0001617406false00016174062024-10-292024-10-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________________________________________________________________
FORM 8-K
______________________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2024
______________________________________________________________________________________
Park Hotels & Resorts Inc.
(Exact name of Registrant as Specified in Its Charter)
______________________________________________________________________________________
Delaware001-3779536-2058176
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1775 Tysons Blvd., 7th Floor, Tysons, VA
22102
(Address of Principal Executive Offices)(Zip Code)
(571) 302-5757
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
______________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par value per sharePKNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 2.02. Results of Operations and Financial Condition.
On October 29, 2024, Park Hotels & Resorts Inc. (the “Company”) issued a press release announcing its results of operations for the third quarter ended September 30, 2024 and made available certain supplemental information concerning the portfolio and operation of the Company. Copies of the press release and the supplemental information are furnished as Exhibits 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.
In accordance with General Instructions B.2 of Form 8-K, the information included in Item 2.02 of this Current Report on Form 8-K (including Exhibits 99.1 and 99.2 hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
Exhibit
Number
Description
99.1
99.2
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Park Hotels & Resorts Inc.
Date: October 29, 2024
By:/s/ Sean M. Dell’Orto
Sean M. Dell’Orto
Executive Vice President, Chief Financial Officer and Treasurer

Exhibit 99.1
symbol.jpg
Investor Contact1775 Tysons Boulevard, 7th Floor
Ian WeissmanTysons, VA 22102
+ 1 571 302 5591www.pkhotelsandresorts.com
Park Hotels & Resorts Inc. Reports Third Quarter 2024 Results
TYSONS, VA (October 29, 2024) – Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the third quarter ended September 30, 2024 and provided an operational update.
Selected Statistical and Financial Information
(unaudited, amounts in millions, except RevPAR, ADR, Total RevPAR and per share data)
Three Months Ended September 30,Nine Months Ended September 30,
20242023
Change(1)
20242023
Change(1)
Comparable RevPAR$189.73 $183.64 3.3 %$188.08 $180.33 4.3 %
Comparable Occupancy78.1 %75.6 %2.5 % pts75.7 %73.5 %2.2 % pts
Comparable ADR$242.88 $242.89 — %$248.57 $245.34 1.3 %
Comparable Total RevPAR$294.65 $283.82 3.8 %$300.83 $287.74 4.5 %
Net income (loss)
$57 $31 83.9 %$153 $(82)286.6 %
Net income (loss) attributable to stockholders
$54 $27 100.0 %$146 $(90)262.2 %
Operating income$95 $85 12.3 %$308 $67 358.9 %
Operating income margin14.6 %12.5 %210  bps15.6 %3.3 %1,230  bps
Comparable Hotel Adjusted EBITDA$170 $173 (1.9)%$539 $512 5.2 %
Comparable Hotel Adjusted EBITDA margin27.2 %28.8 %(160) bps28.3 %28.2 %10  bps
Adjusted EBITDA$159 $163 (2.5)%$514 $496 3.6 %
Adjusted FFO attributable to stockholders$102 $108 (5.6)%$350 $329 6.4 %
Earnings (loss) per share - Diluted(1)
$0.26 $0.13 100.0 %$0.69 $(0.42)264.3 %
Adjusted FFO per share – Diluted(1)
$0.49 $0.51 (3.9)%$1.67 $1.52 9.9 %
Weighted average shares outstanding – Diluted208212(4)210216(6)
______________________________________________
(1)Amounts are calculated based on unrounded numbers.

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, "I am very pleased with our third quarter results, with Comparable RevPAR increasing over 3% compared to the third quarter of 2023, driven by accelerating demand trends at our hotels in Chicago, New Orleans, and Boston coupled with strong performance at our Key West and Orlando hotels, which continue to benefit from recently completed transformative renovations. Group demand continues to improve with 2024 Comparable Group Revenue Pace up over 9% compared to the same time last year, driven by improvements in business demand, an increase in citywide events and strong convention calendars benefiting our Chicago, New Orleans and New York hotels, as well as in-house group events benefiting our Florida hotels. Our Florida hotels sustained minimal damage and business interruption from Hurricanes Helene and Milton and remain fully operational. I am grateful to our teams for navigating these hurricanes that have impacted many communities in the Southeast.
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Additionally, during the third quarter, we continued to execute our capital allocation strategies by disposing of non-core assets, including the Hilton Oakland Airport, repurchasing an additional 2.5 million shares of our common stock for $35 million at a significant discount to our estimated net asset value, and investing in our portfolio, commencing over $200 million of comprehensive guestroom renovations at the iconic Rainbow Tower at the Hilton Hawaiian Village Waikiki Beach Resort, the Palace Tower at the Hilton Waikoloa Village and the Main Tower at the Hilton New Orleans Riverside. With current liquidity of over $1.4 billion, we remain laser-focused on creating long-term shareholder value by further strengthening our balance sheet through non-core asset sales and investments back into our core portfolio with value-enhancing ROI projects and returning capital to shareholders in the form of dividends and leverage neutral share repurchases.”
Additional Highlights
In July 2024, the unconsolidated joint venture that owns and operates the Hilton La Jolla Torrey Pines sold the hotel for gross proceeds of approximately $165 million, and the Company's pro-rata share of the gross proceeds was approximately $41 million, which was reduced by Park's portion of debt of approximately $17 million;
In August 2024, repurchased 2.5 million shares of common stock for a total purchase price of $35 million at an average purchase price of $13.85 per share;
In August 2024, permanently closed the 360-room Hilton Oakland Airport, which incurred an EBITDA loss of nearly $4 million for the trailing twelve months, and subsequently terminated its ground lease, returning the property to the ground lessor;
In October 2024, paid its third quarter 2024 cash dividend of $0.25 per share to stockholders of record as of September 30, 2024; and
In October 2024, the Waldorf Astoria Orlando was ranked 9th in the world by Condé Nast Traveler in its prestigious 2024 Readers’ Choice Awards for the Best Resorts in the World.
Operational Update
Results for Park's Comparable hotels in each of the Company’s key markets are as follows:
(unaudited)Comparable ADRComparable OccupancyComparable RevPAR
HotelsRooms3Q243Q23
Change(1)
3Q243Q23Change3Q243Q23
Change(1)
Hawaii23,507$312.86 $322.09 (2.9 %)87.0 %92.0 %(5.0 % pts)$272.29 $296.29 (8.1 %)
Orlando32,325201.39 188.44 6.9 65.1 60.2 4.9 131.18 113.54 15.5 
New York11,878304.42 302.44 0.7 91.1 92.2 (1.1)277.19 278.78 (0.6)
New Orleans11,622173.42 157.49 10.1 64.3 56.4 7.9 111.44 88.82 25.5 
Boston31,536281.13 267.12 5.2 87.6 86.1 1.5 246.23 230.03 7.0 
Southern California51,773250.89 263.09 (4.6)85.0 79.6 5.4 213.29 209.58 1.8 
Key West2461362.17 409.71 (11.6)65.3 25.1 40.2 236.53 103.07 129.5 
Chicago32,467237.93 227.83 4.4 77.1 69.4 7.7 183.56 158.20 16.0 
Puerto Rico1652264.86 269.92 (1.9)68.5 67.2 1.3 181.39 181.41 — 
Washington, D.C.21,085181.93 173.20 5.0 75.1 77.3 (2.2)136.56 133.77 2.1 
Denver1613204.78 202.05 1.4 74.4 81.8 (7.4)152.25 165.19 (7.8)
Miami1393185.86 177.55 4.7 72.9 71.3 1.6 135.57 126.59 7.1 
Seattle21,246182.67 187.14 (2.4)86.0 82.5 3.5 157.16 154.39 1.8 
San Francisco2660234.95 255.48 (8.0)74.9 78.6 (3.7)176.00 200.81 (12.4)
Other92,850179.45 181.78 (1.3)72.8 70.1 2.7 130.58 127.50 2.4 
All Markets3823,068$242.88 $242.89  %78.1 %75.6 %2.5 % pts$189.73 $183.64 3.3 %
______________________________________________
(1)Calculated based on unrounded numbers.

