Park Hotels & Resorts Inc. · NYSE:PK
Park Hotels & Resorts — Investor Presentation (June 2026)
36 slides from Park Hotels & Resorts's investor presentation, June 2026
Slide 1: Investor Presentation June 2026
INVESTOR PRESENTATION JUNE 2026
Slide 2: Park Hotels & Resorts: Mission, Investment Strategy, Guiding Principles
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 32 22K 21 17K SEGMENTATION1,2 HOTELS ROOMS CORE CORE HOTELS ROOMS 60% Non-Core Hotels TOP 10 MARKETS CORE HOTEL MARKETS 7% Core 2025 Hotels 4% Hotel Adj. EBITDA 86% Comparable1 Core2 29% 1) Hawaii 27% 30% 2) Orlando 18% 17% Rooms Ancillary Hotel 3) New York 9% 10% (Par
Slide 4: A Compelling Investment Story
A COMPELLING INVESTMENT STORY HIGH QUALITY PORTFOLIO AT A SOLID CASH FLOW GROWTH EXPERIENCED TEAM WITH DISCOUNT POTENTIAL TRACK RECORD OF SUCCESS Core Portfolio1 (95%+ of value2): Core portfolio expected to generate Capital Allocation since 2017: 21 hotels; 17k rooms above average growth:1,7 Sold/di
Slide 5: Strategy: Focus on Core Hotels
STRATEGY: FOCUS ON CORE HOTELS Strategic Plan: Disposing of Remaining Non-Core Hotels; Materially Enhances Growth and Quality Core Portfolio 2017 Portfolio Narrow Focus to Just 21 Hotels $214 RevPAR3 67 Hotels $162 RevPAR 1 Core Hotels 17K Rooms 30% Hotel Adj. 35K Rooms 28% Hotel Adj. EBITDA Margin3
Slide 6: 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: Iconic Portfolio
ICONIC PORTFOLIO 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 NEW ORLEANS RIVERSIDE JW MAR
Slide 8: 2026 Outlook + Operational Update
2026 OUTLOOK + OPERATIONAL UPDATE FY 2026 Outlook Preliminary Comparable as of April 30, 2026 RevPAR ex Royal Palm Metrics Low High South Beach Miami Comparable RevPAR $192 $196 Y/Y Growth 0.5% 2.5% April: Adjusted EBITDA $587 $617 Adjusted FFO per share - Diluted $1.74 $1.90 +3.9% compared to April
Slide 9: Experienced Management Team with Track Record of Success
EXPERIENCED MANAGEMENT TEAM WITH TRACK RECORD OF SUCCESS KEY ACCOMPLISHMENTS: TRACK RECORD OF CREATING VALUE Capital Allocation: Acquired Chesapeake Lodging Trust for $2.5B, improving the overall quality of the portfolio; Sold or disposed of 53 Thomas J. Baltimore, Jr. hotels1 for over $3B Chairman,
Slide 10: Building Blocks for Growth
BUILDING BLOCKS FOR GROWTH HILTON WAIKOLOA VILLAGE
Slide 11: Bridging the Earnings Potential
BRIDGING THE EARNINGS POTENTIAL Shedding the Non-Core hotels anticipated to further highlight the significant earnings potential in Park’s Core portfolio Adjusted EBITDA Bridge ($M) Spotlight Markets for Growth Potential Long-Term Net Adjusted $38M: Remaining in the Next 2+ Years EBITDA Potential of
Slide 12: Non-Core Disposition Initiative
NON-CORE DISPOSITION INITIATIVE Non-Core disposition initiative continues to progress, with only 8 hotels remaining # of Room Gross 2025 Hotel Gross Status since January 1, 2026: Hotels Count Proceeds1 Adjusted EBITDA1 Multiple2 Sold in 2026 3 877 $60M $7M 15.0x Remaining Non-Core Hotels Targeted To
Slide 13: Spotlight: Why Hawaii
SPOTLIGHT: WHY HAWAII AMONG TOP RESORT MARKETS IN THE U.S. WITH BRIGHT FUTURE DEMAND MOMENTUM ONGOING PROPERTY REINVESTMENT EBITDA GROWTH STR RevPAR Index HILTON HAWAIIAN VILLAGE HILTON HAWAIIAN VILLAGE Hilton Hawaiian Village: 2025 RevPAR Index of 97 remained below the $49,000 2025 Hotel +$46M hist
Slide 14: Spotlight: Royal Palm South Beach Repositioning
SPOTLIGHT: ROYAL PALM SOUTH BEACH REPOSITIONING $100M+ transformative renovation of oceanfront hotel POST-RENOVATION PRIMED FOR SUCCESS STABILIZED GROWTH • Early Success: As of April, the hotel secured $1.7M in RevPAR 14 group revenues for 2027 at a $450 rate, or up nearly $296 $100 (+27%) compared
Slide 15: 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 16: 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 16 Potential ROI CASA MARINA KEY WEST ROYAL PALM SOUTH BEACH HILTON NEW YORK MIDTOWN Pipeline • Bonnet Creek Renovation & • Royal Palm Sou
Slide 17: Value Enhancing ROIs: Track Record of Success
