Park Hotels & Resorts Inc.NYSE: PK

Third Quarter 2026 Supplemental Data

Nov 4, 2026 at 7:40 PM EST · Issued by Park Hotels & Resorts Inc.

On 6ix: 6ix.com/news/park-hotels-and-resorts-third-quarter-2026-supplemental-data

Watch Park Hotels & Resorts' latest callPark Hotels & Resorts (NYSE:PK) Q2 2026 Earnings Call · Replay · Aug 7 Read the transcript of Park Hotels & Resorts (NYSE:PK) Q2 2026 Earnings Call

Park Hotels & Resorts' next earnings callPark Hotels & Resorts (NYSE:PK) Q3 2026 Earnings Call · Nov 5, 2026 at 11:00 AM ESTRegister

THIRD QUARTER 2026 SUPPLEMENTAL DATA

SEPTEMBER 30, 2026

TABLE OF CONTENTS

Financial Statements 4

Supplementary Financial Information 7

Outlook and Assumptions 14

Portfolio and Operating Metrics 18

Properties Acquired, Sold and Disposed 25

Comparable Supplementary Financial Information 28

Capital Structure 33

Definitions 35

Analyst Coverage 40

HILTON NEW ORLEANS RIVERSIDE

‌FINANCIAL STATEMENTS

WALDORF ASTORIA ORLANDO

FINANCIAL STATEMENTS

‌CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data) September 30, 2026 December 31, 2025 (unaudited)

ASSETS
Property and equipment, net	$	6,893	$	6,955
Assets held for sale, net		19		14
Intangibles, net		40		41
Cash and cash equivalents		295		232
Restricted cash		40		32
Accounts receivable, net of allowance for doubtful accounts of $3 and $2		132		116
Prepaid expenses		52		60
Other assets		70		80
Operating lease right-of-use assets		154		170
TOTAL ASSETS (variable interest entities - $199 and $207)	$	7,695	$	7,700
LIABILITIES AND EQUITY
Liabilities
Debt	$	3,923	$	3,838
Accounts payable and accrued expenses		241		198
Dividends payable		53		56
Due to hotel managers		108		134
Other liabilities		220		189
Operating lease liabilities		184		209
Total liabilities (variable interest entities - $194 and $198)		4,729		4,624
Stockholders' Equity Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 203,366,774 shares issued and 202,082,337 shares outstanding as of September 30, 2026 and 200,938,658 shares
issued and 199,901,086 shares outstanding as of December 31, 2025		2		2
Additional paid-in capital		4,033		4,031
Accumulated deficit		(1,011)		(902)
Total stockholders' equity		3,024		3,131
Noncontrolling interests		(58)		(55)
Total equity		2,966		3,076
TOTAL LIABILITIES AND EQUITY	$	7,695	$	7,700

FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except per share data) Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

	Revenues
Rooms		$	367	$	370	$	1,124	$	1,134
Food and beverage			146		150		516		512
Ancillary hotel			64		67		191		198
Other			25		23		73		68
Total revenues			602		610		1,904		1,912
Operating expenses
	Rooms		103		106		304		311
	Food and beverage		113		112		360		357
	Other departmental and support		148		148		442		451
	Other property		46		56		142		163
	Management fees		25		27		88		88
	Impairment and casualty loss		8		-		35		70
	Depreciation and amortization		74		78		204		269
	Corporate general and administrative		22		17		60		54
	Other		24		23		70		67
	Total expenses		563		567		1,705		1,830
	(Loss) gain on sales of assets, net		(1)		-		(4)		1
	Gain on derecognition of assets		-		16		-		48
	Operating income		38		59		195		131
	Interest income		2		3		5		8
	Interest expense		(55)		(53)		(158)		(158)
	Interest expense associated with hotels in receivership		-		(16)		-		(48)
	Equity in earnings from investments in affiliates		2		-		4		2
	Other (loss) gain, net		(3)		(1)		6		-
	(Loss) income before income taxes		(16)		(8)		52		(65)
	Income tax benefit (expense)		1		(6)		(5)		(8)
	Net (loss) income		(15)		(14)		47		(73)
	Net income attributable to noncontrolling interests		(3)		(2)		(7)		(5)
	Net (loss) income attributable to stockholders	$	(18)	$	(16)	$	40	$	(78)
	(Loss) earnings per share:
	(Loss) earnings per share - Basic	$	(0.10)	$	(0.08)	$	0.19	$	(0.40)
	(Loss) earnings per share - Diluted	$	(0.10)	$	(0.08)	$	0.19	$	(0.40)
	Weighted average shares outstanding - Basic		200		199		200		199
	Weighted average shares outstanding - Diluted		200		199		200		199
6

‌SUPPLEMENTARY FINANCIAL INFORMATION

NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION EBITDA AND ADJUSTED EBITDA

(unaudited, in millions) Three Months Ended September 30, Nine Months Ended September 30,

	2026		2025		2026		2025
Net (loss) income	$	(15)	$	(14)	$	47	$	(73)
Depreciation and amortization expense		74		78		204		269
Interest income		(2)		(3)		(5)		(8)
Interest expense		55		53		158		158
Interest expense associated with hotels in receivership(1)		-		16		-		48
Income tax (benefit) expense		(1)		6		5		8
Interest income and expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates		1		2		2		6
EBITDA		112		138		411		408
Loss (gain) on sales of assets, net(2)		1		-		-		(1)
Gain on derecognition of assets(1)		-		(16)		-		(48)
Severance expense		3		-		3		-
Share-based compensation expense		5		5		15		14
Impairment and casualty loss		8		-		35		70
Other items		6		3		12		14
Adjusted EBITDA	$	135	$	130	$	476	$	457

(1) For the three and nine months ended September 30, 2025, represents accrued interest expense associated with the default of the $725 million non-recourse CMBS loan ("SF Mortgage Loan"), which was offset by a gain on derecognition for the corresponding increase of the contract asset on Park's condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco - a Hilton Hotel (collectively, the "Hilton San Francisco Hotels"), which were sold by the court-appointed receiver in November 2025.

(2) For the nine months ended September 30, 2026, includes a $4 million gain on the sale of Park's ownership interest in the Embassy Suites by Hilton Alexandria Old Town included in other gain (loss), net in Park's condensed consolidated statements of operations.

