Presentation (investor presentation september 2026)

INVESTOR PRESENTATION

SEPTEMBER 2026

PARK HOTELS & RESORTS

MISSION

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 balance sheet

INVESTMENT STRATEGY

Upper-Upscale & Luxury Full-Service

Premier Urban and Resort Destinations

Affiliation with Dominant Global Brands

GUIDING PRINCIPLES

Active Asset Management Prudent Capital Allocation

Maintain Strong & Flexible Balance Sheet

2

PARK AT A GLANCE

21K

ROOMS

30

HOTELS

21

CORE HOTELS

17K

CORE ROOMS

TOP 10 MARKETS

TTM 2Q26

Hotel Adj. EBITDA Comparable1 Core2

1. Hawaii 27% 29%

   5) New Orleans	8%	8%	(Lease Incom Resort Fees)
   6) Southern California	7%	6%

2. Orlando 20% 18%

   CORE HOTEL MARKETS

   3) New York	9%	10%	Rooms	Ancillary Hotel (Parking, Golf, Spa)
   4) Key West	8%	8%	Food & Beverage	Other

   7) Boston	6%	6%
   8) Puerto Rico	4%	5%
   9) Chicago	4%	4%
   10) Washington D.C.	3%	3%

   
   
   

   Total 96% 97%

   SIGNIA BY HILTON ORLANDO BONNET CREEK

HOTEL REVENUE SEGMENTATION1,2

60%

Non-Core Hotels

7%

4%

Core Hotels 87%

29%

3

e,

ROOMS REVENUE SEGMENTATION1,2

39%

Non-Core Hotels

7%

31%

Core Hotels 86%

23%

Leisure

Group

Business Transient

Contract/Other

A COMPELLING INVESTMENT STORY

EXPERIENCED TEAM WITH TRACK RECORD OF SUCCESS

Accretive capital allocation:

• Since 2017, sold/disposed of 55

  hotels8 for $3B+

• Returned over $4B to shareholders (stock repurchases and dividends)

  Best in class developers:

• Since 2018, invested $430M+ in complex, high-ROI projects averaging 20%+ returns, including $110M+ Royal Palm renovation completed in July 2026, where pre-renovation EBITDA is expected to double

  Balance sheet management:

• Secured $1.5B9 of committed delayed draw financing to refi 2026 maturities

SOLID CASH FLOW GROWTH POTENTIAL

Core portfolio expected to generate above average growth:1,3

• 3Y RevPAR CAGR (2026-2029) ~3%;

  Orlando (5%), New Orleans (4%), and Boston, Hawaii and Miami (3%)

• ~$90M near-term EBITDA upside -translating into a 5%-7% EBITDA CAGR through 20293 driven in part by Hawaii ($40M-$50M) and Royal Palm Miami ($28M)

• Favorable supply of ~0.8% average annual growth through 2030

4

1. Park's 21 Core hotels include 20 of its consolidated hotels and its 1 unconsolidated hotel; metrics are based on TTM data as of 6/30/2026 for Park's 20 consolidated Core hotels only and utilize expected stabilized data post-renovation for the Royal Palm South Beach Miami. See slide 27 for Park's portfolio listing

2. Based on Park's closing stock price on 9/8/2026 of $15.11 consensus NAV based on current Wall Street estimates

3. Compound annual growth rate ("CAGR") based on forecast provided by Lodging Analytics Research and Consulting ("LARC"). EBITDA CAGR will depend on timing of reaching stabilized EBITDA forecast of $715M (which also assumes all remaining Non-Core hotels are sold)

4. Based on Park's internal portfolio valuation analysis for Park's Core hotels as of Q2 2026

5. Represents the implied value per key of Park's portfolio in the public market

6. Based on Park's internal analysis and construction market pricing for Park's Core hotels as of 2025. Estimated land values are based on market data and recent comparable sales where applicable. This estimate is not intended to be an estimate for the fair market value of the portfolio

7. Dividend yield is calculated based upon the $0.25/share dividend declared for Q1-Q3 2026 annualized and Park's closing stock price on 9/8/2026 of $15.11

