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Exhibit 99.2
FIRST QUARTER 2025
SUPPLEMENTAL DATA
MARCH 31, 2025
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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’s portfolio currently consists of 40 premium-branded hotels and resorts with approximately 25,000 rooms
primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.
Forward-Looking Statements
This supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to the effects of Park’s decision to cease payments
on its $725 million non-recourse CMBS loan (“SF Mortgage Loan”) secured by two of Park’s San Francisco hotels – 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”) and the lender’s exercise of its remedies, including placing
such hotels into receivership, as well as Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources,
including anticipated repayment of certain of Park’s indebtedness, the completion of capital allocation priorities, the expected repurchase of Park’s stock, the impact
from macroeconomic factors (including elevated inflation and interest rates, potential economic slowdown or a recession and geopolitical conflicts), the effects of
competition and the effects of future legislation, executive action or regulations, tariffs, the expected completion of anticipated dispositions, the declaration, payment
and any change in amounts of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and
in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,”
“should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “hopes” or the negative version of these words or other comparable words.
You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond
Park’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events.
All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks,
uncertainties and other factors that could cause actual results to differ materially from the results expressed in these forward-looking statements. You should not put
undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item
1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in Park’s filings with
the Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no
obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Supplemental Financial Information
Park presents certain non-generally accepted accounting principles (“GAAP”) financial measures in this presentation, including Nareit FFO attributable to stockholders,
Adjusted FFO attributable to stockholders, FFO per share, Adjusted FFO per share, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA
margin, Net Debt and Net Debt to Adjusted EBITDA ratio. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income
(loss) as a measure of its operating performance. Please see the schedules included in this presentation including the “Definitions” section for additional information
and reconciliations of such non-GAAP financial measures.
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HILTON NEW ORLEANS RIVERSIDE
TABLE OF CONTENTS
Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Supplementary Financial Information  . . . . . . . . . . . . . . . . . . . .
Outlook and Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Portfolio and Operating Metrics  . . . . . . . . . . . . . . . . . . . . . . . . .
Properties Acquired and Sold . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Analyst Coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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WALDORF ASTORIA ORLANDO
FINANCIAL
STATEMENTS
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HILTON WAIKOLOA VILLAGE
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
March 31, 2025
December 31, 2024
(unaudited)
ASSETS
Property and equipment, net
$7,317
$7,398
Contract asset
836
820
Intangibles, net
41
41
Cash and cash equivalents
233
402
Restricted cash
27
38
Accounts receivable, net of allowance for doubtful accounts of $3 and $4
125
131
Prepaid expenses
66
69
Other assets
70
71
Operating lease right-of-use assets
186
191
TOTAL ASSETS (variable interest entities – $208 and $223)
$8,901
$9,161
LIABILITIES AND EQUITY
Liabilities
Debt
$3,841
$3,841
Debt associated with hotels in receivership
725
725
Accrued interest associated with hotels in receivership
111
95
Accounts payable and accrued expenses
212
226
Dividends payable
54
138
Due to hotel managers
110
138
Other liabilities
190
179
Operating lease liabilities
222
225
Total liabilities (variable interest entities – $200 and $201)
5,465
5,567
Stockholders’ Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 200,815,720
shares issued and 199,782,608 shares outstanding as of March 31, 2025 and 203,407,320
shares issued and 202,553,194 shares outstanding as of December 31, 2024
2
2
Additional paid-in capital
4,017
4,063
Accumulated deficit
(525)
(420)
Total stockholders’ equity
3,494
3,645
Noncontrolling interests
(58)
(51)
Total equity
3,436
3,594
TOTAL LIABILITIES AND EQUITY
$8,901
$9,161
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HILTON WAIKOLOA VILLAGE
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except per share data)
Three Months Ended March 31,
2025
2024
Revenues
Rooms
$363
$374
Food and beverage
182
182
Ancillary hotel
63
62
Other
22
21
Total revenues
630
639
Operating expenses
Rooms
100
102
Food and beverage
123
123
Other departmental and support
151
145
Other property
57
52
Management fees
30
30
Impairment and casualty loss
70
6
Depreciation and amortization
69
65
Corporate general and administrative
18
17
Other
21
21
Total expenses
639
561
Gain on derecognition of assets
16
14
Operating income
7
92
Interest income
3
5
Interest expense
(52)
(53)
Interest expense associated with hotels in receivership
(16)
(14)
Other gain, net
2
—
(Loss) income before income taxes
(56)
30
Income tax expense
(1)
(1)
Net (loss) income
(57)
29
Net income attributable to noncontrolling interests
—
(1)
Net (loss) income attributable to stockholders
$(57)
$28
(Loss) earnings per share:
(Loss) earnings per share – Basic
$(0.29)
$0.13
(Loss) earnings per share – Diluted
$(0.29)
$0.13
Weighted average shares outstanding – Basic
200
209
Weighted average shares outstanding – Diluted
200
211
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY
FINANCIAL
INFORMATION
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
EBITDA AND ADJUSTED EBITDA
(unaudited, in millions)
Three Months Ended March 31,
2025
2024
Net (loss) income
$(57)
$29
Depreciation and amortization expense
69
65
Interest income
(3)
(5)
Interest expense
52
53
Interest expense associated with hotels in receivership(1)
16
14
Income tax expense
1
1
Interest income and expense, income tax and depreciation and amortization included in equity in earnings from
investments in affiliates
2
3
EBITDA
80
160
Gain on derecognition of assets(1)
(16)
(14)
Share-based compensation expense
4
4
Impairment and casualty loss
70
6
Other items
6
6
Adjusted EBITDA
$144
$162
_____________________________________
(1)For the three months ended March 31, 2025 and 2024, 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 the condensed consolidated balance sheets, as Park expects to be released from this obligation upon final
resolution with the lender.
