 81.1 % 41.5 % 32.7 % 880 bps
2 Hilton Waikoloa Village 54 30 80.7 138 95 45.9 39.0 31.5 750
3 Hilton San Francisco Union Square (3 ) (29 ) 89.6 112 29 289.0 (2.7 ) (99.7 ) 9,700
4 Parc 55 San Francisco – a Hilton Hotel (8 ) (17 ) 51.7 33 — 100.0 (24.1 ) (5,773.9 ) 574,980
5 JW Marriott San Francisco Union Square 5 (6 ) 187.1 34 17 106.8 14.5 (34.6 ) 4,910
6 Hyatt Centric Fisherman's Wharf 5 1 435.3 23 15 55.9 19.4 5.7 1,370
7 Signia by Hilton Orlando Bonnet Creek 37 17 122.2 112 67 67.8 33.1 25.0 810
8 Waldorf Astoria Orlando 25 15 61.4 78 53 45.4 32.1 28.9 320
9 Hilton Orlando Lake Buena Vista 19 5 246.4 62 32 93.4 30.2 16.9 1,330
10 Hilton New Orleans Riverside 45 12 261.9 128 60 114.4 35.0 20.7 1,430
11 Hyatt Regency Boston 16 4 365.1 44 23 94.2 37.2 15.5 2,170
12 Hilton Boston Logan Airport 16 4 313.5 57 31 84.3 27.8 12.4 1,540
13 Boston Marriott Newton 5 — 61,625.8 24 11 116.6 21.5 0.1 2,140
14 New York Hilton Midtown 22 (37 ) 159.8 217 39 453.5 10.2 (94.9 ) 10,510
15 Hilton Santa Barbara Beachfront Resort 27 24 15.8 56 45 24.1 48.7 52.2 (350 )
16 Hyatt Regency Mission Bay Spa and Marina 12 5 124.6 49 32 52.3 24.4 16.5 790
17 Hilton Checkers Los Angeles 2 (1 ) 371.9 12 6 98.9 17.8 (13.1 ) 3,090
18 Hilton Chicago 12 (6 ) 306.0 107 29 273.4 11.6 (20.9 ) 3,250
19 W Chicago – City Center 2 (1 ) 309.5 26 9 188.5 8.2 (11.2 ) 1,940
20 W Chicago – Lakeshore (1 ) (2 ) 33.2 27 15 80.1 (4.9 ) (13.2 ) 830
21 Casa Marina Key West, Curio Collection 26 31 (18.1 ) 65 68 (5.1 ) 39.6 45.9 (630 )
22 The Reach Key West, Curio Collection 14 12 11.6 33 30 11.1 42.0 41.8 20
23 Hilton Denver City Center 13 5 177.2 40 21 87.1 33.4 22.5 1,090
24 Royal Palm South Beach Miami 16 12 37.3 41 34 19.8 39.6 34.5 510
25 DoubleTree Hotel Washington DC – Crystal City 8 — 6,517.8 33 13 147.8 25.4 1.0 2,440
26 DoubleTree Hotel San Jose 1 (2 ) 160.8 26 14 82.9 4.8 (14.4 ) 1,920
27 Juniper Hotel Cupertino, Curio Collection 3 (2 ) 261.9 12 5 146.3 20.2 (30.7 ) 5,090
Sub-total Core Hotels $ 546 $ 149 262.1 % $ 2,007 $ 1,024 96.1 % 27.2 % 14.7 % 1,250 bps
All Other Hotels $ 80 $ 26 238.0 % $ 402 $ 246 63.0 % 19.9 % 9.6 % 1,030 bps
Total Consolidated Portfolio $ 626 $ 175 258.8 % $ 2,409 $ 1,270 89.7 % 26.0 % 13.7 % 1,230 bps

(1) Calculated based on unrounded numbers.

27
Portfolio and Operating Metrics (continued)
---
Comparable Hotels by Market: Q4 2022 vs. Q4 2019
(unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR Comparable Total RevPAR
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Hotels Rooms 4Q22 4Q19 Change(1) 4Q22 4Q19 Change 4Q22 4Q19 Change(1) 4Q22 4Q19 Change(1)
Hawaii 2 3,507 $ 305.20 $ 258.40 18.1 % 80.3 % 86.7 % (6.4 )% pts $ 245.04 $ 224.11 9.3 % $ 424.88 $ 378.40 12.3 %
San Francisco 4 3,605 213.30 270.98 (21.3 ) 53.5 87.9 (34.4 ) 114.05 238.13 (52.1 ) 163.09 316.97 (48.5 )
Orlando 3 2,325 243.50 200.94 21.2 68.3 83.2 (14.9 ) 166.26 167.20 (0.6 ) 315.70 317.26 (0.5 )
New Orleans 1 1,622 211.44 185.83 13.8 68.3 67.1 1.2 144.48 124.66 15.9 250.60 217.37 15.3
Boston 3 1,536 224.09 217.97 2.8 77.9 82.5 (4.6 ) 174.54 179.80 (2.9 ) 240.50 257.22 (6.5 )
New York 1 1,878 363.73 320.62 13.4 84.7 94.3 (9.6 ) 307.95 302.31 1.9 468.31 496.97 (5.8 )
Southern California 5 1,773 215.37 173.83 23.9 71.7 80.5 (8.8 ) 154.46 140.04 10.3 254.67 239.39 6.4
Chicago 3 2,467 223.89 207.72 7.8 53.5 71.3 (17.8 ) 119.85 148.11 (19.1 ) 184.30 236.56 (22.1 )
Key West 2 461 454.01 392.44 15.7 69.7 62.1 7.6 316.54 243.62 29.9 474.75 439.35 8.1
Denver 1 613 177.32 165.11 7.4 63.8 82.9 (19.1 ) 113.21 136.96 (17.3 ) 166.26 208.17 (20.1 )
Miami 2 901 208.13 173.49 20.0 83.3 87.0 (3.7 ) 173.33 150.95 14.8 247.16 215.98 14.4
Washington, D.C. 2 1,085 174.32 171.94 1.4 66.8 68.6 (1.8 ) 116.52 118.03 (1.3 ) 181.15 185.75 (2.5 )
Seattle 2 1,246 157.98 124.10 27.3 59.7 75.9 (16.2 ) 94.32 94.16 0.2 137.04 145.12 (5.6 )
Other 12 4,043 188.41 179.16 5.2 63.4 75.2 (11.8 ) 119.48 134.81 (11.4 ) 175.35 241.81 (27.5 )
All Markets 43 27,062 $ 240.57 $ 221.89 8.4 % 67.7 % 80.6 % (12.9 )% pts $ 162.81 $ 178.73 (8.9 )% $ 258.41 $ 289.06 (10.6 )%
(1)          Calculated based on unrounded numbers.
---
28
---
Portfolio and Operating Metrics (continued)
---
Comparable Hotels by Market: Q4 2022 vs. Q4 2019
(unaudited, dollars in millions) Comparable Hotel Adjusted EBITDA Comparable Hotel Revenue Comparable Hotel Adjusted EBITDA Margin
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Hotels Rooms 4Q22 4Q19 Change(1) 4Q22 4Q19 Change(1) 4Q22 4Q19 Change
Hawaii 2 3,507 $ 51 $ 49 4.4 % $ 137 $ 138 (0.8 )% 37.0 % 35.2 % 180 bps
San Francisco 4 3,605 (2 ) 26 (108.2 ) 54 105 (48.5 ) (3.9 ) 24.5 (2,840 )
Orlando 3 2,325 22 22 4.2 68 68 (0.5 ) 33.3 31.8 150
New Orleans 1 1,622 13 11 15.4 37 32 15.3 34.7 34.7 —
Boston 3 1,536 10 12 (16.1 ) 34 36 (6.5 ) 28.4 31.6 (320 )
New York 1 1,878 22 22 0.4 81 86 (5.8 ) 27.5 25.8 170
Southern California 5 1,773 11 11 4.0 42 39 6.4 27.6 28.2 (60 )
Chicago 3 2,467 4 10 (56.3 ) 42 54 (22.1 ) 10.4 18.5 (810 )
Key West 2 461 6 7 (9.5 ) 20 19 8.1 32.1 38.3 (620 )
Denver 1 613 3 4 (38.1 ) 9 12 (20.1 ) 28.8 37.2 (840 )
Miami 2 901 8 6 23.8 20 18 14.4 37.0 34.2 280
Washington, D.C. 2 1,085 4 4 7.6 18 19 (2.5 ) 23.6 21.4 220
Seattle 2 1,246 2 1 47.8 16 17 (5.6 ) 11.6 7.4 420
Other 12 4,043 12 29 (60.2 ) 66 89 (27.5 ) 17.6 32.1 (1,450 )
All Markets 43 27,062 $ 166 $ 214 (22.2 )% $ 644 $ 732 (12.1 )% 25.8 % 29.2 % (340 ) bps
(1)       Calculated based on unrounded numbers.
---
29
---