VALUE ENHANCING ROIs: TRACK RECORD OF SUCCESS Hotels with completed major ROI projects generating an additional ~$55M of EBITDA1 upon stabilization HILTON SANTA THE REACH KEY WEST, CASA MARINA KEY WEST, SIGNIA BY HILTON ORLANDO BARBARA BEACHFRONT CURIO COLLECTION CURIO COLLECTION BONNET CREEK & WALD
Slide 18: Committed to Invest: Major Projects Recently Completed or Underway
COMMITTED TO INVEST: MAJOR PROJECTS RECENTLY COMPLETED OR UNDERWAY From 2018 through the end of 2026, over $1.6B of value-enhancing capex projects expected to be invested in Park’s Core portfolio. Current projects include: Royal Palm South Beach Miami $100M+ • ROI project; Full property renovation •
Slide 19: Core Portfolio: Well-Insulated from Supply
CORE PORTFOLIO: WELL-INSULATED FROM SUPPLY Favorable supply picture for Park through 20301 National Supply Growth Average: 0.8% 25.0% 20.0% 15.0% 10.0% 5.0% 1.6% 19 1.4% 1.3% 1.2% 1.0% 0.9% 0.8% 0.7% 0.5% 0.4% 0.3% 0.0% San Diego New York Denver Boston Washington Miami Orlando New Orleans Oahu Chica
Slide 20: Fortified Balance Sheet: Focus on 2026
FORTIFIED BALANCE SHEET FOCUS ON 2026 Committed financing is now in place to execute a comprehensive recapitalization, substantially de-risking Park’s 2026 maturity wall that will transform the balance sheet COMMENTARY Actual Adjusted • Debt Profile Overview1 Closed on a $700M delayed draw loan faci
Slide 21: Appendix
APPENDIX CASA MARINA KEY WEST, CURIO COLLECTION
Slide 22: Positioned to Extend Near-Term Maturities
FORTIFIED BALANCE SHEET POSITIONED TO EXTEND NEAR-TERM MATURITIES Park’s balance sheet remains strong with committed financing to address near-term maturities, ample liquidity, and improved financial flexibility for growth while providing protection during economic uncertainty ADJUSTED CONSOLIDATED
Slide 23: 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 24: Casa Marina Outparcel Planned Development
CASA MARINA OUTPARCEL PLANNED DEVELOPMENT PROJECT SUMMARY The Reach Casa Marina • Develop two land parcels adjacent to Casa Marina that are currently occupied by admin offices and vacant structures Potential • Requires zoning change and legislative measures to Development Site permit commercial tran
Slide 25: 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 26: 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 27: Portfolio: Core vs. Non-Core
PORTFOLIO: CORE VS. NON-CORE (as of May 29, 2026) 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 Hilton Orlando Lake Buena Vist
Slide 28: 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 29: 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 30: 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 31: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Comparable, Core and Non-Core Adjusted EBITDA and Hotel Adjusted EBITDA (unaudited, in millions) TTM Three Months Ended Year Ended March 31, 2026 March 31, 2026 March 31, 2025 December 31, 2025 Net (loss) income $ (208) $ 12 $ (57) $ (277) Depreciation and amortization ex
Slide 32: 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) Year Ended December 31, 2025 Total Revenues $ 2,541 Less: Other Revenue (92) Less: Revenues from hotels disposed of (110) Comparable Hotel Revenues, a
Slide 33: 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 34: Non-GAAP Financial Measures (continued)
NON-GAAP FINANCIAL MEASURES (continued) Net Debt to Comparable Adjusted EBITDA (unaudited, in millions) March 31, 2026 Debt $ 3,838 Add: unamortized deferred financing costs and discount 16 Debt, excluding unamortized deferred financing cost, premiums and discounts 3,854 Add: Park's share of unconso
Slide 35: Non-GAAP Financial Measures (continued)
NON-GAAP FINANCIAL MEASURES (continued) Outlook - EBITDA and Adjusted EBITDA, Nareit FFO Attributable to Stockholders and Adjusted FFO Attributable to Stockholders Year Ending Year Ending (unaudited, in millions) December 31, 2026 (unaudited, dollars in millions) December 31, 2026 Low Case High Case
Slide 36: 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 (June 2026) on 6ix