Changes in Park's 2024 Comparable RevPAR for the three and nine months ended September 30, 2024 compared to the same periods in 2023, by hotel type were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024 vs 20232024 vs 2023
Resort1.5 %4.0 %
Urban5.4 3.9 
Airport0.5 4.9 
Suburban8.6 7.5 
All Types3.3 4.3 
Park continued to see improvements in group demand from ongoing strength at its urban hotels and certain resort hotels, with Comparable group revenues for the third quarter of 2024 increasing by approximately 13% year-over-year. Comparable RevPAR growth for the third quarter was driven by increases at its urban and resort hotels of approximately 5% and 2%, respectively, year-over-year. Park's urban hotels benefited from increased group business and citywide events, including the Hilton New Orleans
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Riverside and the Hilton Chicago where group revenues increased nearly 56% and over 36%, respectively, compared to the third quarter of 2023, which drove increases in RevPAR of approximately 26% and 20%, respectively. Park's Orlando hotels continued to benefit from an increase in group demand following the transformative renovation at the Bonnet Creek Orlando complex in early 2024, with group revenues increasing nearly 92% and 41% at the Waldorf Astoria Orlando and Signia Bonnet Creek hotel, respectively, compared to the third quarter of 2023, which drove increases in RevPAR of approximately 46% and 9%, respectively.
At the end of September 2024, Comparable Group Revenue Pace and room night bookings for 2024 increased over 9% and 4%, respectively, as compared to what 2023 group bookings were at the end of September 2023, with 2024 average Comparable group rates projected to exceed 2023 average Comparable group rates by approximately 5% for the same time period. Additionally, at the end of September 2024, Comparable Group Revenue Pace and room night bookings for 2025 increased over 5% and nearly 2%, respectively, as compared to what 2024 group bookings were at the end of September 2023, with 2025 average Comparable group rates projected to exceed 2024 average Comparable group rates by over 3% for the same time period.
Hurricane Update
Park's hotels located in Key West, Miami and Orlando, remained fully operational while sustaining minimal damage and business interruption from Hurricanes Helene and Milton, which impacted the Southeast in September 2024 and October 2024, respectively. Park expects approximately $2 million of Hotel Adjusted EBITDA disruption from the hurricanes, with minimal financial impact in the third quarter of 2024.
Balance Sheet and Liquidity
Park's current liquidity is over $1.4 billion, including approximately $950 million of available capacity under the Company's revolving credit facility ("Revolver"). As of September 30, 2024, Park's Net Debt was approximately $3.5 billion, which excludes the $725 million non-recourse CMBS Loan ("SF Mortgage Loan") secured by the 1,921-room Hilton San Francisco Union Square and 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the "Hilton San Francisco Hotels").
As of September 30, 2024, the weighted average maturity of Park's consolidated debt, excluding the SF Mortgage Loan, is 3.4 years.
Park had the following debt outstanding as of September 30, 2024:
(unaudited, dollars in millions)   
DebtCollateralInterest RateMaturity Date
As of
September 30, 2024
Fixed Rate Debt 
Mortgage loanHilton Denver City Center4.90%
March 2025(1)
$53 
Mortgage loanHyatt Regency Boston4.25%July 2026125 
Mortgage loanDoubleTree Hotel Spokane City Center3.62%July 202614 
Mortgage loanHilton Hawaiian Village Beach Resort4.20%November 20261,275 
Mortgage loanHilton Santa Barbara Beachfront Resort4.17%December 2026157 
Mortgage loanDoubleTree Hotel Ontario Airport5.37%May 202730 
2028 Senior NotesUnsecured5.88%October 2028725 
2029 Senior NotesUnsecured4.88%May 2029750 
2030 Senior NotesUnsecured7.00%February 2030550 
Finance lease obligations7.44%2024 to 2028
Total Fixed Rate Debt 
5.10%(2)
 3,680 
Variable Rate Debt
Revolver(3)
Unsecured
SOFR + 1.80%(4)
December 2026— 
2024 Term LoanUnsecured
SOFR + 1.75%(4)
May 2027200 
Total Variable Rate Debt6.81% 200 
Add: unamortized premium— 
Less: unamortized deferred financing costs and discount  (25)
Total Debt(5)(6)
5.19%(2)
$3,855 
______________________________________________
(1)The loan matures in August 2042 but became callable by the lender in August 2022 with six months of notice. As of September 30, 2024, Park had not received notice from the lender.
(2)Calculated on a weighted average basis.
(3)Park has approximately $950 million of available capacity under the Revolver.
(4)SOFR includes a credit spread adjustment of 0.1%.
(5)Excludes $157 million of Park’s share of debt of its unconsolidated joint ventures.
(6)Excludes the SF Mortgage Loan, which is included in debt associated with hotels in receivership in Park's consolidated balance sheets. In October 2023, the Hilton San Francisco Hotels were placed into court-ordered receivership, and thus, Park has no further economic interest in the operations of the hotels.
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Capital Investments
Through the third quarter of 2024, Park has spent $164 million on capital improvements at its hotels and expects to incur approximately $230 million to $250 million in capital improvement costs during 2024. Key current and upcoming renovations and return on investment projects include:
(dollars in millions)
Projects & Scope of Work
Estimated
Start Date
Estimated
Completion Date
BudgetTotal Incurred
Hilton Hawaiian Village Waikiki Beach Resort
Phase 1: Renovation of 392 guestrooms and the addition of 12 guestrooms through the conversion of suites to increase room count at the Rainbow Tower to 808
Q3 2024Q1 2025$44 $17 
Phase 2: Renovation of 404 guestrooms and the addition of 14 guestrooms through the conversion of suites to increase room count at the Rainbow Tower to 822
Q3 2025Q1 2026$43 $— 
Lobby renovation: Renovation of the Rainbow Tower lobby
Q3 2025Q1 2026$$— 
Hilton Waikoloa Village
Phase 1: Renovation of 197 guestrooms and the addition of 6 guestrooms through the conversion of suites to increase room count at the Palace Tower to 406
Q3 2024Q4 2024$32 $12 
Phase 2: Renovation of 203 guestrooms and the addition of 5 guestrooms through the conversion of suites to increase room count at the Palace Tower to 411
Q3 2025Q4 2025$33 $— 
Lobby renovation: Renovation of the Palace Tower lobby
Q3 2025Q4 2025$— 
Hilton New Orleans Riverside
Phase 1: Renovation of 250 guestrooms at the 1,167-room Main Tower
Q3 2024Q4 2024$16 $12 
Phase 2: Renovation of 437 guestrooms at the 1,167-room Main Tower
Q2 2025Q3 2025$31 $— 
Dividends
Park declared a third quarter 2024 cash dividend of $0.25 per share to stockholders of record as of September 30, 2024. The third quarter 2024 cash dividend was paid on October 15, 2024. Park is currently targeting paying a fourth quarter dividend, subject to approval by its Board of Directors, in the range of 65% to 70% of Adjusted FFO per share for the full year, which would include both the $0.25 per share fixed quarterly component plus an incremental top-off dividend.
Full-Year 2024 Outlook
Park is not in a position to update its full-year 2024 outlook at this time due to the uncertainty surrounding continuing negotiations between Park's operators and labor unions and the related impacts on operating results, which was not factored into Park's prior outlook. Park will provide a revised outlook once the appropriate agreements have been ratified and Park has a better understanding of the impacts to its operating results.
Supplemental Disclosures
In conjunction with this release, Park has furnished a financial supplement with additional disclosures on its website. Visit www.pkhotelsandresorts.com for more information. Park has no obligation to update any of the information provided to conform to actual results or changes in Park’s portfolio, capital structure or future expectations.
Conference Call
Park will host a conference call for investors and other interested parties to discuss third quarter 2024 results on October 30, 2024 beginning at 11 a.m. Eastern Time. Participants may listen to the live webcast by logging onto the Investors section of the website at www.pkhotelsandresorts.com. Alternatively, participants may listen to the live call by dialing (877) 451-6152 in the United States or (201) 389-0879 internationally and requesting Park Hotels & Resorts’ Third Quarter 2024 Earnings Conference Call. Participants are encouraged to dial into the call or link to the webcast at least ten minutes prior to the scheduled start time.
A replay of the webcast will be available within 24 hours after the live event on the Investors section of Park’s website.
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Forward-Looking Statements
This press release 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 inflation, elevated interest rates, potential economic slowdown or a recession and geopolitical conflicts), the effects of competition and the effects of future legislation or regulations, 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, 2023, as such factors may be updated from time to time in Park’s filings with the 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.
Non-GAAP Financial Measures
Park presents certain non-GAAP financial measures in this press release, 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 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. Please see the schedules included in this press release including the “Definitions” section for additional information and reconciliations of such non-GAAP financial measures.
About Park
Park 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 41 premium-branded hotels and resorts with over 25,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.
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PARK HOTELS & RESORTS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
 September 30, 2024December 31, 2023
 (unaudited)
ASSETS
Property and equipment, net$7,413 $7,459 
Contract asset804 760 
Intangibles, net42 42 
Cash and cash equivalents480 717 
Restricted cash38 33 
Accounts receivable, net of allowance for doubtful accounts of $3 and $3
124 112 
Prepaid expenses57 59 
Other assets38 40 
Operating lease right-of-use assets177 197 
TOTAL ASSETS (variable interest entities – $231 and $236)
$9,173 $9,419 
LIABILITIES AND EQUITY  
Liabilities  
Debt$3,855 $3,765 
Debt associated with hotels in receivership725 725 
Accrued interest associated with hotels in receivership79 35 
Accounts payable and accrued expenses240 210 
Dividends payable57 362 
Due to hotel managers111 131 
Other liabilities187 200 
Operating lease liabilities212 223 
Total liabilities (variable interest entities – $215 and $218)
5,466 5,651 
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 207,257,541 shares issued and 206,403,675 shares outstanding as of September 30, 2024 and 210,676,264 shares issued and 209,987,581 shares outstanding as of December 31, 2023
Additional paid-in capital4,103 4,156 
Accumulated deficit(353)(344)
Total stockholders' equity3,752 3,814 
Noncontrolling interests(45)(46)
Total equity3,707 3,768 
TOTAL LIABILITIES AND EQUITY$9,173 $9,419 
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PARK HOTELS & RESORTS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenues
Rooms$403 $432 $1,193 $1,256 
Food and beverage157 159 521 518 
Ancillary hotel68 66 196 203 
Other21 22 64 64 
Total revenues649 679 1,974 2,041 
Operating expenses
Rooms107 119 314 343 
Food and beverage112 122 356 377 
Other departmental and support154 161 454 484 
Other property65 59 174 182 
Management fees30 31 93 95 
Impairment and casualty loss— — 13 204 
Depreciation and amortization63 65 192 193 
Corporate general and administrative17 18 52 50 
Other21 19 62 61 
Total expenses569 594 1,710 1,989 
Gain on sale of assets, net— — — 15 
Gain on derecognition of assets15 — 44 — 
Operating income95 85 308 67 
Interest income16 29 
Interest expense(54)(51)(161)(155)
Interest expense associated with hotels in receivership(15)(14)(44)(31)
Equity in earnings from investments in affiliates28 29 
Other (loss) gain, net(1)— (4)
Income (loss) before income taxes59 31 144 (77)
Income tax (expense) benefit(2)— (5)
Net income (loss)57 31 153 (82)
Net income attributable to noncontrolling interests(3)(4)(7)(8)
Net income (loss) attributable to stockholders$54 $27 $146 $(90)
Earnings (loss) per share:
Earnings (loss) per share - Basic$0.26 $0.13 $0.70 $(0.42)
Earnings (loss) per share - Diluted$0.26 $0.13 $0.69 $(0.42)
Weighted average shares outstanding – Basic206212208216
Weighted average shares outstanding – Diluted208212210216
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PARK HOTELS & RESORTS INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS
EBITDA AND ADJUSTED EBITDA
(unaudited, in millions)Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Net income (loss)$57 $31 $153 $(82)
Depreciation and amortization expense63 65 192 193 
Interest income(6)(9)(16)(29)
Interest expense54 51 161 155 
Interest expense associated with hotels in receivership(1)
15 14 44 31 
Income tax expense (benefit)— (9)
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates
EBITDA189 154 534 280 
Gain on sales of assets, net(2)
(19)— (19)(15)
Gain on derecognition of assets(1)
(15)— (44)— 
Gain on sale of investments in affiliates(3)
— — — (3)
Share-based compensation expense14 14 
Impairment and casualty loss— — 13 204 
Other items(1)16 16 
Adjusted EBITDA$159 $163 $514 $496 
______________________________________________
(1)For the three and nine months ended September 30, 2024 and 2023, 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 beginning October 2023, as Park expects to be released from this obligation upon final resolution with the lender.
(2)For the three and nine months ended September 30, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates.
(3)Included in other (loss) gain, net.
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PARK HOTELS & RESORTS INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS
COMPARABLE HOTEL ADJUSTED EBITDA AND
COMPARABLE HOTEL ADJUSTED EBITDA MARGIN
(unaudited, dollars in millions)Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Adjusted EBITDA$159 $163 $514 $496 
Less: Adjusted EBITDA from investments in affiliates(3)(4)(19)(19)
Add: All other(1)
12 14 41 40 
Hotel Adjusted EBITDA168 173 536 517 
Less: Adjusted EBITDA from hotels disposed of — 
Less: Adjusted EBITDA from the Hilton San Francisco Hotels— (1)— (5)
Comparable Hotel Adjusted EBITDA$170 $173 $539 $512 
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Total Revenues$649 $679 $1,974 $2,041 
Less: Other revenue(21)(22)(64)(64)
Less: Revenues from hotels disposed of(3)(4)(9)(20)
Less: Revenues from the Hilton San Francisco Hotels— (51)— (145)
Comparable Hotel Revenues$625 $602 $1,901 $1,812 
Three Months Ended September 30,Nine Months Ended September 30,
20242023
Change(2)
20242023
Change(2)
Total Revenues$649 $679 (4.4)%$1,974 $2,041 (3.3)%
Operating income$95 $85 12.3 %$308 $67 358.9 %
Operating income margin(2)
14.6 %12.5 %210  bps15.6 %3.3 %1,230  bps
Comparable Hotel Revenues$625 $602 3.8 %$1,901 $1,812 4.9 %
Comparable Hotel Adjusted EBITDA$170 $173 (1.9)%$539 $512 5.2 %
Comparable Hotel Adjusted EBITDA margin(2)
27.2 %28.8 %(160)bps28.3 %28.2 %10 bps
______________________________________________
(1)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated statements of operations.
(2)Percentages are calculated based on unrounded numbers.
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PARK HOTELS & RESORTS INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS
NAREIT FFO AND ADJUSTED FFO
(unaudited, in millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Net income (loss) attributable to stockholders$54 $27 $146 $(90)
Depreciation and amortization expense63 65 192 193 
Depreciation and amortization expense attributable to noncontrolling interests(1)(1)(3)(3)
Gain on sales of assets, net— — — (15)
Gain on derecognition of assets(1)
(15)— (44)— 
Gain on sale of investments in affiliates(2)
— — — (3)
Impairment loss— — 12 202 
Equity investment adjustments:
Equity in earnings from investments in affiliates(28)(2)(29)(9)
Pro rata FFO of investments in affiliates14 12 
Nareit FFO attributable to stockholders82 91 288 287 
Casualty loss— — 
Share-based compensation expense14 14 
Interest expense associated with hotels in receivership(1)
15 44 
Other items
— 18 
Adjusted FFO attributable to stockholders$102 $108 $350 $329 
Nareit FFO per share – Diluted(3)
$0.40 $0.43 $1.37 $1.33 
Adjusted FFO per share – Diluted(3)
$0.49 $0.51 $1.67 $1.52 
Weighted average shares outstanding – Diluted208 212 210 216 
______________________________________________
(1)For the three and nine months ended September 30, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets beginning October 2023, as Park expects to be released from this obligation upon final resolution with the lender. For the three and nine months ended September 30, 2023, reflects incremental default interest expense and late payment administrative fees associated with the default of the SF Mortgage Loan beginning in June 2023.
(2)Included in other (loss) gain, net.
(3)Per share amounts are calculated based on unrounded numbers.
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PARK HOTELS & RESORTS INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS
NET DEBT
(unaudited, in millions)
September 30, 2024
Debt$3,855 
Add: unamortized deferred financing costs and discount25 
Less: unamortized premium— 
Debt, excluding unamortized deferred financing cost,
   premiums and discounts
3,880 
Add: Park's share of unconsolidated affiliates debt,
excluding unamortized deferred financing costs
157 
Less: cash and cash equivalents(480)
Less: restricted cash(38)
Net Debt$3,519 
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PARK HOTELS & RESORTS INC.
DEFINITIONS
Comparable
The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s Comparable metrics include results from hotels that were active and operating in Park's portfolio since January 1st of the previous year and property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable metrics exclude results from property dispositions that have occurred through October 29, 2024 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 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.
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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.
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.
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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.
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Exhibit 99.2


