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Exhibit 99.2
  SECOND QUARTER 2026
SUPPLEMENTAL DATA
  JUNE 30, 2026
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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 30 premium-branded hotels and resorts with over 21,000 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 Park’s current expectations
regarding the performance of its business, financial results, liquidity and capital resources, including the use of the remaining $600 million under Park’s $800
million senior unsecured delayed draw term loan facility (“2025 Delayed Draw Term Loan”) and Park’s $700 million delayed draw loan facility (“Bonnet Creek
Mortgage Loan”), which will be secured by the 1,009-room Signia by Hilton Orlando Bonnet Creek and 502-room Waldorf Astoria Orlando and associated golf
course (collectively, the “Bonnet Creek complex”) when drawn upon, and the anticipated repayment and refinancing 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 or trends, including trade policy, travel barriers or changes in travel preferences for
U.S. destinations, including as a result of another government or agency shutdown), the effects of competition, the effects of future legislation, executive action or
regulations, tariffs, the expected completion of anticipated dispositions, including of Park’s Non-Core hotels (as defined below), 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, 2025, 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, Sold and Disposed . . . . . . . . . . . . . . . . .
Comparable Supplementary Financial Information . . . . . . . . .
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)
June 30, 2026
December 31, 2025
(unaudited)
ASSETS
Property and equipment, net
$6,908
$6,955
Assets held for sale, net
13
14
Intangibles, net
40
41
Cash and cash equivalents
264
232
Restricted cash
38
32
Accounts receivable, net of allowance for doubtful accounts of $2 and $2
151
116
Prepaid expenses
54
60
Other assets
78
80
Operating lease right-of-use assets
156
170
TOTAL ASSETS (variable interest entities – $199 and $207)
$7,702
$7,700
LIABILITIES AND EQUITY
Liabilities
Debt
$3,915
$3,838
Accounts payable and accrued expenses
226
198
Dividends payable
51
56
Due to hotel managers
106
134
Other liabilities
184
189
Operating lease liabilities
187
209
Total liabilities (variable interest entities – $194 and $198)
4,669
4,624
Stockholders’ Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 202,614,273 shares
issued and 201,349,455 shares outstanding as of June 30, 2026 and 200,938,658 shares issued and
199,901,086 shares outstanding as of December 31, 2025
2
2
Additional paid-in capital
4,028
4,031
Accumulated deficit
(940)
(902)
Total stockholders’ equity
3,090
3,131
Noncontrolling interests
(57)
(55)
Total equity
3,033
3,076
TOTAL LIABILITIES AND EQUITY
$7,702
$7,700
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HILTON WAIKOLOA VILLAGE
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Revenues
Rooms
$401
$401
$757
$764
Food and beverage
188
180
370
362
Ancillary hotel
67
68
127
131
Other
24
23
48
45
Total revenues
680
672
1,302
1,302
Operating expenses
Rooms
104
105
201
205
Food and beverage
125
122
247
245
Other departmental and support
149
152
294
303
Other property
42
50
96
107
Management fees
33
31
63
61
Impairment and casualty loss
22
—
27
70
Depreciation and amortization
66
122
130
191
Corporate general and administrative
20
19
38
37
Other
22
23
46
44
Total expenses
583
624
1,142
1,263
(Loss) gain on sales of assets, net
(2)
1
(3)
1
Gain on derecognition of assets
—
16
—
32
Operating income
95
65
157
72
Interest income
2
2
3
5
Interest expense
(52)
(53)
(103)
(105)
Interest expense associated with hotels in receivership
—
(16)
—
(32)
Equity in earnings from investments in affiliates
1
2
2
2
Other gain (loss), net
9
(1)
9
1
Income (loss) before income taxes
55
(1)
68
(57)
Income tax expense
(5)
(1)
(6)
(2)
Net income (loss)
50
(2)
62
(59)
Net income attributable to noncontrolling interests
(3)
(3)
(4)
(3)
Net income (loss) attributable to stockholders
$47
$(5)
$58
$(62)
Earnings (loss) per share:
Earnings (loss) per share – Basic
$0.24
$(0.02)
$0.29
$(0.31)
Earnings (loss) per share – Diluted
$0.24
$(0.02)
$0.29
$(0.31)
Weighted average shares outstanding – Basic
200
199
200
199
Weighted average shares outstanding – Diluted
200
199
200
199
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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 June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net income (loss)
$50
$(2)
$62
$(59)
Depreciation and amortization expense
66
122
130
191
Interest income
(2)
(2)
(3)
(5)
Interest expense
52
53
103
105
Interest expense associated with hotels in receivership(1)
—
16
—
32
Income tax expense
5
1
6
2
Interest income and expense, income tax and
depreciation and amortization included in equity in
earnings from investments in affiliates
1
2
1
4
EBITDA
172
190
299
270
Gain on sales of assets, net(2)
(2)
(1)
(1)
(1)
Gain on derecognition of assets(1)
—
(16)
—
(32)
Share-based compensation expense
6
5
10
9
Impairment and casualty loss
22
—
27
70
Other items
—
5
6
11
Adjusted EBITDA
$198
$183
$341
$327
_____________________________________
(1)For the three and six months ended June 30, 2025, represents accrued interest expense associated with the default of the $725 million non-recourse CMBS loan (“SF Mortgage Loan”), which was
offset by a gain on derecognition for the corresponding increase of the contract asset on Park’s condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the
1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the “Hilton San Francisco Hotels”), which were sold by the court-appointed
receiver in November 2025.
(2)For the three and six months ended June 30, 2026, includes a $4 million gain on the sale of Park’s ownership interest in the Embassy Suites by Hilton Alexandria Old Town included in other gain (loss),
net in Park’s condensed consolidated statements of operations.