s

Portfolio and Operating Metrics (continued)
Comparable Hotels by Market: Full Year 2022 vs. Full Year 2019
(unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR Comparable Total RevPAR
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Hotels Rooms 2022 2019 Change(1) 2022 2019 Change 2022 2019 Change(1) 2022 2019 Change(1)
Hawaii 2 3,507 $ 297.25 $ 258.66 14.9 % 83.7 % 89.7 % (6.0 )% pts $ 248.67 $ 232.03 7.2 % $ 434.24 $ 397.10 9.4 %
San Francisco 4 3,605 232.30 285.10 (18.5 ) 48.6 90.4 (41.8 ) 112.81 257.74 (56.2 ) 154.63 335.81 (54.0 )
Orlando 3 2,325 236.99 198.87 19.2 63.5 79.3 (15.8 ) 150.52 157.79 (4.6 ) 296.40 320.62 (7.6 )
New Orleans 1 1,622 203.56 190.50 6.9 61.7 72.5 (10.8 ) 125.64 138.20 (9.1 ) 216.87 239.57 (9.5 )
Boston 3 1,536 226.04 229.01 (1.3 ) 75.2 85.0 (9.8 ) 170.01 194.67 (12.7 ) 223.25 263.53 (15.3 )
New York 1 1,878 311.69 279.35 11.6 65.7 90.9 (25.2 ) 204.67 253.88 (19.4 ) 316.09 413.98 (23.6 )
Southern California 5 1,773 240.58 188.05 27.9 73.6 84.8 (11.2 ) 177.13 159.54 11.0 268.69 254.41 5.6
Chicago 3 2,467 222.97 205.86 8.3 52.3 73.5 (21.2 ) 116.68 151.43 (22.9 ) 177.48 237.81 (25.4 )
Key West 2 461 547.24 385.09 42.1 73.5 73.9 (0.4 ) 402.13 284.39 41.4 580.81 442.44 31.3
Denver 1 613 181.48 175.20 3.6 66.2 85.3 (19.1 ) 120.10 149.46 (19.6 ) 178.58 223.84 (20.2 )
Miami 2 901 216.93 176.48 22.9 82.4 88.2 (5.8 ) 178.70 155.62 14.8 243.43 220.52 10.4
Washington, D.C. 2 1,085 162.82 172.56 (5.6 ) 63.7 73.9 (10.2 ) 103.66 127.49 (18.7 ) 153.07 190.81 (19.8 )
Seattle 2 1,246 160.27 148.72 7.8 64.2 80.0 (15.8 ) 102.89 119.03 (13.6 ) 142.72 169.04 (15.6 )
Other 12 4,043 189.10 182.39 3.7 64.3 72.5 (8.2 ) 121.52 132.27 (8.1 ) 169.98 199.10 (14.6 )
All Markets 43 27,062 $ 238.79 $ 224.18 6.5 % 65.5 % 82.0 % (16.5 )% pts $ 156.38 $ 183.76 (14.9 )% $ 243.87 $ 287.14 (15.1 )%

(1) Calculated based on unrounded numbers.

30
Portfolio and Operating Metrics (continued)
---
Comparable Hotels by Market: Full Year 2022 vs. Full Year 2019
(unaudited, dollars in millions) Comparable Hotel Adjusted EBITDA Comparable Hotel Revenue Comparable Hotel Adjusted EBITDA Margin
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Hotels Rooms 2022 2019 Change(1) 2022 2019 Change(1) 2022 2019 Change
Hawaii 2 3,507 $ 227 $ 213 6.8 % $ 556 $ 575 (3.4 )% 40.9 % 37.0 % 390 bps
San Francisco 4 3,605 (1 ) 131 (101.1 ) 203 442 (54.0 ) (0.7 ) 29.6 (3,030 )
Orlando 3 2,325 81 87 (7.4 ) 252 272 (7.6 ) 32.1 32.0 10
New Orleans 1 1,622 45 54 (16.7 ) 128 142 (9.5 ) 35.0 38.0 (300 )
Boston 3 1,536 37 48 (22.6 ) 125 148 (15.2 ) 29.9 32.8 (290 )
New York 1 1,878 22 47 (52.6 ) 217 284 (23.6 ) 10.2 16.5 (630 )
Southern California 5 1,773 56 50 11.5 174 165 5.7 32.2 30.5 170
Chicago 3 2,467 13 42 (68.7 ) 160 214 (25.4 ) 8.2 19.6 (1,140 )
Key West 2 461 39 28 42.6 98 74 31.3 40.4 37.2 320
Denver 1 613 13 20 (31.9 ) 40 50 (20.2 ) 33.4 39.1 (570 )
Miami 2 901 30 25 18.2 80 73 10.4 37.0 34.5 250
Washington, D.C. 2 1,085 12 16 (27.0 ) 61 76 (19.8 ) 19.6 21.5 (190 )
Seattle 2 1,246 8 13 (38.1 ) 65 77 (15.6 ) 12.6 17.2 (460 )
Other 12 4,043 44 70 (37.7 ) 250 293 (14.6 ) 17.5 24.0 (650 )
All Markets 43 27,062 $ 626 $ 844 (25.8 )% $ 2,409 $ 2,885 (16.5 )% 26.0 % 29.3 % (330 ) bps

(1) Calculated based on unrounded numbers.

