Park Hotels & Resorts Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 6 August 2026: press release. Guidance figures: 8 raised, 2 new, 4 kept. The quarter’s numbers.

Key takeaways

Core RevPAR up 6.0%: Core RevPAR was $233.49, up 6.0%, or 7.1% excluding the Royal Palm. Management attributed growth to broad-based demand, group business and higher-rated leisure travel. Source
Adjusted EBITDA up 8.6%: Adjusted EBITDA was $198 million, up from $183 million. Diluted EPS was $0.24 against a loss of $0.02, and diluted Adjusted FFO per share was $0.70, up 9.0%. Source
Full-year guidance raised: Management raised full-year 2026 guidance for RevPAR, net income, diluted EPS, Adjusted EBITDA and Adjusted FFO per share, citing second-quarter results and demand above expectations. Source
2027 group bookings running ahead: At end-June, Core group revenue pace and room-night bookings for 2027 were up over 6% and about 3%, compared with the same point for 2026 a year earlier. Source
Four Non-Core exits, $65 million: Four Non-Core hotels were exited after the first quarter for about $65 million of gross proceeds, including an Austin ground-lease termination fee. Source

“I am incredibly pleased with our second quarter results, with broad-based demand driving Core RevPAR growth (excluding Royal Palm) of over 7% year-over-year, exceeding our expectations.”
Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
RevPAR Source	full-year 2026	$198 to $201	Raised from $192 to $196
RevPAR change vs. 2025 Source	full-year 2026	3.0% to 4.5%	Raised from 0.5% to 2.5%
Net income Source	full-year 2026	$78 million to $98 million	Raised from $66 million to $96 million
Net income attributable to stockholders Source	full-year 2026	$69 million to $89 million	Raised from $58 million to $88 million
Diluted EPS Source	full-year 2026	$0.35 to $0.45	Raised from $0.29 to $0.44
Adjusted EBITDA Source	full-year 2026	$617 million to $637 million	Raised from $587 million to $617 million
Adjusted FFO per share, diluted Source	full-year 2026	$1.90 to $2.00	Raised from $1.74 to $1.90
Hotel operating expenses growth Source	full-year 2026	3% to 4%	Raised from 2.4% to 3.4%
World Cup and Royal Palm effects on RevPAR Source	full-year 2026	+30 basis points World Cup; -30 basis points Royal Palm	Kept
Incremental interest expense Source	full-year 2026	about $13 million	Kept
Diluted weighted average shares Source	full-year 2026	200 million	Kept
Capital expenditures Source	full-year 2026	$230 million to $260 million	Kept
Comparable RevPAR Source	July 2026	8.5% increase year-over-year	New
Comparable Group Revenue Pace Source	third quarter 2026	over 15%	New

What changed from last quarter

Guidance raised: Full-year 2026 guidance raised for RevPAR, net income, diluted EPS, Adjusted EBITDA and Adjusted FFO per share, citing second-quarter results and demand above expectations. Source
Guidance kept: Diluted share count assumption of 200 million and interest-expense assumption of about $13 million are kept from the prior update. Source
New: Royal Palm reopened in July 2026. The prior release had expected a June 2026 reopening after the renovation. Source
New: Park sold its ownership interest in the Embassy Suites Alexandria Old Town joint venture in May 2026 for gross proceeds of $29 million, net of Park's share of mortgage debt. Source
New: The Embassy Suites Austin Downtown South Congress ground lease was terminated in June 2026 and the property reverted to the ground lessor. Source
New: Park sold the Hilton Short Hills in July 2026 for gross proceeds of $12 million. Source
New: Park drew $200 million from its 2025 delayed draw term loan in June 2026, used in part to repay the Hyatt Regency Boston mortgage. Source

Results and growth drivers

Core RevPAR up 6.0%: Core RevPAR was $233.49, up 6.0%, or 7.1% excluding the Royal Palm. Management attributed growth to broad-based demand, group business and higher-rated leisure travel. Source
Adjusted EBITDA up 8.6%: Adjusted EBITDA was $198 million, up from $183 million. Diluted EPS was $0.24 against a loss of $0.02, and diluted Adjusted FFO per share was $0.70, up 9.0%. Source
Net income turned positive: Net income was $50 million and net income attributable to stockholders was $47 million, compared with a net loss of $2 million and $5 million a year earlier. Source
Full-year guidance raised: Management raised full-year 2026 guidance for RevPAR, net income, diluted EPS, Adjusted EBITDA and Adjusted FFO per share, citing second-quarter results and demand above expectations. Source