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
COMPARABLE HOTEL ADJUSTED EBITDA AND COMPARABLE HOTEL
    ADJUSTED EBITDA MARGIN
(unaudited, dollars in millions)
Three Months Ended March 31,
2025
2024
Adjusted EBITDA
$144
$162
Less: Adjusted EBITDA from investments in affiliates
(8)
(8)
Add: All other(1)
15
15
Comparable Hotel Adjusted EBITDA
$151
$169
Three Months Ended March 31,
2025
2024
Total Revenues
$630
$639
Less: Other revenue
(22)
(21)
Less: Revenues from hotels disposed of
—
(8)
Comparable Hotel Revenues
$608
$610
Three Months Ended March 31,
2025
2024
Change(2)
Total Revenues
$630
$639
(1.4)%
Operating income
$7
$92
(92.6)%
Operating income margin(2)
1.1%
14.5%
(1,340) bps
Comparable Hotel Revenues
$608
$610
(0.5)%
Comparable Hotel Adjusted EBITDA
$151
$169
(10.4)%
Comparable Hotel Adjusted EBITDA margin(2)
24.9%
27.7%
(280) 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.
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
NAREIT FFO AND ADJUSTED FFO
(unaudited, in millions, except per share data)
Three Months Ended March 31,
2025
2024
Net (loss) income attributable to stockholders
$(57)
$28
Depreciation and amortization expense
69
65
Depreciation and amortization expense attributable to noncontrolling interests
(1)
(1)
Gain on derecognition of assets(1)
(16)
(14)
Impairment loss
70
5
Pro rata FFO of investments in affiliates
1
1
Nareit FFO attributable to stockholders
66
84
Casualty loss
—
1
Share-based compensation expense
4
4
Interest expense associated with hotels in receivership(1)
16
14
Other items
6
8
Adjusted FFO attributable to stockholders
$92
$111
Nareit FFO per share – Diluted(2)
$0.33
$0.40
Adjusted FFO per share – Diluted(2)
$0.46
$0.52
Weighted average shares outstanding – Diluted(3)
201
211
__________________________________________________________________________
(1)For the three months ended March 31, 2025 and 2024, 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 the condensed consolidated balance sheets, as Park expects to be released from this obligation upon final
resolution with the lender.
(2)Per share amounts are calculated based on unrounded numbers.
(3)Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of March 31, 2025, see page 5.
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
GENERAL AND ADMINISTRATIVE EXPENSES
(unaudited, in millions)
Three Months Ended March 31,
2025
2024
Corporate general and administrative expenses
$18
$17
Less:
Share-based compensation expense
4
4
Other corporate expenses
1
—
G&A, excluding expenses not included in Adjusted EBITDA
$13
$13
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
NET DEBT AND NET DEBT TO COMPARABLE ADJUSTED EBITDA RATIO
(unaudited, in millions)
March 31, 2025
December 31, 2024
Debt
$3,841
$3,841
Add: unamortized deferred financing costs and discount
22
24
Debt, excluding unamortized deferred financing cost, premiums and discounts
3,863
3,865
Add: Park’s share of unconsolidated affiliates debt, excluding unamortized deferred financing costs
157
157
Less: cash and cash equivalents
(233)
(402)
Less: restricted cash
(27)
(38)
Net Debt
$3,760
$3,582
TTM Comparable Adjusted EBITDA(1)
$632
$649
Net Debt to TTM Comparable Adjusted EBITDA ratio
5.95x
5.52x
_____________________________________
(1)See pages 30 and 31 for trailing twelve months (“TTM”) Comparable Adjusted EBITDA as of March 31, 2025 and December 31, 2024, respectively.
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CASA MARINA KEY WEST, CURIO COLLECTION
OUTLOOK AND
ASSUMPTIONS
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CASA MARINA KEY WEST, CURIO COLLECTION
OUTLOOK AND ASSUMPTIONS
FULL-YEAR 2025 OUTLOOK
Park expects full-year 2025 operating results to be as follows:
(unaudited, dollars in millions, except per share amounts and RevPAR)
Full-Year 2025 Outlook
as of May 5, 2025
Full-Year 2025 Outlook
as of February 19, 2025
Change at
Midpoint
Metric
Low
High
Low
High
Comparable RevPAR
$185
$191
$187
$192
$(2)
Comparable RevPAR change vs. 2024
(1.0)%
2.0%
0.0%
3.0%
(100) bps
Comparable RevPAR, excluding the Royal Palm South Beach
  Miami
$186
$192
$188
$194
$(2)
Comparable RevPAR change vs. 2024, excluding the Royal
  Palm South Beach Miami
0.0%
3.0%
1.0%
4.0%
(100)%
Net (loss) income
$(8)
$52
$87
$147
$(95)
Net (loss) income attributable to stockholders
$(16)
$44
$79
$139
$(95)
(Loss) earnings per share – Diluted(1)
$(0.08)
$0.22
$0.39
$0.69
$(0.47)
Operating income
$243
$304
$338
$398
$(95)
Operating income margin
9.5%
11.5%
13.0%
14.9%
(350) bps
Adjusted EBITDA
$590
$650
$610
$670
$(20)
Comparable Hotel Adjusted EBITDA margin(1)
25.6%
27.2%
26.1%
27.7%
(50) bps
Comparable Hotel Adjusted EBITDA margin change vs. 2024(1)
(190) bps
(30)bps
(140) bps
20bps
(50) bps
Adjusted FFO per share – Diluted(1)
$1.79
$2.09
$1.90
$2.20
$(0.11)
__________________________________________________________________________
(1)Amounts are calculated based on unrounded numbers.
Park’s outlook is based in part on the following assumptions:
•Except where noted, includes the impact of renovations at the Royal Palm South Beach Miami, a Tribute Portfolio Resort, of approximately $17 million of
Hotel Adjusted EBITDA and 40 bps of Comparable Hotel Adjusted EBITDA margin;
•Adjusted FFO excludes $35 million of default interest and late payment administrative fees associated with default of the SF Mortgage Loan through July
15, 2025 (when the receivership is currently expected to end), which began in June 2023 and is required to be recognized in interest expense until legal
titles to the Hilton San Francisco Hotels are transferred;
•Fully diluted weighted average shares for the full-year 2025 of 200 million; and
•Park’s portfolio as of May 5, 2025 and does not take into account potential future acquisitions, dispositions or any financing transactions, which could result
in a material change to Park’s outlook.