31
Portfolio and Operating Metrics (continued)
---
Comparable Core Hotels: Q4 2022 vs. Q4 2019
(unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR Comparable Total RevPAR
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
4Q22 4Q19 Change(1) 4Q22 4Q19 Change 4Q22 4Q19 Change(1) 4Q22 4Q19 Change(1)
Core Hotels
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
1 Hilton Hawaiian Village Waikiki Beach Resort $ 297.39 $ 267.13 11.3 % 82.3 % 89.8 % (7.5 )% pts $ 244.86 $ 240.06 2.0 % $ 403.63 $ 387.74 4.1 %
2 Hilton Waikoloa Village 345.12 232.67 48.3 71.2 78.6 (7.4 ) 245.82 183.01 34.3 518.82 354.36 46.4
3 Hilton San Francisco Union Square 213.02 265.42 (19.7 ) 48.6 86.7 (38.1 ) 103.51 230.21 (55.0 ) 161.95 330.37 (51.0 )
4 Parc 55 San Francisco – a Hilton Hotel 198.05 268.75 (26.3 ) 49.2 88.6 (39.4 ) 97.41 238.14 (59.1 ) 120.75 279.64 (56.8 )
5 JW Marriott San Francisco Union Square 274.68 325.28 (15.6 ) 72.2 92.5 (20.3 ) 198.37 300.78 (34.0 ) 264.82 377.92 (29.9 )
6 Hyatt Centric Fisherman's Wharf 183.14 249.25 (26.5 ) 76.6 87.5 (10.9 ) 140.32 218.12 (35.7 ) 196.43 290.16 (32.3 )
7 Signia by Hilton Orlando Bonnet Creek 221.11 178.03 24.2 68.4 81.1 (12.7 ) 151.33 144.36 4.8 321.91 301.79 6.7
8 Waldorf Astoria Orlando 400.80 294.44 36.1 63.7 88.5 (24.8 ) 255.21 260.44 (2.0 ) 454.82 475.79 (4.4 )
9 Hilton Orlando Lake Buena Vista 183.17 167.08 9.6 70.9 82.6 (11.7 ) 129.91 138.01 (5.9 ) 222.21 238.68 (6.9 )
10 Hilton New Orleans Riverside 211.44 185.83 13.8 68.3 67.1 1.2 144.48 124.66 15.9 250.60 217.37 15.3
11 Hyatt Regency Boston 238.66 232.88 2.5 80.8 93.4 (12.6 ) 192.86 217.50 (11.3 ) 262.80 294.42 (10.7 )
12 Hilton Boston Logan Airport 229.46 221.58 3.6 87.7 82.6 5.1 201.24 183.05 9.9 263.44 244.29 7.8
13 Boston Marriott Newton 190.54 188.59 1.0 60.7 69.6 (8.9 ) 115.66 131.22 (11.9 ) 182.23 231.93 (21.4 )
14 New York Hilton Midtown 363.73 320.62 13.4 84.7 94.3 (9.6 ) 307.95 302.31 1.9 468.31 496.97 (5.8 )
15 Hilton Santa Barbara Beachfront Resort 308.35 256.20 20.4 74.4 78.9 (4.5 ) 229.33 202.09 13.5 402.25 359.91 11.8
16 Hyatt Regency Mission Bay Spa and Marina 243.24 159.80 52.2 57.3 72.6 (15.3 ) 139.33 115.90 20.2 254.72 236.30 7.8
17 Hilton Checkers Los Angeles 221.49 225.27 (1.7 ) 64.2 82.6 (18.4 ) 142.11 185.95 (23.6 ) 166.93 214.31 (22.1 )
18 Hilton Chicago 211.06 196.00 7.7 55.3 74.0 (18.7 ) 116.78 145.01 (19.5 ) 199.71 258.42 (22.7 )
19 W Chicago – City Center 290.94 260.06 11.9 51.7 67.0 (15.3 ) 150.54 174.47 (13.7 ) 190.74 227.06 (16.0 )
20 W Chicago – Lakeshore 212.15 205.49 3.2 49.6 66.6 (17.0 ) 105.17 136.88 (23.2 ) 133.54 179.03 (25.4 )
21 Casa Marina Key West, Curio Collection 445.83 389.57 14.4 67.9 82.9 (15.0 ) 302.75 322.94 (6.2 ) 451.64 579.16 (22.0 )
22 The Reach Key West, Curio Collection 469.68 418.50 12.2 73.5 18.9 54.6 345.11 79.18 335.9 522.67 149.47 249.7
23 Hilton Denver City Center 177.32 165.11 7.4 63.8 82.9 (19.1 ) 113.21 136.96 (17.3 ) 166.26 208.17 (20.1 )
24 Royal Palm South Beach Miami 251.29 210.44 19.4 81.4 90.3 (8.9 ) 204.60 190.05 7.7 271.18 258.29 5.0
25 DoubleTree Hotel Washington DC – Crystal City 163.87 160.38 2.2 68.8 67.3 1.5 112.81 108.07 4.4 156.09 153.73 1.5
26 DoubleTree Hotel San Jose 178.56 210.91 (15.3 ) 56.9 81.4 (24.5 ) 101.59 171.72 (40.8 ) 158.18 274.19 (42.3 )
27 Juniper Hotel Cupertino, Curio Collection 214.02 233.55 (8.4 ) 62.7 79.7 (17.0 ) 134.20 186.08 (27.9 ) 154.61 228.67 (32.4 )
Sub-total Core Hotels $ 259.38 $ 240.58 7.8 % 67.8 % 81.8 % (14.0 )% pts $ 175.98 $ 196.78 (10.6 )% $ 281.89 $ 312.92 (9.9 )%
All Other Hotels $ 178.01 $ 154.56 15.2 % 67.1 % 76.4 % (9.3 )% pts $ 119.45 $ 118.02 1.2 % $ 181.18 $ 208.78 (13.2 )%
Total Consolidated Portfolio $ 240.57 $ 221.89 8.4 % 67.7 % 80.6 % (12.9 )% pts $ 162.81 $ 178.73 (8.9 )% $ 258.41 $ 289.06 (10.6 )%

(1) Calculated based on unrounded numbers.

