Exhibit 99.1

Park Hotels & Resorts Inc. Reports First Quarter 2022 Results

TYSONS, VA (May 2, 2022) – Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the first quarter ended March 31, 2022 and provided an operational update.

First quarter financial highlights include:

Additional highlights include:

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, “I am extremely pleased with Park's first quarter results, which came in well ahead of expectations due to encouraging demand growth across our portfolio from both leisure and business travel. Strong leisure demand continued in Hawaii, Florida and Puerto Rico, while business and group demand in our San Francisco, New York, Boston, Washington, D.C. and Chicago markets witnessed solid gains during the second half of the quarter, which have accelerated into April. Despite some disruption from the Omicron variant during the first six weeks of the quarter, we continued to generate positive Hotel Adjusted EBITDA for the quarter and surpassed 2019 average daily rate for the portfolio for the first time since the start of the pandemic. Looking ahead, I am very encouraged by the accelerating demand trends we have been seeing month to month for the balance of the year and expect Park's diversified portfolio to benefit across all major segments. With current liquidity of over $1.5 billion, we are well positioned to seek out opportunities throughout the year to execute Park's business and growth strategies."

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Selected Statistical and Financial Information

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

Operational Update

Since originally suspending hotel operations, Park has reopened all hotels except the 1,024-room Parc 55 San Francisco – a Hilton Hotel, which is anticipated to reopen earlier than expected on May 19, 2022, based on improving demand trends in the San Francisco market.

Changes in Park's 2022 Pro-forma ADR, Occupancy and RevPAR compared to the same periods in 2021 and 2019, and 2022 Occupancy for Park’s 48 consolidated hotels owned as of March 31, 2022 were as follows:

Changes in Park's 2022 Pro-forma ADR, Occupancy and RevPAR compared to the same periods in 2021 and 2019, and 2022 Occupancy for only the consolidated hotels owned as of March 31, 2022 and open for the entirety of each period were as follows:

For the first quarter of 2022, Park’s portfolio generated positive Hotel Adjusted EBITDA for the fourth consecutive quarter with 33 of 46 of Park’s open consolidated hotels exceeding break-even levels.

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Domestic leisure transient demand continues to grow compared to 2021 as a result of the easing of domestic restrictions, despite some disruption from virus variants; however, some restrictions on international travel remain in place. The Rooms Revenue mix for the three months ended March 31, 2022, 2021, 2020 and 2019 for the 46 consolidated hotels open the entirety of the first quarter of 2022 were as follows:

Park saw an improvement in demand beginning in mid-February 2022 as COVID-19 cases declined across the country, business travel accelerated and group demand began to return to Park's urban hotels. In March 2022, group bookings for the remainder of 2022 and 2023 tripled, an increase of approximately 200,000 room nights, up from approximately 65,000 room nights in February 2022. As of the end of March 2022, group bookings for the remainder of 2022 were approximately 66% of what 2019 group bookings were as of March 2019, an improvement of 400 basis points from December 2021, with average group rate in line with 2019 levels for the same time period. Group bookings for 2023 are 73% of what 2019 group bookings were as of March 2018, with average group rates exceeding 2019 average group rates by 2.5% for the same time period.

Additionally, group lead volumes continue to increase, with March 2022 lead demand up over 30% compared to January 2022, representing approximately 90% of 2019 levels. Mid-week occupancies, excluding resort hotels, more than doubled to 54% in March of 2022 compared to the end of January 2022, signaling continued recovery of business transient demand.

Highlights for Park's consolidated hotels owned as of March 31, 2022 in each of the Company’s key markets, segmented between leisure and other markets, are as follows:

Leisure Markets

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Other Markets

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Balance Sheet and Liquidity

Park’s Net Debt as of March 31, 2022 was $4.2 billion. The Company has just $78 million outstanding on its sole remaining corporate term loan. Only 1% of Park’s total outstanding debt matures in 2022, and the weighted average maturity of Park’s consolidated debt is 4.4 years. Park's current liquidity is over $1.5 billion, including $901 million of available capacity under the Company's Revolver.

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

Capital Investments

During 2021, Park resumed investing in certain capital projects to enhance the value of its hotels as it saw further signs of a broader based recovery and spent $54 million on capital investments. During the first quarter of 2022, Park spent $21 million on capital improvements at its hotels. Park expects to invest approximately $175 million to $200 million in capital improvements during 2022. Key projects are summarized below:

Recently Completed Projects

Ongoing Projects

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Dividends and Share Repurchases

Park declared a first quarter 2022 cash dividend of $0.01 per share to stockholders of record as of March 31, 2022. The first quarter 2022 cash dividend was paid on April 15, 2022.

During the first quarter, Park repurchased 3.4 million shares of its common stock at an average price of $17.99 per share, or $61 million in the aggregate, through its previously disclosed $300 million stock repurchase program, which was approved by our Board of Directors in February 2022.

2022 Outlook

Based on recent trends, which are signaling continued recovery, Park's outlook for Q2 2022 is as follows:

Q2 2022 outlook is based in part on the following assumptions:

Park's Q2 2022 outlook is based on many factors, many of which are outside the Company's control, including uncertainty surrounding any new disruptions from the COVID-19 pandemic, and all of which are subject to change. The Company continues to be unable to provide a full-year outlook for 2022 given the continued economic uncertainty as the global economy continues to recover

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from the COVID-19 pandemic; however, if the positive demand trends continue over the next few months, the Company anticipates being able to provide a full-year outlook in its second quarter earnings release.

Supplemental Disclosures

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

Conference Call

Park will host a conference call for investors and other interested parties to discuss first quarter 2022 results on May 2, 2022 beginning at 11 a.m. Eastern Time. Participants may listen to the live webcast by logging onto the Investors section of the website at www.pkhotelsandresorts.com. Alternatively, participants may listen to the live call by dialing (877) 451-6152 in the United States or (201) 389-0879 internationally and requesting Park Hotels & Resorts’ First Quarter 2022 Earnings Conference Call. Participants are encouraged to dial into the call or link to the webcast at least ten minutes prior to the scheduled start time.

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

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including expected dates that its hotels will reopen, break even or achieve positive Hotel Adjusted EBITDA, the impact to the Company's business and financial condition and that of its hotel management companies, measures being taken in response to COVID-19, the impact from macroeconomic factors (including inflation and geopolitical conflicts), the effects of competition and the effects of future legislation or regulations, the expected completion of anticipated dispositions, the declaration and payment of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors continues to be the adverse effect of COVID-19, including actions taken to contain the pandemic or mitigate its effects, the emergences of virus variants and resurgences, on the Company’s financial condition, results of operations, cash flows and performance, its hotel management companies and its hotels’ tenants, and the global economy and financial markets. Investors are cautioned to interpret many of the risks identified in the risk factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as being heightened as a result of the ongoing and numerous adverse effects of COVID-19.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2021, as such factors may be updated from time to time in Park’s filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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.

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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 53 premium-branded hotels and resorts with approximately 32,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

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PARK HOTELS & RESORTS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)

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PARK HOTELS & RESORTS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except per share data)

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PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

EBITDA AND ADJUSTED EBITDA

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PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

PRO-FORMA HOTEL ADJUSTED EBITDA AND

PRO-FORMA HOTEL ADJUSTED EBITDA MARGIN

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PARK HOTELS & RESORTS INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

NAREIT FFO AND ADJUSTED FFO

(unaudited, in millions, except per share data)