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
COMPARABLE AND CORE HOTEL ADJUSTED EBITDA, HOTEL REVENUES AND
HOTEL ADJUSTED EBITDA MARGIN
(unaudited, dollars in millions)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Adjusted EBITDA
$198
$183
$341
$327
Less: Adjusted EBITDA from investments in affiliates
(5)
(5)
(11)
(13)
Add: All other(1)
15
13
29
28
Hotel Adjusted EBITDA
208
191
359
342
Less: Adjusted EBITDA from hotels disposed of
(4)
(4)
(3)
(3)
Comparable Hotel Adjusted EBITDA
204
187
356
339
Less: Adjusted EBITDA from Non-Core hotels
(22)
(21)
(33)
(29)
Core Hotel Adjusted EBITDA
$182
$166
$323
$310
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Total Revenues
$680
$672
$1,302
$1,302
Less: Other revenue
(24)
(23)
(48)
(45)
Less: Revenues from hotels disposed of
(12)
(42)
(28)
(79)
Comparable Hotel Revenues
644
607
1,226
1,178
Less: Hotel Revenues from Non-Core hotels
(84)
(82)
(156)
(151)
Core Hotel Revenues
$560
$525
$1,070
$1,027
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
Change(2)
2026
2025
Change(2)
Total Revenues
$680
$672
1.2%
$1,302
$1,302
—%
Operating income
$95
$65
47.0%
$157
$72
119.3%
Operating income margin(2)
14.0%
9.6%
440 bps
12.1%
5.5%
660 bps
Comparable Hotel Revenues
$644
$607
6.1%
$1,226
$1,178
4.1%
Comparable Hotel Adjusted EBITDA
$204
$187
8.8%
$356
$339
5.0%
Comparable Hotel Adjusted EBITDA margin(2)
31.7%
30.9%
80 bps
29.1%
28.9%
20 bps
Core Hotel Revenues
$560
$525
6.6%
$1,070
$1,027
4.2%
Core Hotel Adjusted EBITDA
$182
$166
9.3%
$323
$310
4.1%
Core Hotel Adjusted EBITDA margin(2)
32.4%
31.6%
80 bps
30.2%
30.2%
— 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
COMPARABLE, CORE AND NON-CORE HOTEL ADJUSTED EBITDA
(unaudited, in millions)
Three Months Ended June 30, 2026
Six Months Ended June 30, 2026
Total
Core Hotels
Non-Core
Hotels
Total
Core Hotels
Non-Core
Hotels
Hotel Revenues
Rooms
$401
$335
$66
$757
$634
$123
Food and beverage
188
164
24
370
321
49
Ancillary hotel
67
61
6
127
115
12
Total hotel revenues
656
560
96
1,254
1,070
184
Less:
Rooms expense
104
86
18
201
166
35
Food and beverage expense
125
108
17
247
214
33
Other departmental and support expense
149
120
29
294
237
57
Management fees
33
29
4
63
55
8
Other property expenses(1)
37
35
2
90
75
15
Total hotel expenses
448
378
70
895
747
148
Hotel Adjusted EBITDA
208
182
26
359
323
36
Less: Adjusted EBITDA from hotels disposed of
(4)
—
(4)
(3)
—
(3)
Comparable Hotel Adjusted EBITDA
$204
$182
$22
$356
$323
$33
______________________________________________________________
(1)Total other property expenses primarily include real and personal property taxes, other local taxes, ground rent, equipment rent and property insurance incurred in the normal course of business.
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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 June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net income (loss) attributable to stockholders
$47
$(5)
$58
$(62)
Depreciation and amortization expense
66
122
130
191
Depreciation and amortization expense attributable to
noncontrolling interests
(1)
(1)
(2)
(2)
Gain on sales of assets, net(1)
(2)
(1)
(1)
(1)
Gain on derecognition of assets(2)
—
(16)
—
(32)
Impairment loss
20
—
25
70
Equity investment adjustments:
Equity in earnings from investments in affiliates
(1)
(2)
(2)
(2)
Pro rata FFO of investments in affiliates
3
4
3
5
Nareit FFO attributable to stockholders
132
101
211
167
Share-based compensation expense
6
5
10
9
Interest expense associated with hotels in receivership(2)
—
16
—
32
Other items
2
7
9
13
Adjusted FFO attributable to stockholders
$140
$129
$230
$221
Nareit FFO per share – Diluted(3)
$0.66
$0.51
$1.05
$0.83
Adjusted FFO per share – Diluted(3)
$0.70
$0.64
$1.15
$1.10
Weighted average shares outstanding – Diluted(4)
200
200
200
200
__________________________________________________________________________
(1)For the three and six months ended June 30, 2026, includes a $4 million gain on the sale of Park’s ownership interest in the Embassy Suites by Hilton Alexandria Old Town included in other gain (loss),
net in Park’s condensed consolidated statements of operations.
(2)For the three and six months ended June 30, 2025, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the
corresponding increase of the contract asset on Park’s condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which were sold
by the court-appointed receiver in November 2025.
(3)Per share amounts are calculated based on unrounded numbers.
(4)Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of June 30, 2026, see page 5.
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
GENERAL AND ADMINISTRATIVE EXPENSES
(unaudited, in millions)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Corporate general and administrative expenses
$20
$19
$38
$37
Less:
Share-based compensation expense
6
5
10
9
Other corporate expenses
1
1
2
2
G&A, excluding expenses not included in Adjusted EBITDA
$13
$13
$26
$26
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
NET DEBT AND NET DEBT TO COMPARABLE ADJUSTED EBITDA RATIO
(unaudited, in millions)
June 30, 2026
December 31, 2025
Debt
$3,915
$3,838
Add: unamortized deferred financing costs and discount
17
18
Debt, excluding unamortized deferred financing cost, premiums and discounts
3,932
3,856
Add: Park’s share of unconsolidated affiliates debt, excluding unamortized deferred financing costs
105
129
Less: cash and cash equivalents
(264)
(232)
Less: restricted cash
(38)
(32)
Net Debt
$3,735
$3,721
TTM Comparable Adjusted EBITDA(1)
$612
$595
Net Debt to TTM Comparable Adjusted EBITDA ratio
6.1x
6.25x
_____________________________________
(1)See pages 30 and 31 for trailing twelve months (“TTM”) Comparable Adjusted EBITDA as of June 30, 2026 and December 31, 2025, 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 2026 OUTLOOK
Park is increasing its full-year 2026 outlook to reflect second-quarter outperformance and a strong start to the third quarter as demand trends continue to exceed
expectations across its portfolio. Park expects a modest positive impact from the 2026 World Cup of 30 basis points, in line with its prior guidance, offsetting the
negative impact of 30 basis points from the renovations of the Royal Palm South Beach Miami, a Tribute Portfolio Resort (“Royal Palm”).
Park’s updated guidance also reflects an assumed increase in expenses due to a stronger demand environment and higher occupancy expectations across the
portfolio, driving increases in variable costs such as labor and utilities, partially offset by reductions in fixed costs, with $11 million of benefits achieved from
property tax appeals in the second quarter and a 20% reduction in property insurance premiums achieved during Park’s June 1st program renewal.