8. To date, Park has sold its interest in 44 hotels. In addition, nine other properties were subject to ground leases that either expired or were terminated by Park or the landlord, and consequently turned over to the landlord. Further, the Hilton San Francisco Union Square and Parc 55 San Francisco - A Hilton Hotel (collectively, the "Hilton San Francisco Hotels") that were placed into receivership in October 2023 were sold by the court-appointed receiver in November 2025

9. $800M senior unsecured delayed draw term loan facility ("2025 DDTL"), closed in September 2025; $700M delayed draw mortgage loan to be secured by the Bonnet Creek complex ("Bonnet Creek Delayed Draw Mortgage Loan"), closed in April 2026

   HIGH QUALITY PORTFOLIO AT A DISCOUNT

   Core Portfolio1 (95%+ of value4):

   21 hotels; 17k rooms

   TTM 2Q26 opgraĒing mgĒrics:1

   • RevPAR: $220;

   • Hotel Adj. EBITDA Margin: 30%;

   • EBITDA/Key: $40,000

     Significant investment into Core1:

   • Over $1.6B or $103K/key will have been invested through 2026 (since 2018)

   •

   •

   •

   •

   Discounted valuation:

   22% discount to consensus NAV2;

   $348K/key implied market value5 ;

   $1M+/key Core replacement cost6 Attractive dividend yield of 6.6%7

   
   
   
   
   STRATEGY: FOCUS ON CORE HOTELS

   Strategic Plan: Disposing of Remaining Non-Core Hotels; Materially Enhances Growth and Quality

   2017 Portfolio

   67 Hotels $162 RevPAR1

   35K Rooms 28% Hotel Adj.

   EBITDA Margin1

   Narrow Focus to Just Core Hotels

   Corg hoĒgls accounĒ for 95%¦ of valug2

   Reshaped Portfolio to 9 Remaining Non-Core Hotels

   Core Portfolio

   21 Hotels $220 RevPAR3

   17K Rooms 30% Hotel Adj.

   EBITDA Margin3

   Non-Core Portfolio

   9 Hotels $134 RevPAR4

   4K Rooms 19% Hotel Adj.

   EBITDA Margin4

   
   
   

   Why Focus on the Core Hotels
   QUALITY3,4 Superior RevPAR: $220, or 64% higher than Non-Core hotels More Profitable: 30% Hotel Adjusted EBITDA Margin, or 1,100 bps higher than Non-Core hotels EBITDA/Key: $40K, or 200% higher than Non-Core hotels		GROWTH Higher Growth: 3Y RevPAR CAGR (2026-2029) for Core markets is ~3% Significant Earnings Upside: ~$90M of Adjusted EBITDA upside potential upon stabilization Limited Supply : 0.8% average annual supply forecasted through 2030		VALUE CREATION Valuation Upside: Superior quality and growth of Core hotels, combined with lower leverage from Non-Core sale proceeds, support a materially higher valuation Embedded Value: Robust pipeline expected to fuel additional growth and value creation

   1. Metrics are based on FY 2017 data

   2. Based on Park's internal portfolio valuation analysis for Park's Core hotels as of Q2 2026

   3. Metrics are TTM as of 6/30/2026 for Park's 20 consolidated Core hotels and utilize expected stabilized data post-renovation for the Royal Palm South Beach Miami