Park’s full-year 2025 outlook is based on several factors, many of which are outside the Company’s control, including uncertainty surrounding macro-economic
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 2025 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), or changes in travel patterns to the United States as a result of tariff or trade
policy, as the net effect of such announcements cannot be ascertained or quantified at this time.
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CASA MARINA KEY WEST, CURIO COLLECTION
OUTLOOK AND ASSUMPTIONS
EBITDA, ADJUSTED EBITDA, COMPARABLE HOTEL ADJUSTED EBITDA AND
    COMPARABLE HOTEL ADJUSTED EBITDA MARGIN
Year Ending
(unaudited, in millions)
December 31, 2025
Low Case
High Case
Net (loss) income
$(8)
$52
Depreciation and amortization expense
272
272
Interest income
(8)
(8)
Interest expense
209
209
Interest expense associated with hotels in receivership
35
35
Income tax expense
14
14
Interest expense, income tax and depreciation and amortization included in equity in earnings
  from investments in affiliates
9
9
EBITDA
523
583
Gain on derecognition of assets
(35)
(35)
Share-based compensation expense
19
19
Impairment loss
70
70
Other items
13
13
Adjusted EBITDA
590
650
Less: Adjusted EBITDA from investments in affiliates
(18)
(19)
Add: All other
61
61
Comparable Hotel Adjusted EBITDA
$633
$692
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CASA MARINA KEY WEST, CURIO COLLECTION
OUTLOOK AND ASSUMPTIONS
EBITDA, ADJUSTED EBITDA, COMPARABLE HOTEL ADJUSTED EBITDA AND
    COMPARABLE HOTEL ADJUSTED EBITDA MARGIN (CONTINUED)
Year Ending
December 31, 2025
Low Case
High Case
Total Revenues
$2,569
$2,643
Less: Other revenue
(93)
(93)
Comparable Hotel Revenues
$2,476
$2,550
Year Ending
December 31, 2025
Low Case
High Case
Total Revenues
$2,569
$2,643
Operating income
$243
$304
Operating income margin(1)
9.5%
11.5%
Comparable Hotel Revenues
$2,476
$2,550
Comparable Hotel Adjusted EBITDA
$633
$692
Comparable Hotel Adjusted EBITDA margin(1)
25.6%
27.2%
_______________________________________________________________________________
(1)Percentages are calculated based on unrounded numbers.
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CASA MARINA KEY WEST, CURIO COLLECTION
OUTLOOK AND ASSUMPTIONS
NAREIT FFO AND ADJUSTED FFO
Year Ending
(unaudited, in millions except per share data)
December 31, 2025
Low Case
High Case
Net (loss) income attributable to stockholders
$(16)
$44
Depreciation and amortization expense
272
272
Depreciation and amortization expense attributable to noncontrolling interests
(3)
(3)
Gain on derecognition of assets
(35)
(35)
Impairment loss
70
70
Equity investment adjustments:
Equity in earnings from investments in affiliates
(1)
(1)
Pro rata FFO of equity investments
6
6
Nareit FFO attributable to stockholders
293
353
Share-based compensation expense
19
19
Interest expense associated with hotels in receivership
35
35
Other items
12
12
Adjusted FFO attributable to stockholders
$359
$419
Adjusted FFO per share – Diluted(1)
$1.79
$2.09
Weighted average diluted shares outstanding
200
200
_____________________________________
(1)Per share amounts are calculated based on unrounded numbers.
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HILTON WAIKOLOA VILLAGE
PORTFOLIO
AND
OPERATING
METRICS
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HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
HOTEL PORTFOLIO AS OF MAY 5, 2025
Hotel Name
Total Rooms
Market
Meeting Space
(square feet)
Ownership
Equity
Ownership
Debt
(in millions)
Comparable Portfolio
 Hilton Hawaiian Village Waikiki Beach Resort
2,872
Hawaii
150,000
Fee Simple
100%
$1,275
 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
1,009
Orlando
234,000
Fee Simple
100%
—
 DoubleTree Hotel Seattle Airport
850
Seattle
41,000
Leasehold
100%
—
 Hilton Orlando Lake Buena Vista
814
Orlando
87,000
Leasehold
100%
—
 Hilton Waikoloa Village
653
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%
$52
 Hilton Boston Logan Airport
604
Boston
30,000
Leasehold
100%
—
The Wade(1)
520
Chicago
20,000
Fee Simple
100%
—
 DoubleTree Hotel San Jose
505
Other U.S.
48,000
Fee Simple
100%
—
 Hyatt Regency Boston
502
Boston
30,000
Fee Simple
100%
$124
 Waldorf Astoria Orlando
502
Orlando
121,000
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
 Hilton McLean Tysons Corner
458
Washington, D.C.
28,000
Fee Simple
100%
—
 Hyatt Regency Mission Bay Spa and Marina
438
Southern California
24,000
Leasehold
100%
—
 Boston Marriott Newton
430
Boston
35,000
Fee Simple
100%
—
The Midland Hotel, a Tribute Portfolio Hotel(2)
403
Chicago
13,000
Fee Simple
100%
—
 Hilton Seattle Airport & Conference Center
396
Seattle
40,000
Leasehold
100%
—
 Royal Palm South Beach Miami, a Tribute Portfolio Resort
393
Miami
11,000
Fee Simple
100%
—
 Hilton Santa Barbara Beachfront Resort
360
Southern California
62,000
Fee Simple
50%
$156
 JW Marriott San Francisco Union Square
344
San Francisco
12,000
Leasehold
100%
—
 Hyatt Centric Fisherman’s Wharf
316
San Francisco
19,000
Fee Simple
100%
—
 Hilton Short Hills
314
Other U.S.