32
Portfolio and Operating Metrics (continued)
---
Comparable Core Hotels: Q4 2022 vs. Q4 2019
(unaudited, dollars in millions) Comparable Hotel Adjusted EBITDA Comparable Hotel Revenue Comparable Hotel Adjusted<br><br>EBITDA Margin
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
4Q22 4Q19 Change(1) 4Q22 4Q19 Change(1) 4Q22 4Q19 Change
Core Hotels
1 Hilton Hawaiian Village Waikiki Beach Resort $ 39 $ 39 1.9 % $ 106 $ 102 4.1 % 37.1 % 37.9 % (80 ) bps
2 Hilton Waikoloa Village 11 10 13.8 31 36 (14.7 ) 37.0 27.7 930
3 Hilton San Francisco Union Square (3 ) 14 (121.2 ) 29 58 (51.0 ) (10.0 ) 23.1 (3,310 )
4 Parc 55 San Francisco – a Hilton Hotel (2 ) 7 (128.1 ) 11 26 (56.8 ) (18.2 ) 28.0 (4,620 )
5 JW Marriott San Francisco Union Square 2 3 (30.8 ) 8 12 (29.9 ) 21.6 21.9 (30 )
6 Hyatt Centric Fisherman's Wharf 1 2 (56.0 ) 6 8 (32.3 ) 17.4 26.8 (940 )
7 Signia by Hilton Orlando Bonnet Creek 10 9 15.4 30 28 6.7 33.9 31.3 260
8 Waldorf Astoria Orlando 7 7 (1.5 ) 21 22 (4.4 ) 34.9 33.9 100
9 Hilton Orlando Lake Buena Vista 5 5 (6.2 ) 17 18 (6.9 ) 30.3 30.1 20
10 Hilton New Orleans Riverside 13 11 15.4 37 32 15.3 34.7 34.7 —
11 Hyatt Regency Boston 4 5 (18.9 ) 12 14 (10.7 ) 35.3 38.9 (360 )
12 Hilton Boston Logan Airport 4 4 8.9 15 14 7.8 26.4 26.1 30
13 Boston Marriott Newton 2 3 (43.7 ) 7 9 (21.4 ) 20.8 29.0 (820 )
14 New York Hilton Midtown 22 22 0.4 81 86 (5.8 ) 27.5 25.8 170
15 Hilton Santa Barbara Beachfront Resort 6 6 6.8 13 12 11.8 44.2 46.3 (210 )
16 Hyatt Regency Mission Bay Spa and Marina 1 1 14.6 10 10 7.8 14.1 13.3 80
17 Hilton Checkers Los Angeles — 1 (66.5 ) 3 4 (22.1 ) 13.1 30.4 (1,730 )
18 Hilton Chicago 4 7 (44.4 ) 28 37 (22.7 ) 13.6 18.9 (530 )
19 W Chicago – City Center 1 2 (57.3 ) 7 8 (16.0 ) 11.7 23.0 (1,130 )
20 W Chicago – Lakeshore — 1 (131.5 ) 6 9 (25.4 ) (5.3 ) 12.6 (1,790 )
21 Casa Marina Key West, Curio Collection 4 7 (47.9 ) 13 17 (22.0 ) 29.2 43.7 (1,450 )
22 The Reach Key West, Curio Collection 3 — 2,608.6 7 2 249.7 37.2 (5.2 ) 4,240
23 Hilton Denver City Center 3 4 (38.1 ) 9 12 (20.1 ) 28.8 37.2 (840 )
24 Royal Palm South Beach Miami 4 4 5.0 10 9 5.0 38.8 38.8 —
25 DoubleTree Hotel Washington DC – Crystal City 2 2 6.5 9 9 1.5 22.1 21.1 100
26 DoubleTree Hotel San Jose 1 4 (71.1 ) 7 13 (42.3 ) 14.4 28.8 (1,440 )
27 Juniper Hotel Cupertino, Curio Collection — 2 (71.6 ) 3 5 (32.4 ) 13.6 32.4 (1,880 )
Sub-total Core Hotels $ 144 $ 182 (20.1 )% $ 536 $ 612 (11.9 )% 26.9 % 29.6 % (270 ) bps
All Other Hotels $ 22 $ 32 (33.8 )% $ 108 $ 120 (13.2 )% 20.5 % 26.9 % (640 ) bps
Total Consolidated Portfolio $ 166 $ 214 (22.2 )% $ 644 $ 732 (12.1 )% 25.8 % 29.2 % (340 ) bps

(1) Calculated based on unrounded numbers.

33
Portfolio and Operating Metrics (continued)
---
Comparable Core Hotels: Full Year 2022 vs. Full Year 2019
(unaudited) Comparable ADR Comparable Occupancy Comparable RevPAR Comparable Total RevPAR
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
2022 2019 Change(1) 2022 2019 Change 2022 2019 Change(1) 2022 2019 Change(1)
Core Hotels
1 Hilton Hawaiian Village Waikiki Beach Resort $ 287.70 $ 266.49 8.0 % 85.4 % 93.0 % (7.6 )% pts $ 245.79 $ 247.80 (0.8 )% $ 400.00 $ 398.46 0.4 %
2 Hilton Waikoloa Village 344.82 235.60 46.4 75.8 81.2 (5.4 ) 261.40 191.41 36.6 585.60 393.60 48.8
3 Hilton San Francisco Union Square 228.58 279.55 (18.2 ) 48.2 89.3 (41.1 ) 110.07 249.39 (55.9 ) 160.33 350.97 (54.3 )
4 Parc 55 San Francisco – a Hilton Hotel 221.89 279.67 (20.7 ) 34.3 90.2 (55.9 ) 76.05 252.17 (69.8 ) 88.99 288.18 (69.1 )
5 JW Marriott San Francisco Union Square 288.73 353.56 (18.3 ) 69.7 93.8 (24.1 ) 201.17 331.52 (39.3 ) 274.65 411.90 (33.3 )
6 Hyatt Centric Fisherman's Wharf 204.95 259.83 (21.1 ) 74.4 94.8 (20.4 ) 152.42 246.30 (38.1 ) 201.97 315.14 (35.9 )
7 Signia by Hilton Orlando Bonnet Creek 214.11 185.28 15.6 63.1 78.0 (14.9 ) 135.06 144.45 (6.5 ) 305.07 332.51 (8.3 )
8 Waldorf Astoria Orlando 383.38 285.47 34.3 60.7 79.3 (18.6 ) 232.61 226.40 2.7 423.42 432.16 (2.0 )
9 Hilton Orlando Lake Buena Vista 180.94 162.84 11.1 65.8 81.1 (15.3 ) 119.07 132.03 (9.8 ) 207.33 237.10 (12.6 )
10 Hilton New Orleans Riverside 203.56 190.50 6.9 61.7 72.5 (10.8 ) 125.64 138.20 (9.1 ) 216.87 239.57 (9.5 )
11 Hyatt Regency Boston 250.22 246.20 1.6 74.2 94.3 (20.1 ) 185.61 232.13 (20.0 ) 241.25 298.85 (19.3 )
12 Hilton Boston Logan Airport 226.80 238.78 (5.0 ) 89.1 85.7 3.4 202.12 204.61 (1.2 ) 256.51 263.64 (2.7 )
13 Boston Marriott Newton 187.56 187.15 0.2 56.9 73.2 (16.3 ) 106.70 137.00 (22.1 ) 155.51 222.15 (30.0 )
14 New York Hilton Midtown 311.69 279.35 11.6 65.7 90.9 (25.2 ) 204.67 253.88 (19.4 ) 316.09 413.98 (23.6 )
15 Hilton Santa Barbara Beachfront Resort 361.12 275.53 31.1 78.3 83.0 (4.7 ) 282.73 228.79 23.6 426.16 369.90 15.2
16 Hyatt Regency Mission Bay Spa and Marina 294.87 182.76 61.3 61.6 78.5 (16.9 ) 181.61 143.47 26.6 309.03 269.32 14.7
17 Hilton Checkers Los Angeles 222.40 224.32 (0.9 ) 65.9 86.2 (20.3 ) 146.52 193.23 (24.2 ) 168.22 222.04 (24.2 )
18 Hilton Chicago 209.92 194.13 8.1 52.5 75.4 (22.9 ) 110.15 146.31 (24.7 ) 189.12 256.16 (26.2 )
19 W Chicago – City Center 290.39 252.85 14.8 50.2 71.8 (21.6 ) 145.87 181.65 (19.7 ) 177.24 229.49 (22.8 )
20 W Chicago – Lakeshore 211.92 205.96 2.9 53.5 69.5 (16.0 ) 113.47 143.22 (20.8 ) 143.08 189.77 (24.6 )
21 Casa Marina Key West, Curio Collection 543.63 387.40 40.3 72.2 83.2 (11.0 ) 392.46 322.43 21.7 568.28 510.27 11.4
22 The Reach Key West, Curio Collection 554.33 377.74 46.7 76.2 54.4 21.8 422.18 205.51 105.4 606.80 301.80 101.1
23 Hilton Denver City Center 181.48 175.20 3.6 66.2 85.3 (19.1 ) 120.10 149.46 (19.6 ) 178.58 223.84 (20.2 )
24 Royal Palm South Beach Miami 276.70 205.59 34.6 78.6 93.0 (14.4 ) 217.55 191.21 13.8 284.24 264.17 7.6
25 DoubleTree Hotel Washington DC – Crystal City 154.88 163.65 (5.4 ) 69.0 72.7 (3.7 ) 106.88 118.93 (10.1 ) 144.71 163.61 (11.6 )
26 DoubleTree Hotel San Jose 167.15 225.19 (25.8 ) 57.8 84.2 (26.4 ) 96.68 189.74 (49.0 ) 142.27 273.30 (47.9 )
27 Juniper Hotel Cupertino, Curio Collection 203.59 249.63 (18.4 ) 64.4 82.8 (18.4 ) 131.02 206.56 (36.6 ) 151.85 246.25 (38.3 )
Sub-total Core Hotels $ 257.77 $ 241.25 6.8 % 64.8 % 83.8 % (19.0 )% pts $ 166.96 $ 202.09 (17.4 )% $ 265.12 $ 316.96 (16.4 )%
All Other Hotels $ 179.16 $ 160.83 11.4 % 67.8 % 75.9 % (8.1 )% pts $ 121.55 $ 122.09 (0.4 )% $ 173.95 $ 186.87 (6.9 )%
Total Consolidated Portfolio $ 238.79 $ 224.18 6.5 % 65.5 % 82.0 % (16.5 )% pts $ 156.38 $ 183.76 (14.9 )% $ 243.87 $ 287.14 (15.1 )%