SUPPLEMENTARY FINANCIAL INFORMATION COMPARABLE AND CORE HOTEL ADJUSTED EBITDA, HOTEL REVENUES AND HOTEL ADJUSTED EBITDA MARGIN

(unaudited, dollars in millions) Three Months Ended September 30, Nine Months Ended September 30,
	2026		2025		2026		2025
Adjusted EBITDA	$	135	$	130	$	476	$	457
Less: Adjusted EBITDA from investments in affiliates		(3)		(3)		(14)		(16)
Add: All other(1)		14		14		43		42
Hotel Adjusted EBITDA		146		141		505		483
Less: Adjusted EBITDA from hotels disposed of		-		(6)		(2)		(6)
Comparable Hotel Adjusted EBITDA		146		135		503		477
Less: Adjusted EBITDA from Non-Core hotels		(14)		(10)		(48)		(42)
Core Hotel Adjusted EBITDA	$	132	$	125	$	455	$	435
Three Months Ended September 30, Nine Months Ended September 30,
	2026		2025		2026		2025
Total Revenues	$	602	$	610	$	1,904	$	1,912
Less: Other revenue		(25)		(23)		(73)		(68)
Less: Revenues from hotels disposed of		(12)		(52)		(52)		(142)
Comparable Hotel Revenues		565		535		1,779		1,702
Less: Hotel Revenues from Non-Core hotels		(67)		(61)		(211)		(201)
Core Hotel Revenues	$	498	$	474	$	1,568	$	1,501
Three Months Ended September 30, Nine Months Ended September 30,
	2026	2025	Change(2)			2026	2025	Change(2)
Total Revenues	$ 602	$ 610	(1.2)	%		$ 1,904	$ 1,912	(0.4) %
Operating income	$ 38	$ 59	(35.0)	%		$ 195	$ 131	49.3 %
Operating income margin(2)	6.4 %	9.7 %	(330)	bps	10.3 %	6.8 %		350	bps
Comparable Hotel Revenues	$ 565	$ 535	5.7	%	$ 1,779	$ 1,702		4.6	%
Comparable Hotel Adjusted EBITDA	$ 146	$ 135	7.7	%	$ 503	$ 477		5.4	%
Comparable Hotel Adjusted EBITDA margin(2)	25.7 %	25.2 %	50	bps	28.3 %	28.1 %		20	bps
Core Hotel Revenues	$ 498	$ 474	5.3	%	$ 1,568	$ 1,501		4.5	%
Core Hotel Adjusted EBITDA	$ 132	$ 125	6.8	%	$ 455	$ 435		4.8	%
Core Hotel Adjusted EBITDA margin(2)	26.7 %	26.3 %	40	bps	29.1 %	29.0 %		10	bps

(1) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated statements of operations.

(2) Percentages are calculated based on unrounded numbers.

SUPPLEMENTARY FINANCIAL INFORMATION COMPARABLE, CORE AND NON-CORE HOTEL ADJUSTED EBITDA

(unaudited, in millions)	Three Months Ended Septem		ber 30, 2026	Nine Month	s Ended Septem	ber 30, 2026
	Total	Core Hotels	Non-Core Hotels	Total	Core Hotels	Non-Core Hotels
Hotel Revenues
Rooms	$ 367	$ 311	$ 56	$ 1,124	$ 945	$ 179
Food and beverage	146	129	17	516	450	66
Ancillary hotel	64	58	6	191	173	18
Total hotel revenues	577	498	79	1,831	1,568	263
Less:
Rooms expense	103	88	15	304	254	50
Food and beverage expense	113	99	14	360	313	47
Other departmental and support expense	148	122	26	442	359	83
Management fees	25	22	3	88	77	11
Other property expenses(1)	42	35	7	132	110	22
Total hotel expenses	431	366	65	1,326	1,113	213
Hotel Adjusted EBITDA	146	132	14	505	455	50
Less: Adjusted EBITDA from hotels disposed of	- - -			(2)	-	(2)
Comparable Hotel Adjusted EBITDA	$ 146 $ 132 $ 14			$ 503	$ 455	$ 48

(1) Total other property expenses primarily include real and personal property taxes, other local taxes, ground rent, equipment rent and property insurance.

SUPPLEMENTARY FINANCIAL INFORMATION NAREIT FFO AND ADJUSTED FFO

(unaudited, in millions, except per share data) Three Months Ended September 30, Nine Months Ended September 30,

	2026		2025		2026		2025
Net (loss) income attributable to stockholders	$	(18)	$	(16)	$	40	$	(78)
Depreciation and amortization expense		74		78		204		269
Depreciation and amortization expense attributable to noncontrolling interests		-		(1)		(2)		(3)
Loss (gain) on sales of assets, net(1)		1		-		-		(1)
Gain on derecognition of assets(2)		-		(16)		-		(48)
Impairment loss		7		-		32		70
Equity investment adjustments:
Equity in earnings from investments in affiliates		(2)		-		(4)		(2)
Pro rata FFO of investments in affiliates		1		-		4		5
Nareit FFO attributable to stockholders		63		45		274		212
Severance expense		3		-		3		-
Share-based compensation expense		5		5		15		14
Interest expense associated with hotels in receivership(2)		-		16		-		48
Other items		8		4		17		17
Adjusted FFO attributable to stockholders	$	79	$	70	$	309	$	291
Nareit FFO per share - Diluted(3)	$	0.31	$	0.22	$	1.36	$	1.06
Adjusted FFO per share - Diluted(3)	$	0.39	$	0.35	$	1.54	$	1.45
Weighted average shares outstanding - Diluted(4)		202		200		201		200

(1) For the nine months ended September 30, 2026, includes a $4 million gain on the sale of Park's ownership interest in the Embassy Suites by Hilton Alexandria Old Town included in other gain (loss), net in Park's condensed consolidated statements of operations.

(2) For the three and nine months ended September 30, 2025, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on Park's condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which were sold by the court-appointed receiver in November 2025.

(3) Per share amounts are calculated based on unrounded numbers.

(4) Derived from Park's earnings per share calculations for each period presented; for shares outstanding as of September 30, 2026, see page 5.

SUPPLEMENTARY FINANCIAL INFORMATION GENERAL AND ADMINISTRATIVE EXPENSES

(unaudited, in millions) Three Months Ended September 30, Nine Months Ended September 30,

	2026		2025		2026		2025
Corporate general and administrative expenses Less:	$	22	$	17	$	60	$	54
Share-based compensation expense		5		5		15		14
Severance expense		3		-		3		-
Other corporate expenses		2		1		4		3
G&A, excluding expenses not included in Adjusted EBITDA	$	12	$	11	$	38	$	37

SUPPLEMENTARY FINANCIAL INFORMATION NET DEBT AND NET DEBT TO COMPARABLE ADJUSTED EBITDA RATIO

(unaudited, in millions)

September 30, 2026 December 31, 2025

Debt	$	3,923	$	3,838
Add: unamortized deferred financing costs and discount		32		18
Debt, excluding unamortized deferred financing cost, premiums and discounts		3,955		3,856
Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs		105		129
Less: cash and cash equivalents		(295)		(232)
Less: restricted cash		(40)		(32)
Net Debt	$	3,725	$	3,721
TTM Comparable Adjusted EBITDA(1) Net Debt to TTM Comparable Adjusted EBITDA ratio	$	625 5.96x	$	598 6.22x

(1) See pages 30 and 31 for trailing twelve months ("TTM") Comparable Adjusted EBITDA as of September 30, 2026 and December 31, 2025, respectively.

