Park Hotels & Resorts Inc. · NYSE:PK
Park Hotels & Resorts — Investor Presentation (September 2026)
36 slides from Park Hotels & Resorts's investor presentation, September 2026
Slide 1: Investor Presentation September 2026
INVESTOR PRESENTATION SEPTEMBER 2026
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 30 21K 21 17K SEGMENTATION1,2 HOTELS ROOMS CORE CORE HOTELS ROOMS 60% Non-Core Hotels TOP 10 MARKETS CORE HOTEL MARKETS 7% Core TTM 2Q26 Hotels 4% Hotel Adj. EBITDA 87% Comparable1 Core2 29% 1) Hawaii 27% 29% 2) Orlando 20% 18% Rooms Ancillary Hotel 3) New York 9% 10%
Slide 4: A Compelling Investment Story
A COMPELLING INVESTMENT STORY $40K 22% 5%-7% 0.8% $4B+ 20% EBITDA/Key Discount to Expected EBITDA CAGR Avg. Annual Supply Capital Returned to Avg. Return on ROI for Core1 Street NAV2 Through 20293 Growth Through 2030 Shareholders Projects HIGH QUALITY PORTFOLIO AT A SOLID CASH FLOW GROWTH EXPERIENCE
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 $220 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: The Core Hotels
ICONIC PORTFOLIO THE CORE HOTELS HILTON MCLEAN TYSONS CORNER DOUBLETREE HOTEL 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 ORL
Slide 8: 2026 Outlook + Operational Update
2026 OUTLOOK + OPERATIONAL UPDATE FY 2026 Outlook FY 2026 Outlook Increased vs. 1Q26 Outlook1 as of August 6, 2026 Metrics Low High Comparable RevPAR $198 $201 +225 bps +$25M Y/Y Growth 3.0% 4.5% Change in FY 2026 Change in FY 2026 RevPAR Growth Adjusted EBITDA Adjusted EBITDA $617 $637 Forecast For
Slide 9: Experienced Management Team
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 55 Thomas J. Baltimore, Jr. hotels1 for $3B+ Chairman, Pre
Slide 10: Building Blocks for Growth
BUILDING BLOCKS FOR GROWTH HILTON WAIKOLOA VILLAGE
Slide 11: Bridging the Earnings Potential
BRIDGING THE EARNINGS POTENTIAL Park’s Core portfolio expected to produce significant earnings growth through 2029 Adjusted EBITDA Bridge ($M) Spotlight Solid Growth Expected Markets for Through 2029 Growth Potential in 5%-7% the Next 2+ 2026-2029 EBITDA CAGR3 Other Core Years $17 $768 Other Resort
Slide 12: Spotlight: Why Hawaii
SPOTLIGHT: WHY HAWAII AMONG TOP RESORT MARKETS IN THE U.S. WITH BRIGHT FUTURE HAWAII RECOVERY UNDERWAY: DEMAND > SUPPLY EBITDA GROWTH POTENTIAL Strong Group Momentum through 2028 2027 Hawaii Group Revenue Pace is up 3.9% vs. Same Time Last Year (“STLY”)1; HILTON HAWAIIAN VILLAGE led by Hilton Waikol
Slide 13: Spotlight: Why Hawaii
SPOTLIGHT: WHY HAWAII AMONG TOP RESORT MARKETS IN THE U.S. WITH BRIGHT FUTURE ~$350M INVESTED SINCE 2023 SHOULD SUPPORT A RETURN TO PRIOR PEAK HILTON HAWAIIAN VILLAGE $51,000 TTM 2Q26 Hotel Adj. EBITDA/Key Tapa Tower: ~$85M Renovation of 1,021 guestrooms completed December 2023 Rainbow Tower: $90M+
Slide 14: Spotlight: Royal Palm South Beach Repositioning
SPOTLIGHT: ROYAL PALM SOUTH BEACH REPOSITIONING $110M+ transformative renovation of oceanfront hotel, completed in July 2026 POST-RENOVATION PRIMED FOR SUCCESS STABILIZED GROWTH $110M+ Transformative Renovation RevPAR 14 $296 • 404 fully renovated guestrooms and suites, including 11 newly added gues
Slide 15: 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 $110M+ • Completed July 2026: ROI project; Full
Slide 16: Non-Core Disposition Initiative
NON-CORE DISPOSITION INITIATIVE Non-Core disposition initiative continues to progress, with only 6 hotels remaining Room Gross 2025 Hotel Adjusted Status since January 1, 2026: # of Hotels Count Proceeds1 EBITDA1 Q1 Sale 1 193 $13M $1M Q2 Sales/Dispositions 3 946 $53M $9M Q3 Sale 1 314 $12M $—M Sold
Slide 17: 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 18: Robust ROI Pipeline
ROBUST ROI PIPELINE: SIGNIFICANT EMBEDDED VALUE COMPLETED ADDITIONAL IN PLANNING ~$850M $430M+ (2018-2026) POTENTIAL PROJECTS VALUE CREATION $850M 18 Potential ROI ROYAL PALM SOUTH BEACH MIAMI CASA MARINA KEY WEST NEW YORK HILTON MIDTOWN Pipeline • Bonnet Creek Renovation & • Casa Marina Key West •
Slide 19: Value Enhancing ROIs: Track Record of Success
VALUE ENHANCING ROIs: TRACK RECORD OF SUCCESS Hotels with completed major ROI projects generating an additional ~$83M of EBITDA1 upon stabilization, including ~$14M expected for the Royal Palm South Beach Miami2 HILTON SANTA THE REACH KEY WEST, CASA MARINA KEY WEST, SIGNIA BY HILTON ORLANDO BARBARA
Slide 20: Core Portfolio: Well-Insulated from Supply
CORE PORTFOLIO: WELL-INSULATED FROM SUPPLY Favorable supply picture for Park through 20301 National Supply Growth Average: 0.7% 25.0% 20.0% 15.0% 10.0% 5.0% 1.7% 20 0.8% 0.9% 1.1% 1.2% 1.3% 0.4% 0.4% 0.5% 0.5% 0.7% 0.0% San Oahu Chicago New Orleans Washington Orlando Denver San Diego Boston Miami Ne
Slide 21: 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 22: Appendix
APPENDIX CASA MARINA KEY WEST, CURIO COLLECTION
Slide 23: 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 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, 537-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 September 11, 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 Buen
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 Six Months Ended Year Ended June 30, 2026 June 30, 2026 June 30, 2025 December 31, 2025 Net (loss) income $ (156) $ 62 $ (59) $ (277) Depreciation and amortization expense
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) TTM Six Months Ended Year Ended June 30, 2026 June 30, 2026 June 30, 2025 December 31, 2025 Total Revenues $ 2,541 $ 1,302 $ 1,302 $ 2,541 Less: Other
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) June 30, 2026 Debt $ 3,915 Add: unamortized deferred financing costs and discount 17 Debt, excluding unamortized deferred financing cost, premiums and discounts 3,932 Add: Park's share of unconsol
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
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