(1) Calculated based on unrounded numbers.

34
Portfolio and Operating Metrics (continued)
---
Comparable Core Hotels: Full Year 2022 vs. Full Year 2019
(unaudited, dollars in millions) Comparable Hotel Adjusted EBITDA Comparable Hotel Revenue Comparable Hotel Adjusted<br><br>EBITDA Margin
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
2022 2019 Change(1) 2022 2019 Change(1) 2022 2019 Change
Core Hotels
1 Hilton Hawaiian Village Waikiki Beach Resort $ 173 $ 163 6.3 % $ 418 $ 416 0.4 % 41.5 % 39.2 % 230 bps
2 Hilton Waikoloa Village 54 50 8.1 138 160 (13.3 ) 39.0 31.3 770
3 Hilton San Francisco Union Square (3 ) 72 (104.2 ) 112 246 (54.3 ) (2.7 ) 29.1 (3,180 )
4 Parc 55 San Francisco – a Hilton Hotel (8 ) 34 (123.6 ) 33 108 (69.1 ) (24.1 ) 31.4 (5,550 )
5 JW Marriott San Francisco Union Square 5 14 (63.6 ) 34 52 (33.3 ) 14.5 26.6 (1,210 )
6 Hyatt Centric Fisherman's Wharf 5 11 (59.7 ) 23 36 (35.9 ) 19.4 30.9 (1,150 )
7 Signia by Hilton Orlando Bonnet Creek 37 42 (11.5 ) 112 122 (8.3 ) 33.1 34.3 (120 )
8 Waldorf Astoria Orlando 25 24 5.6 78 79 (2.0 ) 32.1 29.8 230
9 Hilton Orlando Lake Buena Vista 19 22 (13.6 ) 62 70 (12.6 ) 30.2 30.5 (30 )
10 Hilton New Orleans Riverside 45 54 (16.7 ) 128 142 (9.5 ) 35.0 38.0 (300 )
11 Hyatt Regency Boston 16 22 (25.7 ) 44 55 (19.3 ) 37.2 40.4 (320 )
12 Hilton Boston Logan Airport 16 16 (3.3 ) 57 58 (2.5 ) 27.8 28.0 (20 )
13 Boston Marriott Newton 5 10 (47.5 ) 24 35 (30.0 ) 21.5 28.7 (720 )
14 New York Hilton Midtown 22 47 (52.6 ) 217 284 (23.6 ) 10.2 16.5 (630 )
15 Hilton Santa Barbara Beachfront Resort 27 22 22.9 56 49 15.2 48.7 45.7 300
16 Hyatt Regency Mission Bay Spa and Marina 12 8 42.2 49 43 15.0 24.4 19.7 470
17 Hilton Checkers Los Angeles 2 5 (57.5 ) 12 16 (24.2 ) 17.8 31.8 (1,400 )
18 Hilton Chicago 12 28 (55.4 ) 107 144 (26.2 ) 11.6 19.2 (760 )
19 W Chicago – City Center 2 8 (73.8 ) 26 34 (22.8 ) 8.2 24.1 (1,590 )
20 W Chicago – Lakeshore (1 ) 6 (121.1 ) 27 36 (24.6 ) (4.9 ) 17.3 (2,220 )
21 Casa Marina Key West, Curio Collection 26 23 11.9 65 58 11.4 39.6 39.4 20
22 The Reach Key West, Curio Collection 14 5 186.6 33 17 101.1 42.0 29.5 1,250
23 Hilton Denver City Center 13 20 (31.9 ) 40 50 (20.2 ) 33.4 39.1 (570 )
24 Royal Palm South Beach Miami 16 14 12.3 41 38 7.6 39.6 37.9 170
25 DoubleTree Hotel Washington DC – Crystal City 8 8 1.5 33 37 (11.6 ) 25.4 22.1 330
26 DoubleTree Hotel San Jose 1 15 (91.6 ) 26 50 (47.9 ) 4.8 29.9 (2,510 )
27 Juniper Hotel Cupertino, Curio Collection 3 7 (65.1 ) 12 20 (38.3 ) 20.2 35.7 (1,550 )
Sub-total Core Hotels $ 546 $ 750 (27.1 )% $ 2,007 $ 2,455 (18.2 )% 27.2 % 30.5 % (330 ) bps
All Other Hotels $ 80 $ 94 (15.6 )% $ 402 $ 430 (6.9 )% 19.9 % 22.0 % (210 ) bps
Total Consolidated Portfolio $ 626 $ 844 (25.8 )% $ 2,409 $ 2,885 (16.5 )% 26.0 % 29.3 % (330 ) bps

(1) Calculated based on unrounded numbers.

35
Properties Acquired and Sold
---

Hyatt Regency Boston Caribe Hilton W New Orleans - French Quarter

36
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(3) 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(4) San Diego, CA 210
Courtyard Washington Capitol Hill/Navy Yard(4) Washington, DC 204
Homewood Suites by Hilton Seattle Convention Center Pike Street(5) 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(6) San Francisco, CA 171
W New Orleans – French Quarter(7) 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 August 2021.
(4)         Sold in June 2021.<br><br>(5)         Sold in June 2022.
(6)         Sold in July 2021.
(7)         Sold in April 2021.
37
---
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 (13 Hotels) 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
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 (8 Hotels) 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 (2 Hotels) 700 $ 207.9
2021 Sales:
W New Orleans – French Quarter New Orleans, Louisiana April 2021 97 $ 24.1
Hotel Indigo San Diego Gaslamp Quarter(2) San Diego, California June 2021 210 78.0
Courtyard Washington Capitol Hill/Navy Yard(2) Washington, District of Columbia June 2021 204 71.0
Hotel Adagio, Autograph Collection San Francisco, California July 2021 171 82.0
Le Meridien San Francisco San Francisco, California August 2021 360 221.5
2021 Total (5 Hotels) 1,042 $ 476.6