‌OUTLOOK AND ASSUMPTIONS

CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS FULL-YEAR 2026 OUTLOOK

Park is increasing its full-year 2026 outlook to reflect strong third quarter results and demand trends expected for the fourth quarter. Park expects full-year 2026 operating results to be as follows:

(unaudited, dollars in millions, except per share amounts and RevPAR)

Full-Year 2026 Outlook

as of November 4, 2026

Full-Year 2026 Outlook

as of August 6, 2026 Change at

Metric Low High Low High

Midpoint

Comparable RevPAR(1)	$ 205		$ 206		$ 198		$ 201		$
Comparable RevPAR change vs. 2025(1)	5.5	%	6.0	%	3.0	%	4.5	%
Net income	$ 70		$ 80		$ 78		$ 98		$
Net income attributable to stockholders	$ 62		$ 72		$ 69		$ 89		$
Earnings per share - Diluted(2)	$ 0.31		$ 0.36		$ 0.35		$ 0.45		$
Adjusted EBITDA	$ 635		$ 645		$ 617		$ 637		$
Adjusted FFO per share - Diluted(2)	$ 2.00		$ 2.05		$ 1.90		$ 2.00		$

200 bps

(13)

(12)

(0.07)

0.08

(1) Based on Comparable hotels as of each date presented.

(2) Amounts are calculated based on unrounded numbers.

Park's outlook is based in part on the following assumptions:

Comparable RevPAR for the fourth quarter is expected to increase 5.5% to 7.5%;
Operating expenses for Park's hotels for the full-year are expected to increase 4.5% to 5.0%;
Includes approximately $13 million of incremental interest expense from $1.5 billion of refinancing activity in 2026, most of which is expected during the fourth quarter;
Fully diluted weighted average shares for the full-year 2026 of 201 million; and
Park's current portfolio as of November 4, 2026 and does not take into account potential future acquisitions, dispositions or any financing transactions, except as noted above, which could result in a material change to Park's outlook.

Park's full-year 2026 outlook is based on several factors, many of which are outside the Company's control, including uncertainty surrounding macroeconomic factors, such as inflation, changes in interest rates and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of which are subject to change. Additionally, Park's full-year 2026 outlook does not include assumptions around the incremental impact of tariff announcements (including any foreign tariffs announced in response to changes in U.S. trade policy), changes in travel patterns to or in the U.S. as a result of foreign conflicts, disapproval of U.S. foreign or domestic policy, or government or agency shutdowns as the net effect of such announcements or events cannot be ascertained or quantified at this time.

OUTLOOK AND ASSUMPTIONS EBITDA AND ADJUSTED EBITDA

Year Ending

(unaudited, in millions) December 31, 2026

		Low Case			High Case
Net income	$		70	$		80
Depreciation and amortization expense			266			266
Interest income			(7)			(7)
Interest expense			222			222
Income tax expense			8			8
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates			2			2
EBITDA			561			571
Severance expense			3			3
Share-based compensation expense			20			20
Impairment and casualty loss			35			35
Other items			16			16
Adjusted EBITDA	$		635	$		645

OUTLOOK AND ASSUMPTIONS NAREIT FFO AND ADJUSTED FFO

Year Ending

(unaudited, in millions except per share data) December 31, 2026

		Low Case			High Case
Net income attributable to stockholders	$		62	$		72
Depreciation and amortization expense			266			266
Depreciation and amortization expense attributable to noncontrolling interests			(3)			(3)
Impairment loss Equity investment adjustments:			32			32
Equity in earnings from investments in affiliates			(5)			(5)
Pro rata FFO of equity investments			6			6
Nareit FFO attributable to stockholders			358			368
Severance expense			3			3
Share-based compensation expense			20			20
Other items			21			21
Adjusted FFO attributable to stockholders	$		402	$		412
Adjusted FFO per share - Diluted(1)	$		2.00	$		2.05
Weighted average diluted shares outstanding			201			201

(1) Per share amounts are calculated based on unrounded numbers.

‌PORTFOLIO AND OPERATING METRICS

HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS HOTEL PORTFOLIO AS OF NOVEMBER 4, 2026

Hotel Name Total Rooms Market

Meeting Space

(square feet) Ownership

Equity Ownership

Debt

(in millions)

Core Hotels

Consolidated Core Hotels

Hilton Hawaiian Village Waikiki Beach Resort	2,886	Hawaii	150,000	Fee Simple	100%	-
New York Hilton Midtown	1,878	New York	151,000	Fee Simple	100%	-
Hilton New Orleans Riverside	1,622	New Orleans	158,000	Fee Simple	100%	-
Hilton Chicago	1,544	Chicago	234,000	Fee Simple	100%	-
Signia by Hilton Orlando Bonnet Creek(1)	1,009	Orlando	234,000	Fee Simple	100%	$ 700
Hilton Waikoloa Village	661	Hawaii	241,000	Fee Simple	100%	-
Caribe Hilton	652	Puerto Rico	65,000	Fee Simple	100%	-
DoubleTree Hotel Washington DC - Crystal City	627	Washington, D.C.	36,000	Fee Simple	100%	-
Hilton Denver City Center	613	Denver	50,000	Fee Simple	100%	$ 49
Hilton Boston Logan Airport	604	Boston	30,000	Leasehold	100%	-
Hyatt Regency Boston	502	Boston	30,000	Fee Simple	100%	-
Waldorf Astoria Orlando(1)	502	Orlando	127,000	Fee Simple	100%	-
Hilton McLean Tysons Corner	458	Washington, D.C.	28,000	Fee Simple	100%	-
Hyatt Regency Mission Bay Spa and Marina	438	Southern California	63,000	Leasehold	100%	-
Royal Palm South Beach Miami, a Tribute Portfolio Resort	404	Miami	18,000	Fee Simple	100%	-
Hilton Santa Barbara Beachfront Resort	360	Southern California	72,000	Fee Simple	50%	$ 150
JW Marriott San Francisco Union Square	344	San Francisco	12,000	Leasehold	100%	-
Casa Marina Key West, Curio Collection	311	Key West	53,000	Fee Simple	100%	-
Juniper Hotel Cupertino, Curio Collection	224	Other U.S.	5,000	Fee Simple	100%	-
The Reach Key West, Curio Collection	150	Key West	18,000	Fee Simple	100%	-
Total Consolidated Core Hotels (20 Hotels)	15,789		1,775,000			$ 899

Unconsolidated Core Hotel
Hilton Orlando(2)	1,424	Orlando	236,000	Fee Simple	20%	$ 105

Total Unconsolidated Core Hotel (1 Hotel)	1,424	236,000	$ 105

Total Core Hotels (21 Hotels)	17,213	2,011,000	$ 1,004

(1) The $700 million delayed draw loan facility ("Bonnet Creek Mortgage Loan") is secured by both the 1,009-room Signia by Hilton Orlando Bonnet Creek and the 502-room Waldorf Astoria Orlando and associated golf course (collectively, the "Bonnet Creek complex").