Segments and regions

Hawaii resort RevPAR up 12%: Hilton Hawaiian Village RevPAR rose 12% after guestroom renovations at the Rainbow and Tapa Towers were completed. Group revenue rose over 13% and transient revenue about 10%. Source
Bonnet Creek RevPAR up 13%: Combined RevPAR at the Bonnet Creek complex rose 13%, with transient gains at Waldorf Astoria Orlando and group revenue up about 20% at Signia. The complex exceeded $107 million of trailing twelve-month EBITDA. Source
Washington and Chicago group gains: Park's hotels in Washington D.C. saw combined RevPAR rise 17% on group revenue growth above 56%. Hilton Chicago RevPAR rose 14%, with transient demand up nearly 25%. Source
Royal Palm reduced Core RevPAR: The Royal Palm, which suspended operations in mid-May 2025 for renovation, reduced Core RevPAR growth by 110 basis points this quarter. It reopened in July 2026. Source

“we are well positioned with $2.6 billion of liquidity to repay $1.3 billion of maturing debt during the third quarter, significantly extending our debt maturity profile.”
Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer

Products and customers

Group rooms revenue up 9.5%: Management linked group demand to a 9.5% rise in group rooms revenue, along with higher-rated leisure travel across the portfolio. Source
Hawaii food and beverage gains: Food and beverage revenue at Hilton Hawaiian Village rose 29%, or about $6 million, compared with the same period in 2025. Source
Casa Marina group revenue up 44%: Casa Marina Key West, Curio Collection, grew group revenue 44% and transient revenue 10%. Its RevPAR rose over 14% and food and beverage revenue 36%. Source
Santa Barbara demand broadened: Group and transient revenue at Hilton Santa Barbara Beachfront Resort rose 36% and 20%. RevPAR rose nearly 28% and food and beverage revenue 20%. Source

Demand and booking pace

2027 group bookings running ahead: At end-June, Core group revenue pace and room-night bookings for 2027 were up over 6% and about 3%, compared with the same point for 2026 a year earlier. Source
2027 group rates projected higher: Average Core group rates for 2027 are projected to rise about 4% on the same basis. Source
Demand above expectations: Management said demand trends continue to exceed expectations across the portfolio, which the company cited when raising full-year guidance. Source

“We continued to execute against our strategic priorities during the quarter by advancing the disposition of our remaining Non-Core assets while investing in the long-term growth of our Core portfolio.”
Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer

Costs, margins and pricing

Core hotel margin up 80 basis points: Core hotel Adjusted EBITDA margin was 32.4%, up 80 basis points, while Core hotel Adjusted EBITDA rose 9.3% to $182 million. Source
Tax appeal and insurance savings: Management said $11 million of property tax appeal benefits were achieved in the second quarter. Property insurance premiums fell 20% at the June 1 program renewal. Source
Variable costs rising with demand: Higher occupancy and demand raise variable costs such as labor and utilities, partly offset by lower fixed costs, according to management's updated expense view. Source
Operating income margin up 440 basis points: Operating income rose 47% to $95 million, and the operating income margin reached 14.0%, up from 9.6% a year earlier. Source

Capital, cash and returns

Net debt about $3.7 billion: Net debt was about $3.7 billion at June 30, and the weighted average maturity of consolidated debt was 1.8 years, down from 1.9 years at March 31. Source
Hyatt Regency Boston loan repaid: The company drew $200 million on its 2025 delayed draw term loan in June to repay the $120 million Hyatt Regency Boston mortgage, which was scheduled to mature July 1, 2026. Source
Second-quarter capital spending: Park spent $64 million on capital improvements at its hotels during the second quarter, following $83 million in the first quarter. Source
Third-quarter dividend declared: Park declared a $0.25 third-quarter dividend on July 31, payable October 15, 2026 to holders of record September 30. The company cited an annualized yield of about 6.5%. Source

