INVESTOR PRESENTATION JUNE 2025
2 PARK HOTELS & RESORTS MISSION INVESTMENT STRATEGY GUIDING PRINCIPLES To be the preeminent lodging REIT, focused on consistently delivering superior, risk- adjusted returns to stockholders through active asset management and a thoughtful growth strategy, while maintaining a strong and flexible balance sheet Upper-Upscale & Luxury Full-Service Premier Urban and Resort Destinations Affiliation with Dominant Global Brands Active Asset Management Prudent Capital Allocation Maintain Strong & Flexible Balance Sheet
3 20243 1) Hawaii 30% 2) Orlando 15% 3) New York 8% 4) New Orleans 8% 5) Southern California 8% 6) Boston 7% 7) Key West 6% 8) Chicago 4% 9) Puerto Rico 3% 10) Washington D.C. 3% Contract/Other Leisure Group Business Transient PARK AT A GLANCE 39 HOTELS 25K ROOMS $5.8B ENTERPRISE VALUE 9.2x EBITDA2 MULTIPLE ROOMS REVENUE SEGMENTATION5 HOTEL REVENUE SEGMENTATION4 2. EBITDA Multiple based on current Wall Street consensus estimates for 2025 Adjusted EBITDA 3. Based on 2024 Comparable Hotel Adjusted EBITDA 4. Based on 2024 Comparable Total Hotel Revenue 5. Based on 2024 Comparable Rooms Revenue TOP 10 MARKETS Rooms Food & Beverage Ancillary Hotel (Parking, Golf, Spa) Other (Lease Income, Resort Fees) 1 62% 28% 6% 4% 37%26% 30% 7% 1. Enterprise Value is calculated using Park's 5-day avg closing stock price of $10.32 from 5/21/25 to 5/28/25 and also adjusts for removal of the $725M non- recourse CMBS loan ("SF Mortgage Loan" secured by both the Hilton San Francisco Union Square and Parc 55 San Francisco - A Hilton Hotel (collectively, the "Hilton San Francisco Hotels")) SIGNIA BY HILTON ORLANDO BONNET CREEK CASA MARINA KEY WEST, CURIO COLLECTION HILTON HAWAIIAN VILLAGE WAIKIKI BEACH RESORT
4 PARK: A COMPELLING INVESTMENT STORY UNDERVALUED CORE PORTFOLIO7 FINANCIAL FLEXIBILITYROI PIPELINE CORE PORTFOLIO AMONG HIGHEST QUALITY IN SECTOR ROI PIPELINE TO DRIVE VALUE CREATION ICONIC PORTFOLIO AT WIDE DISCOUNT1 AMPLE LIQUIDITY TO EXECUTE STRATEGY 50% discount to consensus estimate of NAV1 9.2x 2025E EBITDA Multiple2 vs. historical group average of 12.2x for sector3 $262K/key implied market value of portfolio4 vs. over $800K/key5 replacement cost Attractive dividend yield of 9.7%6 Significant embedded real estate value across the core portfolio—to be realized through robust ROI pipeline: $1B of potential opportunities Development team has a strong track record of success: past projects generated 20%+ average IRR Royal Palm South Beach Miami: $103M transformative renovation began in May 2025 Ongoing guestroom renovations at Park’s Hawaii and New Orleans hotels: ~$200M 20 core hotels7; 16k rooms 2024 Operating Metrics:7 RevPAR: $215; Margin; 31%; EBITDA/Key: $40,000 Above Average Growth:7,8 5Y RevPAR CAGR (2024-2029) 3%+ including Orlando (4%), New Orleans (4%), Miami (4%), Hawaii (3%) and Key West (~3%) Since 2018, $1.4B of capital will have been invested in core portfolio through 2025, or $89K/key, while nearly two- thirds of rooms (weighted based on the % of Hotel Adjusted EBITDA) have been renovated7 $1.2B of liquidity No significant debt maturities until 4Q26 Returned over $400M of capital to shareholders for 2024: nearly $290M in dividends + over $115M of stock repurchases Returned over $1B of capital to shareholders since 2023, including over 26M shares repurchased 5. Based on Park’s internal analysis and construction market pricing as of 2023. Estimated land values are based on market data and recent comparable sales where applicable. This estimate is not intended to be an estimate for the fair market value of the portfolio 6. Dividend yield is calculated based upon the $0.25/share dividend declared for Q1 2025 annualized and the 5-day average closing stock price of PK from 5/21/25 to 5/28/25 7. The core portfolio includes 20 consolidated hotels and 1 unconsolidated joint venture for which Park has a 20% interest; metrics are based on 20 consolidated hotels and exclude 2024 strike impact on Park’s core hotels in Hawaii and Boston 8. Compound annual growth rate (“CAGR”) based on forecast provided by Lodging Analytics Research and Consulting (“LARC”) 1. Based on Park’s 5-day average closing stock price of $10.32 from 5/21/25 to 5/28/25; consensus NAV based on current Wall Street estimates 2. EBITDA Multiple based on current Wall Street consensus estimates for 2025 Adjusted EBITDA 3. Represents a 10-year average for full-service lodging REITs 4. Represents the implied value per key of Park’s portfolio in the public market SIGNIA BY HILTON ORLANDO BONNET CREEK NEW YORK HILTON MIDTOWN HILTON SANTA BARBARA BEACHFRONT RESORT HILTON CHICAGO