(2) Debt related to Park's unconsolidated joint venture is presented on a pro-rata basis.

PORTFOLIO AND OPERATING METRICS

HOTEL PORTFOLIO AS OF NOVEMBER 4, 2026 (CONTINUED)

Hotel Name Total Rooms Market

Meeting Space

(square feet) Ownership

Equity Ownership

Debt

(in millions)

Consolidated Non-Core Hotels
Hilton Orlando Lake Buena Vista	814	Orlando	87,000	Leasehold	100%	-
DoubleTree Hotel San Jose	505	Other U.S.	48,000	Fee Simple	100%	-
Hilton Salt Lake City Center	500	Other U.S.	24,000	Leasehold	100%	-
DoubleTree Hotel Ontario Airport	482	Southern California	27,000	Fee Simple	67%	$ 30
Boston Marriott Newton	430	Boston	35,000	Fee Simple	100%	-
The Midland Hotel, a Tribute Portfolio Hotel	403	Chicago	13,000	Fee Simple	100%	-
DoubleTree Hotel San Diego - Mission Valley	300	Southern California	35,000	Leasehold	100%	-
DoubleTree Hotel Durango	159	Other U.S.	7,000	Leasehold	100%	-
Total Consolidated Non-Core Hotels (8 Hotels)	3,593		276,000			$ 30

Grand Total (29 Hotels) 20,806 2,287,000 $ 1,034

PORTFOLIO AND OPERATING METRICS COMPARABLE, CORE AND NON-CORE HOTELS: Q3 2026 VS Q3 2025

(unaudited)	ADR	Occupancy	RevPAR	Total RevPAR
	3Q26 3Q25 Change(1)	3Q26 3Q25 Change 3Q26	3Q25 Change(1)	3Q26 3Q25	Change(1)
Consolidated Core Hotels
1 Hilton Hawaiian Village Waikiki Beach Resort	$ 299.16 $ 292.83 2.2 %	89.6 % 87.1 % 2.5 % pts $ 268.12	$ 255.27 5.0 %	$ 441.96 $ 406.17	8.8 %

2	Hilton Waikoloa Village	323.84	313.63	3.3	65.3	56.1	9.2	211.42	175.89	20.2	432.65	417.97	3.5
3	Signia by Hilton Orlando Bonnet Creek	192.73	197.75	(2.5)	67.0	66.6	0.4	129.08	131.56	(1.9)	329.78	350.90	(6.0)
4	Waldorf Astoria Orlando	333.50	319.64	4.3	71.5	64.2	7.3	238.44	205.14	16.2	465.38	414.68	12.2

5 New York Hilton Midtown 331.31 320.25 3.5 91.4 89.9 1.5 302.97 287.95 5.2 437.61 465.10 (5.9)

6	Hilton New Orleans Riverside	169.37	168.64	0.4	48.0	56.0	(8.0)	81.27	94.46	(14.0)	164.50	187.00	(12.0)
7	Caribe Hilton	252.30	241.04	4.7	73.1	84.0	(10.9)	184.53	202.55	(8.9)	301.41	315.39	(4.4)
8	Hilton Boston Logan Airport	307.09	287.01	7.0	97.5	93.9	3.6	299.41	269.57	11.1	355.80	320.54	11.0

10	Hilton Santa Barbara Beachfront Resort	386.73	380.64	1.6	85.5	76.9	8.6	330.55	292.49	13.0	491.67	437.08	12.5
11	Hyatt Regency Mission Bay Spa and Marina	292.25	259.70	12.5	78.9	84.3	(5.4)	230.69	219.09	5.3	405.22	382.79	5.9
12	Casa Marina Key West, Curio Collection	359.86	354.09	1.6	82.2	71.2	11.0	295.92	252.29	17.3	489.73	425.90	15.0

9 Hyatt Regency Boston 321.51 289.58 11.0 95.1 92.9 2.2 305.73 269.04 13.6 370.02 321.68 15.0

14	Hilton Chicago	250.85	229.33	9.4	82.9	78.6	4.3	208.06	180.33	15.4	334.96	289.48	15.7
15	Hilton Denver City Center	198.26	184.67	7.4	76.3	77.9	(1.6)	151.30	143.84	5.2	223.61	202.55	10.4
16	Royal Palm South Beach Miami(2)	244.15	-	100.0	14.2	-	14.2	34.60	-	100.0	52.84	-	100.0

13 The Reach Key West, Curio Collection 277.16 313.37 (11.6) 80.0 66.6 13.4 221.73 208.57 6.3 362.49 349.54 3.7

17 DoubleTree Hotel Washington DC - Crystal City 198.77 162.17 22.6 77.6 63.3 14.3 154.23 102.61 50.3 194.83 137.67 41.5

18	Hilton McLean Tysons Corner	230.90	208.98	10.5	64.4	62.8	1.6	148.60	131.11	13.3	202.76	216.17	(6.2)
19	JW Marriott San Francisco Union Square	304.00	294.09	3.4	74.5	72.1	2.4	226.48	211.96	6.9	293.41	270.09	8.6
20	Juniper Hotel Cupertino, Curio Collection	213.13	186.47	14.3	79.8	75.8	4.0	169.97	141.16	20.4	188.09	162.19	16.0

Total Consolidated Core Hotels (20 Hotels)	277.78	263.85	5.3	76.9	74.9	2.0	213.66	197.65	8.1	342.60	325.89	5.1

Total Non-Core Hotels (8 Hotels)	196.59	188.88	4.1	74.0	69.9	4.1	145.52	132.00	10.2	204.52	188.08	8.7

Total Comparable Hotels (28 Hotels) $ 263.19 $ 250.70 5.0 % 76.4 % 74.0 % 2.4 % pts $ 201.02 $ 185.46 8.4 % $ 316.99 $ 300.30 5.6 %

(1) Calculated based on unrounded numbers.

(2) The Royal Palm suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026.