Non-Core disposition initiative

Four Non-Core exits, $65 million: Four Non-Core hotels were exited after the first quarter for about $65 million of gross proceeds, including an Austin ground-lease termination fee. Source
Proceeds at 13.7 times EBITDA: Management said gross proceeds of these dispositions equal 13.7 times 2025 EBITDA, including $59 million of anticipated capital expenditures. Source
Nine Non-Core hotels remain: Nine Non-Core hotels remain, with 4,113 rooms and 2025 Hotel Adjusted EBITDA of $51 million. Six are targeted for sale and three are Safehold leases. Source
Litigation delays three disposals: Sale timing for the Hilton Salt Lake City Center and two DoubleTree hotels cannot be set while the ongoing litigation continues. Source
Austin lease ended with fee: The Austin ground lease ended by agreement in June. Park received an early termination fee of about $6 million and transferred the hotel's business assets to the ground lessor. Source

Strategy and investment

Royal Palm renovation completed: The Royal Palm reopened in July 2026 after a renovation of more than $100 million. Management expects the renovation to generate a 15% to 20% return on investment. Source
Royal Palm adds meeting space: The renovation added a new event terrace and four food and beverage concepts, along with a redesigned lobby and upgraded pool. All 393 guestrooms were renovated, with 11 added. Source
Return projects at Bonnet Creek and Casa Marina: Management said its transformative ROI projects at the Bonnet Creek complex and Casa Marina Key West continue to show benefits in the quarter. Source

Coming up, as management said on 6 August 2026

Ali'i Tower renovation starts Q3: Renovation of the 348-room Ali'i Tower, budgeted at about $100 million, is set to begin in the third quarter, with three guestrooms added at the oceanfront tower. Source
Hilton Hawaiian Village loan prepayment: Management intends to draw on the 2025 delayed draw term loan and the Bonnet Creek loan to prepay the $1.275 billion mortgage in the third quarter, without penalty. Source
New Orleans tower phase completes Q4: The third and final phase of the main tower at the Hilton New Orleans Riverside is expected to be completed in the fourth quarter of 2026. Source
Santa Barbara loan refinancing in Q4: Management intends to refinance the $151 million mortgage on Hilton Santa Barbara Beachfront Resort during the fourth quarter. Source

Figures management reported

Figure	Reported
Comparable RevPAR Source	$216.87
Comparable occupancy Source	80.0%
Comparable ADR Source	$270.97
Core occupancy Source	81.0%
Portfolio size Source	30 hotels; over 21,000 rooms

Risks management discussed

External: Full-year guidance depends on macroeconomic factors, including inflation, interest rates, and the possibility of a recession or slowdown. Source
Regulatory: Ongoing litigation prevents a set timing for the sale of three Non-Core Safehold leases. Source
Financial: Refinancing of $1.4 billion of 2026 debt adds about $13 million of incremental interest expense, mostly in the fourth quarter. Source

Earlier plans management reported on

Met: Management said the Royal Palm reopened in July 2026 as planned. The prior release had expected a June 2026 reopening. Source
Not stated: The prior release planned to prepay the Hyatt Regency Boston mortgage at the end of the second quarter. The June draw fully repaid the $120 million loan. Source
Not stated: Management said it is set to begin the approximately $100 million Ali'i Tower renovation during the third quarter of 2026. Source
On track: Management described the expected 30 basis point World Cup benefit as in line with its prior guidance. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Ian Weissman	Tysons, VA 22102
+ 1 571 302 5591	www.pkhotelsandresorts.com

Park Hotels & Resorts Inc. Reports Second Quarter 2026 Results

TYSONS, VA (August 6, 2026) - Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the second quarter ended June 30, 2026 and provided an operational update and an update on its Non-Core hotel disposition initiative.

Second Quarter Highlights Include:

Comparable RevPAR was $216.87, an increase of 5.8% compared to the same period in 2025, or a 6.8% increase when excluding the Royal Palm South Beach Miami, a Tribute Portfolio Resort (“Royal Palm”), which suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026;
Core RevPAR was $233.49, an increase of 6.0% compared to the same period in 2025, or a 7.1% increase when excluding the Royal Palm;
Net income and net income attributable to stockholders were $50 million and $47 million, respectively;
Adjusted EBITDA was $198 million, an increase of 8.6% compared to the same period in 2025;
Diluted earnings per share was $0.24; and
Diluted Adjusted FFO per share was $0.70.