21,000
Fee Simple
100%
—
 Casa Marina Key West, Curio Collection
311
Key West
53,000
Fee Simple
100%
—
_____________________________________
(1)In February 2025, the W Chicago – Lakeshore was converted to The Wade.
(2)In January 2025, the W Chicago – City Center was converted to The Midland Hotel, a Tribute Portfolio Hotel.
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HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
HOTEL PORTFOLIO AS OF MAY 5, 2025 (CONTINUED)
Hotel Name
Total Rooms
Market
Meeting Space
(square feet)
Ownership
Equity
Ownership
Debt(1)
(in millions)
Comparable Portfolio (continued)
 DoubleTree Hotel San Diego – Mission Valley
300
Southern California
35,000
Leasehold
100%
—
 Embassy Suites Kansas City Plaza
266
Other U.S.
11,000
Leasehold
100%
—
 Embassy Suites Austin Downtown South Congress
262
Other U.S.
2,000
Leasehold
100%
—
 DoubleTree Hotel Sonoma Wine Country
245
Other U.S.
27,000
Leasehold
100%
—
 Juniper Hotel Cupertino, Curio Collection
224
Other U.S.
5,000
Fee Simple
100%
—
 Hilton Checkers Los Angeles
193
Southern California
3,000
Fee Simple
100%
—
 DoubleTree Hotel Durango
159
Other U.S.
7,000
Leasehold
100%
—
 The Reach Key West, Curio Collection
150
Key West
18,000
Fee Simple
100%
—
Total Comparable Portfolio (37 Hotels)
22,711
2,173,000
$1,637
Unconsolidated Joint Venture Portfolio
 Hilton Orlando
1,424
Orlando
236,000
Fee Simple
20%
$105
 Capital Hilton
559
Washington, D.C.
30,000
Fee Simple
25%
$27
 Embassy Suites Alexandria Old Town
288
Washington, D.C.
11,000
Fee Simple
50%
$25
Total Unconsolidated Joint Venture Portfolio (3 Hotels)
2,271
277,000
$157
Grand Total (40 Hotels)
24,982
2,450,000
$1,794
_____________________________________
(1)Debt related to unconsolidated joint ventures is presented on a pro-rata basis.
slidelayoutv2.jpg
21
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE HOTELS BY MARKET: Q1 2025 VS Q1 2024
(unaudited)
Comparable ADR
Comparable Occupancy
Comparable RevPAR
Comparable Total RevPAR
Hotels
Rooms
1Q25
1Q24
Change(1)
1Q25
1Q24
Change
1Q25
1Q24
Change(1)
1Q25
1Q24
Change(1)
Hawaii
2
3,525
$303.66
$311.13
(2.4)%
78.4%
90.2%
(11.8)% pts
$237.92
$280.53
(15.2)%
$420.59
$480.70
(12.5)%
Orlando
3
2,325
295.00
283.63
4.0
79.9
74.2
5.7
235.80
210.46
12.0
512.50
454.95
12.6
New York
1
1,878
269.13
254.83
5.6
70.6
74.8
(4.2)
189.87
190.37
(0.3)
304.26
324.03
(6.1)
New Orleans
1
1,622
260.85
227.65
14.6
69.0
75.0
(6.0)
180.02
170.75
5.4
323.96
299.65
8.1
Boston
3
1,536
191.84
191.00
0.4
73.2
74.2
(1.0)
140.52
141.85
(0.9)
192.94
197.40
(2.3)
Southern California
5
1,773
199.32
199.19
0.1
75.2
74.6
0.6
149.84
148.65
0.8
242.06
240.57
0.6
Key West
2
461
687.05
671.01
2.4
88.8
84.1
4.7
610.36
564.62
8.1
898.47
798.39
12.5
Chicago
3
2,467
171.44
166.20
3.1
41.3
41.8
(0.5)
70.84
69.45
2.0
130.81
120.98
8.1
Puerto Rico
1
652
341.93
347.89
(1.7)
92.2
83.7
8.5
315.29
291.32
8.2
456.78
416.97
9.5
Washington, D.C.
2
1,085
199.92
181.36
10.2
68.9
66.9
2.0
137.80
121.32
13.6
199.82
183.80
8.7
Denver
1
613
166.01
170.58
(2.7)
57.7
63.5
(5.8)
95.77
108.28
(11.6)
154.19
161.09
(4.3)
Miami
1
393
358.65
350.53
2.3
86.4
86.5
(0.1)
309.76
303.19
2.2
400.66
384.82
4.1
Seattle
2
1,246
137.92
134.63
2.4
66.9
67.7
(0.8)
92.25
91.14
1.2
133.57
134.46
(0.7)
San Francisco
2
660
316.09
313.07
1.0
69.7
65.2
4.5
220.17
203.85
8.0
297.81
281.11
5.9
Other
8
2,475
185.31
186.12
(0.4)
58.1
61.8
(3.7)
107.61
115.09
(6.5)
157.21
161.99
(3.0)
All Markets
37
22,711
$256.62
$250.75
2.3%
69.2%
71.3%
(2.1)% pts
$177.67
$178.94
(0.7)%
$297.30
$295.67
0.5%
_____________________________________
(1)Calculated based on unrounded numbers.
slidelayoutv2.jpg
22
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE HOTELS BY MARKET: Q1 2025 VS Q1 2024 (CONTINUED)
(unaudited, dollars in millions)
Comparable Hotel Adjusted EBITDA
Comparable Hotel Revenue
Comparable Hotel Adjusted EBITDA Margin
Hotels
Rooms
1Q25
1Q24
Change(1)
1Q25
1Q24
Change(1)
1Q25
1Q24
Change
Hawaii(2)
2
3,525
$45
$64
(29.0)%
$133
$154
(13.1)%
34.3%
42.0%
(770)
bps
Orlando
3
2,325
43
36
17.1
107
96
11.4
40.1
38.2
190
New York
1
1,878
(4)
(2)
(95.0)
51
55
(7.1)
(8.5)
(4.0)
(450)
New Orleans
1
1,622
20
17
18.0
47
44
6.9
42.1
38.1
400
Boston(3)
3
1,536
4
10
(62.1)
27
28
(3.3)
14.2
36.1
(2,190)
Southern California
5
1,773
8
9
(11.7)
39
39
(0.5)
20.4
23.0
(260)
Key West
2
461
18
16
16.4
37
33
11.3
49.4
47.2
220
Chicago
3
2,467
(11)
(10)
(7.1)
29
27
6.9
(37.4)
(37.3)
(10)
Puerto Rico
1
652
9
8
9.7
27
25
8.3
34.3
33.9
40
Washington, D.C.