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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 41 premium-branded hotels and resorts with over 25,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.
Forward-Looking Statements
This supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to the effects of Park's decision to cease payments on its $725 million non-recourse CMBS loan ("SF Mortgage Loan") secured by two of Park’s San Francisco hotels – the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the "Hilton San Francisco Hotels") and the lender's exercise of its remedies, including placing such hotels into receivership, as well as Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including anticipated repayment of certain of Park's indebtedness, the completion of capital allocation priorities, the expected repurchase of Park's stock, the impact from macroeconomic factors (including inflation, elevated interest rates, potential economic slowdown or a recession and geopolitical conflicts), the effects of competition and the effects of future legislation or regulations, 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, 2023, as such factors may be updated from time to time in Park’s filings with the 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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3
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Financial Statements
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Financial Statements
Condensed Consolidated Balance Sheets
(in millions, except share and per share data)September 30, 2024December 31, 2023
(unaudited)
ASSETS
Property and equipment, net$7,413 $7,459 
Contract asset804 760 
Intangibles, net42 42 
Cash and cash equivalents480 717 
Restricted cash38 33 
Accounts receivable, net of allowance for doubtful accounts of $3 and $3
124 112 
Prepaid expenses57 59 
Other assets38 40 
Operating lease right-of-use assets177 197 
TOTAL ASSETS (variable interest entities – $231 and $236)
$9,173 $9,419 
LIABILITIES AND EQUITY
Liabilities
Debt$3,855 $3,765 
Debt associated with hotels in receivership725 725 
Accrued interest associated with hotels in receivership79 35 
Accounts payable and accrued expenses240 210 
Dividends payable57 362 
Due to hotel managers111 131 
Other liabilities187 200 
Operating lease liabilities212 223 
Total liabilities (variable interest entities – $215 and $218)
5,466 5,651 
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 207,257,541 shares issued and 206,403,675 shares outstanding as of September 30, 2024 and 210,676,264 shares issued and 209,987,581 shares outstanding as of December 31, 2023
Additional paid-in capital4,103 4,156 
Accumulated deficit(353)(344)
Total stockholders' equity3,752 3,814 
Noncontrolling interests(45)(46)
Total equity3,707 3,768 
TOTAL LIABILITIES AND EQUITY$9,173 $9,419 
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Financial Statements (continued)
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenues
Rooms$403 $432 $1,193 $1,256 
Food and beverage157 159 521 518 
Ancillary hotel68 66 196 203 
Other21 22 64 64 
Total revenues649 679 1,974 2,041 
Operating expenses
Rooms107 119 314 343 
Food and beverage112 122 356 377 
Other departmental and support154 161 454 484 
Other property65 59 174 182 
Management fees30 31 93 95 
Impairment and casualty loss— — 13 204 
Depreciation and amortization63 65 192 193 
Corporate general and administrative17 18 52 50 
Other21 19 62 61 
Total expenses569 594 1,710 1,989 
Gain on sale of assets, net— — — 15 
Gain on derecognition of assets15 — 44 — 
Operating income95 85 308 67 
Interest income16 29 
Interest expense(54)(51)(161)(155)
Interest expense associated with hotels in receivership(15)(14)(44)(31)
Equity in earnings from investments in affiliates28 29 
Other (loss) gain, net(1)— (4)
Income (loss) before income taxes59 31 144 (77)
Income tax (expense) benefit(2)— (5)
Net income (loss)57 31 153 (82)
Net income attributable to noncontrolling interests(3)(4)(7)(8)
Net income (loss) attributable to stockholders$54 $27 $146 $(90)
Earnings (loss) per share:
Earnings (loss) per share – Basic$0.26 $0.13 $0.70 $(0.42)
Earnings (loss) per share – Diluted$0.26 $0.13 $0.69 $(0.42)
Weighted average shares outstanding – Basic206212208216
Weighted average shares outstanding – Diluted208212210216
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Supplementary Financial Information
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Supplementary Financial Information
EBITDA and Adjusted EBITDA
(unaudited, in millions)Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income (loss)$57 $31 $153 $(82)
Depreciation and amortization expense63 65 192 193 
Interest income(6)(9)(16)(29)
Interest expense54 51 161 155 
Interest expense associated with hotels in receivership(1)
15 14 44 31 
Income tax expense (benefit)— (9)
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates
EBITDA189 154 534 280 
Gain on sale of assets, net(2)
(19)— (19)(15)
Gain on derecognition of assets(1)
(15)— (44)— 
Gain on sale of investments in affiliates(3)
— — — (3)
Share-based compensation expense14 14 
Impairment and casualty loss— — 13 204 
Other items(1)16 16 
Adjusted EBITDA$159 $163 $514 $496 
_____________________________________
(1)For the three and nine months ended September 30, 2024 and 2023, 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 beginning October 2023, as Park expects to be released from this obligation upon final resolution with the lender.
(2)For the three and nine months ended September 30, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates.
(3)Included in other (loss) gain, net in the condensed consolidated statements of operations.
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Supplementary Financial Information (continued)
Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin
(unaudited, dollars in millions)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Adjusted EBITDA$159 $163 $514 $496 
Less: Adjusted EBITDA from investments in affiliates(3)(4)(19)(19)
Add: All other(1)
12 14 41 40 
Hotel Adjusted EBITDA168 173 536 517 
Less: Adjusted EBITDA from hotels disposed of— 
Less: Adjusted EBITDA from the Hilton San Francisco Hotels— (1)— (5)
Comparable Hotel Adjusted EBITDA
$170 $173 $539 $512 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Total Revenues$649 $679 $1,974 $2,041 
Less: Other revenue(21)(22)(64)(64)
Less: Revenues from hotels disposed of(3)(4)(9)(20)
Less: Revenue from the Hilton San Francisco Hotels— (51)— (145)
Comparable Hotel Revenues
$625 $602 $1,901 $1,812 
Three Months Ended September 30,Nine Months Ended September 30,
20242023
Change(2)
20242023
Change(2)
Total Revenues$649 $679 (4.4)%$1,974 $2,041 (3.3)%
Operating income$95 $85 12.3 %$308 $67 358.9 %
Operating income margin(2)
14.6 %12.5 %210  bps15.6 %3.3 %1,230  bps
Comparable Hotel Revenues
$625 $602 3.8 %$1,901 $1,812 4.9 %
Comparable Hotel Adjusted EBITDA
$170 $173 (1.9)%$539 $512 5.2 %
Comparable Hotel Adjusted EBITDA margin(2)
27.2 %28.8 %(160) bps28.3 %28.2 %10  bps
 
______________________________________________________________
(1)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated statements of operations.
(2)Percentages are calculated based on unrounded numbers.
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Supplementary Financial Information (continued)
Nareit FFO and Adjusted FFO