Park expects full-year 2026 operating results to be as follows:
(unaudited, dollars in millions, except per share amounts and RevPAR)
Full-Year 2026 Outlook
as of August 6, 2026
Full-Year 2026 Outlook
as of April 30, 2026
Change at
Midpoint
Metric
Low
High
Low
High
RevPAR
$198
$201
$192
$196
$6
RevPAR change vs. 2025
3.0%
4.5%
0.5%
2.5%
225 bps
Net income
$78
$98
$66
$96
$7
Net income attributable to stockholders
$69
$89
$58
$88
$6
Earnings per share – Diluted(1)
$0.35
$0.45
$0.29
$0.44
$0.04
Adjusted EBITDA
$617
$637
$587
$617
$25
Adjusted FFO per share – Diluted(1)
$1.90
$2.00
$1.74
$1.90
$0.13
__________________________________________________________________________
(1)Amounts are calculated based on unrounded numbers.
Park’s outlook is based in part on the following assumptions:
•Operating expenses for Park’s hotels are expected to increase 3% to 4%;
•Excludes $3.5 million of projected Hotel Adjusted EBITDA for the second half of 2026 from the three additional Non-Core hotels disposed since April
2026;
•Includes approximately $13 million of incremental interest expense from $1.4 billion of refinancing activity in 2026, most of which is expected during
the fourth quarter;
•Fully diluted weighted average shares for the full-year 2026 of 200 million; and
•Park’s current portfolio as of August 6, 2026 and does not take into account potential future acquisitions, dispositions or any financing transactions,
except as noted above, which could result in a material change to Park’s outlook.
Park’s full-year 2026 outlook is based on several factors, many of which are outside the Company’s control, including uncertainty surrounding macroeconomic
factors, such as inflation, changes in interest rates and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of
which are subject to change. Additionally, Park’s full-year 2026 outlook does not include assumptions around the incremental impact of tariff announcements
(including any foreign tariffs announced in response to changes in U.S. trade policy), changes in travel patterns to or in the U.S. as a result of foreign conflicts,
disapproval of U.S. foreign or domestic policy, or government or agency shutdowns as the net effect of such announcements or events cannot be ascertained or
quantified at this time.
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CASA MARINA KEY WEST, CURIO COLLECTION
OUTLOOK AND ASSUMPTIONS
EBITDA AND ADJUSTED EBITDA
Year Ending
(unaudited, in millions)
December 31, 2026
Low Case
High Case
Net income
$78
$98
Depreciation and amortization expense
255
255
Interest income
(6)
(6)
Interest expense
223
223
Income tax expense
8
8
Interest expense, income tax and depreciation and amortization included in equity in earnings
  from investments in affiliates
1
1
EBITDA
559
579
Gain on sales of assets, net
(1)
(1)
Share-based compensation expense
20
20
Impairment and casualty loss
27
27
Other items
12
12
Adjusted EBITDA
$617
$637
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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, 2026
Low Case
High Case
Net income attributable to stockholders
$69
$89
Depreciation and amortization expense
255
255
Depreciation and amortization expense attributable to noncontrolling interests
(3)
(3)
Gain on sales of assets, net
(1)
(1)
Impairment loss
25
25
Equity investment adjustments:
Equity in earnings from investments in affiliates
(5)
(5)
Pro rata FFO of equity investments
5
5
Nareit FFO attributable to stockholders
345
365
Share-based compensation expense
20
20
Other items
16
16
Adjusted FFO attributable to stockholders
$381
$401
Adjusted FFO per share – Diluted(1)
$1.90
$2.00
Weighted average diluted shares outstanding
200
200
_____________________________________
(1)Per share amounts are calculated based on unrounded numbers.
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18
HILTON WAIKOLOA VILLAGE
PORTFOLIO
AND
OPERATING
METRICS
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HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
HOTEL PORTFOLIO AS OF AUGUST 6, 2026
Hotel Name
Total Rooms
Market
Meeting Space
(square feet)
Ownership
Equity
Ownership
Debt
(in millions)
Core Hotels
Consolidated Core Hotels
 Hilton Hawaiian Village Waikiki Beach Resort
2,886
Hawaii
150,000
Fee Simple
100%
$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%
—
 Hilton Waikoloa Village
661
Hawaii
241,000
Fee Simple
100%
—
 Caribe Hilton
652
Puerto Rico
65,000
Fee Simple
100%
—
 DoubleTree Hotel Washington DC – Crystal City
627
Washington, D.C.
36,000
Fee Simple
100%
—
 Hilton Denver City Center
613
Denver
50,000
Fee Simple
100%
$50
 Hilton Boston Logan Airport
604
Boston
30,000
Leasehold
100%
—
 Hyatt Regency Boston
502
Boston
30,000
Fee Simple
100%
—
 Waldorf Astoria Orlando
502
Orlando
127,000
Fee Simple
100%
—
 Hilton McLean Tysons Corner
458
Washington, D.C.
28,000
Fee Simple
100%
—
 Hyatt Regency Mission Bay Spa and Marina
438
Southern California
24,000
Leasehold
100%
—
 Royal Palm South Beach Miami, a Tribute Portfolio Resort
404
Miami
18,000
Fee Simple
100%
—
 Hilton Santa Barbara Beachfront Resort
360
Southern California
72,000
Fee Simple
50%
$151
 JW Marriott San Francisco Union Square
344
San Francisco
12,000
Leasehold
100%
—
 Casa Marina Key West, Curio Collection
311
Key West
53,000
Fee Simple
100%
—
 Juniper Hotel Cupertino, Curio Collection
224
Other U.S.
5,000
Fee Simple
100%
—
 The Reach Key West, Curio Collection
150
Key West
18,000
Fee Simple
100%
—
Total Consolidated Core Hotels (20 Hotels)
15,789
1,736,000
$1,476
Unconsolidated Core Hotel
 Hilton Orlando(1)
1,424
Orlando
236,000
Fee Simple
20%
$105
Total Unconsolidated Core Hotel (1 Hotel)
1,424
236,000
$105
Total Core Hotels (21 Hotels)
17,213
1,972,000
$1,581
_____________________________________
(1)Debt related to Park’s unconsolidated joint venture is presented on a pro-rata basis.
slidelayoutv2.jpg
20
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
HOTEL PORTFOLIO AS OF AUGUST 6, 2026 (CONTINUED)
Hotel Name
Total Rooms
Market
Meeting Space
(square feet)
Ownership
Equity
Ownership
Debt
(in millions)
Consolidated Non-Core Hotels
 Hilton Orlando Lake Buena Vista
814
Orlando
87,000
Leasehold
100%
—
The Wade
520
Chicago
21,000
Fee Simple
100%
—
 DoubleTree Hotel San Jose
505
Other U.S.