2
1,085
4
4
11.1
20
18
7.5
20.9
20.2
70
Denver
1
613
2
3
(38.6)
9
9
(5.3)
19.0
29.3
(1,030)
Miami
1
393
7
6
7.4
14
14
3.0
50.2
48.1
210
Seattle
2
1,246
(1)
—
(88.9)
15
15
(1.8)
(5.3)
(2.7)
(260)
San Francisco
2
660
4
3
14.0
18
17
4.8
21.1
19.4
170
Other
8
2,475
3
5
(33.6)
35
36
(4.0)
8.3
12.1
(380)
All Markets
37
22,711
$151
$169
(10.4)%
$608
$610
(0.5)%
24.9%
27.7%
(280)
bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)During Q1 2024, Park’s Hawaii hotels benefited from a state unemployment tax refund of approximately $4 million.
(3)During Q1 2024, Park’s Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation’s Hotel & Motel Relief Grant Program.
slidelayoutv2.jpg
23
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
CORE HOTELS: Q1 2025 VS Q1 2024
(unaudited)
ADR
Occupancy
RevPAR
Total RevPAR
1Q25
1Q24
Change(1)
1Q25
1Q24
Change
1Q25
1Q24
Change(1)
1Q25
1Q24
Change(1)
Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort
$294.20
$303.73
(3.1)%
77.5%
91.8%
(14.3)% pts
$228.03
$278.70
(18.2)%
$375.14
$451.51
(16.9)%
2
Hilton Waikoloa Village
342.90
347.29
(1.3)
82.1
83.1
(1.0)
281.38
288.57
(2.5)
620.37
609.73
1.7
3
Signia by Hilton Orlando Bonnet Creek
282.00
275.09
2.5
78.0
77.6
0.4
220.06
213.49
3.1
589.74
533.73
10.5
4
Waldorf Astoria Orlando
471.63
445.50
5.9
74.9
60.1
14.8
353.35
267.64
32.0
639.58
505.34
26.6
5
New York Hilton Midtown
269.13
254.83
5.6
70.6
74.8
(4.2)
189.87
190.37
(0.3)
304.26
324.03
(6.1)
6
Hilton New Orleans Riverside
260.85
227.65
14.6
69.0
75.0
(6.0)
180.02
170.75
5.4
323.96
299.65
8.1
7
Caribe Hilton
341.93
347.89
(1.7)
92.2
83.7
8.5
315.29
291.32
8.2
456.78
416.97
9.5
8
Hilton Boston Logan Airport
201.80
198.03
1.9
90.4
92.1
(1.7)
182.39
182.43
—
235.51
236.94
(0.6)
9
Hyatt Regency Boston
198.14
194.28
2.0
68.6
72.6
(4.0)
136.02
141.19
(3.7)
179.83
190.80
(5.7)
10
Hilton Santa Barbara Beachfront Resort
260.95
254.75
2.4
65.4
68.3
(2.9)
170.74
174.10
(1.9)
284.34
280.14
1.5
11
Hyatt Regency Mission Bay Spa and Marina
215.94
220.64
(2.1)
73.4
70.6
2.8
158.57
155.92
1.7
292.34
291.97
0.1
12
Casa Marina Key West, Curio Collection
712.26
688.13
3.5
89.0
82.2
6.8
633.58
565.41
12.1
931.20
800.71
16.3
13
The Reach Key West, Curio Collection
634.57
637.96
(0.5)
88.6
88.2
0.4
562.23
562.99
(0.1)
830.59
793.59
4.7
14
Hilton Chicago
166.23
157.46
5.6
48.6
43.9
4.7
80.72
69.00
17.0
166.71
142.36
17.1
15
Hilton Denver City Center
166.01
170.58
(2.7)
57.7
63.5
(5.8)
95.77
108.28
(11.6)
154.19
161.09
(4.3)
16
Royal Palm South Beach Miami
358.65
350.53
2.3
86.4
86.5
(0.1)
309.76
303.19
2.2
400.66
384.82
4.1
17
DoubleTree Hotel Washington DC – Crystal City
191.95
175.24
9.5
71.4
68.9
2.5
137.11
120.71
13.6
186.86
170.71
9.5
18
Hilton McLean Tysons Corner
211.82
190.36
11.3
65.5
64.2
1.3
138.75
122.17
13.6
217.55
201.72
7.8
19
JW Marriott San Francisco Union Square
471.60
424.00
11.2
62.8
66.4
(3.6)
296.35
281.80
5.2
405.93
393.49
3.2
20
Juniper Hotel Cupertino, Curio Collection
221.00
209.99
5.2
60.5
69.1
(8.6)
133.75
145.06
(7.8)
148.17
166.31
(10.9)
Total Core Hotels (20 Hotels)
287.54
278.45
3.3
72.2
75.0
(2.8)
207.50
208.63
(0.5)
353.48
350.87
0.7
All Other Hotels (17 Hotels)
175.90
176.56
(0.4)
62.6
63.3
(0.7)
110.10
111.76
(1.5)
170.04
170.77
(0.4)
Total Comparable Hotels (37 Hotels)
$256.62
$250.75
2.3%
69.2%
71.3%
(2.1)% pts
$177.67
$178.94
(0.7)%
$297.30
$295.67
0.5%
_____________________________________
(1)Calculated based on unrounded numbers.