PORTFOLIO AND OPERATING METRICS

COMPARABLE, CORE AND NON-CORE HOTELS: Q3 2026 VS Q3 2025 (CONTINUED)

(unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin

	3Q26	3Q25	Change(1)	3Q26	3Q25	Change(1)	3Q26	3Q25	Change
Consolidated Core Hotels
1 Hilton Hawaiian Village Waikiki Beach Resort	$ 42	$ 40	7.9 %	$ 117	$ 107	9.3 %	36.2 %	36.7 %	(50)	bps

2	Hilton Waikoloa Village	5	5	(12.5)	26	25	4.8	17.7	21.2	(350)
3	Signia by Hilton Orlando Bonnet Creek	7	9	(19.3)	31	33	(6.0)	24.3	28.3	(400)
4	Waldorf Astoria Orlando	4	4	26.9	21	19	12.2	20.7	18.3	240

6	Hilton New Orleans Riverside	4	7	(34.4)	25	28	(12.0)	17.4	23.3	(590)
7	Caribe Hilton	3	4	(25.3)	18	19	(4.4)	15.0	19.2	(420)
8	Hilton Boston Logan Airport	7	5	25.9	20	18	11.0	34.8	30.7	410

5 New York Hilton Midtown 11 16 (30.7) 76 80 (5.9) 14.4 19.5 (510)

10	Hilton Santa Barbara Beachfront Resort	8	7	17.3	16	15	12.5	51.5	49.4	210
11	Hyatt Regency Mission Bay Spa and Marina	4	4	(1.3)	16	15	5.9	25.0	26.8	(180)
12	Casa Marina Key West, Curio Collection	4	3	35.1	14	12	15.0	28.6	24.4	420

9 Hyatt Regency Boston 7 6 27.1 17 15 15.0 41.2 37.3 390

14	Hilton Chicago	12	10	26.0	48	42	15.7	26.2	24.0	220
15	Hilton Denver City Center	5	4	21.4	13	11	10.4	38.9	35.4	350
16	Royal Palm South Beach Miami(2)	2	(2)	210.8	2	-	100.0	88.4	-	8,840

13 The Reach Key West, Curio Collection 1 - 18.4 5 5 3.7 16.6 14.5 210

17 DoubleTree Hotel Washington DC - Crystal City 3 1 238.7 11 8 41.5 26.0 10.9 1,510

18	Hilton McLean Tysons Corner	1	1	(21.0)	9	9	(6.2)	13.0	15.4	(240)
19	JW Marriott San Francisco Union Square	1	-	5,477.8	9	9	8.6	8.8	(0.2)	900
20	Juniper Hotel Cupertino, Curio Collection	1	1	31.2	4	4	16.0	19.6	17.3	230

Total Consolidated Core Hotels (20 Hotels)	132	125	6.8	498	474	5.3	26.7	26.3	40

Total Non-Core Hotels (8 Hotels)	14	10	19.0	67	61	8.7	18.8	17.2	160

Total Comparable Hotels (28 Hotels) $ 146 $ 135 7.7 % $ 565 $ 535 5.7 % 25.7 % 25.2 % 50 bps

(1) Calculated based on unrounded numbers.

(2) The Royal Palm suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026.

PORTFOLIO AND OPERATING METRICS COMPARABLE, CORE AND NON-CORE HOTELS: YTD Q3 2026 VS YTD Q3 2025

(unaudited)		ADR		Occupancy		RevPAR		Total RevPAR
	2026	2025 Change(1)	2026	2025 Change	2026	2025 Change(1)	2026	2025	Change(1)
Consolidated Core Hotels
1 Hilton Hawaiian Village Waikiki Beach Resort	$ 289.66	$ 294.75 (1.7)%	87.7 %	81.3 % 6.4 % pts	$ 253.96	$ 239.70 5.9 %	$ 424.52	$ 388.91	9.2 %

2	Hilton Waikoloa Village	334.84	319.01	5.0	72.4	71.3	1.1	242.38	227.50	6.5	496.01	520.77	(4.8)
3	Signia by Hilton Orlando Bonnet Creek	246.98	239.86	3.0	77.1	72.9	4.2	190.34	174.72	8.9	498.66	474.15	5.2
4	Waldorf Astoria Orlando	410.62	396.84	3.5	79.8	70.9	8.9	327.74	281.32	16.5	621.47	535.93	16.0

5 New York Hilton Midtown

315.18

311.06

1.3

86.6

84.1

2.5

272.86

261.66

4.3

414.60

411.04

0.9

6	Hilton New Orleans Riverside	203.60	216.69	(6.0)	61.8	64.8	(3.0)	125.88	140.55	(10.4)	236.95	258.63	(8.4)
7	Caribe Hilton	306.99	286.73	7.1	85.7	89.6	(3.9)	263.00	256.87	2.4	406.60	389.41	4.4
8	Hilton Boston Logan Airport	271.59	257.93	5.3	93.6	92.5	1.1	254.33	238.60	6.6	312.28	292.70	6.7

9 Hyatt Regency Boston

291.35

276.39

5.4

88.2

84.7

3.5

256.93

234.01

9.8

319.94

287.04

11.5

10	Hilton Santa Barbara Beachfront Resort	334.37	329.72	1.4	83.4	70.4	13.0	278.72	231.95	20.2	446.20	374.65	19.1
11	Hyatt Regency Mission Bay Spa and Marina	257.39	242.43	6.2	79.9	80.4	(0.5)	205.65	194.94	5.5	374.63	346.88	8.0
12	Casa Marina Key West, Curio Collection	546.37	542.12	0.8	91.1	81.6	9.5	497.57	442.20	12.5	799.95	697.52	14.7

13 The Reach Key West, Curio Collection

459.13

479.31

(4.2)

88.7

81.0

7.7

407.46

388.60

4.9

604.00

600.33

0.6

14	Hilton Chicago	227.88	213.30	6.8	68.0	66.2	1.8	155.00	141.26	9.7	258.38	244.84	5.5
15	Hilton Denver City Center	192.09	181.42	5.9	73.9	71.9	2.0	141.92	130.46	8.8	203.63	195.22	4.3
16	DoubleTree Hotel Washington DC - Crystal City	210.92	189.04	11.6	76.3	71.4	4.9	161.02	135.05	19.2	210.52	181.53	16.0

17 Hilton McLean Tysons Corner 232.37 212.53 9.3 63.2 67.4 (4.2) 146.87 143.23 2.5 216.59 221.91 (2.4)

18	JW Marriott San Francisco Union Square	389.93	349.48	11.6	71.7	69.9	1.8	279.41	244.04	14.5	367.31	320.17	14.7
19	Juniper Hotel Cupertino, Curio Collection	226.10	204.39	10.6	74.5	69.4	5.1	168.33	141.70	18.8	186.70	159.04	17.4
	Total Consolidated Core Hotels excluding Royal Palm	284.75	276.49	3.0	78.9	76.1	2.8	224.57	210.35	6.8	372.61	353.01	5.6

20 Royal Palm South Beach Miami(2) 244.12 342.29 (28.7) 4.8 38.7 (33.9) 11.82 132.54 (91.1) 18.07 170.23 (89.4)

Total Consolidated Core Hotels (20 Hotels) 284.69	277.34	2.6	77.0	75.1	1.9	219.24	208.41	5.2	363.72	348.46	4.4

Total Non-Core Hotels (8 Hotels) 194.97	191.19	2.0	74.0	70.4	3.6	144.25	134.54	7.2	215.50	205.99	4.6
Total Comparable Hotels (28 Hotels) $ 268.59	$ 262.18	2.4 %	76.4 %	74.2 %	2.2 % pts	$ 205.33	$ 194.69	5.5 %	$ 336.23	$ 322.00	4.4 %

(1) Calculated based on unrounded numbers.