48,000
Fee Simple
100%
—
 Hilton Salt Lake City Center
500
Other U.S.
24,000
Leasehold
100%
—
 DoubleTree Hotel Ontario Airport
482
Southern California
27,000
Fee Simple
67%
$30
 Boston Marriott Newton
430
Boston
35,000
Fee Simple
100%
—
The Midland Hotel, a Tribute Portfolio Hotel
403
Chicago
13,000
Fee Simple
100%
—
 DoubleTree Hotel San Diego – Mission Valley
300
Southern California
35,000
Leasehold
100%
—
 DoubleTree Hotel Durango
159
Other U.S.
7,000
Leasehold
100%
—
Total Consolidated Non-Core Hotels (9 Hotels)
4,113
297,000
$30
Grand Total (30 Hotels)
21,326
2,269,000
$1,611
slidelayoutv2.jpg
21
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE, CORE AND NON-CORE HOTELS: Q2 2026 VS Q2 2025
(unaudited)
ADR
Occupancy
RevPAR
Total RevPAR
2Q26
2Q25
Change(1)
2Q26
2Q25
Change
2Q26
2Q25
Change(1)
2Q26
2Q25
Change(1)
Consolidated Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort
$288.74
$297.43
(2.9)%
91.1%
79.2%
12.0% pts
$263.16
$235.49
11.8%
$442.44
$385.08
14.9%
2
Hilton Waikoloa Village
330.25
297.52
11.0
66.4
76.1
(9.6)
219.43
226.38
(3.1)
456.62
526.21
(13.2)
3
Signia by Hilton Orlando Bonnet Creek
241.56
234.20
3.1
80.1
74.1
6.0
193.54
173.52
11.5
519.15
484.43
7.2
4
Waldorf Astoria Orlando
398.00
389.61
2.2
82.8
73.7
9.1
329.47
287.09
14.8
639.31
556.00
15.0
5
New York Hilton Midtown
341.21
333.86
2.2
89.9
91.7
(1.8)
306.69
306.08
0.2
484.72
461.99
4.9
6
Hilton New Orleans Riverside
206.38
212.47
(2.9)
69.7
69.7
—
143.92
148.10
(2.8)
263.33
266.43
(1.2)
7
Caribe Hilton
280.99
274.31
2.4
90.1
92.6
(2.5)
253.21
254.02
(0.3)
396.74
397.62
(0.2)
8
Hilton Boston Logan Airport
286.63
282.16
1.6
92.0
93.2
(1.1)
263.81
262.89
0.3
323.89
321.13
0.9
9
Hyatt Regency Boston
338.34
320.59
5.5
94.9
92.2
2.8
321.24
295.52
8.7
393.03
358.05
9.8
10
Hilton Santa Barbara Beachfront Resort
341.66
336.93
1.4
86.4
68.6
17.7
295.08
231.29
27.6
495.26
400.86
23.5
11
Hyatt Regency Mission Bay Spa and Marina
252.78
247.85
2.0
82.1
83.3
(1.2)
207.66
206.50
0.6
384.35
364.50
5.4
12
Casa Marina Key West, Curio Collection
523.07
525.31
(0.4)
97.0
84.7
12.3
507.55
444.92
14.1
895.97
741.02
20.9
13
The Reach Key West, Curio Collection
436.74
451.69
(3.3)
93.1
88.3
4.8
406.79
398.88
2.0
619.47
626.14
(1.1)
14
Hilton Chicago
243.24
227.16
7.1
75.8
71.2
4.6
184.28
161.63
14.0
298.25
276.97
7.7
15
Hilton Denver City Center
200.30
189.21
5.9
80.2
79.9
0.3
160.67
151.26
6.2
221.01
228.38
(3.2)
16
DoubleTree Hotel Washington DC – Crystal City
236.12
208.01
13.5
86.0
79.7
6.3
203.14
165.80
22.5
257.62
220.61
16.8
17
Hilton McLean Tysons Corner
245.67
216.19
13.6
70.6
74.0
(3.4)
173.36
159.92
8.4
263.32
232.03
13.5
18
JW Marriott San Francisco Union Square
321.93
301.76
6.7
73.6
74.5
(0.9)
236.79
224.75
5.4
298.83
285.99
4.5
19
Juniper Hotel Cupertino, Curio Collection
220.34
209.67
5.1
73.9
71.6
2.3
162.82
150.11
8.5
179.45
166.61
7.7
Total Consolidated Core Hotels excluding
Royal Palm
288.10
280.94
2.5
83.1
79.5
3.6
239.46
223.49
7.1
399.86
372.74
7.3
20
Royal Palm South Beach Miami(2)
—
296.94
(100.0)
—
30.7
(30.7)
—
91.31
(100.0)
—
114.38
(100.0)
Total Consolidated Core Hotels (20 Hotels)
288.10
281.09
2.5
81.0
78.3
2.7
233.49
220.19
6.0
389.90
366.30
6.4
Total Non-Core Hotels (9 Hotels)
201.03
201.04
—
76.2
72.8
3.4
153.11
146.27
4.7
224.94
218.83
2.8
Total Comparable Hotels (29 Hotels)
$270.97
$265.47
2.1%
80.0%
77.1%
2.9% pts
$216.87
$204.89
5.8%
$355.79
$335.77
6.0%
_____________________________________
(1)Calculated based on unrounded numbers.