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer, stated, “I am incredibly pleased with our second quarter results, with broad-based demand driving Core RevPAR growth (excluding Royal Palm) of over 7% year-over-year, exceeding our expectations. Strong group demand yielding a 9.5% increase in group rooms revenue year-over-year and higher-rated leisure travel across our portfolio drove performance during the quarter. RevPAR at the Hilton Hawaiian Village Waikiki Beach Resort increased 12% year-over-year, and the hotel continues to gain market share, benefiting from guestroom renovations at the Rainbow and Tapa Towers. We continued to see the benefits of our transformative ROI projects at the Bonnet Creek resort complex and the Casa Marina Key West, Curio Collection, where RevPAR increased 13% and 14%, respectively, and group demand increased 11% and 44%, respectively, year-over-year. Other Core hotels across several markets further contributed to our results, including the Hilton Chicago where RevPAR increased 14% year-over-year. As we begin the third quarter, I am encouraged by our July results, with July Comparable RevPAR projected to increase 8.5% year-over-year and third quarter Comparable Group Revenue Pace currently over 15% compared to the same time last year.”

Additional Highlights Include:

Reopened the Royal Palm in July 2026, following the completion of its more than $100 million transformative renovation;
Exited four Non-Core hotels since the first quarter of 2026 for gross proceeds of approximately $65 million. Altogether, these hotels contributed approximately $9 million of Hotel Adjusted EBITDA during 2025. The total gross proceeds for these dispositions represents 13.7x 2025 EBITDA, including $59 million in anticipated capital expenditures;
In April 2026, entered into a new $700 million delayed draw loan facility (“Bonnet Creek Mortgage Loan”), which is expected to be utilized in September 2026 to address upcoming debt maturities, while also extending Park’s overall maturity profile;
In June 2026, drew $200 million from Park’s $800 million senior unsecured delayed draw term loan facility (“2025 Delayed Draw Term Loan”) to, in part, fully repay the $120 million mortgage loan encumbering the Hyatt Regency Boston; and
In July 2026, paid its second quarter cash dividend of $0.25 per share to stockholders of record as of June 30, 2026 and declared its third quarter cash dividend of $0.25 per share to stockholders of record as of September 30, 2026, to be paid on October 15, 2026.

Non-Core Hotel Dispositions:

In April 2026, sold the 396-room Hilton Seattle Airport & Conference Center, which was subject to a short-term ground lease and had anticipated capital expenditures of over $25 million, for gross proceeds of $18 million;
In May 2026, sold Park’s ownership interest in the unconsolidated joint venture that owns and operates the 288-room Embassy Suites by Hilton Alexandria Old Town, which had anticipated capital expenditures of over $4 million, for gross proceeds of $29 million, which was reduced by $25 million for Park’s share of the mortgage debt of the joint venture;
In June 2026, the short-term ground lease for the 262-room Embassy Suites by Hilton Austin Downtown South Congress was terminated pursuant to an agreement, and the property reverted to the ground lessor. Park received an early termination fee of approximately $6 million and sold all personal property and business assets of the hotel to the ground lessor. The hotel had anticipated capital expenditures of approximately $3 million; and
In July 2026, sold the 314-room Hilton Short Hills for gross proceeds of $12 million, which had anticipated capital expenditures of approximately $27 million.

Mr. Baltimore added, “We continued to execute against our strategic priorities during the quarter by advancing the disposition of our remaining Non-Core assets while investing in the long-term growth of our Core portfolio. Since the end of the first quarter, we have exited an additional four Non-Core hotels and invested $64 million in capital improvements, including completing the comprehensive renovation and repositioning of the Royal Palm in Miami, which reopened in July 2026 as planned. Looking ahead, we are excited to begin the approximately $100 million full-scale renovation of the Ali’i Tower at Hilton Hawaiian Village Waikiki Beach Resort during the third quarter, further enhancing one of the premier destinations in Hawaii. Additionally, we remain laser-focused on our strategic objective to maintain a flexible balance sheet. With the successful completion of the Bonnet Creek Mortgage Loan during the quarter, together with the previously announced 2025 Delayed Draw Term Loan, we are well positioned with $2.6 billion of liquidity to repay $1.3 billion of maturing debt during the third quarter, significantly extending our debt maturity profile.”

