Park Hotels & Resorts Inc. · NYSE:PK
Park Hotels & Resorts — Investor Presentation (December 2025)
39 slides from Park Hotels & Resorts's investor presentation, Dec 9, 2025
Slide 1: Investor Presentation December 2025
INVESTOR PRESENTATION DECEMBER 2025 Exhibit 99.1
Slide 2: Park Hotels & Resorts Mission, Investment Strategy, Guiding Principles
2 PARK HOTELS & RESORTS MISSION INVESTMENT STRATEGY GUIDING PRINCIPLES To be the preeminent lodging REIT, focused on consistently delivering superior, risk- adjusted returns to stockholders through active asset management and a thoughtful growth strategy, while maintaining a strong and flexible bala
Slide 3: Park at a Glance
3 TTM 3Q25 Hotel Adj. EBITDA Comparable1 Core2 1) Hawaii 29% 32% 2) Orlando 17% 16% 3) New York 8% 9% 4) New Orleans 8% 9% 5) Southern California 7% 5% 6) Key West 7% 8% 7) Boston 6% 6% 8) Puerto Rico 4% 4% 9) Chicago 3% 4% 10) Washington D.C. 2% 3% Contract/Other Leisure Group Business Transient PA
Slide 4: Park: A Compelling Investment Story
4 PARK: A COMPELLING INVESTMENT STORY VALUATION CORE PORTFOLIO5 FINANCIAL FLEXIBILITYROI PIPELINE CORE PORTFOLIO AMONG HIGHEST QUALITY IN SECTOR ROI PIPELINE TO DRIVE VALUE CREATION DISCOUNT DESPITE SECTOR OUTPERFORMANCE1 AMPLE LIQUIDITY TO EXECUTE STRATEGY 47% discount to consensus estimate of NAV1
Slide 5: Track record of capital allocation and operational excellence
5 Capital Allocation: Acquired Chesapeake Lodging Trust for $2.5B, improving the overall quality of the portfolio; Sold or disposed of 47 hotels1 for over $3B; invested $330M on value-enhancing ROI projects at returns averaging in excess of 20% Operational Excellence: Delivered 2024 Comparable RevPA
Slide 6: The Core Hotels: Iconic Portfolio
6 THE CORE HOTELS ICONIC PORTFOLIO WALDORF ASTORIA ORLANDO CASA MARINA KEY WEST, CURIO COLLECTION HILTON WAIKOLOA VILLAGE ROYAL PALM SOUTH BEACH MIAMI HILTON HAWAIIAN VILLAGE WAIKIKI BEACH RESORT HILTON SANTA BARBARA BEACHFRONT RESORT CASA MARINA KEY WEST, CURIO COLLECTION HYATT REGENCY MISSION BAY
Slide 7: The Core Hotels (Continued)
7 ICONIC PORTFOLIO THE CORE HOTELS (CONTINUED) HILTON NEW ORLEANS RIVERSIDE HILTON DENVER CITY CENTER NEW YORK HILTON MIDTOWN HYATT REGENCY BOSTON JW MARRIOTT SAN FRANCISCO UNION SQUARE HILTON CHICAGO HILTON BOSTON LOGAN AIRPORT DOUBLE TREE WASHINGTON DC - CRYSTAL CITY JUNIPER HOTEL CUPERTINO, CURIO
Slide 8: Building Blocks for Growth
BUILDING BLOCKS FOR GROWTH HILTON WAIKOLOA VILLAGE
Slide 9: Park Strategy: Focus on Core Hotels
9 PARK STRATEGY: FOCUS ON CORE HOTELS Strategic Plan: Disposing of Remaining Non-Core Hotels Over the Next 12+ Months Materially Enhances Growth and Quality Why Focus on the Core Hotels 2017 Portfolio Narrow Focus to Just Core Hotels 2025 Core Portfolio 2025 Non-Core Portfolio 21 Hotels 17K Rooms 16
Slide 10: Core vs. Non-Core: Higher Quality, More Profitable, Better Growth
10 1. Based on TTM Comparable data as of 9/30/2017 and 9/30/2025; excludes unconsolidated hotels 2. TTM Comparable metrics as of 9/30/2025 exclude strike impact on Park’s Core hotels in Hawaii and Boston and Park’s Non-Core hotels in Seattle and utilize expected stabilized data post-renovation for t
Slide 11: Plan to Dispose of Non-Core Hotels
11 Targeted disposal of Non-Core hotels; Proceeds expected to be used for debt paydown $560M to $600M Estimated proceeds from Non-Core hotel sales3 0.3x to 0.4x Expected reduction in leverage (net-debt to EBITDA) over the next two years driven by Non-Core hotel sales3 PARK: PLAN TO DISPOSE OF NON-CO