(2)The Royal Palm suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026.
slidelayoutv2.jpg
22
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE, CORE AND NON-CORE HOTELS: Q2 2026 VS Q2 2025 (CONTINUED)
(unaudited, dollars in millions)
Hotel Adjusted EBITDA
Hotel Revenue
Hotel Adjusted EBITDA Margin
2Q26
2Q25
Change(1)
2Q26
2Q25
Change(1)
2Q26
2Q25
Change
Consolidated Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort
$41
$36
13.3%
$116
$101
15.5%
35.3%
36.0%
(70)
bps
2
Hilton Waikoloa Village
6
9
(27.4)
27
31
(12.2)
22.8
27.6
(480)
3
Signia by Hilton Orlando Bonnet Creek
18
17
7.9
48
44
7.2
38.7
38.4
30
4
Waldorf Astoria Orlando
10
8
26.5
29
25
15.0
33.6
30.5
310
5
New York Hilton Midtown
18
17
6.7
83
79
4.9
21.3
20.9
40
6
Hilton New Orleans Riverside
14
14
(0.9)
39
39
(1.2)
36.8
36.7
10
7
Caribe Hilton
7
7
(2.7)
24
24
(0.2)
27.9
28.6
(70)
8
Hilton Boston Logan Airport
6
6
(0.8)
18
18
0.9
32.6
33.2
(60)
9
Hyatt Regency Boston
8
7
13.2
18
16
9.8
43.7
42.4
130
10
Hilton Santa Barbara Beachfront Resort
8
6
20.8
16
13
23.5
46.8
47.9
(110)
11
Hyatt Regency Mission Bay Spa and Marina
4
4
6.7
15
15
5.4
24.6
24.3
30
12
Casa Marina Key West, Curio Collection
12
9
29.5
25
21
20.9
46.4
43.3
310
13
The Reach Key West, Curio Collection
3
3
(0.7)
8
9
(1.1)
39.4
39.3
10
14
Hilton Chicago
13
10
23.5
42
39
7.7
31.0
27.0
400
15
Hilton Denver City Center
5
5
(9.4)
12
13
(3.2)
38.2
40.8
(260)
16
DoubleTree Hotel Washington DC – Crystal City
5
4
51.5
15
12
16.8
38.5
29.7
880
17
Hilton McLean Tysons Corner
2
2
32.9
11
10
13.5
22.7
19.4
330
18
JW Marriott San Francisco Union Square
3
1
201.6
10
9
4.5
27.8
9.6
1,820
19
Juniper Hotel Cupertino, Curio Collection
1
1
4.1
4
3
7.7
23.1
23.9
(80)
Total Consolidated Core Hotels excluding Royal Palm
184
166
10.9
560
521
7.4
32.8
31.8
100
20
Royal Palm South Beach Miami(2)
(2)
—
(567.2)
—
4
(100.0)
—
11.1
(1,110)
Total Consolidated Core Hotels (20 Hotels)
182
166
9.3
560
525
6.6
32.4
31.6
80
Total Non-Core Hotels (9 Hotels)
22
21
5.1
84
82
2.8
27.0
26.4
60
Total Comparable Hotels (29 Hotels)
$204
$187
8.8%
$644
$607
6.1%
31.7%
30.9%
80
bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)The Royal Palm suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026.
slidelayoutv2.jpg
23
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE, CORE AND NON-CORE HOTELS: YTD Q2 2026 VS YTD Q2 2025
(unaudited)
ADR
Occupancy
RevPAR
Total RevPAR
2026
2025
Change(1)
2026
2025
Change
2026
2025
Change(1)
2026
2025
Change(1)
Consolidated Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort
$284.66
$295.84
(3.8)%
86.7%
78.4%
8.3% pts
$246.76
$231.78
6.5%
$415.65
$380.14
9.3%
2
Hilton Waikoloa Village
339.65
320.94
5.8
76.0
79.1
(3.1)
258.11
253.73
1.7
528.22
573.03
(7.8)
3
Signia by Hilton Orlando Bonnet Creek
269.45
258.59
4.2
82.2
76.1
6.1
221.48
196.66
12.6
584.50
536.80
8.9
4
Waldorf Astoria Orlando
443.97
430.73
3.1
84.0
74.3
9.7
373.13
320.04
16.6
700.80
597.56
17.3
5
New York Hilton Midtown
306.26
305.89
0.1
84.1
81.2
2.9
257.55
248.30
3.7
402.91
383.56
5.0
6
Hilton New Orleans Riverside
215.73
236.41
(8.7)
68.9
69.4
(0.5)
148.55
163.98
(9.4)
273.78
295.03
(7.2)
7
Caribe Hilton
329.07
307.86
6.9
92.0
92.4
(0.4)
302.89
284.49
6.5
460.07
427.04
7.7
8
Hilton Boston Logan Airport
252.40
242.81
4.0
91.7
91.8
(0.1)
231.41
222.86
3.8
290.16
278.56
4.2
9
Hyatt Regency Boston
274.13
268.66
2.0
84.7
80.5
4.2
232.13
216.21
7.4
294.49
269.43
9.3
10
Hilton Santa Barbara Beachfront Resort
306.72
300.06
2.2
82.3
67.1
15.2
252.37
201.18
25.4
423.09
342.92
23.4
11
Hyatt Regency Mission Bay Spa and Marina
240.00
232.99
3.0
80.4
78.4
2.0
192.92
182.67
5.6
359.08
328.62
9.3
12
Casa Marina Key West, Curio Collection
627.95
620.56
1.2
95.6
86.9
8.7
600.06
538.73
11.4
957.64
835.59
14.6
13
The Reach Key West, Curio Collection
538.52
542.78
(0.8)
93.2
88.5
4.7
501.87
480.10
4.5
726.76
727.80
(0.1)
14
Hilton Chicago
211.85
202.61
4.6
60.4
59.9
0.5
128.03
121.40
5.5
219.45
222.15
(1.2)
15
Hilton Denver City Center
188.81
179.55
5.2
72.6
68.8
3.8
137.15
123.67
10.9
193.48
191.49
1.0
16
DoubleTree Hotel Washington DC – Crystal City
217.25
200.47
8.4
75.7
75.6
0.1
164.47
151.54
8.5
218.50
203.83
7.2
17
Hilton McLean Tysons Corner
233.13
214.15
8.9
62.6
69.7
(7.1)
145.99
149.39
(2.3)
223.63
224.83
(0.5)
18
JW Marriott San Francisco Union Square
436.29
379.02
15.1
70.2
68.7
1.5
306.31
260.35
17.7
404.88
345.63
17.1
19
Juniper Hotel Cupertino, Curio Collection
233.42
214.83
8.7
71.8
66.1
5.7
167.50
141.98
18.0
185.99
157.44
18.1
Total Consolidated Core Hotels excluding
Royal Palm
288.19
283.02
1.8
79.0
75.7
3.3
227.75
214.24
6.3
384.03
362.56
5.9
20
Royal Palm South Beach Miami(2)
—
342.32
(100.0)
—
58.4
(58.4)
—
199.93
(100.0)
—
256.73
(100.0)
Total Consolidated Core Hotels (20 Hotels)
288.19
284.16
1.4
77.1
75.3
1.8
222.07
213.88
3.8
374.46
359.92
4.0
Total Non-Core Hotels (9 Hotels)
193.02
193.36
(0.2)
72.0
67.8
4.2
139.06
131.10
6.1
210.87
204.04
3.3
Total Comparable Hotels (29 Hotels)
$269.55
$266.88
1.0%
76.0%
73.7%
2.3% pts
$204.91
$196.75
4.1%
$340.64
$327.65
4.0%
_____________________________________
(1)Calculated based on unrounded numbers.