5 Capital Allocation: Acquired Chesapeake Lodging Trust for $2.5B, improving the overall quality of the portfolio; Sold or disposed of 46 hotels1 for over $3B; invested $330M on value- enhancing ROI projects at returns in excess of 20% Operational Excellence: Delivered 2024 Comparable RevPAR growth of 3%, or a sector-leading 4.3%, excluding strike and related labor activity, while 2025 Comparable RevPAR is forecasted to change by (1.0)% to 2.0% compared to 2024 due to economic uncertainty and expected renovation disruption Balance Sheet Management: Issued nearly $2.9B of corporate debt to repay $2.5B of near-term debt Return of Capital: Returned approximately $3.9B of capital to shareholders in the form of stock repurchases and dividends since 2017 Corporate Responsibility: Named by Newsweek to America’s Most Responsible Companies list 2020-2022 and 2024-2025 and America’s Most Trustworthy Companies list 2024-2025; published TCFD report; annual participation in GRESB KEY ACCOMPLISHMENTS: EIGHT-YEAR TRACK RECORD OF CREATING VALUE EXPERIENCED MANAGEMENT TEAM EXECUTIVE MANAGEMENT President, Chairman & CEO Thomas J. Baltimore, Jr. EVP, CFO & Treasurer Sean Dell’Orto EVP, Design & Construction Carl Mayfield EVP & CIO Tom Morey EVP, HR Jill Olander EVP, Asset Management Joe Piantedosi EVP, General Counsel & Secretary Nancy Vu SENIOR MANAGEMENT SVP, Investments & Portfolio Mgmt Rebecca Flemming SVP, Investments Jonathan Fuisz SVP, Corporate Finance & Analytics Diem Larsen SVP & CAO Darren Robb SVP, Strategy Ian Weissman SVP, Tax Scott Winer WITH TRACK RECORD OF SUCCESS 1. To date, Park has sold its interest in 39 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
6 ICONIC PORTFOLIO URBAN DESTINATIONS HILTON NEW ORLEANS RIVERSIDEHILTON DENVER CITY CENTERNEW YORK HILTON MIDTOWN HYATT REGENCY BOSTON
7 RESORT DESTINATIONS ICONIC PORTFOLIO WALDORF ASTORIA ORLANDOCASA MARINA KEY WEST, CURIO COLLECTION HILTON WAIKOLOA VILLAGE ROYAL PALM SOUTH BEACH MIAMIHILTON HAWAIIAN VILLAGE WAIKIKI BEACH RESORT
BUILDING BLOCKS FOR GROWTH HILTON WAIKOLOA VILLAGE
9 Comparable Metrics vs. 2024 Period Occupancy ADR RevPAR Occupancy ADR RevPAR Hotel Adjusted EBITDA Margin Q1 2025 69.1% $258 $178 (2.3)% pts 2.5% (0.9)% (270) bps April 2025 75.2% $257 $193 0.2% pts 1.5% 1.8% 250 bps Preliminary May 2025 75.8% $252 $191 (2.0)% pts (1.9)% (4.4)% N/A 2025: Q1 + PRELIMINARY Q2 RESULTS Solid trends across several core markets, offset by softer transient demand in Hawaii • Reported better-than-expected performance with Comparable RevPAR modestly lower by 0.9% despite a tough Y/Y comparison, with Comparable RevPAR up 8.0% in Q1 2024 vs. Q1 2023 • The Bonnet Creek Complex in Orlando and Casa Marina Key West resort continued to lead the portfolio following their transformative renovations, with Y/Y Q1 RevPAR increasing by 14% and 12%, respectively • Total Y/Y Q1 hotel operating expenses up just 1.0%, excluding employment tax refunds and relief grants received in Q1 2024, as we continue to streamline staffing levels and enhance operating efficiencies across the portfolio • April Y/Y operating results driven by leisure and in- house group outperformance in urban markets and business transient strength across the portfolio • April Y/Y Comparable RevPAR growth for Park’s urban hotels was nearly 7%; resort hotels up nearly 2% • Preliminary May Comparable RevPAR lower by 4.4% impacted by the Royal Palm South Beach Miami renovation coupled with post-strike recovery at the Hilton Hawaiian Village (combined -430 bps) • Sold the 316-room Hyatt Centric Fisherman’s Wharf in May 2025 for $80M Q1 2025 Q2 2025 (0.9)% Q1 2025 Y/Y RevPAR Change1 ~flat Preliminary Q2 2025 Y/Y RevPAR Change ex-Royal Palm1 Quarterly Highlights 1. Based on Parks’ Comparable hotels
