Park Hotels & Resorts Inc. · NYSE:PK
Park Hotels & Resorts — Investor Presentation (December 2025)
39 slides from Park Hotels & Resorts's investor presentation, December 2025
Slide 1: Investor Presentation December 2025
INVESTOR PRESENTATION DECEMBER 2025
Slide 2: Park Hotels & Resorts
PARK HOTELS & RESORTS MISSION INVESTMENT STRATEGY GUIDING PRINCIPLES To be the preeminent lodging Upper-Upscale & Luxury Active Asset Management REIT, focused on consistently Full-Service delivering superior, risk- Prudent Capital Allocation adjusted returns to Premier Urban and Resort 2 stockholder
Slide 3: Park at a Glance
PARK AT A GLANCE HOTEL REVENUE 35 22K 20 16K SEGMENTATION1,2 COMPARABLE COMPARABLE CORE CORE HOTELS1 ROOMS1 HOTELS2 ROOMS2 60% Non-Core Hotels TOP 10 MARKETS CORE HOTEL MARKETS Core Hotels TTM 3Q25 7% 82% Hotel Adj. EBITDA 4% Comparable 1 Core 2 29% 1) Hawaii 29% 32% 2) Orlando 17% 16% Rooms Ancilla
Slide 4: Park: A Compelling Investment Story
PARK: A COMPELLING INVESTMENT STORY VALUATION CORE PORTFOLIO5 ROI PIPELINE FINANCIAL FLEXIBILITY DISCOUNT DESPITE SECTOR CORE PORTFOLIO AMONG ROI PIPELINE TO DRIVE VALUE AMPLE LIQUIDITY TO EXECUTE OUTPERFORMANCE1 HIGHEST QUALITY IN SECTOR CREATION STRATEGY 47% discount to consensus 20 Core hotels5;
Slide 5: Experienced Management Team with Track Record of Success
EXPERIENCED MANAGEMENT TEAM WITH TRACK RECORD OF SUCCESS KEY ACCOMPLISHMENTS: EIGHT-YEAR TRACK RECORD OF CREATING VALUE Capital Allocation: Acquired Chesapeake Lodging Trust for $2.5B, improving the Thomas J. Baltimore, Jr. overall quality of the portfolio; Sold or Chairman, President & CEO disposed
Slide 6: Iconic Portfolio: The Core Hotels
ICONIC PORTFOLIO THE CORE HOTELS THE REACH KEY WEST, CURIO COLLECTION WALDORF ASTORIA ORLANDO HILTON HAWAIIAN VILLAGE WAIKIKI BEACH RESORT 6 SIGNIA BY HILTON ORLANDO BONNET CREEK CASA MARINA KEY WEST, CURIO COLLECTION ROYAL PALM SOUTH BEACH MIAMI CARIBE HILTON CASA MARINA KEY WEST, CURIO COLLECTION
Slide 7: The Core Hotels (continued)
ICONIC PORTFOLIO THE CORE HOTELS (CONTINUED) HILTON MCLEAN TYSONS CORNER DOUBLE TREE WASHINGTON DC - CRYSTAL CITY HILTON DENVER CITY CENTER HILTON BOSTON LOGAN AIRPORT HYATT REGENCY BOSTON 7 HYATT REGENCY BOSTON HILTON CHICAGO JUNIPER HOTEL CUPERTINO, CURIO COLLECTION NEW YORK HILTON MIDTOWN HILTON
Slide 8: Building Blocks for Growth
BUILDING BLOCKS FOR GROWTH HILTON WAIKOLOA VILLAGE
Slide 9: Park Strategy: Focus on Core Hotels
PARK STRATEGY: FOCUS ON CORE HOTELS Strategic Plan: Disposing of Remaining Non-Core Hotels Over the Next 12+ Months Materially Enhances Growth and Quality 2025 Core Portfolio 2017 Portfolio Narrow Focus to Just 21 Hotels $218 RevPAR3 67 Hotels $162 RevPAR 1 Core Hotels 17K Rooms 30% Hotel Adj. 35K R
Slide 10: Core vs. Non-Core: Higher Quality, More Profitable, Better Growth
CORE VS. NON-CORE HIGHER QUALITY, MORE PROFITABLE, BETTER GROWTH Core hotels have significantly outperformed Park’s Non-Core hotels since 20171,2 Consolidated Core Consolidated Non-Core (20) Hotels (15) Hotels Park’s Non-Core hotel portfolio has accounted 2017 vs. 2025 2017 vs. 2025 for a 125 basis
Slide 11: Park: Plan to Dispose of Non-Core Hotels
PARK: PLAN TO DISPOSE OF NON-CORE HOTELS Plan to dispose of Non-Core hotels in next 12+ months; proceeds expected for debt paydown Sale # of Pro-Rata Pro-Rata FY 2025E Estimated Sale Estimated Estimated Non-Core Dispositions Tranche Hotels Keys EBITDA1 RevPAR Proceeds Multiple Timing (1) Sold/In Con
Slide 12: Park Hotels: Bridging the Earnings Potential
PARK HOTELS: BRIDGING THE EARNINGS POTENTIAL Shedding the Non-Core hotels will further highlight the significant earnings potential in Park’s Core portfolio Adjusted EBITDA Bridge ($M) $100M+ Orlando: Continued group outperformance supported by the Bonnet Creek ballroom expansion, the $900M two-phas
Slide 13: Potentially Higher Growth = Higher Multiple
POTENTIALLY HIGHER GROWTH = HIGHER MULTIPLE Bridge to Potentially Higher Valuation Given Strong Correlation to Growth and Quality Potential PK Average Stock Price5 Peer Group Adjusted Based on EBITDA Potential Impact on PK Valuation Historical Avg. Peer Group Multiple Multiple Historical PK Adjusted