slidelayoutv2.jpg
24
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
CORE HOTELS: Q1 2025 VS Q1 2024 (CONTINUED)
(unaudited, dollars in millions)
Hotel Adjusted EBITDA
Hotel Revenue
Hotel Adjusted EBITDA Margin
1Q25
1Q24
Change(1)
1Q25
1Q24
Change(1)
1Q25
1Q24
Change
Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort(2)
$32
$51
(36.1)%
$97
$118
(17.5)%
33.4%
43.1%
(970)
bps
2
Hilton Waikoloa Village(2)
13
14
(3.0)
36
36
1.6
36.6
38.3
(170)
3
Signia by Hilton Orlando Bonnet Creek
23
20
13.6
54
49
9.3
43.0
41.4
160
4
Waldorf Astoria Orlando
11
7
44.3
29
23
25.2
36.7
31.8
490
5
New York Hilton Midtown
(4)
(2)
(95.0)
51
55
(7.1)
(8.5)
(4.0)
(450)
6
Hilton New Orleans Riverside
20
17
18.0
47
44
6.9
42.1
38.1
400
7
Caribe Hilton
9
8
9.7
27
25
8.3
34.3
33.9
40
8
Hilton Boston Logan Airport(3)
2
4
(46.4)
13
13
(1.7)
17.4
31.9
(1,450)
9
Hyatt Regency Boston(3)
1
4
(67.7)
8
9
(6.8)
13.7
39.5
(2,580)
10
Hilton Santa Barbara Beachfront Resort
3
3
(4.7)
9
9
0.4
27.5
29.0
(150)
11
Hyatt Regency Mission Bay Spa and Marina
2
2
(16.9)
12
12
(1.0)
16.8
20.0
(320)
12
Casa Marina Key West, Curio Collection
13
11
20.3
26
23
15.0
50.4
48.2
220
13
The Reach Key West, Curio Collection
5
5
7.6
11
10
3.5
47.1
45.3
180
14
Hilton Chicago
(3)
(5)
33.0
23
20
15.8
(14.2)
(24.5)
1,030
15
Hilton Denver City Center
2
3
(38.6)
9
9
(5.3)
19.0
29.3
(1,030)
16
Royal Palm South Beach Miami
7
6
7.4
14
14
3.0
50.2
48.1
210
17
DoubleTree Hotel Washington DC – Crystal City
3
2
13.5
11
10
8.3
25.1
23.9
120
18
Hilton McLean Tysons Corner
1
1
6.8
9
8
6.7
16.0
16.0
—
19
JW Marriott San Francisco Union Square
4
4
17.5
12
12
2.0
30.4
26.4
400
20
Juniper Hotel Cupertino, Curio Collection
—
1
(47.2)
3
3
(11.9)
16.1
26.8
(1,070)
Total Core Hotels (20 Hotels)
144
156
(7.4)
501
502
(0.3)
28.8
31.0
(220)
All Other Hotels (17 Hotels)(3)
7
13
(45.8)
107
108
(1.5)
6.7
12.2
(550)
Total Comparable Hotels (37 Hotels)
$151
$169
(10.4)%
$608
$610
(0.5)%
24.9%
27.7%
(280)
bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)During Q1 2024, Park’s Hawaii hotels benefited from a state unemployment tax refund of approximately $4 million.
(3)During Q1 2024, Park’s Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation’s Hotel & Motel Relief Grant Program.
supplementlayouta.jpg
25
HILTON DENVER CITY CENTER
PROPERTIES
ACQUIRED AND
SOLD
slidelayoutv2.jpg
26
HILTON DENVER CITY CENTER
PROPERTIES ACQUIRED AND SOLD
PROPERTIES ACQUIRED
Hotel
Location
Room Count
2019 Acquisitions:
Chesapeake Lodging Trust Acquisition(1)
Hilton Denver City Center
Denver, CO
613
The Wade(2)
Chicago, IL
520
Hyatt Regency Boston
Boston, MA
502
Hyatt Regency Mission Bay Spa and Marina
San Diego, CA
438
Boston Marriott Newton
Newton, MA
430
Le Meridien New Orleans(3)
New Orleans, LA
410
The Midland Hotel, a Tribute Portfolio Hotel(4)
Chicago, IL
403
Royal Palm South Beach Miami, a Tribute Portfolio Resort
Miami Beach, FL
393
Le Meridien San Francisco(5)
San Francisco, CA
360
JW Marriott San Francisco Union Square
San Francisco, CA
344
Hyatt Centric Fisherman’s Wharf
San Francisco, CA
316
Hotel Indigo San Diego Gaslamp Quarter(5)
San Diego, CA
210
Courtyard Washington Capitol Hill/Navy Yard(5)
Washington, DC
204
Homewood Suites by Hilton Seattle Convention Center Pike Street(6)
Seattle, WA
195
Hilton Checkers Los Angeles
Los Angeles, CA
193
Ace Hotel Downtown Los Angeles(3)
Los Angeles, CA
182
Hotel Adagio, Autograph Collection(5)
San Francisco, CA
171
W New Orleans – French Quarter(5)
New Orleans, LA
97
5,981
_____________________________________
(1)Park’s acquisition of Chesapeake Lodging Trust closed in September 2019 for total consideration of approximately $2.5 billion, including acquisition costs.
(2)In February 2025, the W Chicago – Lakeshore was converted to The Wade.
(3)Sold in 2019.
(4)In January 2025, the W Chicago – City Center was converted to The Midland Hotel, a Tribute Portfolio Hotel.
(5)Sold in 2021.
(6)Sold in 2022.
slidelayoutv2.jpg
27
HILTON DENVER CITY CENTER
PROPERTIES ACQUIRED AND SOLD
PROPERTIES SOLD
TOTAL SALES
Year
Number of Hotels
Room Count
Gross Proceeds(1)
(in millions)
2018
13
3,193
$519.0
2019
8
2,597
496.9
2020
2
700
207.9
2021
5
1,042
476.6
2022
7
2,207
316.9
2023
1
508
118.3
2024
2
769
76.3
38(2)
11,016
$2,211.9
2024 SALES
Hotel
Location
Month Sold
Room Count
Gross Proceeds
(in millions)
Hilton La Jolla Torrey Pines(3)
La Jolla, California
July 2024
394
$41.3
DoubleTree Hotel Spokane City Center(4)
Spokane, Washington
December 2024
375
35.0
769
$76.3
____________________________________
(1)Gross proceeds from the sale of joint ventures represent Park’s pro-rata share.