(unaudited, in millions, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320232022
Net income (loss) attributable to stockholders$54 $27 $146 $(90)
Depreciation and amortization expense63 65 192 193 
Depreciation and amortization expense attributable to noncontrolling interests
(1)(1)(3)(3)
Gain on sale of assets, net— — — (15)
Gain on derecognition of assets(1)
(15)— (44)— 
Gain on sale of investments in affiliates(2)
— — — (3)
Impairment loss— — 12 202 
Equity investment adjustments:
Equity in earnings from investments in affiliates(28)(2)(29)(9)
Pro rata FFO of investments in affiliates14 12 
Nareit FFO attributable to stockholders82 91 288 287 
Casualty loss— — 
Share-based compensation expense14 14 
Interest expense associated with hotels in receivership(1)
15 44 
Other items— 18 
Adjusted FFO attributable to stockholders$102 $108 $350 $329 
Nareit FFO per share – Diluted(3)
$0.40 $0.43 $1.37 $1.33 
Adjusted FFO per share – Diluted(3)
$0.49 $0.51 $1.67 $1.52 
Weighted average shares outstanding – Diluted(4)
208212210216
_____________________________________
(1)For the three and nine months ended September 30, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets beginning October 2023, as Park expects to be released from this obligation upon final resolution with the lender. For the three and nine months ended September 30, 2023, reflects incremental default interest expense and late payment administrative fees associated with the default of the SF Mortgage Loan beginning in June 2023.
(2)Included in other (loss) gain, net in the condensed consolidated statements of operations.
(3)Per share amounts are calculated based on unrounded numbers.
(4)Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of September 30, 2024, see page 5.
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Supplementary Financial Information (continued)
General and Administrative Expenses

(unaudited, in millions)Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Corporate general and administrative expenses$17 $18 $52 $50 
Less:
Share-based compensation expense14 14 
Other corporate expenses— 
G&A, excluding expenses not included in Adjusted EBITDA$11 $13 $35 $34 
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Supplementary Financial Information (continued)
Net Debt and Net Debt to Comparable Adjusted EBITDA Ratio
(unaudited, in millions)
September 30, 2024
December 31, 2023
Debt$3,855 $3,765 
Add: unamortized deferred financing costs and discount2522
Less: unamortized premium(1)
Debt, excluding unamortized deferred financing cost, premiums and discounts
3,8803,786
Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs(1)
157147
Less: cash and cash equivalents(2)
(480)(555)
Less: restricted cash(38)(33)
Net Debt$3,519 $3,345 
TTM Comparable Adjusted EBITDA(3)
$679 $652 
Net Debt to TTM Comparable Adjusted EBITDA ratio5.18x5.13x
_____________________________________
(1)Excludes approximately $17 million of Park's share of debt that was repaid in connection with the sale of the Hilton La Jolla Torrey Pines in July 2024.
(2)As of December 31, 2023, considers the additional distribution of $162 million (or approximately $0.77 per share) in connection with the effective exit from the Hilton San Francisco Hotels. The cash dividend of $0.77 per share was declared on October 27, 2023 and paid on January 16, 2024 to stockholders of record as of December 29, 2023.
(3)See pages 29 and 30 for trailing twelve months ("TTM") Comparable Adjusted EBITDA as of September 30, 2024 and December 31, 2023, respectively.

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Portfolio and Operating Metrics

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Portfolio and Operating Metrics
Hotel Portfolio as of October 29, 2024
Hotel NameTotal RoomsMarket
Meeting Space
(square feet)
OwnershipEquity Ownership
Debt
(in millions)
 
Comparable Portfolio
Hilton Hawaiian Village Waikiki Beach Resort2,860Hawaii150,000Fee Simple100%$1,275 
New York Hilton Midtown1,878New York151,000Fee Simple100%— 
Hilton New Orleans Riverside 1,622New Orleans158,000Fee Simple100%— 
Hilton Chicago 1,544Chicago234,000Fee Simple100%— 
Signia by Hilton Orlando Bonnet Creek 1,009Orlando234,000Fee Simple100%— 
DoubleTree Hotel Seattle Airport 850Seattle41,000Leasehold100%— 
Hilton Orlando Lake Buena Vista 814Orlando86,000Leasehold100%— 
Caribe Hilton652Puerto Rico65,000Fee Simple100%— 
Hilton Waikoloa Village647Hawaii241,000Fee Simple100%— 
DoubleTree Hotel Washington DC – Crystal City627Washington, D.C.36,000Fee Simple100%— 
Hilton Denver City Center613Denver50,000Fee Simple100%$53 
Hilton Boston Logan Airport 604Boston30,000Leasehold100%— 
W Chicago – Lakeshore520Chicago20,000Fee Simple100%— 
DoubleTree Hotel San Jose 505Other U.S.48,000Fee Simple100%— 
Hyatt Regency Boston502Boston30,000Fee Simple100%$125 
Waldorf Astoria Orlando 502Orlando62,000Fee Simple100%— 
Hilton Salt Lake City Center500Other U.S.24,000Leasehold100%— 
DoubleTree Hotel Ontario Airport 482Southern California27,000Fee Simple67%$30 
Hilton McLean Tysons Corner 458Washington, D.C.28,000Fee Simple100%— 
Hyatt Regency Mission Bay Spa and Marina438Southern California24,000Leasehold100%— 
Boston Marriott Newton430Boston34,000Fee Simple100%— 
W Chicago – City Center403Chicago13,000Fee Simple100%— 
Hilton Seattle Airport & Conference Center 396Seattle40,000Leasehold100%— 
Royal Palm South Beach Miami, a Tribute Portfolio Resort393Miami11,000Fee Simple100%— 
DoubleTree Hotel Spokane City Center375Other U.S.21,000Fee Simple10%$14 
Hilton Santa Barbara Beachfront Resort360Southern California62,000Fee Simple50%$157 
JW Marriott San Francisco Union Square344San Francisco12,000Leasehold100%— 
Hyatt Centric Fisherman's Wharf316San Francisco19,000Fee Simple100%— 
Hilton Short Hills 314Other U.S.21,000Fee Simple100%— 
Casa Marina Key West, Curio Collection311Key West53,000Fee Simple100%— 
14
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Portfolio and Operating Metrics (continued)
Hotel Portfolio as of October 29, 2024
Hotel NameTotal RoomsMarket
Meeting Space
(square feet)
OwnershipEquity Ownership
Debt(1)
(in millions)
Comparable Portfolio (continued)
DoubleTree Hotel San Diego – Mission Valley 300Southern California24,000Leasehold100%— 
Embassy Suites Kansas City Plaza266Other U.S.11,000Leasehold100%— 
Embassy Suites Austin Downtown South Congress262Other U.S.2,000Leasehold100%— 
DoubleTree Hotel Sonoma Wine Country 245Other U.S.27,000Leasehold100%— 
Juniper Hotel Cupertino, Curio Collection224Other U.S.5,000Fee Simple100%— 
Hilton Checkers Los Angeles193Southern California3,000Fee Simple100%— 
DoubleTree Hotel Durango 159Other U.S.7,000Leasehold100%— 
The Reach Key West, Curio Collection150Key West18,000Fee Simple100%— 
Total Comparable Portfolio (38 Hotels)23,0682,122,000$1,654 
Unconsolidated Joint Venture Portfolio
Hilton Orlando1,424Orlando236,000Fee Simple20%$105 
Capital Hilton559Washington, D.C.30,000Fee Simple25%$27 
Embassy Suites Alexandria Old Town288Washington, D.C.11,000Fee Simple50%$25 
Total Unconsolidated Joint Venture Portfolio (3 Hotels)2,271277,000$157 
Grand Total (41 Hotels)25,339 2,399,000$1,811 
_____________________________________
(1)Debt related to unconsolidated joint ventures is presented on a pro-rata basis.
15
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Portfolio and Operating Metrics (continued)
Comparable Hotels by Market: Q3 2024 vs. Q3 2023
(unaudited)Comparable ADRComparable OccupancyComparable RevPARComparable Total RevPAR
HotelsRooms3Q243Q23
Change(1)
3Q243Q23Change3Q243Q23
Change(1)
3Q243Q23
Change(1)
Hawaii23,507$312.86 $322.09 (2.9)%87.0 %92.0 %(5.0)% pts$272.29 $296.29 (8.1)%$449.95 $501.43 (10.3)%
Orlando32,325201.39 188.44 6.9 65.1 60.2 4.9 131.18 113.54 15.5 289.13 231.41 24.9 
New York11,878304.42 302.44 0.7 91.1 92.2 (1.1)277.19 278.78 (0.6)419.61 411.92 1.9 
New Orleans11,622173.42 157.49 10.1 64.3 56.4 7.9 111.44 88.82 25.5 214.56 171.76 24.9 
Boston31,536281.13 267.12 5.2 87.6 86.1 1.5 246.23 230.03 7.0 299.59 286.95 4.4 
Southern California51,773250.89 263.09 (4.6)85.0 79.6 5.4 213.29 209.58 1.8 318.08 322.87 (1.5)
Key West(2)
2461362.17 409.71 (11.6)65.3 25.1 40.2 236.53 103.07 129.5 384.78 154.73 148.7 
Chicago32,467237.93 227.83 4.4 77.1 69.4 7.7 183.56 158.20 16.0 278.83 241.82 15.3 
Puerto Rico1652264.86 269.92 (1.9)68.5 67.2 1.3 181.39 181.41 — 295.95 281.53 5.1 
Washington, D.C.21,085181.93 173.20 5.0 75.1 77.3 (2.2)136.56 133.77 2.1 193.12 194.47 (0.7)
Denver1613204.78 202.05 1.4 74.4 81.8 (7.4)152.25 165.19 (7.8)227.29 234.01 (2.9)
Miami1393185.86 177.55 4.7 72.9 71.3 1.6 135.57 126.59 7.1 191.88 180.44 6.3 
Seattle21,246182.67 187.14 (2.4)86.0 82.5 3.5 157.16 154.39 1.8 198.72 198.79 — 
San Francisco2660234.95 255.48 (8.0)74.9 78.6 (3.7)176.00 200.81 (12.4)231.49 257.73 (10.2)
Other92,850179.45 181.78 (1.3)72.8 70.1 2.7 130.58 127.50 2.4 176.72 172.11 2.7 
All Markets3823,068$242.88 $242.89  %78.1 %75.6 %2.5 % pts$189.73 $183.64 3.3 %$294.65 $283.82 3.8 %
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.

16
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Portfolio and Operating Metrics (continued)
Comparable Hotels by Market: Q3 2024 vs. Q3 2023
(unaudited, dollars in millions) 
Comparable Hotel Adjusted EBITDA
Comparable Hotel Revenue
Comparable Hotel Adjusted EBITDA Margin
HotelsRooms3Q243Q23
Change(1)
3Q243Q23
Change(1)
3Q243Q23Change
Hawaii23,507$56 $69 (18.4)%$145 $162 (10.3)%38.7 %42.6 %(390)bps
Orlando32,32514 95.4 62 49 24.9 21.3 13.6 770
New York11,87813 10 28.3 72 71 1.9 18.2 14.4 380
New Orleans11,62257.2 32 26 24.9 27.7 22.0 570
Boston31,53615 14 8.9 42 41 4.4 35.5 34.0 150
Southern California51,77318 18 (0.7)52 53 (1.5)34.9 34.6 30
Key West(2)
2461(1)359.6 16 148.7 21.4 (20.6)4,200

Chicago(3)
32,46716 21 (25.6)63 55 15.3 24.6 38.1 (1,350)
Puerto Rico16528.9 18 17 5.1 18.0 17.4 60
Washington, D.C.21,085(12.0)19 19 (0.7)21.1 23.8 (270)
Denver1613(14.7)13 13 (2.9)37.6 42.8 (520)
Miami139311.3 6.3 15.6 14.9 70
Seattle21,246(11.4)23 23 — 19.7 22.2 (250)
San Francisco2660— (79.6)14 15 (10.2)3.3 14.6 (1,130)
Other92,850(4.0)47 44 2.7 17.5 18.7 (120)
All Markets3823,068$170 $173 (1.9)%$625 $602 3.8 %27.2 %28.8 %(160)bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.
(3)In Q3 2023, Park's Chicago hotels benefited from a property tax reassessment resulting in an approximately $8 million benefit. Additionally, Park's Chicago hotels received a grant of approximately $2 million under the Back-to-Business Illinois Hotel Jobs and Recovery Grant Program, which offset payroll expenses.