__________________________________________________________________________________

(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.
38
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Properties Acquired and Sold (continued)
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Properties Sold (continued)
Hotel Location Month Sold Room Count Gross Proceeds
--- --- --- --- --- --- ---
(in millions)
2022 Sales:
Hampton Inn & Suites Memphis – Shady Grove Memphis, Tennessee April 2022 131 $ 11.5
Hilton Chicago/Oak Brook Suites Chicago, Illinois May 2022 211 10.3
Homewood Suites by Hilton Seattle Convention Center Pike Street Seattle, Washington June 2022 195 80.0
Hilton San Diego Bayfront(1) San Diego, California June 2022 1,190 157.0
Hilton Garden Inn Chicago/Oakbrook Terrace Chicago, Illinois July 2022 128 9.4
Hilton Garden Inn LAX/El Segundo El Segundo, California September 2022 162 37.5
DoubleTree Hotel Las Vegas Airport(2) Las Vegas, Nevada October 2022 190 11.2
2022 Total (7 Hotels) 2,207 $ 316.9
2023 Sales:
Hilton Miami Airport Miami, Florida February 2023 508 $ 118.3
2023 Total (1 Hotel) 508 $ 118.3
Grand Total(3) (36 Hotels) 10,247 $ 2,135.6

__________________________________________________________________________________

(1) Park sold its 25% interests in the joint ventures that own and operate this unconsolidated hotel for total gross proceeds of approximately $157 million, which were reduced by $55 million for
Park’s share of the mortgage debt.
(2)          The unconsolidated hotel was sold for total gross proceeds of approximately $22 million, of which $11.2 million represents Park’s pro-rata share.
(3)          To date, Park has sold its interest in 36 hotels. In addition, three other properties were subject to ground leases that either expired or were terminated by Park, and consequently turned over to
the landlord.
39
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In-Place Supplementary Financial Information
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40
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In-Place Supplementary Financial Information
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Historical In-Place Hotel Metrics
Three Months Ended Full Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(unaudited) March 31, June 30, September 30, December 31, December 31,
2022 2022 2022 2022 2022
In-Place RevPAR $ 116.38 $ 173.63 $ 172.34 $ 163.07 $ 156.53
In-Place Occupancy 50.8 % 70.6 % 71.5 % 67.3 % 65.1 %
In-Place ADR $ 229.23 $ 246.01 $ 241.06 $ 242.13 $ 240.40
Total Revenues $ 479 $ 695 $ 662 $ 665 $ 2,501
Operating income $ 1 $ 119 $ 92 $ 84 $ 296
Operating income margin(1) 0.1 % 17.1 % 13.9 % 12.6 % 11.8 %
In-Place Hotel Revenues (in millions) $ 445 $ 658 $ 634 $ 633 $ 2,370
In-Place Hotel Adjusted EBITDA (in millions) $ 83 $ 202 $ 165 $ 163 $ 613
In-Place Hotel Adjusted EBITDA margin(1) 18.7 % 30.7 % 26.0 % 25.7 % 25.9 %
Three Months Ended Full Year
March 31, June 30, September 30, December 31, December 31,
2021 2021 2021 2021 2021
In-Place RevPAR $ 40.90 $ 78.10 $ 106.16 $ 110.79 $ 84.24
In-Place Occupancy 25.6 % 41.1 % 50.6 % 51.5 % 42.3 %
In-Place ADR $ 160.04 $ 190.08 $ 210.04 $ 215.12 $ 199.31
Total Revenues $ 165 $ 323 $ 423 $ 451 $ 1,362
Operating (loss) income $ (123 ) $ (44 ) $ (14 ) $ 2 $ (179 )
Operating (loss) income margin(1) (74.5 )% (13.5 )% (3.3 )% 0.6 % (13.1 )%
In-Place Hotel Revenues (in millions) $ 145 $ 289 $ 391 $ 419 $ 1,244
In-Place Hotel Adjusted EBITDA (in millions) $ (33 ) $ 39 $ 80 $ 81 $ 167
In-Place Hotel Adjusted EBITDA margin(1) (22.3 )% 13.4 % 20.5 % 19.2 % 13.4 %
Three Months Ended Full Year
March 31, June 30, September 30, December 31, December 31,
2019 2019 2019 2019 2019
In-Place RevPAR $ 175.63 $ 194.18 $ 189.50 $ 179.82 $ 184.81
In-Place Occupancy 77.3 % 85.6 % 84.3 % 80.4 % 81.9 %
In-Place ADR $ 227.28 $ 226.89 $ 224.80 $ 223.45 $ 225.59
Total Revenues $ 659 $ 703 $ 672 $ 810 $ 2,844
Operating income $ 129 $ 111 $ 38 $ 148 $ 426
Operating income margin(1) 19.5 % 15.8 % 5.8 % 18.2 % 15.0 %
In-Place Hotel Revenues (in millions) $ 676 $ 744 $ 707 $ 723 $ 2,850
In-Place Hotel Adjusted EBITDA (in millions) $ 188 $ 231 $ 203 $ 211 $ 833
In-Place Hotel Adjusted EBITDA margin(1) 27.8 % 31.1 % 28.7 % 29.2 % 29.3 %
__________________________________________________________________________________<br><br>(1)          Percentages are calculated based on unrounded numbers.
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41
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In-Place Supplementary Financial Information (continued)
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Historical In-Place Hotel Adjusted EBITDA – Full Year 2022
Three Months Ended Full Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(unaudited, in millions) March 31, June 30, September 30, December 31, December 31,
2022 2022 2022 2022 2022
Operating income $ 1 $ 119 $ 92 $ 84 $ 296
Interest income — 1 4 8 13
Interest expense (62 ) (62 ) (61 ) (62 ) (247 )
Equity in earnings from investments in affiliates — 5 1 9 15
Other gain (loss), net 5 92 1 (2 ) 96
Income tax (expense) benefit — (1 ) 3 (1 ) 1
Net (loss) income (56 ) 154 40 36 174
Depreciation and amortization expense 69 68 67 65 269
Interest income — (1 ) (4 ) (8 ) (13 )
Interest expense 62 62 61 62 247
Income tax expense — 1 (3 ) 1 (1 )
Interest expense, income tax and depreciation and<br><br>amortization included in equity in earnings from<br><br>investments in affiliates 1 4 2 2 9
EBITDA 76 288 163 158 685
Loss (gain) on sales of assets, net(1) — 1 (14 ) (9 ) (22 )
Gain on sale of investments in affiliates(2) — (92 ) — — (92 )
Share-based compensation expense 4 5 4 4 17
Casualty loss — 1 3 2 6
Other items 2 4 2 4 12
Adjusted EBITDA 82 207 158 159 606
Less: Adjusted EBITDA from hotels disposed of (6 ) (6 ) (2 ) (3 ) (17 )
Less: Adjusted EBITDA from investments in<br><br>affiliates disposed of (2 ) (4 ) (2 ) — (8 )
In-Place Adjusted EBITDA 74 197 154 156 581
Less: Adjusted EBITDA from investments in affiliates (3 ) (7 ) (2 ) (5 ) (17 )
Add: All other(3) 12 12 13 12 49
In-Place Hotel Adjusted EBITDA(4) $ 83 $ 202 $ 165 $ 163 $ 613
(1)       For the three months and year ended December 31, 2022, includes a gain of $9 million on the sale of the DoubleTree Hotel Las Vegas Airport included in equity in earnings (losses) from investments in affiliates in the consolidated statements of operations.
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(2)       Included in other (loss) gain, net in the consolidated statements of operations.