Slide 14: Robust ROI Pipeline: Significant Embedded Value
ROBUST ROI PIPELINE: SIGNIFICANT EMBEDDED VALUE COMPLETED IN PLANNING/UNDER ADDITIONAL ~$330M (2018-2024) CONSTRUCTION ~$1B POTENTIAL PROJECTS VALUE CREATION $1B 14 Potential ROI CASA MARINA KEY WEST HILTON SANTA BARBARA HILTON NEW YORK MIDTOWN Pipeline • Bonnet Creek Renovation & • Royal Palm South
Slide 15: Value Enhancing ROIs: Track Record of Success
VALUE ENHANCING ROIs: TRACK RECORD OF SUCCESS Hotels with completed major ROI projects generating an additional $50M+ of EBITDA1 upon stabilization HILTON SANTA THE REACH KEY WEST, CASA MARINA KEY WEST, SIGNIA BY HILTON BARBARA BEACHFRONT CURIO COLLECTION CURIO COLLECTION ORLANDO BONNET CREEK & RESO
Slide 16: Committed to Invest: Major Projects Underway
COMMITTED TO INVEST: MAJOR PROJECTS UNDERWAY From 2018 to 2025, $1.4B of value-enhancing capex projects invested in Park’s Core portfolio, resulting in material market share gains. Current projects include: Royal Palm South Beach Miami $103M • Full property renovation • Renovation of 393 guestrooms,
Slide 17: Core Portfolio: Well-Insulated from Supply
CORE PORTFOLIO: WELL-INSULATED FROM SUPPLY Favorable supply picture for Park through 20301 National Supply 20.0% Growth Average: 0.7% 15.0% 10.0% 5.0% 1.2% 1.1% 17 0.9% 0.9% 0.8% 0.8% 0.7% 0.7% 0.5% 0.4% 0.1% 0.0% San Diego Denver New York Washington Boston Orlando Miami New Orleans Oahu Chicago San
Slide 18: 2025 Outlook: No Change to Guidance
2025 OUTLOOK: No Change to Guidance FY 2025 Outlook Preliminary November Comparable as of December 8, 2025 RevPAR Growth2 Change at ~2% Metrics Low High Midpoint1 Comparable RevPAR $184 $185 $0 Y/Y Growth (2.5)% (1.8)% 0 bps Preliminary November Comparable RevPAR (ex-Royal Palm South Beach Miami Hot
Slide 19: Appendix
APPENDIX CASA MARINA KEY WEST, CURIO COLLECTION
Slide 20: Fortified Balance Sheet with a Plan to Extend Near-Term Maturities
FORTIFIED BALANCE SHEET WITH A PLAN TO EXTEND NEAR-TERM MATURITIES Park’s balance sheet remains strong with ample liquidity and improved financial flexibility for growth while providing protection during economic uncertainty ADJUSTED CONSOLIDATED DEBT MATURITY SCHEDULE ($ IN MILLIONS)1,2 20 1. Exclu
Slide 21: Fortified Balance Sheet: Focus on 2026
FORTIFIED BALANCE SHEET FOCUS ON 2026 Park has taken steps towards a more comprehensive recapitalization to transform the balance sheet Actual Adjusted COMMENTARY 3Q251 3Q251 • Amended and restated Park’s credit facility in September 2025, % of Debt Maturing through 2027 2 48% 11% increasing the Rev
Slide 22: Royal Palm South Beach Repositioning
ROYAL PALM SOUTH BEACH REPOSITIONING $103M transformative renovation of oceanfront hotel PROJECT SUMMARY RATIONALE & EXPECTED ROI DRIVERS • Comprehensive renovation of all 393 22 • Position hotel as an upper upscale alternative to rooms, addition of 11 new rooms existing (and soon-to-open) luxury ac
Slide 23: ROI Case Study: Signia + Waldorf Bonnet Creek
ROI CASE STUDY: SIGNIA + WALDORF BONNET CREEK $220M meeting space expansion and comprehensive renovation completed in 2024 elevates group profile of iconic complex 23 RESORT COMPLEX PROFILE • 1,511 guestrooms SCOPE • 296,000 sf of meeting and event space Signia by Hilton • 11 dining options • Conver
Slide 24: ROI Case Study: Casa Marina Key West, Curio Collection
ROI CASE STUDY: CASA MARINA KEY WEST, CURIO COLLECTION $80M investment in transformative rebranding, renovation and resiliency upgrade of iconic Key West resort FINANCIAL HIGHLIGHTS • $442 YTD 20251 RevPAR, up 7% to last year. FY 2024 RevPAR up 110%+ to 2023 (lapping renovation disruption) • $105,90
Slide 25: Hilton Santa Barbara Expected Development
HILTON SANTA BARBARA1 EXPECTED DEVELOPMENT PROJECT SUMMARY • Create ~73 net new keys through redevelopment of existing tennis courts and portion of parking lot • Development plan requires transfer of development rights from adjacent parcel that is owned by JV partner RATIONALE & EXPECTED ROI DRIVERS
Slide 26: Casa Marina Outparcel Planned Development