10 Outlook adjusted due to the sale of the Hyatt Centric Fisherman’s Wharf 2025 OUTLOOK OUTLOOK ASSUMPTIONS AND CONSIDERATIONS FY 2025 Outlook as of June 2, 2025 Change at Midpoint1Metrics Low High Comparable RevPAR $185 $191 $— Y/Y Growth (1.0)% 2.0% — bps Comparable RevPAR, excluding the Royal Palm South Beach Miami $186 $192 $— Y/Y Growth 0.0% 3.0% — bps Adjusted EBITDA $588 $648 $(2) Y/Y Change (9.0)% (1.0)% —% Comparable Hotel Adjusted EBITDA margin 25.7% 27.3% 10 bps Y/Y Change (190 bps) (30 bps) — bps Adjusted FFO per share - Diluted $1.79 $2.09 $— Y/Y Change (13.0)% 2.0% —% • Change in outlook due to the sale of the Hyatt Centric Fisherman’s Wharf, which closed on May 22, 2025 and accounts for $2M of Hotel Adjusted EBITDA for the balance of the year • Except where noted, includes impact of renovations at the Royal Palm South Beach Miami, a Tribute Portfolio Resort, of 110 bps to Comparable RevPAR, approximately $17M of Hotel Adjusted EBITDA and 40 bps of Comparable Hotel Adjusted EBITDA margin • Adjusted FFO excludes $37M of default interest and late payment administrative fees associated with default of the SF Mortgage Loan through July 29, 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 200M • Portfolio as of June 2, 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 • 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 1. 2025 outlook as of June 2, 2025 compared to May 5, 2025 CARIBE HILTON HILTON BOSTON LOGAN AIRPORT
11 • Overall, Park anticipates 0.8% average annual supply growth through 2030 across its primary markets versus the 1.8% annual supply growth forecasted in 2019 prior to the pandemic • Escalating construction and labor costs are expected to slow the pace of new supply over the near term and create further barriers to entry • Park’s replacement cost is currently estimated to average over $800,000 per key2 PARK PORTFOLIO: WELL-INSULATED FROM SUPPLY 1.3% 1.2% 1.1% 1.0% 1.0% 1.0% 0.9% 0.8% 0.7% 0.5% 0.3% 0.3% 0.2% 2025-2030 Avg. Supply Growth Park FY 2024 Comparable Hotel Adj EBITDA Contribution (%) National Average San Diego Denver M iam i New Orleans New York W ashington D.C. Orlando Seattle Boston Los Angeles Oahu Chicago San Francisco 0.0% 5.0% 10.0% 15.0% 1. Supply Growth data from CBRE 1Q25 All Market Data 2. The replacement cost estimates are based on Park’s internal analysis and construction market pricing as of 2023. Estimated land values are based on market data and recent comparable sales where applicable. This estimate is not intended to be an estimate for the fair market value of the portfolio National Supply Growth Average: 0.8% Favorable supply picture for Park through 20301 25.0%
12 WHY HAWAII: AMONG TOP RESORT MARKETS Key drivers of Hawaii’s success IN US WITH BRIGHT FUTURE Oahu is the only resort market with a negative 20-Year Supply CAGR3 and RevPAR has outperformed other resort markets R ev P A R C A G R (2 0 0 4 -2 0 24 ) 4.5% 4.5% 4.3% 4.0% 4.0% 3.5% 3.4% 3.3% Key West Oahu Orange County Tampa Miami Phoenix San Diego Orlando —% 1.0% 2.0% 3.0% 4.0% 5.0% Su p p ly C A G R (2 0 0 4 -2 0 24 ) (0.3)% 0.3% 0.7% 0.8% 1.0% 1.1% 1.2% 1.4% Oahu Key West Orange County San Diego Orlando Tampa Phoenix Miami —% 1.0% 2.0% 1. Supply growth from CBRE 1Q25 All Market Data 2. 2025 Group Revenue Pace as of 3/31/25 compared to 2024 Group Revenue Pace as of 3/31/24 3. STR Historical Supply Data 4. Excludes 2024 strike impact at the Hilton Hawaiian Village Waikiki Beach Resort Resort Markets US Avg. Resort Markets US Avg. Consistently Ranked Among Top Resort Markets in US: Over the last 20 years, Oahu’s RevPAR growth has outpaced the US by 120 bps Increased Domestic Airlift: US Airlines have meaningfully increased routes to Hawaii since 2019, translating into a 20% increase in domestic airlift (total seats) to Oahu and 16% increase to the Big Island • In 2025, Delta, American and Southwest announced additional flights to several Hawaiian airports to match rising domestic visitation Limited New Supply: Annual supply growth in Oahu is ranked among the lowest in the nation – just 0.3% expected through 20301 Group Revenue Pace: 46%2 at the Hilton Waikoloa Village Park has significant potential embedded value at both Hilton Hawaiian Village and Hilton Waikoloa Village hotels • Hilton Hawaiian Village: Discretionary entitlement approved to build a new 500+ room hotel tower to add to the complex • Hilton Waikoloa Village: Right to build a new 200+ room hotel tower on the complex BY THE NUMBERS: PARK’S HAWAII HOTELS $233M 2024 Hotel Adjusted EBITDA4 $66,060 2024 Hotel Adjusted EBITDA/Key4 15% 2024 RevPAR Growth vs. 20194 40.5% 2024 Hotel Adjusted EBITDA Margin4 0.3% Annual Supply Growth through 20301