17
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Portfolio and Operating Metrics (continued)
Comparable Hotels by Market: YTD Q3 2024 vs. YTD Q3 2023
(unaudited)
Comparable ADR
Comparable Occupancy
Comparable RevPAR
Comparable Total RevPAR
HotelsRooms20242023
Change(1)
20242023Change20242023
Change(1)
20242023
Change(1)
Hawaii23,507$309.45 $307.21 0.7 %88.0 %91.1 %(3.1)% pts$272.45 $279.86 (2.6)%$460.21 $487.31 (5.6)%
Orlando32,325243.32233.574.2 69.2 66.92.3 168.41 156.38 7.7 373.27 320.86 16.3 
New York11,878293.33289.561.3 84.8 82.72.1 248.86 239.56 3.9 394.35 365.14 8.0 
New Orleans11,622207.59202.892.3 68.5 65.03.5 142.30 132.04 7.8 256.03 246.24 4.0 
Boston31,536253.61242.514.6 82.6 79.72.9 209.46 193.36 8.3 269.14 251.02 7.2 
Southern California51,773226.08238.10(5.0)80.5 77.03.5 181.99 183.21 (0.7)284.33 288.78 (1.5)
Key West(2)
2461542.07529.292.4 75.5 48.926.6 409.00 258.40 58.3 621.24 375.99 65.2 
Chicago32,467225.56221.771.7 63.3 59.73.6 142.70 132.28 7.9 221.04 204.28 8.2 
Puerto Rico1652303.20290.524.4 75.7 78.3(2.6)229.40227.310.9 350.36348.980.4 
Washington, D.C.21,085192.97180.826.7 74.6 74.30.3 143.90 134.24 7.2 209.07 195.65 6.9 
Denver1613194.39195.19(0.4)69.1 72.5(3.4)134.34 141.50 (5.1)202.43 206.72 (2.1)
Miami1393267.10258.143.5 81.1 80.11.0 216.65 206.92 4.7 285.94 277.79 2.9 
Seattle21,246162.96169.50(3.9)77.5 70.27.3 126.37 119.08 6.1 170.13 162.00 5.0 
San Francisco2660255.91272.10(6.0)71.9 70.41.5 183.97 191.56 (4.0)244.10 257.53 (5.2)
Other92,850181.57183.01(0.8)68.9 66.52.4 125.04 121.62 2.8 171.16 166.67 2.7 
All Markets3823,068$248.57 $245.34 1.3 %75.7 %73.5 %2.2 % pts$188.08 $180.33 4.3 %$300.83 $287.74 4.5 %
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.
18
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Portfolio and Operating Metrics (continued)
Comparable Hotels by Market: YTD Q3 2024 vs. YTD Q3 2023
(unaudited, dollars in millions)
Comparable Hotel Adjusted EBITDA
Comparable Hotel Revenue
Comparable Hotel Adjusted EBITDA Margin
HotelsRooms20242023
Change(1)
20242023
Change(1)
20242023Change
Hawaii23,507$176 $190 (7.0)%$442 $467 (5.2)%39.8 %40.6 %(80)bps
Orlando32,32575 60 26.0 238 204 16.8 31.6 29.3 230
New York11,87825 19 30.1 203 187 8.4 12.2 10.2 200
New Orleans11,62239 40 (3.5)114 109 4.4 33.9 36.7 (280)
Boston(2)
31,53641 32 26.1 113 105 7.6 36.0 30.7 530
Southern California51,77342 44 (4.2)138 140 (1.2)30.2 31.2 (100)
Key West(3)
246131 14 131.8 78 47 65.8 40.0 28.6 1,140
Chicago(4)
32,46721 23 (10.4)149 138 8.6 13.9 16.9 (300)
Puerto Rico165217 17 (0.4)63 62 0.8 26.7 27.0 (30)
Washington, D.C.21,08516 14 12.0 62 58 7.2 25.7 24.6 110
Denver161312 13 (6.4)34 35 (1.7)35.4 37.2 (180)
Miami139311 11 6.7 31 30 3.3 37.0 35.8 120
Seattle21,246(7.9)58 55 5.4 11.6 13.3 (170)
San Francisco2660(41.3)44 46 (4.9)9.6 15.5 (590)
Other92,85022 21 0.5 134 129 3.1 16.6 17.0 (40)
All Markets3823,068$539 $512 5.2 %$1,901 $1,812 4.9 %28.3 %28.2 %10bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)During Q1 2024, Park's Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation's Hotel & Motel Relief Grant Program.
(3)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.
(4)In Q3 2023, Park's Chicago hotels benefited from a property tax reassessment resulting in an approximately $8 million benefit. Additionally, Park's Chicago hotels received a grant of approximately $2 million under the Back-to-Business Illinois Hotel Jobs and Recovery Grant Program, which offset payroll expenses.

19
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Portfolio and Operating Metrics (continued)
Core Hotels: Q3 2024 vs. Q3 2023
(unaudited)ADR OccupancyRevPAR Total RevPAR
 3Q243Q23
Change(1)
3Q243Q23Change3Q243Q23
Change(1)
3Q243Q23
Change(1)
Core Hotels
1Hilton Hawaiian Village Waikiki Beach Resort$313.56 $317.24 (1.2)%89.8 %93.7 %(3.9)% pts$281.46 $297.03 (5.2)%$437.63 $473.02 (7.5)%
2Hilton Waikoloa Village309.16 345.83 (10.6)75.0 84.8 (9.8)231.76 293.04 (20.9)504.39 627.01 (19.6)
3Signia by Hilton Orlando Bonnet Creek191.36 178.86 7.0 68.1 66.7 1.4 130.32 119.30 9.2 325.94 275.34 18.4 
4Waldorf Astoria Orlando305.04 285.42 6.9 64.2 47.2 17.0 195.74 134.50 45.5 400.42 246.64 62.3 
5Hilton Orlando Lake Buena Vista148.93 154.87 (3.8)62.1 60.4 1.7 92.41 93.48 (1.1)174.85 167.55 4.4 
6New York Hilton Midtown304.42 302.44 0.7 91.1 92.2 (1.1)277.19 278.78 (0.6)419.61 411.92 1.9 
7Hilton New Orleans Riverside173.42 157.49 10.1 64.3 56.4 7.9 111.44 88.82 25.5 214.56 171.76 24.9 
8Hilton Boston Logan Airport298.36 281.38 6.0 92.6 97.7 (5.1)276.39 275.09 0.5 327.49 342.35 (4.3)
9Hyatt Regency Boston304.37 287.13 6.0 93.4 86.6 6.8 284.33 248.73 14.3 341.49 300.05 13.8 
10Boston Marriott Newton216.31 209.54 3.2 73.7 69.2 4.5 159.38 144.91 10.0 211.49 193.85 9.1 
11Hilton Santa Barbara Beachfront Resort404.88 393.21 3.0 82.5 82.8 (0.3)334.00 325.58 2.6 496.97 500.27 (0.7)
12Hyatt Regency Mission Bay Spa and Marina288.98 338.17 (14.5)86.8 73.6 13.2 250.78 248.85 0.8 408.64 429.66 (4.9)
13Hilton Checkers Los Angeles198.22 211.31 (6.2)81.7 80.3 1.4 162.01 169.68 (4.5)200.74 197.18 1.8 
14
Casa Marina Key West, Curio Collection(2)
374.06 — 100.0 66.7 — 66.7 249.52 (0.05)100.0 399.92 0.65 100.0 
15The Reach Key West, Curio Collection335.83 409.85 (18.1)62.4 77.3 (14.9)209.60 316.86 (33.9)353.41 474.20 (25.5)
16Hilton Chicago221.52 219.49 0.9 80.7 67.8 12.9 178.78 148.75 20.2 302.42 255.37 18.4 
17W Chicago – City Center314.82 283.34 11.1 64.9 68.1 (3.2)204.34 192.94 5.9 244.45 238.21 2.6 
18W Chicago – Lakeshore238.79 211.22 13.1 76.1 75.5 0.6 181.66 159.32 14.0 235.45 204.38 15.2 
19DoubleTree Hotel Washington DC – Crystal City167.88 164.77 1.9 76.5 81.2 (4.7)128.39 133.73 (4.0)168.82 194.02 (13.0)
20Hilton Denver City Center204.78 202.05 1.4 74.4 81.8 (7.4)152.25 165.19 (7.8)227.29 234.01 (2.9)
21Royal Palm South Beach Miami185.86 177.55 4.7 72.9 71.3 1.6 135.57 126.59 7.1 191.88 180.44 6.3 
22Hyatt Centric Fisherman's Wharf201.64 221.12 (8.8)81.5 85.4 (3.9)164.26 188.66 (12.9)219.06 251.64 (12.9)
23JW Marriott San Francisco Union Square271.12 292.67 (7.4)68.9 72.4 (3.5)186.79 211.96 (11.9)242.91 263.33 (7.8)
24DoubleTree Hotel San Jose178.26 171.33 4.0 61.9 61.0 0.9 110.43 104.67 5.5 154.44 157.72 (2.1)
25Juniper Hotel Cupertino, Curio Collection186.82 188.22 (0.7)75.1 69.4 5.7 140.28 130.61 7.4 154.96 149.12 3.9 
Total Core Hotels258.48 257.58 0.4 78.1 75.7 2.4 201.76 194.86 3.5 319.75 307.87 3.9 
All Other Hotels190.23 193.04 (1.5)78.3 75.4 2.9 148.99 145.62 2.3 209.65 202.35 3.6 
Total Comparable Hotels$242.88 $242.89  %78.1 %75.6 %2.5 % pts$189.73 $183.64 3.3 %$294.65 $283.82 3.8 %
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.