(2) The Royal Palm suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026.

PORTFOLIO AND OPERATING METRICS COMPARABLE, CORE AND NON-CORE HOTELS: YTD Q3 2026 VS YTD Q3 2025 (CONTINUED)

Consolidated Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$ 117	$ 108	8.6 %	$ 334	$ 305	9.7 %	35.1 %	35.5 %	(40) bps
2	Hilton Waikoloa Village(2)	22	27	(18.5)	90	93	(3.6)	24.9	29.5	(460)

(unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin 2026 2025 Change(1) 2026 2025 Change(1) 2026 2025 Change

4	Waldorf Astoria Orlando	28	22	29.6	85	74	16.0	33.2	29.7	350
5	New York Hilton Midtown	24	28	(14.9)	213	211	0.9	11.1	13.2	(210)
6	Hilton New Orleans Riverside	34	41	(16.0)	105	115	(8.4)	32.7	35.7	(300)

3 Signia by Hilton Orlando Bonnet Creek 52 48 5.7 137 131 5.2 38.0 37.8 20

8	Hilton Boston Logan Airport	15	14	9.4	52	48	6.7	28.8	28.1	70
9	Hyatt Regency Boston	15	14	13.3	44	39	11.5	35.1	34.5	60
10	Hilton Santa Barbara Beachfront Resort	20	16	22.4	44	37	19.1	44.6	43.4	120

7 Caribe Hilton 21 20 8.3 72 69 4.4 29.3 28.2 110

12	Casa Marina Key West, Curio Collection	31	25	21.1	68	59	14.7	44.9	42.5	240
13	The Reach Key West, Curio Collection	10	9	3.2	25	25	0.6	39.0	38.0	100
14	Hilton Chicago	19	17	10.7	109	103	5.5	17.4	16.6	80

11 Hyatt Regency Mission Bay Spa and Marina 10 10 7.8 45 42 8.0 23.1 23.2 (10)

16	DoubleTree Hotel Washington DC - Crystal City	11	7	49.9	36	31	16.0	30.1	23.3	680
17	Hilton McLean Tysons Corner	4	5	(13.2)	27	28	(2.4)	15.1	17.0	(190)
18	JW Marriott San Francisco Union Square	9	5	93.3	35	30	14.7	26.1	15.5	1,060

15 Hilton Denver City Center 12 11 10.9 34 33 4.3 35.3 33.2 210

19 Juniper Hotel Cupertino, Curio Collection 3 2 43.6 11 10 17.4 23.5 19.2 430

	Total Consolidated Core Hotels excluding Royal Palm	457	429	6.7	1,566	1,483	5.7	29.2	28.9	30
20	Royal Palm South Beach Miami(2)	(2)	6	(126.3)	2	18	(89.3)	(80.9)	32.9	(11,380)
Total Consolidated Core Hotels (20 Hotels)		455	435	4.8	1,568	1,501	4.5	29.1	29.0	10

Total Non-Core Hotels (8 Hotels)	48	42	11.2	211	201	4.6	22.3	21.0	130
Total Comparable Hotels (28 Hotels)	$ 503	$ 477	5.4 %	$ 1,779	$ 1,702	4.6 %	28.3 %	28.1 %	20	bps

(1) Calculated based on unrounded numbers.

(2) The Royal Palm suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026.

‌PROPERTIES ACQUIRED, SOLD AND DISPOSED

HILTON DENVER CITY CENTER

PROPERTIES ACQUIRED, SOLD AND DISPOSED TOTAL ACQUISITIONS

Year

Number of Hotels

Room Count

Total Consideration

2019

5,981

(in millions)

2,500.0

5,981

2,500.0

TOTAL SALES / DISPOSITIONS

Year	Number of Hotels(1)	Room Count		Gross Proceeds(2)
				(in millions)
2018	14	4,053	$	519.0
2019	9	2,725		496.9
2020	2	700		207.9
2021	6	1,303		476.6
2022	7	2,207		316.9
2023	4	3,635		846.8
2024	3	1,129		76.3
2025	5	2,236		120.0
2026	6	1,973		96.0
	56	19,961	$	3,156.4

(1) Total sales/dispositions includes the sale of Park's interest in 45 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 two Hilton San Francisco Hotels, which were placed into receivership in October 2023, were sold by the court-appointed receiver in November 2025.

(2) Gross proceeds from the sale of joint ventures represent Park's pro-rata share.

PROPERTIES ACQUIRED, SOLD AND DISPOSED NON-CORE DISPOSITION INITIATIVE - STATUS SINCE JANUARY 1, 2026

(unaudited, dollars in millions)	Status	# of Hotels	Room Count	2025 Hotel Adjusted EBITDA(1)
Q1 Sale		1	193	$1
Q2 Sales/Dispositions		3	946	$9
Q3 Sale		1	314	$-
Q4 Sale		1	520	$(2)
Sold/Disposed in 2026		6	1,973	$8
Remaining Non-Core Hotels Targeted for Sale/Disposition		5	2,634	$37
Remaining Safehold Leases(2)		3	959	$16
Remaining Non-Core Hotels		8	3,593	$53

(1) Includes Park's share from its Non-Core unconsolidated joint venture sold during the second quarter of 2026.

(2) Timing for the disposition of the Hilton Salt Lake City Center, DoubleTree Hotel San Diego - Mission Valley and DoubleTree Hotel Durango cannot be determined given ongoing litigation.

‌COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION

SIGNIA BY HILTON ORLANDO BONNET CREEK

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE TTM HOTEL METRICS

Three Months Ended					TTM
(unaudited, dollars in millions)	December 31,	March 31,	June 30	September 30,	September 30,
	2025	2026	2026	2026	2026
Comparable RevPAR	$ 194.25	$ 196.45	$ 218.46	$ 201.02	$ 202.54
Comparable Occupancy	71.4 %	72.7 %	80.2 %	76.4 %	75.2 %
Comparable ADR	$ 272.13	$ 270.27	$ 272.27	$ 263.19	$ 269.43
Total Revenues	$ 629	$ 622	$ 680	$ 602	$ 2,533
Operating (loss) income	$ (164)	$ 62	$ 95	$ 38	$ 31

Operating (loss) income margin(1)	(26.0)%	9.9 %	14.0 %	6.4 %
Comparable Hotel Revenues	$ 569	$ 579	$ 635	$ 565	$
Comparable Hotel Adjusted EBITDA	$ 163	$ 156	$ 201	$ 146	$
Comparable Hotel Adjusted EBITDA margin(1)	28.6 %	26.9 %	31.7 %	25.7 %