13 Core hotels account for nearly 90% of the company’s value2 R ev P A R $215 $130 Core Non-Core 1. Based on Parks’ Comparable hotels; excludes 2024 strike impact on four of Park’s hotels in Hawaii, Boston and Seattle 2. Based on Park’s 2024 Comparable Hotel Adjusted EBITDA E B IT D A /K ey $40,000 $11,000 Core Non-Core CORE VS. NON-CORE HIGHER QUALITY, MORE PROFITABLE, BETTER GROWTH Core Hotel Adjusted EBITDA: Geographic Concentration Hawaii 37% Orlando 13% New York 8% New Orleans 8% Key West 7% Boston 7% Other Markets 20% H ot el A d ju st ed E B IT D A M ar g in 31% 17% Core Non-Core FY 2024 CORE PORTFOLIO1PARK’S CORE STRATEGY 20 core consolidated hotels have significantly outperformed Park’s non-core hotels since 2017 Dispose of ALL non-core hotels to enhance overall portfolio quality From 2017-2024, core portfolio materially outperformed (core vs. non-core)1: • RevPAR Growth: +2,300 bps • Change in Margin: +950 bps • Hotel Adjusted EBITDA Growth: +5,500 bps 5Y RevPAR CAGR (through 2029) for core portfolio is forecasted to exceed US average by 70 bps/annum $1B potential ROI pipeline expected to further enhance growth SIGNIA BY HILTON ORLANDO BONNET CREEK Property Type • 50% Resort • 30% Urban • 20% Airport/Suburban Demand Mix • 69% Leisure/Group • 24% Business Transient • 7% Other
14 COMPLETED ~$330M (2018-2024) IN PLANNING/UNDER CONSTRUCTION ~$1B ADDITIONAL POTENTIAL PROJECTS VALUE CREATION $1B Potential ROI Pipeline $320M+ Estimated Value Creation 15%-20% Potential IRR SIGNIFICANT EMBEDDED VALUE ROBUST ROI PIPELINE HILTON NEW YORK MIDTOWN • Bonnet Creek Renovation & Expansion ($220M) • Casa Marina and The Reach Key West Renovation ($93M) • Hilton Santa Barbara Renovation ($14M) +50M of additional EBITDA combined; ~20% IRR • Royal Palm South Beach Repositioning1 ($103M) • Hilton Hawaiian Village Expansion ($485M-$530M) • Hilton Waikoloa Village Expansion ($225M-$250M) • Casa Marina Key West Outparcel ($80M-$90M) • Hilton Santa Barbara Expansion ($55M-$60M) • DoubleTree Crystal City Redevelopment • Hilton New Orleans Mixed-Use Expansion • Hilton New York Midtown Alternative Use HILTON SANTA BARBARACASA MARINA KEY WEST RATIONALE • Highest and best use of capital with expected returns above acquisition yields • Materially improve portfolio quality = expected higher valuation multiple • Target markets forecasted to generate above average RevPAR growth through 2028 1. Began in May 2025
15 HILTON SANTA BARBARA BEACHFRONT RESORT THE REACH KEY WEST, CURIO COLLECTION CASA MARINA KEY WEST, CURIO COLLECTION TRACK RECORD OF SUCCESS VALUE ENHANCING ROIs: Hotels that completed major ROI projects generating an additional +50M of EBITDA1 upon stabilization $14M renovation completed 2018 IRR: 25% IRR: 25% Est. IRR2: 17%+ Est. IRR2: 20%+ SIGNIA BY HILTON ORLANDO BONNET CREEK & WALDORF ASTORIA ORLANDO E B IT D A (M ) $17 $22 2017 2019 +$5M $13M renovation completed 2019 E B IT D A (M ) $8 $12 2018 2021 +$4M $80M renovation completed 2023 E B IT D A (M ) $23 $35 2019 2025E +$12M $220M renovation completed Jan. 2024 E B IT D A (M ) $62 $94 2022 2025E +$32M 1. Based on the change in Hotel Adjusted EBITDA of hotels shown before vs. after renovation 2. Estimated 7-year IRR
16 MAJOR PROJECTS UNDERWAY Project & Scope Budget Completion Date1 Royal Palm South Beach Miami, a Tribute Portfolio Resort Full property renovation; renovation of 393 guestrooms; addition of 11 guestrooms $103M Q2 2026 Hilton Hawaiian Village Waikiki Beach Resort Phase 1: Renovation of 392 guestrooms; addition of 12 guestrooms at the Rainbow Tower $41M Completed in February 2025 Phase 2: Renovation of 404 guestrooms; addition of 14 guestrooms at the Rainbow Tower $42M Q1 2026 Hilton Waikoloa Village Phase 1: Renovation of 197 guestrooms; addition of 6 guestrooms at the Palace Tower $32M Completed In January 2025 Phase 2: Renovation of 203 guestrooms; addition of 8 guestrooms at the Palace Tower $36M Q1 2026 Hilton New Orleans Riverside Phase 1: Renovation of 250 guestrooms at the 1,167-room Main Tower $16M Completed in November 2024 Phase 2: Renovation of 428 guestrooms at the 1,167-room Main Tower $31M Q4 2025 Park’s investment in value-enhancing capex projects is expected to deliver strong growth 1. Completion dates are estimates unless noted HILTON HAWAIIAN VILLAGE - RAINBOW TOWER GUESTROOM HILTON WAIKOLOA N VILLAGE - PALACE TOWER GUESTROOM HILTON NEW ORLEANS RIVERSIDE