(2)To date, Park has sold its interest in 38 hotels. In addition, five 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 were placed into receivership in October 2023.
(3)The unconsolidated hotel was sold for total gross proceeds of approximately $165 million, of which $41.3 million represents Park’s pro-rata share.
(4)The hotel that was owned by a consolidated joint venture was sold for total gross proceeds of approximately $35 million, which were reduced for the repayment of the
$14 million mortgage loan. Park’s pro-rata share of the net proceeds was approximately $10 million.
signia.jpg
28
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE
SUPPLEMENTARY
FINANCIAL
INFORMATION
slidelayoutv2.jpg
29
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE TTM HOTEL METRICS
(unaudited, dollars in millions)
Three Months Ended
TTM
June 30,
September 30,
December 31,
March 31,
March 31,
2024
2024
2024
2025
2025
Comparable RevPAR
$198.26
$190.94
$179.02
$177.67
$186.49
Comparable Occupancy
77.5%
78.0%
69.9%
69.2%
73.7%
Comparable ADR
$255.83
$244.82
$255.98
$256.62
$253.12
Total Revenues
$686
$649
$625
$630
$2,590
Operating income
$121
$95
$83
$7
$306
Operating income margin(1)
17.5%
14.6%
13.3%
1.1%
11.8%
Comparable Hotel Revenues
$655
$620
$600
$608
$2,483
Comparable Hotel Adjusted EBITDA
$198
$168
$147
$151
$664
Comparable Hotel Adjusted EBITDA margin(1)
30.2%
27.2%
24.6%
24.9%
26.8%
Three Months Ended
Full-Year
March 31,
June 30,
September 30,
December 31,
December 31,
2024
2024
2024
2024
2024
Comparable RevPAR
$178.94
$198.26
$190.94
$179.02
$186.78
Comparable Occupancy
71.3%
77.5%
78.0%
69.9%
74.2%
Comparable ADR
$250.75
$255.83
$244.82
$255.98
$251.74
Total Revenues
$639
$686
$649
$625
$2,599
Operating income
$92
$121
$95
$83
$391
Operating income margin(1)
14.5%
17.5%
14.6%
13.3%
15.0%
Comparable Hotel Revenues
$610
$655
$620
$600
$2,485
Comparable Hotel Adjusted EBITDA
$169
$198
$168
$147
$682
Comparable Hotel Adjusted EBITDA margin(1)
27.7%
30.2%
27.2%
24.6%
27.5%
_____________________________________
(1)Percentages are calculated based on unrounded numbers.
slidelayout.jpg
30
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – TTM 2025
Three Months Ended
TTM
(unaudited, in millions)
June 30,
September 30,
December 31,
March 31,
March 31,
2024
2024
2024
2025
2025
Net income (loss)
$67
$57
$73
$(57)
$140
Depreciation and amortization expense
64
63
65
69
261
Interest income
(5)
(6)
(5)
(3)
(19)
Interest expense
54
54
53
52
213
Interest expense associated with hotels in receivership(1)
15
15
16
16
62
Income tax (benefit) expense
(12)
2
(52)
1
(61)
Interest expense, income tax and depreciation and amortization
  included in equity in earnings from investments in affiliates
2
4
1
2
9
EBITDA
185
189
151
80
605
Gain on sales of assets, net
—
—
(8)
—
(8)
Gain on derecognition of assets(1)
(15)
(15)
(16)
(16)
(62)
Gain on sale of investments in affiliates(2)
—
(19)
—
—
(19)
Share-based compensation expense
5
5
5
4
19
Impairment and casualty loss
7
—
1
70
78
Other items
11
(1)
5
6
21
Adjusted EBITDA
193
159
138
144
634
Less: Adjusted EBITDA from hotels disposed of
(1)
—
—
—
(1)
Less: Adjusted EBITDA from investments in affiliates disposed of
(1)
—
—
—
(1)
Comparable Adjusted EBITDA
191
159
138
144
632
Less: Adjusted EBITDA from investments in affiliates
(7)
(3)
(4)
(8)
(22)
Add: All other(3)
14
12
13
15
54
Comparable Hotel Adjusted EBITDA
$198
$168
$147
$151
$664
_____________________________________
(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 the condensed
consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender.
(2)Includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates in the 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.
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31
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – FULL-YEAR 2024
Three Months Ended
Full-Year
(unaudited, in millions)
March 31,
June 30,
September 30,
December 31,
December 31,
2024
2024
2024
2024
2024
Net income
$29
$67
$57
$73
$226
Depreciation and amortization expense
65
64
63
65
257
Interest income
(5)
(5)
(6)
(5)
(21)
Interest expense
53
54
54
53
214
Interest expense associated with hotels in receivership(1)
14
15
15
16
60
Income tax expense (benefit)
1
(12)
2
(52)
(61)
Interest expense, income tax and depreciation and amortization
included in equity in earnings from investments in affiliates
3
2
4
1
10
EBITDA
160
185
189
151
685
Gain on sales of assets, net
—
—
—
(8)
(8)
Gain on derecognition of assets(1)
(14)
(15)
(15)
(16)
(60)
Gain on sale of investments in affiliates(2)
—
—
(19)
—
(19)
Share-based compensation expense
4
5
5
5
19
Impairment and casualty loss
6
7
—
1
14
Other items
6
11
(1)
5
21
Adjusted EBITDA
162
193
159
138
652
Less: Adjusted EBITDA from hotels disposed of
—
(1)
—
—
(1)
Less: Adjusted EBITDA from investments in affiliates disposed of
(1)
(1)
—
—
(2)
Comparable Adjusted EBITDA
161
191
159
138
649
Less: Adjusted EBITDA from investments in affiliates
(7)
(7)
(3)
(4)
(21)
Add: All other(3)
15
14
12
13
54
Comparable Hotel Adjusted EBITDA
$169
$198
$168
$147
$682
_____________________________________
(1)For the year ended December 31, 2024, 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 the condensed consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender.