1.2 %

2,348

666

28.3 %

Three Months Ended					Full Year
	March 31,	June 30,	September 30,	December 31,	December 31,
	2025	2025	2025	2025	2025
Comparable RevPAR	$ 192.42	$ 206.28	$ 185.46	$ 194.25	$ 194.58
Comparable Occupancy	71.0 %	77.4 %	74.0 %	71.4 %	73.5 %
Comparable ADR	$ 269.56	$ 266.55	$ 250.70	$ 272.13	$ 264.62
Total Revenues	$ 630	$ 672	$ 610	$ 629	$ 2,541
Operating income (loss)	$ 7	$ 65	$ 59	$ (164)	$ (33)

Operating income (loss) margin(1)	1.1 %	9.6 %	9.7 %	(26.0)%
Comparable Hotel Revenues	$ 569	$ 598	$ 535	$ 569	$
Comparable Hotel Adjusted EBITDA	$ 157	$ 185	$ 135	$ 163	$
Comparable Hotel Adjusted EBITDA margin(1)	27.6 %	30.9 %	25.2 %	28.6 %

(1.3)%

2,271

640

28.2 %

(1) Percentages are calculated based on unrounded numbers.

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION ‌HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA - TTM 2026

Three Months Ended					TTM
(unaudited, in millions)	December 31,	March 31,	June 30	September 30,	September 30,
	2025	2026	2026	2026	2026
Net (loss) income	$ (204)	$ 12	$ 50	$ (15)	$ (157)
Depreciation and amortization expense	67	64	66	74	271
Interest income	(2)	(1)	(2)	(2)	(7)
Interest expense	51	51	52	55	209
Interest expense associated with hotels in receivership(1)	10	-	-	-	10
Income tax (benefit) expense	(1)	1	5	(1)	4
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	1	-	1	1	3
EBITDA	(78)	127	172	112	333
(Gain) loss on sales of assets, net(2)	(17)	1	(2)	1	(17)
Gain on derecognition of assets(1)	(10)	-	-	-	(10)
Severance expense	1	-	-	3	4
Share-based compensation expense	5	4	6	5	20
Impairment and casualty loss	249	5	22	8	284
Other items	2	6	-	6	14
Adjusted EBITDA	152	143	198	135	628
Less: Adjusted EBITDA from hotels disposed of	2	5	(7)	-	-
Less: Adjusted EBITDA from investments in affiliates disposed of	(1)	(1)	(1)	-	(3)
Comparable Adjusted EBITDA	153	147	190	135	625
Less: Adjusted EBITDA from investments in affiliates	(2)	(5)	(4)	(3)	(14)
Add: All other(3)	12	14	15	14	55
Comparable Hotel Adjusted EBITDA	$ 163	$ 156	$ 201	$ 146	$ 666

(1) Represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on Park's condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which were sold by the court-appointed receiver in November 2025.

(2) For the three months ended December 31, 2025, includes a gain of $16 million on the sale of Park's ownership interest in the Capital Hilton included in other gain (loss), net in the condensed consolidated statements of operations. For the three months ended June 30, 2026, includes a $4 million gain on the sale of Park's ownership interest in the Embassy Suites by Hilton Alexandria Old Town included in other gain (loss), net in Park's condensed consolidated statements of operations.

(3) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated statements of operations.

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION ‌HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA - FULL-YEAR 2025

Three Months Ended Full-Year

(unaudited, in millions)	March 31,	June 30,		September 30,	December 31,	December 31,
	2025	2025		2025	2025	2025
Net income	$ (57)	$	(2)	$ (14)	$ (204)	$ (277)
Depreciation and amortization expense	69	122		78	67		336
Interest income	(3)	(2)		(3)	(2)		(10)
Interest expense	52	53		53	51		209
Interest expense associated with hotels in receivership(1)	16	16		16	10		58
Income tax expense (benefit)	1	1		6	(1)		7
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	2	2		2	1		7
EBITDA	80	190		138	(78)		330
Gain on sales of assets, net(2)	-	(1)		-	(17)		(18)
Gain on derecognition of assets(1)	(16)	(16)		(16)	(10)		(58)
Severance expense	-	-		-	1		1
Share-based compensation expense	4	5		5	5		19
Impairment and casualty loss	70	-		-	249		319
Other items	6	5		3	2		16
Adjusted EBITDA	144	183		130	152		609
Less: Adjusted EBITDA from hotels disposed of	6	(6)		(6)	2		(4)
Less: Adjusted EBITDA from investments in affiliates disposed of	(2)	(3)		(1)	(1)		(7)
Comparable Adjusted EBITDA	148	174		123	153		598
Less: Adjusted EBITDA from investments in affiliates	(6)	(2)		(2)	(2)		(12)
Add: All other(3)	15	13		14	12		54
Comparable Hotel Adjusted EBITDA	$ 157	$ 185		$ 135	$ 163		$ 640

(1) For the year ended December 31, 2025, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on Park's condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which were sold by the court-appointed receiver in November 2025.

(2) For the year ended December 31, 2025, includes a gain of $16 million on the sale of Park's ownership interest in the Capital Hilton included in other gain (loss), net in the condensed consolidated statements of operations.

COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION HISTORICAL COMPARABLE TTM HOTEL REVENUES - 2026 AND 2025

Three Months Ended December 31, March 31, June 30, September 30, 2025 2026 2026 2026								TTM September 30, 2026
$	629	$	622	$	680	$	602	$ 2,533
	(24)		(24)		(24)		(25)	(97)
	(36)		(19)		(21)		(12)	(88)
$	569	$	579	$	635	$	565	$ 2,348

(unaudited, in millions)

Total Revenues

Less: Other revenue

Less: Revenues from hotels disposed of

Three Months Ended									Full-Year
	March 31,		June 30,			September 30,		December 31,	December 31,
	2025		2025			2025		2025	2025
$	630	$		672	$	610	$	629	$ 2,541
	(22)			(23)		(23)		(24)	(92)
	(39)			(51)		(52)		(36)	(178)
$	569	$		598	$	535	$	569	$ 2,271

Comparable Hotel Revenues

Total Revenues

Less: Other revenue

Less: Revenues from hotels disposed of

Comparable Hotel Revenues

‌CAPITAL STRUCTURE

ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO RESORT

CAPITAL STRUCTURE FIXED AND VARIABLE RATE DEBT

(unaudited, dollars in millions)

Debt Collateral Interest Rate Maturity Date

Extended Maturity Date(1)