CASA MARINA OUTPARCEL PLANNED DEVELOPMENT PROJECT SUMMARY • Develop two land parcels adjacent to Casa Marina that Casa Marina The Reach are currently occupied by admin offices and vacant structures Potential • Requires zoning change and legislative measures to Development Site permit commercial tran
Slide 27: Ala Moana Tower Expected Development
HILTON HAWAIIAN VILLAGE ALA MOANA TOWER EXPECTED DEVELOPMENT PROJECT SUMMARY • Develop a ~400K sf, 515-key high-rise tower adjacent to HHV – Park’s most iconic asset and largest EBITDA producer • Amenities expected to include arrivals/departures lounge, 8th floor outdoor pool and bar, 1st floor reta
Slide 28: Hilton Waikoloa Village Expected Development
HILTON WAIKOLOA VILLAGE EXPECTED DEVELOPMENT PROJECT SUMMARY • Utilize existing density to develop up to 213 additional keys (hotel or timeshare) on existing parking and tennis court area • Park could develop additional hotel keys or pursue alternative use or monetization strategy for excess land (e
Slide 29: Portfolio: Core vs. Non-Core
PORTFOLIO: CORE VS. NON-CORE CORE PORTFOLIO NON-CORE PORTFOLIO Total Equity Total Equity Hotel Name Rooms Market Ownership Hotel Name Rooms Market Ownership Consolidated Core Hotels Consolidated Non-Core Hotels Hilton Hawaiian Village Waikiki Beach DoubleTree Hotel Seattle Airport 850 Seattle 100% 2
Slide 30: Definitions
DEFINITIONS Comparable The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBI
Slide 31: Definitions (continued)
DEFINITIONS (continued) 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 a
Slide 32: Definitions (continued)
DEFINITIONS (continued) 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. Occupancy measures the utilization of the Company’s hotels’ available capacity. Management uses Occupancy to gauge demand at
Slide 33: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Comparable, Core and Non-Core Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Revenues (unaudited, in millions) TTM Nine Months Ended Year Ended September 30, 2025 September 30, 2025 September 30, 2024 December 31, 2024 Net (loss) income $ — $ (73) $ 153 $ 226 Depreciati
Slide 34: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Core and Non-Core Hotel Adjusted EBITDA, Hotel Revenues and Hotel Adjusted EBITDA Margin (unaudited, dollars in millions) TTM September 30, 2025 Consolidated Core Hotel Adjusted EBITDA, as reported $ 568 Add: Incremental Hotel Adjusted EBITDA expected from Royal Palm reno
Slide 35: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin - FY 2017 (unaudited, dollars in millions) Year Ended December 31, 2017 Net income $ 2,631 Depreciation and amortization expense 288 Interest income (2) Interest expense 124 Income tax benefit (2,346)
Slide 36: Non-GAAP Financial Measures (continued)
NON-GAAP FINANCIAL MEASURES (continued) Net Debt to Comparable Adjusted EBITDA (unaudited, in millions) September 30, 2025 September 30, 2024 Debt $ 3,839 $ 3,855 Add: unamortized deferred financing costs and discount 19 25 Debt, excluding unamortized deferred financing cost, premiums and discounts
Slide 37: Non-GAAP Financial Measures (continued)
NON-GAAP FINANCIAL MEASURES (continued) Outlook - Comparable Hotel Adjusted EBITDA, Comparable Hotel Revenues and Comparable Hotel Adjusted EBITDA Margin Year Ending December 31, 2025 Low Case High Case Net loss $ (60) $ (35) Depreciation and amortization expense 334 334 Interest income (9) (9) Inte
Slide 38: Non-GAAP Financial Measures (continued)
NON-GAAP FINANCIAL MEASURES (continued) Outlook - Nareit FFO Attributable to Stockholders and Adjusted FFO Attributable to Stockholders Year Ending December 31, 2025 Low Case High Case Net loss attributable to stockholders $ (66) $ (41) Depreciation and amortization expense 334 334 Depreciation and
Slide 39: About Park and Safe Harbor Disclosure
ABOUT PARK AND SAFE HARBOR DISCLOSURE ABOUT PARK HOTELS & RESORTS INC. All such forward-looking statements are based on current expectations of management Park (NYSE: PK) is one of the largest publicly-traded lodging real estate investment trusts and therefore involve estimates and assumptions that
Park Hotels & Resorts — Investor Presentation (December 2025) on 6ix