(2)The Royal Palm suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026.
slidelayoutv2.jpg
24
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE, CORE AND NON-CORE HOTELS: YTD Q2 2026 VS YTD Q2 2025
(CONTINUED)
(unaudited, dollars in millions)
Hotel Adjusted EBITDA
Hotel Revenue
Hotel Adjusted EBITDA Margin
2026
2025
Change(1)
2026
2025
Change(1)
2026
2025
Change
Consolidated Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort
$75
$69
9.0%
$217
$198
9.9%
34.4%
34.7%
(30)
bps
2
Hilton Waikoloa Village(2)
18
22
(20.0)
63
68
(6.7)
27.8
32.4
(460)
3
Signia by Hilton Orlando Bonnet Creek
45
40
11.5
107
98
8.9
41.9
40.9
100
4
Waldorf Astoria Orlando
24
18
30.1
64
54
17.3
37.5
33.8
370
5
New York Hilton Midtown
13
12
5.5
137
130
5.0
9.4
9.4
—
6
Hilton New Orleans Riverside
30
34
(12.5)
80
87
(7.2)
37.4
39.7
(230)
7
Caribe Hilton
19
16
16.0
54
50
7.7
34.1
31.7
240
8
Hilton Boston Logan Airport
8
8
(1.8)
32
30
4.2
25.0
26.5
(150)
9
Hyatt Regency Boston
8
8
3.8
27
24
9.3
31.2
32.9
(170)
10
Hilton Santa Barbara Beachfront Resort
11
9
26.5
28
23
23.4
40.5
39.5
100
11
Hyatt Regency Mission Bay Spa and Marina
6
5
14.7
28
26
9.3
22.0
21.0
100
12
Casa Marina Key West, Curio Collection
26
22
19.2
54
47
14.6
49.1
47.2
190
13
The Reach Key West, Curio Collection
9
9
1.9
20
20
(0.1)
44.6
43.7
90
14
Hilton Chicago
6
8
(10.4)
61
62
(1.2)
10.6
11.7
(110)
15
Hilton Denver City Center
7
7
4.6
21
21
1.0
33.2
32.1
110
16
DoubleTree Hotel Washington DC – Crystal City
8
6
24.3
25
23
7.2
32.0
27.6
440
17
Hilton McLean Tysons Corner
3
3
(9.9)
19
19
(0.5)
16.1
17.8
(170)
18
JW Marriott San Francisco Union Square
8
5
75.2
25
22
17.1
32.5
21.7
1,080
19
Juniper Hotel Cupertino, Curio Collection
2
1
49.1
8
6
18.1
25.5
20.2
530
Total Consolidated Core Hotels excluding Royal Palm
326
302
7.8
1,070
1,008
6.1
30.5
30.0
50
20
Royal Palm South Beach Miami(2)
(3)
8
(143.7)
—
19
(100.0)
—
41.5
(4,150)
Total Consolidated Core Hotels (20 Hotels)
323
310
4.1
1,070
1,027
4.2
30.2
30.2
—
Total Non-Core Hotels (9 Hotels)
33
29
14.3
156
151
3.3
21.5
19.4
210
Total Comparable Hotels (29 Hotels)
$356
$339
5.0%
$1,226
$1,178
4.1%
29.1%
28.9%
20
bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)The Royal Palm suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026.
supplementlayout.jpg
25
HILTON DENVER CITY CENTER
PROPERTIES
ACQUIRED,
SOLD AND
DISPOSED
slidelayoutv2.jpg
26
HILTON DENVER CITY CENTER
PROPERTIES ACQUIRED, SOLD AND DISPOSED
TOTAL ACQUISITIONS
Year
Number of Hotels
Room Count
Total Consideration
(in millions)
2019
18
5,981
$2,500.0
18
5,981
$2,500.0
TOTAL SALES / DISPOSITIONS
Year
Number of Hotels(1)
Room Count
Gross Proceeds(2)
(in millions)
2018
14
4,053
$519.0
2019
9
2,725
496.9
2020
2
700
207.9
2021
6
1,303
476.6
2022
7
2,207
316.9
2023
4
3,635
846.8
2024
3
1,129
76.3
2025
5
2,236
120.0
2026
5
1,453
77.2
55
19,441
$3,137.6
____________________________________
(1)Total sales/dispositions includes the sale of Park’s interest in 44 hotels. In addition, nine other properties were subject to ground leases that either expired or were terminated by
Park or the landlord, and consequently turned over to the landlord. Further, the two Hilton San Francisco Hotels, which were placed into receivership in October 2023, were sold by
the court-appointed receiver in November 2025.
(2)Gross proceeds from the sale of joint ventures represent Park’s pro-rata share.
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27
HILTON DENVER CITY CENTER
PROPERTIES ACQUIRED, SOLD AND DISPOSED
NON-CORE DISPOSITION INITIATIVE - STATUS SINCE JANUARY 1, 2026
(unaudited, dollars in millions)
Status
# of Hotels
Room Count
2025 Hotel Adjusted EBITDA(1)
Q1 Sale
1
193
$1
Q2 Sales/Dispositions
3
946
$9
Q3 Sale
1
314
$—
Sold/Disposed in 2026
5
1,453
$10
Remaining Non-Core Hotels Targeted for Sale/Disposition
6
3,154
$35
Remaining Safehold Leases(2)
3
959
$16
Remaining Non-Core Hotels
9
4,113
$51
____________________________________
(1)Includes Park’s share from its Non-Core unconsolidated joint venture.
(2)Timing for the disposition of the Hilton Salt Lake City Center, DoubleTree Hotel San Diego - Mission Valley and DoubleTree Hotel Durango cannot be determined given ongoing litigation.