20
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Portfolio and Operating Metrics (continued)
Core Hotels: Q3 2024 vs. Q3 2023
(unaudited, dollars in millions)Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin
3Q243Q23
Change(1)
3Q243Q23
Change(1)
3Q243Q23Change
Core Hotels
1Hilton Hawaiian Village Waikiki Beach Resort$47 $55 (13.5)%$115 $124 (7.5)%41.0 %43.9 %(290)bps
2Hilton Waikoloa Village14 (37.1)30 37 (19.6)29.8 38.1 (830)
3Signia by Hilton Orlando Bonnet Creek45.8 30 25 18.4 25.4 20.6 480
4Waldorf Astoria Orlando— 1,029.4 18 11 62.3 19.5 (3.4)2,290
5Hilton Orlando Lake Buena Vista1.6 13 13 4.4 14.5 14.9 (40)
6New York Hilton Midtown13 10 28.3 72 71 1.9 18.2 14.4 380
7Hilton New Orleans Riverside57.2 32 26 24.9 27.7 22.0 570
8Hilton Boston Logan Airport(1.0)18 19 (4.3)33.1 32.0 110
9Hyatt Regency Boston17.0 16 14 13.8 41.9 40.8 110
10Boston Marriott Newton15.7 9.1 28.4 26.8 160
11Hilton Santa Barbara Beachfront Resort(0.9)16 17 (0.7)54.7 54.8 (10)
12Hyatt Regency Mission Bay Spa and Marina4.4 16 17 (4.9)29.1 26.5 260
13Hilton Checkers Los Angeles6.1 1.8 20.0 19.2 80
14
Casa Marina Key West, Curio Collection(2)
(3)180.4 11 — 100.0 23.1 — 2,310
15The Reach Key West, Curio Collection— (56.1)(25.5)17.5 29.7 (1,220)
16
Hilton Chicago(3)
11 13 (9.2)44 36 18.4 26.5 34.6 (810)
17
W Chicago – City Center(3)
(54.8)2.6 20.5 46.5 (2,600)
18
W Chicago – Lakeshore(3)
(45.9)11 10 15.2 20.4 43.5 (2,310)
19DoubleTree Hotel Washington DC – Crystal City(30.7)10 11 (13.0)22.5 28.3 (580)
20Hilton Denver City Center(14.7)13 13 (2.9)37.6 42.8 (520)
21Royal Palm South Beach Miami11.3 6.3 15.6 14.9 70
22Hyatt Centric Fisherman's Wharf— (50.7)(12.9)13.8 24.4 (1,060)
23JW Marriott San Francisco Union Square— (180.4)(7.8)(5.4)6.1 (1,150)
24DoubleTree Hotel San Jose— (40.2)(2.1)5.2 8.5 (330)
25Juniper Hotel Cupertino, Curio Collection5.8 3.9 18.7 18.4 30
Total Core Hotels149 156 (1.9)524 504 3.9 28.5 30.2 (170)
All Other Hotels21 17 (1.5)101 98 3.6 20.0 21.0 (100)
Total Comparable Hotels$170 $173 (1.9)%$625 $602 3.8 %27.2 %28.8 %(160)bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.
(3)In Q3 2023, Park's Chicago hotels benefited from a property tax reassessment resulting in an approximately $8 million benefit. Additionally, Park's Chicago hotels received a grant of approximately $2 million under the Back-to-Business Illinois Hotel Jobs and Recovery Grant Program, which offset payroll expenses.


21
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Portfolio and Operating Metrics (continued)
Core Hotels: YTD Q3 2024 vs. YTD Q3 2023
(unaudited)ADR OccupancyRevPAR Total RevPAR
 20242023
Change(1)
20242023Change20242023
Change(1)
20242023
Change(1)
Core Hotels
1Hilton Hawaiian Village Waikiki Beach Resort$306.83 $301.06 1.9 %90.3 %92.9 %(2.6)% pts$277.09 $279.76 (1.0)%$440.52 $455.83 (3.4)%
2Hilton Waikoloa Village322.86 337.65 (4.4)78.0 83.0 (5.0)251.95280.29(10.1)547.24626.45(12.6)
3Signia by Hilton Orlando Bonnet Creek232.76 217.66 6.9 73.2 69.9 3.3 170.47152.1312.1 439.50354.8523.9 
4Waldorf Astoria Orlando374.96 359.53 4.3 61.8 56.9 4.9 231.72204.7213.2 451.20387.5916.4 
5Hilton Orlando Lake Buena Vista184.32 189.74 (2.9)68.8 69.5 (0.7)126.81131.85(3.8)243.12237.572.3 
6New York Hilton Midtown293.33 289.56 1.3 84.8 82.7 2.1 248.86239.563.9 394.35365.148.0 
7Hilton New Orleans Riverside207.59202.892.3 68.5 65.03.5 142.30132.047.8 256.03246.244.0 
8Hilton Boston Logan Airport260.63 247.76 5.2 92.8 93.6 (0.8)241.99231.964.3 298.11293.281.6 
9Hyatt Regency Boston276.91 263.84 5.0 85.0 78.9 6.1 235.51208.2813.1 296.34262.8412.7 
10Boston Marriott Newton204.16 199.07 2.6 65.3 61.1 4.2 133.36121.729.6 196.69177.8510.6 
11Hilton Santa Barbara Beachfront Resort338.62 349.50 (3.1)74.3 72.1 2.2 251.52252.04(0.2)389.93405.06(3.7)
12Hyatt Regency Mission Bay Spa and Marina254.76 293.50 (13.2)80.5 69.5 11.0 204.97203.830.6 357.58358.67(0.3)
13Hilton Checkers Los Angeles198.89 216.22 (8.0)71.9 73.6 (1.7)142.95158.98(10.1)177.71185.81(4.4)
14
Casa Marina Key West, Curio Collection(2)
553.85 538.58 2.8 74.8 34.2 40.6 414.27184.25124.8 633.94272.49132.6 
15The Reach Key West, Curio Collection518.29 520.95 (0.5)76.8 79.1 (2.3)398.08412.15(3.4)594.93590.580.7 
16Hilton Chicago211.84 211.39 0.2 65.6 58.9 6.7 138.92124.5011.6 243.05218.7211.1 
17W Chicago – City Center298.49 280.19 6.5 56.9 58.9 (2.0)169.72164.872.9 204.67201.661.5 
18W Chicago – Lakeshore216.69 208.20 4.1 61.4 62.5 (1.1)132.97130.102.2 168.38163.423.0 
19DoubleTree Hotel Washington DC – Crystal City185.34 174.19 6.4 77.1 77.5 (0.4)142.88134.995.8 193.89192.590.7 
20Hilton Denver City Center194.39 195.19 (0.4)69.1 72.5 (3.4)134.34141.50(5.1)202.43206.72(2.1)
21Royal Palm South Beach Miami267.10 258.14 3.5 81.1 80.1 1.0 216.65206.924.7 285.94277.792.9 
22Hyatt Centric Fisherman's Wharf191.53 205.38 (6.7)75.5 74.1 1.4 144.66152.25(5.0)191.59209.55(8.6)
23JW Marriott San Francisco Union Square321.07 339.93 (5.5)68.5 66.9 1.6 220.07227.68(3.3)292.33301.59(3.1)
24DoubleTree Hotel San Jose183.74 171.28 7.3 61.0 60.1 0.9 112.09103.038.8 160.68158.211.6 
25Juniper Hotel Cupertino, Curio Collection199.36 193.07 3.3 73.4 62.8 10.6 146.33121.3120.6 164.56140.2817.3 
Total Core Hotels265.22 260.28 1.9 75.9 73.8 2.1 201.21192.074.8 328.55313.314.9 
All Other Hotels191.50 193.84 (1.2)75.0 72.5 2.5 143.62140.552.2 206.94201.152.9 
Total Comparable Hotels$248.57 $245.34 1.3 %75.7 %73.5 %2.2 % pts$188.08 $180.33 4.3 %$300.83 $287.74 4.5 %
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.

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Portfolio and Operating Metrics (continued)
Core Hotels: YTD Q3 2024 vs. YTD Q3 2023
(unaudited, dollars in millions)Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin
 20242023
Change(1)
20242023
Change(1)
20242023Change
Core Hotels
1Hilton Hawaiian Village Waikiki Beach Resort$144 $148 (2.9)%$345 $356 (3.0)%41.6 %41.5 %10bps
2Hilton Waikoloa Village33 42 (21.7)97 111 (12.3)33.6 37.6 (400)
3Signia by Hilton Orlando Bonnet Creek43 33 33.4 122 98 24.3 35.7 33.3 240
4Waldorf Astoria Orlando16 11 51.2 62 53 16.8 26.3 20.3 600
5Hilton Orlando Lake Buena Vista15 16 (5.4)54 53 2.7 28.4 30.8 (240)
6New York Hilton Midtown25 19 30.1 203 187 8.4 12.2 10.2 200
7Hilton New Orleans Riverside39 40 (3.5)114 109 4.4 33.9 36.7 (280)
8
Hilton Boston Logan Airport(2)
16 14 14.0 49 48 2.0 32.4 29.0 340
9
Hyatt Regency Boston(2)
17 13 30.9 41 36 13.2 42.1 36.4 570
10
Boston Marriott Newton(2)
46.6 23 21 11.0 33.0 25.0 800
11Hilton Santa Barbara Beachfront Resort18 18 (3.5)38 40 (3.4)45.7 45.7 
12Hyatt Regency Mission Bay Spa and Marina11 11 (4.6)43 43 0.1 25.1 26.3 (120)
13Hilton Checkers Los Angeles31.2 10 (4.0)14.4 10.5 390
14
Casa Marina Key West, Curio Collection(3)
22 441.5 54 23 133.5 41.1 17.7 2,340
15The Reach Key West, Curio Collection(2.7)24 24 1.1 37.6 39.1 (150)
16
Hilton Chicago(4)
16 15 6.1 103 92 11.5 16.0 16.8 (80)
17
W Chicago – City Center(4)
(39.1)23 22 1.9 13.1 22.0 (890)
18
W Chicago – Lakeshore(4)
(50.6)24 23 3.4 5.9 12.3 (640)
19DoubleTree Hotel Washington DC – Crystal City10 10 (0.8)33 33 1.0 29.3 29.9 (60)
20Hilton Denver City Center12 13 (6.4)34 35 (1.7)35.4 37.2 (180)
21Royal Palm South Beach Miami11 11 6.7 31 30 3.3 37.0 35.8 120
22Hyatt Centric Fisherman's Wharf(48.2)17 18 (8.2)9.0 16.0 (700)
23JW Marriott San Francisco Union Square(36.6)28 28 (2.7)9.9 15.2 (530)
24DoubleTree Hotel San Jose29.4 22 21 1.9 10.1 8.0 210
25Juniper Hotel Cupertino, Curio Collection83.8 10 17.7 24.8 15.9 890
Total Core Hotels479 451 6.2 1,603 1,523 5.3 29.9 29.6 30
All Other Hotels60 61 (2.3)298 289 3.3 19.9 21.0 (110)
Total Comparable Hotels$539 $512 5.2 %$1,901 $1,812 4.9 %28.3 %28.2 %10bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)During Q1 2024, Park's Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation's Hotel & Motel Relief Grant Program.
(3)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.
(4)In Q3 2023, Park's Chicago hotels benefited from a property tax reassessment resulting in an approximately $8 million benefit. Additionally, Park's Chicago hotels received a grant of approximately $2 million under the Back-to-Business Illinois Hotel Jobs and Recovery Grant Program, which offset payroll expenses.