As of September 30,

2026

Fixed Rate Debt Mortgage loan	Hilton Denver City Center	4.90%	March 2027(2)	None	$ 49
Mortgage loan	Hilton Santa Barbara Beachfront Resort	4.17%	December 2026	None	150
Mortgage loan	DoubleTree Hotel Ontario Airport	5.37%	May 2027	None	30
2028 Senior Notes	Unsecured	5.88%	October 2028	None	725
2029 Senior Notes	Unsecured	4.88%	May 2029	None	750
2030 Senior Notes	Unsecured	7.00%	February 2030	None	550
Finance lease obligations		6.88%	2027 to 2030	None	1
Total Fixed Rate Debt		5.67%(3)			2,255
Variable Rate Debt 2024 Term Loan	Unsecured	SOFR + 2.20%	May 2027	None	200
Bonnet Creek Mortgage Loan	Bonnet Creek complex	SOFR + 2.25%	April 2029	April 2031	700
Revolver(4)	Unsecured	SOFR + 2.25%	September 2029	September 2030	-
2025 Delayed Draw Term Loan	Unsecured	SOFR + 2.20%	January 2030	January 2031	800
Total Variable Rate Debt		6.12%(3)	1,700
Less: unamortized deferred financing costs and discount			(32)
Total Debt(5)		5.87%(3)	$ 3,923

(1) The extension options are exercisable subject to compliance with certain covenants.

(2) The loan matures in August 2042 but became callable by the lender in August 2022 with six months notice. As of September 30, 2026, Park had not received notice from the lender.

(3) Calculated on a weighted average basis.

(4) As of November 4, 2026, Park has $1 billion of available capacity under the Revolver with no outstanding letters of credit.

(5) Excludes $105 million of Park's share of its unconsolidated joint venture debt.

‌DEFINITIONS

HYATT REGENCY BOSTON

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 EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company's Comparable hotel financial data includes results from Park's consolidated hotels and property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable hotel financial data excludes results from property dispositions that have occurred prior to November 4, 2026.

Core/Non-Core

The Company's Core portfolio includes 20 of Park's consolidated hotels and one unconsolidated hotel and consists primarily of hotels and resorts that cater to group and leisure demand. As of September 30, 2026, Park's Non-Core portfolio included 9 consolidated hotels. As of November 4, 2026, Park had 8 hotels remaining in its Non-Core portfolio. Financial data presented for Park's Core and Non-Core hotels are based on its consolidated hotels only.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin

Earnings before interest expense, taxes and depreciation and amortization ("EBITDA"), presented herein, reflects net income (loss) excluding depreciation and amortization, interest income, interest expense, income taxes and also interest income and expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates.

Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude the following items that are not reflective of Park's ongoing operating performance or incurred in the normal course of business, and thus, excluded from management's analysis in making day-to-day operating decisions and evaluations of Park's operating performance against other companies within its industry:

Gains or losses on sales of assets for both consolidated and unconsolidated investments;
Costs associated with hotel acquisitions or dispositions expensed during the period;
Severance expense;
Share-based compensation expense;
Impairment losses and casualty gains or losses; and
Other items that management believes are not representative of the Company's current or future operating performance.

Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company's consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company's profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company's consolidated hotels.

Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.

DEFINITIONS (CONTINUED)

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States ("U.S.") GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, the Company's definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies.

The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company's management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by removing the effect of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results; and (ii) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in the industry.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company's operating performance and results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available to the Company to meet its obligations. Further, the Company does not use or present EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin as measures of liquidity or cash flows.

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 of the Company's performance. The Company calculates funds from (used in) operations ("FFO") attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts ("Nareit"), as net income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect the Company's pro rata share of the FFO of those entities on the same basis.

As noted by Nareit in its December 2018 "Nareit Funds from Operations White Paper - 2018 Restatement," since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company's presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.

DEFINITIONS (CONTINUED)

The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding the Company's ongoing operating performance. Management historically has made the adjustments detailed below in evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful supplemental information that is beneficial to an investor's complete understanding of operating performance. The Company adjusts Nareit FFO attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO attributable to stockholders:

Net Debt

Costs associated with hotel acquisitions or dispositions expensed during the period;
Severance expense;
Share-based compensation expense;
Casualty gains or losses; and
Other items that management believes are not representative of the Company's current or future operating performance.

Net Debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net Debt is calculated as (i) debt excluding unamortized deferred financing costs; and (ii) the Company's share of investments in affiliate debt, excluding unamortized deferred financing costs; reduced by (a) cash and cash equivalents; and (b) restricted cash and cash equivalents.

The Company believes Net Debt provides useful information about its indebtedness to investors as it is frequently used by securities analysts, investors and other interested parties to compare the indebtedness of companies. Net Debt should not be considered as a substitute to debt presented in accordance with U.S. GAAP. Net Debt may not be comparable to a similarly titled measure of other companies.

Net Debt to Adjusted EBITDA Ratio

Net Debt to Adjusted EBITDA ratio, presented herein, is a non-GAAP financial measure and is included as it is frequently used by securities analysts, investors and other interested parties to compare the financial condition of companies. Net Debt to Adjusted EBITDA ratio should not be considered as an alternative to measures of financial condition derived in accordance with U.S. GAAP and it may not be comparable to a similarly titled measure of other companies.

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 group of hotels in a given period. Occupancy levels also help management determine achievable Average Daily Rate ("ADR") levels as demand for rooms increases or decreases.

DEFINITIONS (CONTINUED)

Average Daily Rate

ADR (or rate) represents rooms revenue divided by total number of room nights sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in the hotel industry, and management uses ADR to assess pricing levels that the Company is able to generate by type of customer, as changes in rates have a more pronounced effect on overall revenues and incremental profitability than changes in Occupancy, as described above.

Revenue per Available Room

Revenue per Available Room ("RevPAR") represents rooms revenue divided by the total number of room nights available to guests for a given period. Management considers RevPAR to be a meaningful indicator of the Company's performance as it provides a metric correlated to two primary and key factors of operations at a hotel or group of hotels: Occupancy and ADR. RevPAR is also a useful indicator in measuring performance over comparable periods.

Total RevPAR

Total RevPAR represents rooms, food and beverage and other hotel revenues divided by the total number of room nights available to guests for a given period. Management considers Total RevPAR to be a meaningful indicator of the Company's performance as approximately one-third of revenues are earned from food and beverage and other hotel revenues. Total RevPAR is also a useful indicator in measuring performance over comparable periods.

‌ANALYST COVERAGE

HILTON SANTA BARBARA BEACHFRONT RESORT

Attention: This is an excerpt of the original content. To continue reading it, access the original document here.

Park Hotels & Resorts Inc. on 6ix

In the deck

Park Hotels & Resorts — Q3 2026 Earnings Presentation41 slidesNov 4, 2026

Earlier from Park Hotels & Resorts

All Park Hotels & Resorts news releases

Follow Park Hotels & Resorts into a list and get an email when it puts out news.

Follow Park Hotels & Resorts