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28
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE
SUPPLEMENTARY
FINANCIAL
INFORMATION
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29
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE TTM HOTEL METRICS
Three Months Ended
TTM
(unaudited, dollars in millions)
September 30,
December 31,
March 31,
June 30,
June 30,
2025
2025
2026
2026
2026
Comparable RevPAR
$184.87
$192.02
$192.81
$216.87
$196.61
Comparable Occupancy
74.1%
71.1%
72.0%
80.0%
74.3%
Comparable ADR
$249.40
$270.07
$267.95
$270.97
$264.61
Total Revenues
$610
$629
$622
$680
$2,541
Operating income (loss)
$59
$(164)
$62
$95
$52
Operating income (loss) margin(1)
9.7%
(26.0)%
9.9%
14.0%
2.1%
Comparable Hotel Revenues
$545
$576
$582
$644
$2,347
Comparable Hotel Adjusted EBITDA
$136
$162
$152
$204
$654
Comparable Hotel Adjusted EBITDA margin(1)
24.9%
28.1%
26.2%
31.7%
27.9%
Three Months Ended
Full Year
March 31,
June 30,
September 30,
December 31,
December 31,
2025
2025
2025
2025
2025
Comparable RevPAR
$188.51
$204.89
$184.87
$192.02
$192.56
Comparable Occupancy
70.3%
77.1%
74.1%
71.1%
73.2%
Comparable ADR
$268.44
$265.47
$249.40
$270.07
$263.19
Total Revenues
$630
$672
$610
$629
$2,541
Operating income (loss)
$7
$65
$59
$(164)
$(33)
Operating income (loss) margin(1)
1.1%
9.6%
9.7%
(26.0)%
(1.3)%
Comparable Hotel Revenues
$571
$607
$545
$576
$2,299
Comparable Hotel Adjusted EBITDA
$152
$187
$136
$162
$637
Comparable Hotel Adjusted EBITDA margin(1)
26.7%
30.9%
24.9%
28.1%
27.7%
________________________________________
(1)Percentages are calculated based on unrounded numbers.
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SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – TTM 2026
Three Months Ended
TTM
(unaudited, in millions)
September 30,
December 31,
March 31,
June 30,
June 30,
2025
2025
2026
2026
2026
Net (loss) income
$(14)
$(204)
$12
$50
$(156)
Depreciation and amortization expense
78
67
64
66
275
Interest income
(3)
(2)
(1)
(2)
(8)
Interest expense
53
51
51
52
207
Interest expense associated with hotels in receivership(1)
16
10
—
—
26
Income tax expense (benefit)
6
(1)
1
5
11
Interest expense, income tax and depreciation and amortization
  included in equity in earnings from investments in affiliates
2
1
—
1
4
EBITDA
138
(78)
127
172
359
(Gain) loss on sales of assets, net(2)
—
(17)
1
(2)
(18)
Gain on derecognition of assets(1)
(16)
(10)
—
—
(26)
Share-based compensation expense
5
5
4
6
20
Impairment and casualty loss
—
249
5
22
276
Other items
3
3
6
—
12
Adjusted EBITDA
130
152
143
198
623
Less: Adjusted EBITDA from hotels disposed of
(5)
1
1
(4)
(7)
Less: Adjusted EBITDA from investments in affiliates disposed of
(1)
(1)
(1)
(1)
(4)
Comparable Adjusted EBITDA
124
152
143
193
612
Less: Adjusted EBITDA from investments in affiliates
(2)
(2)
(5)
(4)
(13)
Add: All other(3)
14
12
14
15
55
Comparable Hotel Adjusted EBITDA
$136
$162
$152
$204
$654
_____________________________________
(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. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which were sold by the court-appointed receiver in November 2025.
(2)For the three months ended December 31, 2025, includes a gain of $16 million on the sale of Park’s ownership interest in the Capital Hilton included in other gain (loss), net in the condensed
consolidated statements of operations. For the three months ended June 30, 2026, includes a $4 million gain on the sale of Park’s ownership interest in the Embassy Suites by Hilton Alexandria Old
Town included in other gain (loss), net in Park’s condensed consolidated statements of operations.
(3)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated
statements of operations.
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SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – FULL-YEAR 2025
Three Months Ended
Full-Year
(unaudited, in millions)
March 31,
June 30,
September 30,
December 31,
December 31,
2025
2025
2025
2025
2025
Net income
$(57)
$(2)
$(14)
$(204)
$(277)
Depreciation and amortization expense
69
122
78
67
336
Interest income
(3)
(2)
(3)
(2)
(10)
Interest expense
52
53
53
51
209
Interest expense associated with hotels in receivership(1)
16
16
16
10
58
Income tax expense (benefit)
1
1
6
(1)
7
Interest expense, income tax and depreciation and amortization
included in equity in earnings from investments in affiliates
2
2
2
1
7
EBITDA
80
190
138
(78)
330
Gain on sales of assets, net(2)
—
(1)
—
(17)
(18)
Gain on derecognition of assets(1)
(16)
(16)
(16)
(10)
(58)
Share-based compensation expense
4
5
5
5
19
Impairment and casualty loss
70
—
—
249
319
Other items
6
5
3
3
17
Adjusted EBITDA
144
183
130
152
609
Less: Adjusted EBITDA from hotels disposed of
1
(4)
(5)
1
(7)
Less: Adjusted EBITDA from investments in affiliates disposed of
(2)
(3)
(1)
(1)
(7)
Comparable Adjusted EBITDA
143
176
124
152
595
Less: Adjusted EBITDA from investments in affiliates
(6)
(2)
(2)
(2)
(12)
Add: All other(3)
15
13
14
12
54
Comparable Hotel Adjusted EBITDA
$152
$187
$136
$162
$637
_____________________________________
(1)For the year ended December 31, 2025, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding
increase of the contract asset on Park’s condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which were sold by the court-
appointed receiver in November 2025.
(2)For the year ended December 31, 2025, includes a gain of $16 million on the sale of Park’s ownership interest in the Capital Hilton included in other gain (loss), net in the condensed consolidated
statements of operations.