(3)       Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the
consolidated statements of operations.
(4)       Includes the 42 consolidated hotels owned as of February 22, 2023.
42
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In-Place Supplementary Financial Information (continued)
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Historical In-Place Hotel Adjusted EBITDA – Full Year 2021
Three Months Ended Full Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(unaudited, in millions) March 31, June 30, September 30, December 31, December 31,
2021 2021 2021 2021 2021
Operating (loss) income $ (123 ) $ (44 ) $ (14 ) $ 2 $ (179 )
Interest income — — — 1 1
Interest expense (63 ) (66 ) (66 ) (63 ) (258 )
Equity in losses from investments in affiliates (4 ) (2 ) — (1 ) (7 )
Other loss, net — (2 ) (5 ) — (7 )
Income tax (expense) benefit (1 ) — 3 (4 ) (2 )
Net loss (191 ) (114 ) (82 ) (65 ) (452 )
Depreciation and amortization expense 74 71 68 68 281
Interest income — — — (1 ) (1 )
Interest expense 63 66 66 63 258
Income tax expense (benefit) 1 — (3 ) 4 2
Interest expense, income tax and depreciation and amortization<br><br>included in equity in earnings from investments in affiliates 1 4 3 3 11
EBITDA (52 ) 27 52 72 99
(Gain) loss on sales of assets, net — (6 ) 11 — 5
Share-based compensation expense 6 4 5 4 19
Impairment and casualty loss, net — 5 2 2 9
Other items (3 ) 3 7 3 10
Adjusted EBITDA (49 ) 33 77 81 142
Less: Adjusted EBITDA from hotels disposed of 3 (3 ) (4 ) (6 ) (10 )
Less: Adjusted EBITDA from investments in<br><br>affiliates disposed of 2 — (2 ) (1 ) (1 )
In-Place Adjusted EBITDA (44 ) 30 71 74 131
Less: Adjusted EBITDA from investments in affiliates — (2 ) (2 ) (2 ) (6 )
Add: All other(1) 11 11 11 9 42
In-Place Hotel Adjusted EBITDA(2) $ (33 ) $ 39 $ 80 $ 81 $ 167
______________________________________________________________________________________<br><br>(1)    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
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statements of operations.
(2)    Includes the 42 consolidated hotels owned as of February 22, 2023.
43
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In-Place Supplementary Financial Information (continued)
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Historical Comparable Hotel Adjusted EBITDA – Full Year 2019
Three Months Ended Full Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(unaudited, in millions) March 31, June 30, September 30, December 31, December 31,
2019 2019 2019 2019 2019
Operating income $ 129 $ 111 $ 38 $ 148 $ 426
Interest income 1 2 2 1 6
Interest expense (32 ) (33 ) (33 ) (42 ) (140 )
Equity in earnings (losses) from investments in affiliates 5 10 3 (4 ) 14
Other gain (loss), net 1 (1 ) (1 ) 46 45
Income tax expense (7 ) (5 ) — (23 ) (35 )
Net income 97 84 9 126 316
Depreciation and amortization expense 62 61 61 80 264
Interest income (1 ) (2 ) (2 ) (1 ) (6 )
Interest expense 32 33 33 42 140
Income tax expense 7 5 — 23 35
Interest expense, income tax and depreciation and amortization<br><br>included in equity in earnings from investments in affiliates 5 7 7 4 23
EBITDA 202 188 108 274 772
(Gain) loss on sales of assets, net (31 ) 12 (1 ) 1 (19 )
Gain on sale of investments in affiliates(1) — — — (44 ) (44 )
Acquisition costs — 6 59 5 70
Severance expense 1 1 — — 2
Share-based compensation expense 4 4 4 4 16
Casualty loss (gain) and impairment loss, net — — 8 (26 ) (18 )
Other items — (4 ) 2 9 7
Adjusted EBITDA 176 207 180 223 786
Add: Adjusted EBITDA from hotels acquired 37 53 39 — 129
Less: Adjusted EBITDA from hotels disposed of (30 ) (31 ) (19 ) (18 ) (98 )
Less: Adjusted EBITDA from investments in<br><br>affiliates disposed of (3 ) (5 ) (5 ) (3 ) (16 )
In-Place Adjusted EBITDA(2) 180 224 195 202 801
Less: Adjusted EBITDA from investments in affiliates (7 ) (7 ) (4 ) (3 ) (21 )
Add: All other(3) 15 14 12 12 53
In-Place Hotel Adjusted EBITDA(4) $ 188 $ 231 $ 203 $ 211 $ 833
______________________________________________________________________________________<br><br>(1)         Included in other (loss) gain, net in the consolidated statements of operations.
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(2)         Full year December 31, 2019 includes $15 million associated with 466 rooms at the Hilton Waikoloa Village that were transferred to Hilton Grand Vacations at the end of 2019, $6 million associated with
business interruption proceeds related to the loss of income in prior years for the Hilton Caribe and a $6 million operating loss generated from Park’s laundry facilities that were closed in 2021.
Excluding these amounts, 2019 Comparable Adjusted EBITDA would have been $786 million.
(3)         Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the consolidated statements of operations.
(4)         Includes the 42 consolidated hotels owned as of February 22, 2023.
44
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In-Place Supplementary Financial Information (continued)
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Historical In-Place Hotel Revenues – 2022, 2021 and 2019
Three Months Ended Full Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(unaudited, in millions) March 31, June 30, September 30, December 31, December 31,
2022 2022 2022 2022 2022
Total Revenues $ 479 $ 695 $ 662 $ 665 $ 2,501
Less: Other revenue (16 ) (19 ) (19 ) (21 ) (75 )
Less: Revenues from hotels disposed of (18 ) (18 ) (9 ) (11 ) (56 )
In-Place Hotel Revenues $ 445 $ 658 $ 634 $ 633 $ 2,370
Three Months Ended Full Year
March 31, June 30, September 30, December 31, December 31,
2021 2021 2021 2021 2021
Total Revenues $ 165 $ 323 $ 423 $ 451 $ 1,362
Less: Other revenue (8 ) (12 ) (15 ) (16 ) (51 )
Less: Revenues from hotels disposed of (12 ) (22 ) (17 ) (16 ) (67 )
In-Place Hotel Revenues $ 145 $ 289 $ 391 $ 419 $ 1,244
Three Months Ended Full Year
March 31, June 30, September 30, December 31, December 31,
2019 2019 2019 2019 2019
Total Revenues $ 659 $ 703 $ 672 $ 810 $ 2,844
Less: Other revenue (18 ) (19 ) (22 ) (18 ) (77 )
Add: Revenues from hotels acquired 130 151 125 — 406
Less: Revenues from hotels disposed of (95 ) (91 ) (68 ) (69 ) (323 )
In-Place Hotel Revenues $ 676 $ 744 $ 707 $ 723 $ 2,850
45
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Liquidity and Capital Structure
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Debt Summary Casa Marina, a Waldorf Astoria Resort Hilton Orlando Bonnet Creek New York Hilton Midtown

asa Marina, a Waldorf Astoria Resort Hilton Orlando Bonnet Creek New York Hilton Midtown