17 • Position hotel as an upper upscale alternative to existing (and soon-to-open) luxury accommodations in the market • Enhance and reconfigure public spaces, F&B outlets, and amenity areas to improve flow and increase utilization, including adding an indoor/outdoor lobby bar, activating the breezeway with a trellis system and fire pits, and creating an indoor/outdoor fitness center • Renovate all meeting and function spaces to enhance overall group experience • Complete guestroom renovation (including case goods) will position property competitively against renovated comp set; current condition limits ability to drive ADR • Increase capture and improve profitability of F&B outlets through additional seating, menu redesign, and operating changes • Addition of new rooms and creation of new event terrace to drive incremental profit • Pursue LEED certification $103M transformative renovation of oceanfront hotel RATIONALE & EXPECTED ROI DRIVERS ROYAL PALM SOUTH BEACH REPOSITIONING PROJECT SUMMARY • Comprehensive renovation of all 393 rooms, addition of 11 new rooms • Scope will address all areas of hotel and incorporate amenities that are commensurate with other lifestyle hotels 1. Represents total hotel performance; estimated incremental Hotel Adjusted EBITDA attributable to renovation is forecasted at approximately $14M/year POTENTIAL VALUE CREATION $117M+ Estimated NPV1 15%-20% Estimated IRR1 ESTIMATED BUDGET $103M Expected to double Hotel EBITDA once stabilized to $27M
18 HILTON HAWAIIAN VILLAGE ALA MOANA TOWER EXPECTED DEVELOPMENT • Develop a ~400K sf, 515-key high-rise tower adjacent to HHV – Park’s most iconic asset and largest EBITDA producer • Amenities expected to include arrivals/departures lounge, 8th floor outdoor pool and bar, 1st floor retail (flagship ABC Store) • Unique opportunity to build on last undeveloped parcels contiguous to HHV by utilizing existing unused density • Introduce first new hotel product in Waikiki since 2016 • Increase room inventory in one of US’ highest occupancy markets with significant barriers to entry • Leverage HHV’s name/reputation to reduce ramp up risk • Realize labor cost synergies and economies of scale with HHV • Potential for 39-key expansion in Diamondhead tower by relocating existing admin & sales office to new AMB tower • Development not expected to disrupt HHV and will be developed on an acquired parcel of land PROJECT SUMMARY RATIONALE & EXPECTED ROI DRIVERS 1. Based on combined financial performance of (i) new 515-key tower, (ii) 39-key Diamondhead expansion, and (iii) campus-wide savings resulting from contemplated base management fee reduction AMB Tower Site AMB Tower Rendering POTENTIAL VALUE CREATION $140M+ Estimated NPV1 15%-20% Estimated IRR1 ESTIMATED BUDGET $485M - $530M
19 HILTON WAIKOLOA VILLAGE EXPECTED DEVELOPMENT • Utilize existing density to develop up to 213 additional keys (hotel or timeshare) on existing parking and tennis court area • Park could develop additional hotel keys or pursue alternative use or monetization strategy for excess land (e.g., timeshare) • Optimize under-utilized spaces on campus • Create additional hotel keys in high barrier to entry market that has reached record-high RevPAR levels in recent years • Capitalize on opportunity to drive F&B and other revenues generated by a larger captive resort audience • Improve competitiveness within renovated comp set • Realize expense and labor synergies between existing resort and new tower in operations, admin and sales functions • Alternative development use (e.g., timeshare) could provide additional resort demand with minimum capital outlay • Development not expected to disrupt existing hotel and will be developed on an existing parking lot and tennis court area PROJECT SUMMARY RATIONALE & EXPECTED ROI DRIVERS POTENTIAL VALUE CREATION $45M+ Estimated NPV 15%-20% Estimated IRR ESTIMATED BUDGET $225M - $250M