   4. Metrics are TTM as of 6/30/2026 for Park's 9 consolidated Non-Core hotels

5

ICONIC PORTFOLIO

ROYAL PALM SOUTH BEACH MIAMI

WALDORF ASTORIA ORLANDO

CARIBE HILTON

SIGNIA BY HILTON ORLANDO BONNET CREEK

HYATT REGENCY MISSION BAY SPA AND MARINA

CASA MARINA KEY WEST, CURIO COLLECTION

HILTON HAWAIIAN VILLAGE WAIKIKI BEACH RESORT

HILTON SANTA BARBARA BEACHFRONT RESORT

HILTON WAIKOLOA VILLAGE

THE CORE HOTELS

THE REACH KEY WEST, CURIO COLLECTION

6

ICONIC PORTFOLIO

JW MARRIOTT SAN FRANCISCO UNION SQUARE

NEW YORK HILTON MIDTOWN

JUNIPER HOTEL CUPERTINO, CURIO COLLECTION

HILTON NEW ORLEANS RIVERSIDE

HILTON CHICAGO

HILTON BOSTON LOGAN AIRPORT

DOUBLETREE HOTEL WASHINGTON DC - CRYSTAL CITY

HYATT REGENCY BOSTON

THE CORE HOTELS

HILTON DENVER CITY CENTER

HILTON MCLEAN TYSONS CORNER

7

2026 OUTLOOK + OPERATIONAL UPDATE

Y/Y GrowĒh 3.O% V.5%

+225 bps

Change in FY 2026 RevPAR Growth

+$25M

Change in FY 2026 Adjusted EBITDA

Recent Highlights

+6.8%

Comparable RevPAR growth (ex-Royal Palm Miami) for 2Q 2026 vs. 2Q 2025

+80 bps

Comparable Hotel Adjusted EBITDA Margin improvement for 2Q 2026 vs. 2Q 2025

$110M+

Comprehensive renovation completed at the Royal Palm Miami, which reopened in July 2026

5

Non-Core hotels sold/ disposed in 2026

Preliminary Comparable RevPAR

• July preliminary highlights (RevPAR growth): D.C. (+47%), Santa Barbara (+27%), Boston (+15%) and Key West (+9%)

• August preliminary highlights (RevPAR growth): D.C. (+35%), Denver

July

+8.9%

compared to July 2025

August

+2.6%

compared to August 2025 (includes 140 bps impact of hurricanes in Hawaii)

(+28%), San Francisco (+16%) and Chicago (+14%)

• September is expected to be the strongest month of Q3, with Group Revenue Pace2 for the month up over 20% compared to September 2025

• Despite hurricane impact, Q3 remains in line with expectations

  1. FY 2026 outlook as of 8/6/2026 compared to outlook as of 4/30/2026

  2. As of 7/31/2026 compared to 7/31/2025

8

EXPERIENCED MANAGEMENT TEAM

WITH TRACK RECORD OF SUCCESS

KEY ACCOMPLISHMENTS: TRACK RECORD OF CREATING VALUE

Thomas J. Baltimore, Jr.

Chairman, President & CEO

EXECUTIVE MANAGEMENT

Capital Allocation: Acquired Chesapeake Lodging Trust for $2.5B, improving the overall quality of the portfolio; Sold or disposed of 55 hotels1 for $3B+

Invested $430M+ on value-enhancing ROI projects since 2018 across six Core hotels in Orlando, Miami, Key West and Southern California, generating an average of 20%+ returns upon stabilization

Operational Excellence: Excluding the Royal Palm South Beach Miami, Comparable RevPAR increased 6.8% for Q2 2026, while preliminary Comparable RevPAR for July and August 2026 combined increased 6.0%

compared to the same periods in 2025 9

Sean Dell'Orto

EVP, COO, CFO

& Treasurer

Carl Mayfield EVP, Design & Construction

Jill Olander

EVP, HR

Joe Piantedosi

EVP, Asset Management

Nancy Vu

EVP, General Counsel & Secretary

Balance Sheet Management: Since 2020, raised nearly $4.4B of debt capital from various sources, including public bonds, bank capital and property-level mortgage

SENIOR MANAGEMENT

financing, of which $1.5B was raised within the past year to repay upcoming maturities

Return of Capital: Returned over $4B of capital to shareholders in the form of stock repurchases and dividends since 2017

Corporate Responsibility: Named by

Rebecca Diem Larsen

Flemming SVP,

Darren Robb

SVP & CAO

Ian Weissman

SVP, Strategy

Scott Winer

SVP, Tax

Stephanie Wingader

Ngwswggfi to America's Most Responsible Companies list 2020-2022 and 2024-2026,

SVP,

Investments & Portfolio Mgmt

Corporate Finance & Analytics

SVP &

Assistant General Counsel

America's Most Trustworthy Companies list 2023-2026; published TCFD report with select IFRS S2 Climate disclosures