(2)For the year ended December 31, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates in the 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.
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32
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE TTM HOTEL REVENUES – 2025 AND 2024
Three Months Ended
TTM
(unaudited, in millions)
June 30,
2024
September 30,
2024
December 31,
2024
March 31,
2025
March 31,
2025
Total Revenues
$686
$649
$625
$630
$2,590
Less: Other revenue
(22)
(21)
(22)
(22)
(87)
Less: Revenues from hotels disposed of
(9)
(8)
(3)
—
(20)
Comparable Hotel Revenues
$655
$620
$600
$608
$2,483
Three Months Ended
Full-Year
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
December 31,
2024
Total Revenues
$639
$686
$649
$625
$2,599
Less: Other revenue
(21)
(22)
(21)
(22)
(86)
Less: Revenues from hotels disposed of
(8)
(9)
(8)
(3)
(28)
Comparable Hotel Revenues
$610
$655
$620
$600
$2,485
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33
ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO
CAPITAL
STRUCTURE
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ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO
CAPITAL STRUCTURE
FIXED AND VARIABLE RATE DEBT
(unaudited, dollars in millions)
As of March 31, 2025
Debt(1)
Collateral
Interest Rate
Maturity Date
Fixed Rate Debt
Mortgage loan
Hilton Denver City Center
4.90%
September 2025(2)
$52
Mortgage loan
Hyatt Regency Boston
4.25%
July 2026
124
Mortgage loan
Hilton Hawaiian Village Beach Resort
4.20%
November 2026
1,275
Mortgage loan
Hilton Santa Barbara Beachfront Resort
4.17%
December 2026
156
Mortgage loan
DoubleTree Hotel Ontario Airport
5.37%
May 2027
30
2028 Senior Notes
Unsecured
5.88%
October 2028
725
2029 Senior Notes
Unsecured
4.88%
May 2029
750
2030 Senior Notes
Unsecured
7.00%
February 2030
550
Finance lease obligations
7.04%
2025 to 2028
1
Total Fixed Rate Debt
5.11%(3)
3,663
Variable Rate Debt
Revolver(4)
Unsecured
SOFR + 2.00%(5)
December 2026
—
2024 Term Loan
Unsecured
SOFR + 1.95%(5)
May 2027
200
Total Variable Rate Debt
6.37%
200
Less: unamortized deferred financing costs and discount
(22)
Total Debt(1)(6)
5.18%(3)
$3,841
_____________________________________
(1)Excludes the SF Mortgage Loan secured by the Hilton San Francisco Hotels, which is included in debt associated with hotels in receivership in Park’s condensed consolidated balance sheets. In October
2023, the Hilton San Francisco Hotels were placed into court-ordered receivership, and thus, Park has no further economic interest in the operations of the hotels.
(2)The loan matures in August 2042 but became callable by the lender in August 2022 with six months of notice. As of March 31, 2025, Park had not received notice from the lender.
(3)Calculated on a weighted average basis.
(4)As of May 5, 2025, Park has $950 million of available capacity under the Revolver with no outstanding letters of credit.
(5)SOFR includes a credit spread adjustment of 0.1%.
(6)Excludes $157 million of Park’s share of debt of its unconsolidated joint ventures.
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35
HYATT REGENCY BOSTON
DEFINITIONS
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36
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 metrics include results from hotels that were active and operating in Park’s
portfolio since January 1st of the previous year and property acquisitions as though such acquisitions occurred on the earliest period presented.
Additionally, Comparable metrics exclude results from property dispositions that have occurred through May 5, 2025 and the Hilton San Francisco
Hotels, which were placed into receivership at the end of October 2023.
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.
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.
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37
HYATT REGENCY BOSTON
DEFINITIONS
(CONTINUED)
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.
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38
HYATT REGENCY BOSTON
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:
•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
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. Net Debt also excludes Debt
associated with hotels in receivership.
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.
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39
HYATT REGENCY BOSTON
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. 
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40
HILTON SANTA BARBARA BEACHFRONT RESORT
ANALYST
COVERAGE
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41
HILTON SANTA BARBARA BEACHFRONT RESORT
ANALYST COVERAGE
Analyst
Company
Phone
Email
Dany Asad
Bank of America
(646) 855-5238
dany.asad@bofa.com
Ari Klein
BMO Capital Markets
(212) 885-4103
ari.klein@bmo.com
Smedes Rose
Citi Research
(212) 816-6243
smedes.rose@citi.com
Floris Van Dijkum
Compass Point
(646) 757-2621
fvandijkum@compasspointllc.com
Chris Woronka
Deutsche Bank
(212) 250-9376
chris.woronka@db.com
Duane Pfennigwerth
Evercore ISI
(212) 497-0817
duane.pfennigwerth@evercoreisi.com
Christopher Darling
Green Street
(949) 640-8780
cdarling@greenstreet.com
Meredith Jensen
HSBC Global Research
(212) 525-6858
meredith.jensen@us.hsbc.com
David Katz
Jefferies
(212) 323-3355
dkatz@jefferies.com
Stephen Grambling
Morgan Stanley
(212) 761-1010
stephen.grambling@morganstanley.com
RJ Milligan
Raymond James
(727) 567-2585
rjmilligan@raymondjames.com
Patrick Scholes
Truist Securities
(212) 319-3915
patrick.scholes@research.Truist.com
Robin Farley
UBS
(212) 713-2060
robin.farley@ubs.com
Richard Anderson
Wedbush Securities Inc.
(212) 938-9949
richard.anderson@wedbush.com
Jamie Feldman
Wells Fargo
(212) 214-5328
james.feldman@wellsfargo.com
Keegan Carl
Wolfe Research
(646) 582-9251
kcarl@wolferesearch.com