20 HILTON SANTA BARBARA1 EXPECTED DEVELOPMENT • Create ~73 net new keys through redevelopment of existing tennis courts and portion of parking lot • Development plan requires transfer of development rights from adjacent parcel that is owned by JV partner • Add keys to premier drive-to resort in highly-desirable California submarket • Leverage hotel’s name and reputation to reduce ramp up risk • New room product with dedicated amenities will help secure higher-rated transient and group business • Capitalize on opportunity to drive F&B and other revenues generated by a larger captive resort audience • JV partner is engaged and aligned with the economic potential of new development on the site • Development cost estimated to be well below per key value of hotel PROJECT SUMMARY RATIONALE & EXPECTED ROI DRIVERS POTENTIAL VALUE CREATION $13M+ Estimated NPV 15%-20% Estimated IRR ESTIMATED BUDGET $55M - $60M 1. Hotel is owned by a consolidated joint venture
21 CASA MARINA OUTPARCEL PLANNED DEVELOPMENT • Develop two land parcels adjacent to Casa Marina that are currently occupied by admin offices and vacant structures • Requires zoning change and legislative measures to permit commercial transient rentals (vs. current residential designation) • Programming expected to include ~23 rental or transient hotel villas, ~88 workforce housing beds, parking, new resort fitness center, and refurbishment of on-site historic structures • Add keys to core resort asset in market with limited developable land and heavy restrictions on Airbnb, Vrbo, etc. • Overall opportunity for operational improvement for Casa Marina and The Reach by reducing leased labor costs and lowering in-house laundry expense • Capitalize on significant demand for villa units in Key West, one of the highest-performing post-COVID submarkets • Address a root cause of labor challenges: lack of affordable housing PROJECT SUMMARY RATIONALE & EXPECTED ROI DRIVERS Potential Development Site Casa Marina The Reach 1. Based on combined financial performance of (i) transient villas, (ii) workforce housing, and (iii) operational synergies POTENTIAL VALUE CREATION $6.5M+ Estimated NPV1 15%-20% Estimated IRR1 ESTIMATED BUDGET $80M - $90M
APPENDIX CASA MARINA KEY WEST, CURIO COLLECTION
23 STRONG BALANCE SHEET WITH AMPLE LIQUIDITY Park’s balance sheet remains strong with ample liquidity and improved financial flexibility for growth while providing protection during economic uncertainty • Well-laddered and improved debt maturity schedule - completed upsized $550M senior notes offering and new $200M term loan in 2Q24, leaving no significant debt maturities until 4Q261 • Multiple refinancing options are under evaluation to address $1.4B of mortgage debt maturing the second half of 2026 • Liquidity of $1.2B as of March 31, 2025, including $950M available under the credit facility • Net Debt to 1Q25 TTM Comparable Adjusted EBITDA was 5.96x1 CONSOLIDATED DEBT MATURITY SCHEDULE ($ IN MILLIONS)1,3 DEBT METRICS OVER TIME COMMENTARY Actual Actual 1Q241 1Q251 % of Debt Maturing through 20252 16% 1% % of Fixed Rate Debt 100% 95% % of Secured Debt/Consolidated Debt 44% 42% Liquidity Available $1.3B $1.2B Net Debt $3.5B $3.8B Corporate Credit Rating (S&P/Moody's) BB-/B1 BB-/B1 $725 $750 $550 $200$52 $1,399 $156 $30 $950 Senior Notes Term Loan Property Mortgages Consolidated Joint Venture Mortgages Revolver Available 2025 2026 2027 2028 2029 2030 1. Excludes the $725M SF Mortgage Loan 2. $52M loan secured by the Hilton Denver City Center matures in 2042 but is callable by the lender with six months of notice. As of May 31, 2025, Park had not received notice from the lender 3. As of March 31, 2025; excludes scheduled principal payment amortization 4. $950M Revolving Credit Facility and assumes fully-extended maturity to December 2027 2 4