(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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SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE TTM HOTEL REVENUES – 2026 AND 2025
Three Months Ended
TTM
(unaudited, in millions)
September 30,
2025
December 31,
2025
March 31,
2026
June 30,
2026
June 30,
2026
Total Revenues
$610
$629
$622
$680
$2,541
Less: Other revenue
(23)
(24)
(24)
(24)
(95)
Less: Revenues from hotels disposed of
(42)
(29)
(16)
(12)
(99)
Comparable Hotel Revenues
$545
$576
$582
$644
$2,347
Three Months Ended
Full-Year
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
December 31,
2025
Total Revenues
$630
$672
$610
$629
$2,541
Less: Other revenue
(22)
(23)
(23)
(24)
(92)
Less: Revenues from hotels disposed of
(37)
(42)
(42)
(29)
(150)
Comparable Hotel Revenues
$571
$607
$545
$576
$2,299
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33
ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO RESORT
CAPITAL
STRUCTURE
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34
ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO RESORT
CAPITAL STRUCTURE
FIXED AND VARIABLE RATE DEBT
(unaudited, dollars in millions)
As of
June 30, 2026
Extended
Maturity Date(1)
Debt
Collateral
Interest Rate
Maturity Date
Fixed Rate Debt
Mortgage loan
Hilton Hawaiian Village Waikiki Beach Resort
4.20%
November 2026
None
$1,275
Mortgage loan
Hilton Denver City Center
4.90%
December 2026(2)
None
50
Mortgage loan
Hilton Santa Barbara Beachfront Resort
4.17%
December 2026
None
151
Mortgage loan
DoubleTree Hotel Ontario Airport
5.37%
May 2027
None
30
2028 Senior Notes
Unsecured
5.88%
October 2028
None
725
2029 Senior Notes
Unsecured
4.88%
May 2029
None
750
2030 Senior Notes
Unsecured
7.00%
February 2030
None
550
Finance lease obligations
6.88%
2027 to 2030
None
1
Total Fixed Rate Debt
5.14%(3)
3,532
Variable Rate Debt
2024 Term Loan
Unsecured
SOFR + 2.20%
May 2027
None
200
Bonnet Creek Mortgage Loan(4)
Unsecured(4)
SOFR + 2.25%
April 2029
April 2031
—
Revolver(5)
Unsecured
SOFR + 2.25%
September 2029
September 2030
—
2025 Delayed Draw Term Loan(5)
Unsecured
SOFR + 2.20%
January 2030
January 2031
200
Total Variable Rate Debt
5.85%(3)
400
Less: unamortized deferred financing costs and discount
(17)
Total Debt(6)
5.21%(3)
$3,915
_____________________________________
(1)The extension options are exercisable subject to compliance with certain covenants.
(2)The loan matures in August 2042 but became callable by the lender in August 2022 with six months notice. As of June 30, 2026, Park had not received notice from the lender.
(3)Calculated on a weighted average basis.
(4)The Bonnet Creek Mortgage Loan will be secured by the Bonnet Creek complex when drawn upon. As of August 6, 2026, Park has $700 million of available capacity under the Bonnet Creek Mortgage
Loan.
(5)As of August 6, 2026, Park has $1 billion of available capacity under the senior unsecured revolving credit facility (“Revolver”) with no outstanding letters of credit and $600 million of its 2025 Delayed
Draw Term Loan available.
(6)Excludes $105 million of Park’s share of its unconsolidated joint venture debt.
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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 hotel financial data includes results from Park’s consolidated hotels and
property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable hotel financial data
excludes results from property dispositions that have occurred prior to August 6, 2026.
Core/Non-Core
The Company’s Core portfolio includes 20 of Park’s consolidated hotels and one unconsolidated hotel and consists primarily of hotels and
resorts that cater to group and leisure demand. As of June 30, 2026, Park’s Non-Core portfolio included 10 consolidated hotels. As of
August 6, 2026, Park had 9 hotels remaining in its Non-Core portfolio. Financial data presented for Park’s Core and Non-Core hotels are
based on its consolidated hotels only.
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin
Earnings before interest expense, taxes and depreciation and amortization (“EBITDA”), presented herein, reflects net income (loss) excluding
depreciation and amortization, interest income, interest expense, income taxes and also interest income and expense, income tax and
depreciation and amortization included in equity in earnings from investments in affiliates.
Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude the following items that are
not reflective of Park’s ongoing operating performance or incurred in the normal course of business, and thus, excluded from management’s
analysis in making day-to-day operating decisions and evaluations of Park’s operating performance against other companies within its
industry:
•Gains or losses on sales of assets for both consolidated and unconsolidated investments;
•Costs associated with hotel acquisitions or dispositions expensed during the period;
•Severance expense;
•Share-based compensation expense;
•Impairment losses and casualty gains or losses; and
•Other items that management believes are not representative of the Company’s current or future operating
performance.
Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company’s
consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company’s profitability. The
Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the
Company’s consolidated hotels.
Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.
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37
HYATT REGENCY BOSTON
DEFINITIONS
(CONTINUED)
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (“U.S.”)
GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in
accordance with U.S. GAAP. In addition, the Company’s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted
EBITDA margin may not be comparable to similarly titled measures of other companies.
The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful
information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA,
Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company’s
management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by
removing the effect of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its
operating results; and (ii) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are frequently used by
securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations
across companies in the industry.
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be
considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company’s operating performance and
results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be
considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be
available to the Company to meet its obligations. Further, the Company does not use or present EBITDA, Adjusted EBITDA, Hotel Adjusted
EBITDA and Hotel Adjusted EBITDA margin as measures of liquidity or cash flows.
Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – Diluted and Adjusted FFO per
share – Diluted
Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP
measures of the Company’s performance. The Company calculates funds from (used in) operations (“FFO”) attributable to stockholders for a
given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), as
net income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or
losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated
joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect the Company’s pro rata share of the FFO of those
entities on the same basis.
As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper – 2018 Restatement,” since real estate values
historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real
estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in
order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to
investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs.
The Company’s presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the
current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as
Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.
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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.
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 Merrill Lynch
(646) 855-5238
dany.asad@bofa.com
Rich Hightower
Barclays
(212) 526-8768
richard.hightower@barclays.com
Ari Klein
BMO Capital Markets
(212) 885-4103
ari.klein@bmo.com
Jay Kornreich
Cantor Fitzgerald & Co.
(602) 214-6027
jay.kornreich@cantor.com
Smedes Rose
Citi Research
(212) 816-6243
smedes.rose@citi.com
Ken Billingsley
Compass Point
(202) 534-1393
kbillingsley@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 Advisors
(949) 640-8780
cdarling@greenstreet.com
David Katz
Jefferies
(212) 323-3355
dkatz@jefferies.com
Daniel Politzer
JP Morgan
(212) 622-0110
daniel.politzer@jpmorgan.com
Floris van Dijkum
Ladenburg Thalmann
(212) 409-2075
fvandijkum@ladenburg.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
(212) 319-3915
patrick.scholes@truist.com
Robin Farley
UBS Investment Bank
(212) 713-2060
robin.farley@ubs.com
Jamie Feldman
Wells Fargo Securities
(212) 214-5328
james.feldman@wellsfargo.com
Logan Epstein
Wolfe Research
(646) 582-9267
lepstein@wolferesearch.com