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Properties Acquired and Sold
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Properties Acquired and Sold
Properties Acquired
HotelLocationRoom Count
2019 Acquisitions:
Chesapeake Lodging Trust Acquisition(1)
Hilton Denver City CenterDenver, CO613
W Chicago – LakeshoreChicago, IL520
Hyatt Regency BostonBoston, MA502
Hyatt Regency Mission Bay Spa and MarinaSan Diego, CA438
Boston Marriott NewtonNewton, MA430
Le Meridien New Orleans(2)
New Orleans, LA410
W Chicago – City CenterChicago, IL403
Royal Palm South Beach Miami, a Tribute Portfolio ResortMiami Beach, FL393
Le Meridien San Francisco(3)
San Francisco, CA360
JW Marriott San Francisco Union SquareSan Francisco, CA344
Hyatt Centric Fisherman’s WharfSan Francisco, CA316
Hotel Indigo San Diego Gaslamp Quarter(4)
San Diego, CA210
Courtyard Washington Capitol Hill/Navy Yard(4)
Washington, DC204
Homewood Suites by Hilton Seattle Convention Center Pike Street(5)
Seattle, WA195
Hilton Checkers Los AngelesLos Angeles, CA193
Ace Hotel Downtown Los Angeles(2)
Los Angeles, CA182
Hotel Adagio, Autograph Collection(6)
San Francisco, CA171
W New Orleans – French Quarter(7)
New Orleans, LA97
 5,981
_____________________________________
(1)Park’s acquisition by merger of Chesapeake Lodging Trust closed in September 2019 for total consideration of approximately $2.5 billion, including acquisition costs.
(2)Sold in December 2019.
(3)Sold in August 2021.
(4)Sold in June 2021.
(5)Sold in June 2022.
(6)Sold in July 2021.
(7)Sold in April 2021.
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Properties Acquired and Sold (continued)
Properties Sold
HotelLocationMonth SoldRoom CountGross Proceeds
(in millions)
2018 Total Sales (13 Hotels)3,193$519.0 
2019 Total Sales (8 Hotels)2,597$496.9 
2020 Total Sales (2 Hotels)700$207.9 
2021 Total Sales (5 Hotels)1,042$476.6 
2022 Sales:
Hampton Inn & Suites Memphis – Shady GroveMemphis, TennesseeApril 2022131$11.5 
Hilton Chicago/Oak Brook SuitesChicago, IllinoisMay 202221110.3 
Homewood Suites by Hilton Seattle Convention Center Pike StreetSeattle, WashingtonJune 202219580.0 
Hilton San Diego Bayfront(1)
San Diego, CaliforniaJune 20221,190157.0 
Hilton Garden Inn Chicago/Oakbrook TerraceChicago, IllinoisJuly 20221289.4 
Hilton Garden Inn LAX/El SegundoEl Segundo, CaliforniaSeptember 202216237.5 
DoubleTree Hotel Las Vegas Airport(2)
Las Vegas, NevadaOctober 202219011.2 
2022 Total (7 Hotels)2,207$316.9 
2023 Sales:
Hilton Miami AirportMiami, FloridaFebruary 2023508$118.3 
2023 Total (1 Hotel)508$118.3 
2024 Sales:
Hilton La Jolla Torrey Pines(3)
La Jolla, CaliforniaJuly 2024394$41.3 
2024 Total (1 Hotel)394$41.3 
Grand Total(4) (37 Hotels)
10,641$2,176.9 
_____________________________________
(1)Park sold its 25% interests in the joint ventures that own and operate this unconsolidated hotel for total gross proceeds of approximately $157 million, which were reduced by $55 million for Park’s share of the mortgage debt.
(2)The unconsolidated hotel was sold for total gross proceeds of approximately $22 million, of which $11.2 million represents Park’s pro-rata share.
(3)The unconsolidated hotel was sold for total gross proceeds of approximately $165 million, of which $41.3 million represents Park's pro-rata share.
(4)To date, Park has sold its interest in 37 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.
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Comparable Supplementary Financial Information
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Comparable Supplementary Financial Information
Historical Comparable TTM Hotel Metrics
(unaudited, dollars in millions)
Three Months Ended
TTM
December 31,March 31,June 30,September 30,September 30,
20232024202420242024
Comparable RevPAR$179.90 $177.51 $196.98 $189.73 $186.02 
Comparable Occupancy71.3 %71.3 %77.6 %78.1 %74.6 %
Comparable ADR$252.30 $248.94 $254.00 $242.88 $249.46 
Total Revenues $657 $639 $686 $649 $2,631 
Operating income$276 $92 $121 $95 $584 
Operating income margin(1)
42.0 %14.5 %17.5 %14.6 %22.2 %
Comparable Hotel Revenues $616 $615 $661 $625 $2,517 
Comparable Hotel Adjusted EBITDA $171 $170 $199 $170 $710 
Comparable Hotel Adjusted EBITDA margin(1)
27.8 %27.6 %30.2 %27.2 %28.2 %
Three Months Ended Full-Year
March 31,June 30,September 30,December 31,December 31,
20232023202320232023
Comparable RevPAR$164.44 $192.70 $183.64 $179.90 $180.22 
Comparable Occupancy67.6 %77.2 %75.6 %71.3 %72.9 %
Comparable ADR$243.12 $249.68 $242.89 $252.30 $247.05 
Total Revenues $648 $714 $679 $657 $2,698 
Operating income (loss) $80 $(98)$85 $276 $343 
Operating income (loss) margin(1)
12.4 %(13.7)%12.5 %42.0 %12.7 %
Comparable Hotel Revenues $570 $640 $602 $616 $2,428 
Comparable Hotel Adjusted EBITDA $146 $193 $173 $171 $683 
Comparable Hotel Adjusted EBITDA margin(1)
25.6 %30.1 %28.8 %27.8 %28.1 %
Three Months Ended Full-Year
March 31,June 30,September 30,December 31,December 31,
20192019201920192019
Comparable RevPAR$164.30 $189.02 $183.39 $174.26 $177.78 
Comparable Occupancy76.1 %84.8 %83.4 %79.6 %81.0 %
Comparable ADR$215.96 $223.00 $219.99 $219.05 $219.61 
Total Revenues$659 $703 $672 $810 $2,844 
Operating income$129 $111 $38 $148 $426 
Operating income margin(1)
19.5 %15.8 %5.8 %18.2 %15.0 %
Comparable Hotel Revenues $572 $648 $613 $630 $2,463 
Comparable Hotel Adjusted EBITDA $154 $204 $177 $189 $724 
Comparable Hotel Adjusted EBITDA margin(1)
26.9 %31.5 %28.9 %30.0 %29.4 %
_____________________________________
(1)Percentages are calculated based on unrounded numbers.
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Comparable Supplementary Financial Information (continued)
Historical Comparable Hotel Adjusted EBITDA – TTM
Three Months Ended TTM
(unaudited, in millions)December 31,March 31,June 30,September 30,September 30,
20232024202420242024
Net income$188 $29 $67 $57 $341 
Depreciation and amortization expense94 65 64 63 286 
Interest income(9)(5)(5)(6)(25)
Interest expense52 53 54 54 213 
Interest expense associated with hotels in receivership14 14 15 15 58 
Income tax expense (benefit)33 (12)24 
Interest expense, income tax and depreciation and amortization
   included in equity in earnings from investments in affiliates
10 
EBITDA373 160 185 189 907 
Gain on sales of assets, net(1)
— — — (19)(19)
Gain on derecognition of assets(2)
(221)(14)(15)(15)(265)
Share-based compensation expense18 
Impairment and casualty loss— — 13 
Other items11 (1)23 
Adjusted EBITDA163 162 193 159 677 
Less: Adjusted EBITDA from hotels disposed of— — 
Less: Adjusted EBITDA from investments in affiliates disposed of(1)(1)(1)— (3)
Less: Adjusted EBITDA from the Hilton San Francisco Hotels— — — 
Comparable Adjusted EBITDA164 162 192 161 679 
Less: Adjusted EBITDA from investments in affiliates(4)(7)(7)(3)(21)
Add: All other(3)
11 15 14 12 52 
Comparable Hotel Adjusted EBITDA$171 $170 $199 $170 $710 
_____________________________________
(1)For the three and twelve months ended September 30, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates in the condensed consolidated statements of operations.
(2)For the three months ended December 31, 2023, represents the gain from derecognizing the Hilton San Francisco Hotels from Park's consolidated balance sheet in October 2023, when the receiver took control of the hotels. Additionally, for the three months ended March 31, 2024, June 30, 2024 and September 30, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender.
(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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Comparable Supplementary Financial Information (continued)
Historical Comparable Hotel Adjusted EBITDA – Full-Year 2023
 Three Months Ended Full-Year
(unaudited, in millions)March 31,June 30,September 30,December 31,December 31,
20232023202320232023
Net income (loss)$33 $(146)$31 $188 $106 
Depreciation and amortization expense64646594287
Interest income(10)(10)(9)(9)(38)
Interest expense52525152207
Interest expense associated with hotels in receivership89141445
Income tax expense233338
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates
32218
EBITDA152(26)154373653
Gain on sales of assets, net
(15)(15)
Gain on derecognition of assets(1)
(221)(221)
Gain on sale of investments in affiliates(2)
(3)(3)
Share-based compensation expense455418
Casualty and impairment loss1203204
Other items484723
Adjusted EBITDA146187163163659
Less: Adjusted EBITDA from hotels disposed of(1)1
Less: Adjusted EBITDA from investments in affiliates disposed of
(1)(1)(1)(1)(4)
Less: Adjusted EBITDA from the Hilton San Francisco Hotels
(5)1(1)2(3)
Comparable Adjusted EBITDA
139187162164652
Less: Adjusted EBITDA from investments in affiliates(6)(7)(3)(4)(20)
Add: All other(3)
1313141151
Comparable Hotel Adjusted EBITDA
$146 $193 $173 $171 $683 
_____________________________________
(1)For the three months and year ended December 31, 2023, represents the gain from derecognizing the Hilton San Francisco Hotels from Park's consolidated balance sheet in October 2023, when the receiver took control of the hotels.
(2)Included in other (loss) gain, 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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Comparable Supplementary Financial Information (continued)
Historical Comparable Hotel Adjusted EBITDA – Full-Year 2019
Three Months EndedFull-Year
(unaudited, in millions)March 31,June 30,September 30,December 31, December 31,
20192019201920192019
Net income$97 $84 $$126 $316 
Depreciation and amortization expense62616180264
Interest income(1)(2)(2)(1)(6)
Interest expense25262534110
Interest expense associated with hotels in receivership778830
Income tax expense752335
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates
577423
EBITDA202 188 108 274 772 
(Gain) loss on sales of assets, net(31)12(1)1(19)
Gain on sale of investments in affiliates(1)
(44)(44)
Acquisition costs659570
Severance expense112
Share-based compensation expense444416
Casualty loss (gain) and impairment loss, net8(26)(18)
Other items(4)29
Adjusted EBITDA176 207 180 223 786 
Add: Adjusted EBITDA from hotels acquired375339129
Less: Adjusted EBITDA from hotels disposed of (31)(31)(20)(19)(101)
Less: Adjusted EBITDA from investments in affiliates disposed of(4)(6)(6)(4)(20)
Less: Adjusted EBITDA from the Hilton San Francisco Hotels(33)(27)(25)(21)(106)
Comparable Adjusted EBITDA(2)
145 196 168 179 688 
Less: Adjusted EBITDA from investments in affiliates(6)(6)(3)(2)(17)
Add: All other(3)
1514121253
Comparable Hotel Adjusted EBITDA$154 $204 $177 $189 $724 
_____________________________________
(1)Included in other (loss) gain, net in the condensed consolidated statements of operations.
(2)Full year December 31, 2019 includes $15 million associated with 466 rooms at the Hilton Waikoloa Village that were transferred to Hilton Grand Vacations at the end of 2019, $6 million associated with business interruption proceeds related to the loss of income in prior years for the Hilton Caribe and a $6 million operating loss generated from Park’s laundry facilities that were closed in 2021. Excluding these amounts, 2019 Comparable Adjusted EBITDA would have been $673 million.
(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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Comparable Supplementary Financial Information (continued)
Historical Comparable TTM Hotel Revenues – 2024, 2023 and 2019
Three Months Ended
TTM
(unaudited, in millions)December 31,
2023
March 31,
2024
June 30,
2024
September 30,
2024
September 30,
2024
Total Revenues$657 $639 $686 $649 $2,631 
Less: Other revenue(21)(21)(22)(21)(85)
Less: Revenues from hotels disposed of(3)(3)(3)(3)(12)
Less: Revenues from the Hilton San Francisco Hotels
(17)— — — (17)
Comparable Hotel Revenues$616 $615 $661 $625 $2,517 
Three Months Ended Full-Year
March 31,
2023
June 30,
2023
September 30,
2023
December 31,
2023
December 31,
2023
Total Revenues$648 $714 $679 $657 $2,698 
Less: Other revenue(20)(22)(22)(21)(85)
Less: Revenues from hotels disposed of(10)(6)(4)(3)(23)
Less: Revenues from the Hilton San Francisco Hotels
(48)(46)(51)(17)(162)
Comparable Hotel Revenues$570 $640 $602 $616 $2,428 
Three Months Ended Full-Year
March 31,
2019
June 30,
2019
September 30,
2019
December 31,
2019
December 31,
2019
Total Revenues$659 $703 $672 $810 $2,844 
Less: Other revenue(18)(19)(22)(18)(77)
Add: Revenues from hotels acquired130 151 125 — 406 
Less: Revenues from hotels disposed of(104)(99)(76)(77)(356)
Less: Revenues from the Hilton San Francisco Hotels
(95)(88)(86)(85)(354)
Comparable Hotel Revenues$572 $648 $613 $630 $2,463 
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Capital Structure
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Capital Structure
Fixed and Variable Rate Debt
(unaudited, dollars in millions)
As of September 30, 2024
DebtCollateralInterest RateMaturity Date
Fixed Rate Debt
Mortgage loanHilton Denver City Center4.90%
March 2025(1)
$53 
Mortgage loanHyatt Regency Boston4.25%July 2026125 
Mortgage loanDoubleTree Hotel Spokane City Center3.62%July 202614 
Mortgage loanHilton Hawaiian Village Beach Resort4.20%November 20261,275 
Mortgage loanHilton Santa Barbara Beachfront Resort4.17%December 2026157 
Mortgage loanDoubleTree Hotel Ontario Airport5.37%May 202730 
2028 Senior NotesUnsecured5.88%October 2028725 
2029 Senior NotesUnsecured4.88%May 2029750 
2030 Senior NotesUnsecured7.00%February 2030550 
Finance lease obligations7.44%2024 to 2028
Total Fixed Rate Debt
5.10%(2)
3,680 
Variable Rate Debt
Revolver(3)
Unsecured
SOFR + 1.80%(4)
December 2026— 
2024 Term LoanUnsecured
SOFR + 1.75%(4)
May 2027200 
Total Variable Rate Debt6.81%200 
Add: unamortized premium— 
Less: unamortized deferred financing costs and discount(25)
Total Debt(5)(6)
5.19%(2)
$3,855 
(1)The loan matures in August 2042 but became callable by the lender in August 2022 with six months of notice. As of September 30, 2024, Park had not received notice from the lender.
(2)Calculated on a weighted average basis.
(3)Park has approximately $950 million of available capacity under the Revolver.
(4)SOFR includes a credit spread adjustment of 0.1%.
(5)Excludes $157 million of Park’s share of debt of its unconsolidated joint ventures.
(6)Excludes the SF Mortgage Loan, which is included in debt associated with hotels in receivership in Park's consolidated balance sheets. In October 2023, the Hilton San Francisco Hotels were placed into court-ordered receivership, and thus, Park has no further economic interest in the operations of the hotels.
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Definitions
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Definitions
Comparable
The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s Comparable metrics include results from hotels that were active and operating in Park's portfolio since January 1st of the previous year and property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable metrics exclude results from property dispositions that have occurred through October 29, 2024 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 expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates.

Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude the following items that are not reflective of Park's ongoing operating performance or incurred in the normal course of business, and thus, excluded from management's analysis in making day-to-day operating decisions and evaluations of Park's operating performance against other companies within its industry:
Gains or losses on sales of assets for both consolidated and unconsolidated investments;
Costs associated with hotel acquisitions or dispositions expensed during the period;
Severance expense;
Share-based compensation expense;
Impairment losses and casualty gains or losses; and
Other items that management believes are not representative of the Company’s current or future operating performance.
Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company’s consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company’s profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company’s consolidated hotels.
Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (“U.S.”) GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, the Company’s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies.

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Definitions (continued)
The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company’s management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by removing the effect of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results; and (ii) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in the industry.
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company’s operating performance and results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available to the Company to meet its obligations. Further, the Company does not use or present EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin as measures of liquidity or cash flows.
Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – Diluted and Adjusted FFO per share – Diluted
Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP measures of the Company’s performance. The Company calculates funds from (used in) operations (“FFO”) attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), as net income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect the Company’s pro rata share of the FFO of those entities on the same basis.
As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper – 2018 Restatement,” since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company’s presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.




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Definitions (continued)
The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding the Company’s ongoing operating performance. Management historically has made the adjustments detailed below in evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful supplemental information that is beneficial to an investor’s complete understanding of operating performance. The Company adjusts Nareit FFO attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO attributable to stockholders:
Costs associated with hotel acquisitions or dispositions expensed during the period;
Severance expense;
Share-based compensation expense;
Casualty gains or losses; and
Other items that management believes are not representative of the Company’s current or future operating performance.
Net Debt
Net Debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net Debt is calculated as (i) debt excluding unamortized deferred financing costs; and (ii) the Company’s share of investments in affiliate debt, excluding unamortized deferred financing costs; reduced by (a) cash and cash equivalents; and (b) restricted cash and cash equivalents. Net Debt also excludes Debt associated with hotels in receivership.
The Company believes Net Debt provides useful information about its indebtedness to investors as it is frequently used by securities analysts, investors and other interested parties to compare the indebtedness of companies. Net Debt should not be considered as a substitute to debt presented in accordance with U.S. GAAP. Net Debt may not be comparable to a similarly titled measure of other companies.

Net Debt to Adjusted EBITDA Ratio
Net Debt to Adjusted EBITDA ratio, presented herein, is a non-GAAP financial measure and is included as it is frequently used by securities analysts, investors and other interested parties to compare the financial condition of companies. Net Debt to Adjusted EBITDA ratio should not be considered as an alternative to measures of financial condition derived in accordance with U.S. GAAP and it may not be comparable to a similarly titled measure of other companies.
Occupancy
Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. Occupancy measures the utilization of the Company’s hotels’ available capacity. Management uses Occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help management determine achievable Average Daily Rate (“ADR”) levels as demand for rooms increases or decreases.
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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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Analyst Coverage
AnalystCompanyPhoneEmail
Dany AsadBank of America(646) 855-5238dany.asad@bofa.com
Ari KleinBMO Capital Markets(212) 885-4103ari.klein@bmo.com
Smedes RoseCiti Research(212) 816-6243smedes.rose@citi.com
Floris Van DijkumCompass Point(646) 757-2621fvandijkum@compasspointllc.com
Chris WoronkaDeutsche Bank(212) 250-9376chris.woronka@db.com
Duane PfennigwerthEvercore ISI(212) 497-0817duane.pfennigwerth@evercoreisi.com
Christopher DarlingGreen Street(949) 640-8780cdarling@greenstreet.com
Meredith JensenHSBC Global Research(212) 525-6858meredith.jensen@us.hsbc.com
David KatzJefferies(212) 323-3355dkatz@jefferies.com
Joe GreffJP Morgan(212) 622-0548joseph.greff@jpmorgan.com
Stephen GramblingMorgan Stanley(212) 761-1010stephen.grambling@morganstanley.com
RJ MilliganRaymond James(727) 567-2585rjmilligan@raymondjames.com
Patrick ScholesTruist Securities (212) 319-3915patrick.scholes@research.Truist.com
Robin FarleyUBS(212) 713-2060robin.farley@ubs.com
Richard AndersonWedbush Securities Inc.(212) 938-9949richard.anderson@wedbush.com
Dori KestenWells Fargo(617) 603-4262 dori.kesten@wellsfargo.com
Keegan CarlWolfe Research(646) 582-9251kcarl@wolferesearch.com
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v3.24.3
Cover Page
Oct. 29, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 29, 2024
Entity Registrant Name Park Hotels & Resorts Inc.
Entity Incorporation State Country Code DE
Entity File Number 001-37795
Entity Tax Identification Number 36-2058176
Entity Address, Address Line One 1775 Tysons Blvd.
Entity Address, Address Line Two 7th Floor
Entity Address, City or Town Tysons
Entity Address, State or Province VA
Entity Address, Postal Zip Code 22102
City Area Code (571)
Local Phone Number 302-5757
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, $0.01 par value per share
Trading Symbol PK
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001617406
Amendment Flag false

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