24 Signia by Hilton • Conversion to elevated, group-focused Signia by Hilton brand from standard Hilton brand • Addition of 90,000 sf of meeting space plus 30,000 sf of outdoor event lawn space • Comprehensive renovation of 1,009 guestrooms, meeting space, lobby, coffee shop, bar, pool and lazy river Waldorf Astoria • 17,000 sf meeting space addition • Comprehensive renovation of 502 guestrooms, meeting space, lobby, spa, bar, restaurant and pool • Renovation of Rees Jones Signature 18-hole golf course ROI CASE STUDY: $220M meeting space expansion and comprehensive renovation elevates group profile of iconic complex SCOPE SIGNIA + WALDORF BONNET CREEK FINANCIAL HIGHLIGHTS RESORT COMPLEX PROFILE • 1,511 guestrooms • 296,000 sf of meeting and event space • 11 dining options • 2 pools and 1 lazy river • 18-hole golf course • 1 spa 1. Forecast as of 4/30/25 • $82M Hotel Adjusted EBITDA for 2024, a 36% increase over 2023 • Catered F&B pace up 7% in 2025 vs 20241 • Waldorf Astoria Orlando named #9 resort in the world in 2024 by Condé Nast Traveler, Reader’s Choice Awards RECOGNITION
25 • Cutting-edge technology for air purification/ indoor air quality • Relocation of critical electrical equipment from lower levels • Installation of drains, sump pumps and leak detection monitoring for areas below sea level • Tiger Dam™ portable protective barrier for storm surge • Dorada oceanfront restaurant • 8 walk-out suites with lanais • Creation of QQ room types • Added 7 pool-side cabanas • Updated water sports amenities • Added 6k sf event lawn • Modernize 7 elevators ROI CASE STUDY: $80M investment in transformative rebranding, renovation and resiliency upgrade of iconic Key West resort EFFICIENCY & RESILIENCY UPGRADES FINANCIAL HIGHLIGHTS • $634 Q1 2025 RevPAR, up 12% to last year • $415 2024 RevPAR , up 110% to same time last year; lapped renovation disruption in 2023 • 2025 expected to be a record year for group and F&B revenue at Casa Marina INVESTMENT UPGRADES Interior • Complete renovation of 311 guestrooms • Complete restoration of historic lobby, ballrooms and meeting rooms • Re-concepting of Cigar Bar into Morrison’s Market • Re-concepting existing tenant retail into the Canary Room SCOPE Exterior • Complete façade restoration • Complete restoration of both pools • Renovate exterior guestroom terraces • Restoration of both historic piers • Beach nourishment CASA MARINA KEY WEST, CURIO COLLECTION 1. 2025 Group Revenue Pace as of 3/31/25 versus 2024 Group Revenue Pace as of 3/31/24
26 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 June 2, 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. 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. DEFINITIONS
27 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. 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. DEFINITIONS (continued)
28 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. 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. Group Revenue Pace Group Revenue Pace represents bookings for future business and is calculated as group room nights multiplied by the contracted room rate expressed as a percentage of a prior period relative to a prior point in time. Trailing Twelve Months Trailing twelve months (“TTM”) calculated as full-year December 31, 2024, plus three months ended March 31, 2025, less three months ended March 31, 2024. DEFINITIONS (continued)
29 NON-GAAP FINANCIAL MEASURES Comparable Adjusted EBITDA and Hotel Adjusted EBITDA (unaudited, in millions) TTM Three Months Ended Year Ended March 31, 2025 March 31, 2025 March 31, 2024 December 31, 2024 Net income (loss) $ 140 $ (57) $ 29 $ 226 Depreciation and amortization expense 261 69 65 257 Interest income (19) (3) (5) (21) Interest expense 213 52 53 214 Interest expense associated with hotels in receivership1 62 16 14 60 Income tax (benefit) expense (61) 1 1 (61) Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 9 2 3 10 EBITDA 605 80 160 685 Gain on sales of assets, net (8) — — (8) Gain on derecognition of assets1 (62) (16) (14) (60) Gain on sale of investments in affiliates2 (19) — — (19) Share-based compensation expense 19 4 4 19 Impairment and casualty loss 78 70 6 14 Other items 21 6 6 21 Adjusted EBITDA 634 144 162 652 Less: Adjusted EBITDA from hotels disposed of (2) — — (2) Less: Adjusted EBITDA from investments in affiliates disposed of (1) — (1) (2) Comparable Adjusted EBITDA 631 144 161 648 Less: Adjusted EBITDA from investments in affiliates (22) (8) (7) (21) Add: All other3 54 15 15 54 Comparable Hotel Adjusted EBITDA $ 663 $ 151 $ 169 $ 681 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.