Slide 12: Park Hotels: Bridging the Earnings Potential
12 Shedding the Non-Core hotels will further highlight the significant earnings potential in Park’s Core portfolio 1. Based on the midpoint of Park’s FY 2025 Adjusted EBITDA outlook 2. Other Resort includes Casa Marina Key West The Reach Resort. Hilton Caribe, Hilton Santa Barbara, and Hyatt Regency
Slide 13: Potentially Higher Growth = Higher Multiple
13 POTENTIALLY HIGHER GROWTH = HIGHER MULTIPLE 1. Bridge to Potentially Higher Valuation Given Strong Correlation to Growth and Quality Valuation Multiple1,2 9.3x 11.0x PK Adjusted EBITDA Multiple (2026E) Average Peer Group Adjusted EBITDA Multiple Stock Price $11 $23 PK Stock Price2 Potential PK St
Slide 14: Robust ROI Pipeline
14 COMPLETED ~$330M (2018-2024) IN PLANNING/UNDER CONSTRUCTION ~$1B ADDITIONAL POTENTIAL PROJECTS VALUE CREATION $1B Potential ROI Pipeline 15%-20% Potential IRR SIGNIFICANT EMBEDDED VALUE ROBUST ROI PIPELINE: HILTON NEW YORK MIDTOWN • Bonnet Creek Renovation & Expansion ($220M) • Casa Marina and Th
Slide 15: Track Record of Success: Value Enhancing ROIs
15 HILTON SANTA BARBARA BEACHFRONT RESORT THE REACH KEY WEST, CURIO COLLECTION CASA MARINA KEY WEST, CURIO COLLECTION TRACK RECORD OF SUCCESS VALUE ENHANCING ROIs: Hotels with completed major ROI projects generating an additional $50M+ of EBITDA1 upon stabilization $14M renovation completed 2018 IRR
Slide 16: Major Projects Underway
16 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, +11 guestrooms •
Slide 17: Core Portfolio: Well-Insulated from Supply
17 • Overall, Park anticipates 0.7% average annual supply growth through 2030 across its primary markets versus the 2.0% annual supply growth forecasted in Q4 20192 prior to the pandemic, tied for lowest in the peer group • Over 70% of Park’s 2025E Core EBITDA exposed to markets with 1.0% or less an
Slide 18: 2025 Outlook: No Change to Guidance
18 • Adjusted FFO excludes $58M of default interest and late payment administrative fees associated with default of the SF Mortgage Loan that began in June 2023 and were required to be recognized in interest expense until legal titles to the Hilton San Francisco Hotels were transferred and the SF Mo
Slide 19: Appendix
APPENDIX CASA MARINA KEY WEST, CURIO COLLECTION
Slide 20: Fortified Balance Sheet with a Plan to Extend Near-Term Maturities
20 FORTIFIED BALANCE SHEET WITH A PLAN TO EXTEND NEAR-TERM MATURITIES Park’s balance sheet remains strong with ample liquidity and improved financial flexibility for growth while providing protection during economic uncertainty ADJUSTED CONSOLIDATED DEBT MATURITY SCHEDULE ($ IN MILLIONS)1,2 1. Exclu
Slide 21: Fortified Balance Sheet Focus on 2026
21 $725 $750 $550$200$154 $30$51 $1,000 $800 $650 Senior Notes 2024 Term Loan Cons JV Debt Property Mortgages Revolver 2025 DDTL 1H 2026 Transaction 2026 2027 2028 2029 2030 2031 FORTIFIED BALANCE SHEET FOCUS ON 2026 Park has taken steps towards a more comprehensive recapitalization to transform the
Slide 22: Royal Palm South Beach Miami Transformative Renovation
22 • Position hotel as an upper upscale alternative to existing (and soon-to-open) luxury accommodations in the market • Enhance and reconfigure public spaces, F&B outlets, and amenity areas to improve flow and increase utilization, including adding an indoor/outdoor lobby bar, activating the breeze