1. To date, Park has sold its interest in 44 hotels. In addition, nine other properties were subject to ground leases that either expired or were terminated by Park or the landlord, and consequently turned over to the landlord. Further, the Hilton San Francisco Hotels that were placed into receivership in October 2023 were sold by the court-appointed receiver in November 2025

2. Based on Comparable data

BUILDING BLOCKS FOR GROWTH

HILTON WAIKOLOA VILLAGE

‌BRIDGING THE EARNINGS POTENTIAL

Park's Core portfolio expected to produce significant earnings growth through 2029

Adjusted EBITDA Bridge ($M)

$627

Urban

Spotlight Markets for Growth Potential in the Next 2+ Years

Royal Palm

$28

Hawaii

$40-$50

Dispos2

$(4)

$37

Other Resort

$18

Other Core

$17

$768

Solid Growth Expected Through 2029

5%-7%

2026-2029 EBITDA CAGR3

$53

Remaining Non-Core Dispos

Hawaii: Continued strength in domestic demand, return to peak for international inbound, and group momentum expected to be tailwinds for future growth

Miami: EBITDA expected to double to $28M upon stabilization following its $110M+ transformative renovation completed in July 2026

Urban: Recovery in San Francisco (AI-driven demand), New Orleans (newly renovated room product), and continued growth in Denver and Boston are expected to drive an urban EBITDA CAGR of 6%¦

OĒhgr RgsorĒ: Expected continued group outperformance at the Bonnet Creek complex supported by Orlando Convention Center's

$9OOM expansion and Disney's $17B theme park investment, as well as solid Leisure demand in Key West, Puerto Rico, and San Diego

1. Reflects the midpoint of Park's FY 2026 Guidance

2. Reflects impact to earnings from Park's 5 Non-Core dispositions in 2026

3. EBITDA CAGR will depend on timing of reaching stabilized EBITDA forecast of $715M (which also assumes all remaining Non-Core hotels are sold)

11

SPOTLIGHT: WHY HAWAII AMONG TOP RESORT MARKETS IN THE U.S. WITH BRIGHT FUTURE

HILTON HAWAIIAN VILLAGE

+$46M UPSIDE

$142M

$188M

12

2025 PRIOR PEAK (2023)

HILTON WAIKOLOA VILLAGE

$213M

$227M $244M

$202M $175M

+$23M UPSIDE

$33M

$56M

2019 2022 2023 2024 2025

1. 2027 Group Revenue Pace as of 7/31/2026 vs. STLY of 2026 Group Revenue Pace as of 7/31/2025

2. 2028 Group Revenue Pace as of 7/31/2026 vs. STLY of 2027 Group Revenue Pace as of 7/31/2025

3. Hawaii (Big Island) Submarket STR Data as of June 2026 (Average for June 2026-December 2027)

   2025 PRIOR PEAK (2023)

   
   
   
   
   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+ Renovation of 796 guestrooms and the addition of 26 guestrooms, completed February 2026

   Ali'i Tower: ~$100M Renovation of existing guestrooms, 3 additional keys, and lobby, pool, and exteriors, beginning in Q3 2026 with expected completion in Q1 2027

   Rainbow Tower

   HILTON WAIKOLOA VILLAGE

   $43,000 TTM 2Q26 Hotel Adj. EBITDA/Key

   Palace Tower: $70M+ 2 Phase Renovation

   Phase 1: Renovation of 197 guestrooms, the addition of

   6 guestrooms; completed in January 2025

   Phase 2: Renovation of 203 guestrooms, the addition of

   8 guestrooms; completed in January 2026

   Palace Tower

   
   
   

   13

   
   
   
   
   SPOTLIGHT: ROYAL PALM SOUTH BEACH REPOSITIONING

   $110M+ transformative renovation of oceanfront hotel, completed in July 2026

   
   