30 NON-GAAP FINANCIAL MEASURES (continued) Net Debt to Comparable Adjusted EBITDA (unaudited, in millions) March 31, 2025 March 31, 2024 Debt $ 3,841 $ 3,764 Add: unamortized deferred financing costs and discount 22 22 Less: unamortized premium — (1) Debt, excluding unamortized deferred financing cost, premiums and discounts 3,863 3,785 Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs 157 164 Less: cash and cash equivalents (233) (378) Less: restricted cash (27) (32) Net Debt $ 3,760 $ 3,539 TTM Comparable Adjusted EBITDA 631 Net Debt to full-year Comparable Adjusted EBITDA ratio 5.96x
31 NON-GAAP FINANCIAL MEASURES (continued) Outlook - Comparable Hotel Adjusted EBITDA, Comparable Hotel Revenues and Comparable Hotel Adjusted EBITDA Margin Year Ending December 31, 2025 Low Case High Case Net (loss) income $ (10) $ 50 Depreciation and amortization expense 272 272 Interest income (8) (8) Interest expense 209 209 Interest expense associated with hotels in receivership 37 37 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 (37) (37) Share-based compensation expense 19 19 Impairment loss 70 70 Other items 13 13 Adjusted EBITDA 588 648 Less: Adjusted EBITDA from investments in affiliates (18) (19) Add: All other 61 61 Comparable Hotel Adjusted EBITDA $ 631 $ 690 Year Ending December 31, 2024 Low Case High Case Total Revenues $ 2,556 $ 2,629 Less: Other revenue (93) (93) Hotel Revenues 2,463 2,536 Less: Revenues from hotels disposed of (9) (9) Comparable Hotel Revenues $ 2,454 $ 2,527 Year Ending December 31, 2024 Low Case High Case Total Revenues $ 2,556 $ 2,629 Operating income $ 243 $ 304 Operating income margin1 9.5 % 11.6 % Comparable Hotel Revenues $ 2,454 $ 2,527 Comparable Hotel Adjusted EBITDA $ 631 $ 690 Comparable Hotel Adjusted EBITDA margin1 25.7 % 27.3 % 1. Percentages are calculated based on unrounded numbers
32 NON-GAAP FINANCIAL MEASURES (continued) Outlook - Nareit FFO Attributable to Stockholders and Adjusted FFO Attributable to Stockholders Year Ending December 31, 2025 Low Case High Case Net (loss) income attributable to stockholders $ (18) $ 42 Depreciation and amortization expense 272 272 Depreciation and amortization expense attributable to noncontrolling interests (3) (3) Gain on derecognition of assets (37) (37) 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 289 349 Share-based compensation expense 19 19 Interest expense associated with hotels in receivership 37 37 Other items 12 12 Adjusted FFO attributable to stockholders $ 357 $ 417 Adjusted FFO per share – Diluted1 $ 1.79 $ 2.09 Weighted average diluted shares outstanding 200 2 200 1. Percentages are calculated based on unrounded numbers
33 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 39 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 presentation 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 SF Mortgage Loan secured by 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-GAAP financial measures in this presentation, including Funds from (used in) Operations (“FFO”) attributable to stockholders calculated in accordance with the guidelines of the National Association of Real Estate Investment Trusts (“Nareit”), Adjusted FFO attributable to stockholders, FFO per share, Adjusted FFO per share, Earnings (loss) before interest expense, taxes and depreciation and amortization (“EBITDA”), Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin and Net Debt. 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. 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