Slide 23: ROI Case Study: Signia and Waldorf Bonnet Creek
23 Signia by Hilton • Conversion to elevated, group-focused Signia by Hilton brand from standard Hilton brand • Addition of 90,000 sf of meeting space, including 30,000 sf of outdoor event lawn space • Comprehensive renovation of 1,009 guestrooms, meeting space, lobby, coffee shop, bar, pool and laz
Slide 24: ROI Case Study: Casa Marina Key West
24 • Cutting-edge technology for air purification/ indoor air quality • Relocation of critical electrical equipment from lower levels • Installation of drains, sump pumps and leak detection monitoring for areas below sea level • Tiger Dam™ portable protective barrier for storm surge • Dorada oceanfr
Slide 25: Hilton Santa Barbara Expected Development
25 HILTON SANTA BARBARA1 EXPECTED DEVELOPMENT • 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 • Add keys to premier drive-to resort in high
Slide 26: Casa Marina Outparcel Planned Development
26 CASA MARINA OUTPARCEL PLANNED DEVELOPMENT • Develop two land parcels adjacent to Casa Marina that are currently occupied by admin offices and vacant structures • Requires zoning change and legislative measures to permit commercial transient rentals (vs. current residential designation) • Programm
Slide 27: Hilton Hawaiian Village Ala Moana Tower Expected Development
27 HILTON HAWAIIAN VILLAGE ALA MOANA TOWER EXPECTED DEVELOPMENT • 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 retail (flagship
Slide 28: Hilton Waikoloa Village Expected Development
28 HILTON WAIKOLOA VILLAGE EXPECTED DEVELOPMENT • 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.g., timeshar
Slide 29: Portfolio: Core vs. Non-Core
29 PORTFOLIO: CORE VS. NON-CORE NON-CORE PORTFOLIO Hotel Name Total Rooms Market Equity Ownership Consolidated Non-Core Hotels DoubleTree Hotel Seattle Airport 850 Seattle 100% Hilton Orlando Lake Buena Vista 814 Orlando 100% The Wade 520 Chicago 100% DoubleTree Hotel San Jose 505 Other U.S. 100% Hi
Slide 30: Definitions: Comparable and Core/Non-Core
30 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 EBITDA Margi
Slide 31: Nareit FFO and Adjusted FFO Definitions
31 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 o
Slide 32: Occupancy, ADR and RevPAR Definitions
32 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 a specific hotel or
Slide 33: Non-GAAP Financial Measures: Comparable, Core and Non-Core Adjusted EBITDA
33 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 Depreci
Slide 34: Non-GAAP Financial Measures: Core and Non-Core Hotel Adjusted EBITDA
34 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 r
Slide 35: Non-GAAP Financial Measures: FY 2017
35 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 (2,3
Slide 36: Non-GAAP Financial Measures: Net Debt to Comparable Adjusted EBITDA
36 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 discoun
Slide 37: Non-GAAP Financial Measures: Outlook Comparable Hotel Adjusted EBITDA
37 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) I
Slide 38: Non-GAAP Financial Measures: Outlook Nareit FFO and Adjusted FFO
38 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 a
Slide 39: About Park and Safe Harbor Disclosure
39 ABOUT PARK AND SAFE HARBOR DISCLOSURE ABOUT PARK HOTELS & RESORTS INC. Park (NYSE: PK) is one of the largest publicly-traded lodging real estate investment trusts (“REIT”) with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park’
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