46
Liquidity and Capital Structure
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Fixed and Variable Rate Debt
(unaudited, dollars in millions)
--- --- --- --- --- --- ---
Debt Collateral Interest Rate Maturity Date As of December 31, 2022
Fixed Rate Debt
Mortgage loan Hilton Denver City Center 4.90% June 2023(1) $ 56
Mortgage loan W Chicago – City Center 4.25% August 2023 75
Mortgage 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 132
Mortgage loan DoubleTree Hotel Spokane City Center 3.62% July 2026 14
Mortgage loan Hilton Hawaiian Village Beach Resort 4.20% November 2026 1,275
Mortgage loan Hilton Santa Barbara Beachfront Resort 4.17% December 2026 162
Mortgage loan DoubleTree Hotel Ontario Airport 5.37% May 2027 30
2025 Senior Notes 7.50% June 2025 650
2028 Senior Notes 5.88% October 2028 725
2029 Senior Notes 4.88% May 2029 750
Total Fixed Rate Debt 5.04%(2) 4,594
Variable Rate Debt
Revolver(3) Unsecured SOFR + 2.10% December 2026 50
Total Variable Rate Debt 6.22%(2) 50
Add: unamortized premium 3
Less: unamortized deferred financing costs and discount (30 )
Total Debt(4) 5.06%(2) $ 4,617
(1)          The loan matures in August 2042 but is callable by the lender with six months of notice. As of December 31, 2022, Park had not received notice from the lender.
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(2)          Calculated on a weighted average basis.
(3)          In December 2022, Park amended and restated the revolving credit facility (“Revolver”) which extended its maturity date to December 2026 and increased aggregate commitments from $901
million to $950 million, of which $50 million, together with cash on hand, was used to fully repay the remaining $78 million outstanding on its sole remaining corporate term loan. In February 2023,
Park fully repaid the outstanding balance under the Revolver. Park has approximately $950 million of available capacity under the Revolver.
(4)          Excludes $169 million of Park’s share of debt of its unconsolidated joint ventures.
47
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Liquidity and Capital Structure (continued)
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Revolver Amendment and Restatement

• Park amended and restated its Revolver in December 2022 to:

▪ increase aggregate commitments from $901 million to $950 million, which can be increased by up to $500 million with lender approval;

▪ extend the maturity date to December 1, 2026 with the ability to extend its maturity by one year as a (i) one-year extension or (ii) two six-month extensions;

▪ release all collateral securing the Revolver and senior notes consisting of pledges of equity interests in Park-affiliated entities owning certain unencumbered properties;

▪ adjust certain financial covenants to revised levels through the end of the first quarter of 2024 allowing Park to conduct share repurchases, subject to compliance with the financial covenants; and

▪ accrue interest at an adjusted secured overnight financing rate (“SOFR”) rate plus a margin ranging from 1.45% to 2.75% depending on a ratio of Park’s adjusted total indebtedness to consolidated EBITDA, as defined in the agreement.

48
Definitions
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Definitions Hilton Orlando Bonnet Creek Hilton Denver City Center W Chicago –City Center

Hilton Orlando Bonnet Creek Hilton Denver City Center W Chicago - City Center

49
Definitions
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Comparable Hotels<br><br><br><br>The Company presents certain data for its consolidated hotels on a Comparable hotel basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Total RevPAR, Comparable Occupancy, Comparable ADR, Comparable Adjusted EBITDA, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s Comparable metrics exclude results from property dispositions that have occurred through December 31, 2022 and include results from property acquisitions as though such acquisitions occurred on the earliest period presented.<br><br><br><br>In-Place Hotels<br><br><br><br>The Company presents certain data for its consolidated hotels on an In-Place hotel basis as supplemental information for investors: In-Place Hotel Revenues, In-Place RevPAR, In-Place Total RevPAR, In-Place Occupancy, In-Place ADR, In-Place Adjusted EBITDA, In-Place Hotel Adjusted EBITDA, In-Place Hotel Adjusted EBITDA Margin and Net debt to In-Place Adjusted EBITDA ratio. The Company presents In-Place hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s In-Place metrics exclude results from property dispositions that have occurred through February 22, 2023 and include results from property acquisitions as though such acquisitions occurred on the earliest period presented.<br><br><br><br>EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin<br><br>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.<br><br>Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude the following items that are not reflective of Park's ongoing operating performance or incurred in the normal course of business, and thus, excluded in management's analysis in making day-to-day operating decisions and evaluations of Park's operating performance against other companies within its industry:<br><br>• Gains or losses on sales of assets for both consolidated and unconsolidated investments;<br><br>• Costs associated with hotel acquisitions or dispositions expensed during the period;<br><br>• Severance expense;<br><br>• Share-based compensation expense;<br><br>• Impairment losses and casualty gains or losses; and<br><br>• Other items that management believes are not representative of the Company’s current or future operating performance.
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50
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Definitions (continued)
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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.<br><br><br><br>Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.<br><br><br><br>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.<br><br><br><br>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.<br><br><br><br>EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company’s operating performance and results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin should not be considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available to the Company to meet its obligations.<br><br><br><br>Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – Diluted and Adjusted FFO per share – Diluted<br><br><br><br>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.
51
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Definitions (continued)
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For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company’s presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period. The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding the Company’s ongoing operating performance. Management historically has made the adjustments detailed below in evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful supplemental information that is beneficial to an investor’s complete understanding of operating performance. The Company adjusts Nareit FFO attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO attributable to stockholders:<br><br><br><br>• Costs associated with hotel acquisitions or dispositions expensed during the period;<br><br>• Severance expense;<br><br>• Share-based compensation expense;<br><br>• Casualty gains or losses; and<br><br>• Other items that management believes are not representative of the Company’s current or future operating performance.<br><br><br><br>Net Debt<br><br>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.<br><br>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.<br><br>Net Debt to Adjusted EBITDA Ratio<br><br>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.
52
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Definitions (continued)
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Occupancy<br><br>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 the period of suspended or reduced operations at certain of the Company'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.<br><br>Average Daily Rate<br><br>ADR (or rate) represents rooms revenue divided by total number of room nights sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in the hotel industry, and management uses ADR to assess pricing levels that the Company is able to generate by type of customer, as changes in rates have a more pronounced effect on overall revenues and incremental profitability than changes in Occupancy, as described above.<br><br>Revenue per Available Room<br><br>Revenue per Available Room (“RevPAR”) represents rooms revenue 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 the period of suspended or reduced operations at certain of the Company'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.<br><br>Total RevPAR<br><br>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 the period of suspended or reduced operations at certain of the Company'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.
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Analyst Coverage
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Analyst Company Phone Email
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Dany Asad Bank of America (646) 855-5238 dany.asad@bofa.com
Anthony Powell Barclays (212) 526-8768 anthony.powell@barclays.com
Ari Klein BMO Capital Markets (212) 885-4103 ari.klein@bmo.com
Stephen Grambling Morgan Stanley (212) 761-1010 stephen.grambling@morganstanley.com
Smedes Rose Citi Research (212) 816-6243 smedes.rose@citi.com
Floris Van Dijkum Compass Point (646) 757-2621 fvandijkum@compasspointllc.com
Chris Woronka Deutsche Bank (212) 250-9376 chris.woronka@db.com
Duane Pfennigwerth Evercore ISI (212) 497-0817 duane.pfennigwerth@evercoreisi.com
Christopher Darling Green Street (949) 640-8780 cdarling@greenstreet.com
David Katz Jefferies (212) 323-3355 dkatz@jefferies.com
Joe Greff JP Morgan (212) 622-0548 joseph.greff@jpmorgan.com
Bill Crow Raymond James (727) 567-2594 bill.crow@raymondjames.com
Rich Anderson SMBC Nikko Securities (646) 521-2351 randerson@smbcnikko-si.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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