   

   POST-RENOVATION PRIMED FOR SUCCESS

   $110M+ Transformative Renovation

   • 404 fully renovated guestrooms and suites, including 11 newly added guestrooms

   • Doubling of existing meeting space, including a new event terrace; Banquets & Catering revenue is expected to stabilize nearly 200% above 2024 levels

   • New lobby bar, expanded seating, redesigned menus, and operational enhancements; F&B outlet revenue is expected to increase by more than 80%

   • Once stabilized, Royal Palm South Beach Miami is expected to generate $69K of EBITDA per key, ranking among Park's five most profitable hotels

     Ongoing Market Strength

   • Royal Palm is now positioned as an upper-upscale alternative to the market's luxury hotels, with ADR expected to increase by more than $100, or 40% vs. pre-renovation

   • LARC forecasts Miami RevPAR growth of 11% (2024-2028); Royal Palm South Beach Miami expects 40% RevPAR growth for the same period1

     Track Record of Success

   • Since 2018, Park has invested $430M+ in ROI-driven projects across its Core portfolio, generating an average of 20%+ returns and meaningful EBITDA growth upon stabilization

   • The consistent outperformance of Bonnet Creek and Key West highlights both the strength of Park's capital investments and sustained demand for Florida resort destinations, with both properties achieving record Rooms and F&B revenue in Q2 2026

1. LARC Forecast as of Q2 2026

   STABILIZED GROWTH

   $296

   +40% UPSIDE

   Stabilized

   2024

RevPAR

$212

$28M

+100% UPSIDE

Stabilized

EBITDA

$14M

14

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:

15

NON-CORE DISPOSITION INITIATIVE

Non-Core disposition initiative continues to progress, with only 6 hotels remaining

Status since January 1, 2026:

of Hotels

Room Count

Proceeds

Gross

1

2025 Hotel Adjusted EBITDA1

16

POTENTIALLY HIGHER GROWTH = HIGHER MULTIPLE

Bridge to Potentially Higher Valuation Given Strong Correlation to Growth and Quality

PK

Adjusted EBITDA

Multiple (2027E)

Average Peer Group Adjusted EBITDA

Multiple

Historical

12.3x

1,2

Potential Impact on PK Valuation

Anticipated Benefits of Disposing of Non-Core Hotels

• Accelerated Growth: ~$90M Adjusted EBITDA upside (+14% from 2026 guidance3)

• Higher RevPAR: $220 TTM 2Q26; +$18 vs. Comparable portfolio4

• Higher Hotel Adjusted EBITDA Margin: 30% TTM 2Q26; +140 bps vs. Comparable portfolio4

• Lower Leverage: Proceeds expected to be used for

  debt paydown in addition to embedded Adjusted

  Current

  $15

PK Stock Price2

Potential PK Stock Price5

Based on Historical Avg. Peer Group Multiple

$28

Valuation Multiple

EBITDA upside from Core hotels

Stock Price

1.

1. Current Adjusted EBITDA multiples based on current Wall Street consensus estimates for 2027 and historical Adjusted EBITDA multiple based peer data for approximately 25 years; peer group includes full-service lodging REITs with market cap over $1B- HST, PEB, SHO, DRH, RHP and XHR

2. Based on stock prices as of 9/8/2026

3. Based on the midpoint of Park's FY 2026 Adjusted EBITDA Guidance

4. Compares Core metrics for TTM as of 6/30/2026 vs. Comparable metrics for TTM as of 6/30/2026, both of which utilize expected stabilized data post-renovation for the Royal Palm South Beach Miami

5. Based on Park's expected stabilized Adjusted EBITDA - see slide 11

17

ROBUST ROI PIPELINE:

VALUE CREATION

SIGNIFICANT EMBEDDED VALUE

COMPLETED

$430M+ (2018-2026)

IN PLANNING ~$850M

ADDITIONAL POTENTIAL PROJECTS

• Casa Marina and The Reach Key West Renovation ($93M)

• Hilton Santa Barbara Renovation

  ($14M)

• Royal Palm South Beach Repositioning1 ($110M+)

  CASA MARINA KEY WEST

• Casa Marina Key West Outparcel ($80M-$90M)

• Hilton Hawaiian Village Expansion ($485M-$530M)

• Hilton Waikoloa Village Expansion ($225M-$250M)

  18

  $850M

  Potential ROI

  Pipeline

  NEW YORK HILTON MIDTOWN

  15%-20%

  Potential IRR

• DoubleTree Crystal City Redevelopment

• Hilton New Orleans Mixed-Use Expansion

• New York Hilton Midtown Alternative Use

  EBITDA (M)

  +$83M

  $124

  $207

  +$149M

  EBITDA (M)

  $209

  $358

  Before 2

  After2

  Before 3

  After3

  RATIONALE

  • Value producing use of capital with expected returns above acquisition yields

  • Materially improve portfolio quality = expected higher valuation multiple

  • Target markets forecasted to generate above average RevPAR growth through 2028

1. Began in May 2025 and completed in July 2026

2. Based on Hotel Adjusted EBITDA of hotels before vs. after renovations; utilizing expected stabilized data post-renovation for the Royal Palm South Beach Miami; see slide 19 for additional information

3. Based on FY 2025 Hotel Adjusted EBITDA and estimated stabilized Hotel Adjusted EBITDA based on potential IRR at the midpoint (18%)

‌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

CASA MARINA KEY WEST, CURIO COLLECTION

$80M renovation completed 2023; exceeding

underwritten 2025 EBITDA

by 23%

+$15M

$23

$38

2019

TTM 2Q26

Est. IRR3: 20%+

THE REACH KEY WEST, CURIO COLLECTION

$13M renovation completed 2019

+$4M

$12

$8

2018

2021

IRR: 25%

HILTON SANTA BARBARA BEACHFRONT RESORT

$14M renovation completed 2018

+$5M

$22

$17

2017

2019

IRR: 25%

EBITDA (M)

EBITDA (M)

EBITDA (M)

EBITDA (M)

19

1. Based on the change in Hotel Adjusted EBITDA of hotels shown before vs. after renovation; utilizing expected stabilized data post-renovation for the Royal Palm South Beach Miami

2. The comprehensive renovation at the Royal Palm South Beach Miami began in May 2025 and completed in July 2026

3. Estimated 5-year IRR

SIGNIA BY HILTON ORLANDO BONNET CREEK & WALDORF ASTORIA ORLANDO

$220M renovation and expansion completed 2024; exceeding underwritten 2025 EBITDA by 29%

+$45M

$107

$62

2022

TTM 2Q26

Est. IRR3: 25%+

CORE PORTFOLIO: WELL-INSULATED FROM SUPPLY

Favorable supply picture for Park through 20301

25.0%

0.4%

0.4%

0.5%

0.5%

0.7%

0.8%

0.9%

1.1%

1.2%

1.3%

1.7%

20.0%

15.0%

10.0%

5.0%

0.0%

San Francisco

Oahu Chicago New Orleans Washington

D.C.

20

Orlando Denver San Diego Boston Miami New York

2026-2030 Avg. Supply Growth Park TTM 2Q26 EBITDA Contribution (%) National Average

Supply Growth1 Exposure for Lodging REIT Peer Group3

• Overall, Park anticipates 0.8% 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

• Nearly 60% of Park's Core EBITDA is exposed to markets with 1.0% or less annual supply growth through 2030

• Escalating construction and labor costs are

1.2%

0.9% 0.9% 0.9% 0.8% 0.8% 0.8%

expected to slow the pace of new supply over the near term and create further barriers to entry

RHP XHR DRH HST PEB SHO PK (Core)

2026-2030 Avg. Supply Growth Peer Group Average

1. Supply growth data from CBRE Q2 2026 Hotel Horizons forecast

2. CBRE Q4 2019 Hotel Horizons forecast

3. Peer group includes full-service lodging REITs with market cap over $1B- HST, PEB, SHO, DRH, RHP and XHR