Selected Statistical and Financial Information

(unaudited, amounts in millions, except RevPAR, ADR, Total RevPAR and per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2026		2025		Change		2026		2025		Change
Comparable Hotels:
RevPAR	$216.87		$204.89		5.8%		$204.91		$196.75		4.1%
Occupancy	80.0%		77.1%		2.9	% pts	76.0%		73.7%		2.3	% pts
ADR	$270.97		$265.47		2.1%		$269.55		$266.88		1.0%
Total RevPAR	$355.79		$335.77		6.0%		$340.64		$327.65		4.0%
Core Hotels:
RevPAR	$233.49		$220.19		6.0%		$222.07		$213.88		3.8%
Occupancy	81.0%		78.3%		2.7	% pts	77.1%		75.3%		1.8	% pts
ADR	$288.10		$281.09		2.5%		$288.19		$284.16		1.4%
Total RevPAR	$389.90		$366.30		6.4%		$374.46		$359.92		4.0%
Net income (loss)	$50		$(2)		2,588.9%		$62		$(59)		205.7%
Net income (loss) attributable to stockholders	$47		$(5)		1,177.3%		$58		$(62)		194.5%
Operating income	$95		$65		47.0%		$157		$72		119.3%
Operating income margin	14.0%		9.6%		440bps		12.1%		5.5%		660bps
Comparable Hotel Adjusted EBITDA	$204		$187		8.8%		$356		$339		5.0%
Comparable Hotel Adjusted EBITDA margin	31.7%		30.9%		80bps		29.1%		28.9%		20bps
Core Hotel Adjusted EBITDA	$182		$166		9.3%		$323		$310		4.1%
Core Hotel Adjusted EBITDA margin	32.4%		31.6%		80bps		30.2%		30.2%		- bps
Adjusted EBITDA	$198		$183		8.6%		$341		$327		4.4%
Adjusted FFO attributable to stockholders	$140		$129		9.2%		$230		$221		4.4%
Earnings (loss) per share - Diluted	$0.24		$(0.02)		1,094.5%		$0.29		$(0.31)		192.5%
Adjusted FFO per share - Diluted	$0.70		$0.64		9.0%		$1.15		$1.10		4.5%
Weighted average shares outstanding - Diluted		200		200		0		200		200		0

Percentages are calculated based on unrounded numbers.

Comparable RevPAR, excluding the Royal Palm, increased 6.8% and 6.3% for the three and six months ended June 30, 2026 compared to the same periods in 2025.

Core RevPAR, excluding the Royal Palm, increased 7.1% and 6.3% for the three and six months ended June 30, 2026 compared to the same periods in 2025.

Diluted loss per share for the three and six months ended June 30, 2025 was calculated based on weighted average shares of 199 million for both periods, which excludes shares that were anti-dilutive. For purposes of Diluted Adjusted FFO per share, weighted average shares were 200 million for both periods.

Operational Update on Core Hotels

Results for Park’s Core hotels and Core hotels by type are as follows:

	Rooms	2Q26	2Q25	Change		2Q26	2Q25	Change	2Q26	2Q25	Change
(unaudited, dollars in millions)		RevPAR				Hotel Revenue			Hotel Adjusted EBITDA
Hilton Hawaiian Village Waikiki Beach Resort	2,886	$263.16	$235.49	11.8%		$116	$101	15.5%	$41	$36	13.3%
Hilton Waikoloa Village	661	219.43	226.38	(3.1)		27	31	(12.2)	6	9	(27.4)
Signia by Hilton Orlando Bonnet Creek	1,009	193.54	173.52	11.5		48	44	7.2	18	17	7.9
Waldorf Astoria Orlando	502	329.47	287.09	14.8		29	25	15.0	10	8	26.5
New York Hilton Midtown	1,878	306.69	306.08	0.2		83	79	4.9	18	17	6.7
Hilton New Orleans Riverside	1,622	143.92	148.10	(2.8)		39	39	(1.2)	14	14	(0.9)
Caribe Hilton	652	253.21	254.02	(0.3)		24	24	(0.2)	7	7	(2.7)
Hilton Boston Logan Airport	604	263.81	262.89	0.3		18	18	0.9	6	6	(0.8)
Hyatt Regency Boston	502	321.24	295.52	8.7		18	16	9.8	8	7	13.2
Hilton Santa Barbara Beachfront Resort	360	295.08	231.29		27.6	16	13	23.5	8	6	20.8
Hyatt Regency Mission Bay Spa and Marina	438	207.66	206.50		0.6	15	15	5.4	4	4	6.7
Casa Marina Key West, Curio Collection	311	507.55	444.92	14.1		25	21	20.9	12	9	29.5
The Reach Key West, Curio Collection	150	406.79	398.88	2.0		8	9	(1.1)	3	3	(0.7)
Hilton Chicago	1,544	184.28	161.63	14.0		42	39	7.7	13	10	23.5
Hilton Denver City Center	613	160.67	151.26	6.2		12	13	(3.2)	5	5	(9.4)
DoubleTree Hotel Washington DC - Crystal City	627	203.14	165.80	22.5		15	12	16.8	5	4	51.5
Hilton McLean Tysons Corner	458	173.36	159.92	8.4		11	10	13.5	2	2	32.9
JW Marriott San Francisco Union Square	344	236.79	224.75	5.4		10	9	4.5	3	1	201.6
Juniper Hotel Cupertino, Curio Collection	224	162.82	150.11	8.5		4	3	7.7	1	1	4.1
Total Core Hotels excluding Royal Palm	15,385	239.46	223.49	7.1		560	521	7.4	184	166	10.9
Royal Palm South Beach Miami	404	-	91.31	(100.0)		-	4	(100.0)	(2)	-	(567.2)
Total Core Hotels (20 Hotels)	15,789	233.49	220.19	6.0		560	525	6.6	182	166	9.3
Non-Core Hotels (9 Hotels)	4,113	153.11	146.27	4.7		84	82	2.8	22	21	5.1
Total Comparable Hotels (29 Hotels)	19,902	$216.87	$204.89	5.8%		$644	$607	6.1%	$204	$187	8.8%

			Core ADR			Core Occupancy				Core RevPAR
	Hotels	Rooms	2Q26	2Q25	Change	2Q26	2Q25	Change		2Q26		2Q25		Change
Resort	10	7,373	$308.07	$305.43	0.9%	81.4%	76.6%	4.8	% pts	$250.80		$233.89		7.2%
Urban	6	6,503	275.45	268.02	2.8	80.1	79.3	0.8			220.69		212.67	3.8
Airport/Suburban	4	1,913	254.14	236.68	7.4	82.8	81.6	1.2			210.45		193.21	8.9
All Types - Core Hotels	20	15,789	$288.10	$281.09	2.5%	81.0%	78.3%	2.7	% pts	$233.49		$220.19		6.0%

Calculated based on unrounded numbers.

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

For the three months ended June 30, 2026, Park’s resort hotels continued to drive the performance of its portfolio. The Hilton Hawaiian Village Waikiki Beach Resort benefited from the completion of the final phase of guestroom renovations at the Rainbow Tower, helping to drive an over 13% increase in group revenue and an approximately 10% increase in transient revenue, resulting in an increase in RevPAR of 12% for the three months ended June 30, 2026 compared to the same period in 2025. Additionally, the Hilton Hawaiian Village Waikiki Beach Resort benefited from an increase in food and beverage revenue of 29%, or approximately $6 million, compared to the same period in 2025. The Waldorf Astoria Orlando and Signia by Hilton Orlando Bonnet Creek continued to benefit from the comprehensive renovation and expansion projects completed in early 2024, with combined RevPAR at the Bonnet Creek complex increasing 13%, resulting from an increase in transient revenue of 40% at the Waldorf Astoria Orlando and an increase in group revenue of approximately 20% at the Signia by Hilton Orlando Bonnet Creek, while combined food and beverage revenue increased 10%, or over $3 million for the three months ended June 30, 2026 compared to the same period in 2025, altogether helping the complex to exceed $107 million in EBITDA for the trailing twelve-month period. The Casa Marina Key West, Curio Collection, benefited from a 44% increase in group revenue and a 10% increase in transient revenue, resulting in an increase in RevPAR of over 14% and an increase in food and beverage revenue of 36% for the three months ended June 30, 2026 compared to the same period in 2025. Group and transient revenues at the Hilton Santa Barbara Beachfront Resort increased 36% and 20%, respectively, driving an increase in RevPAR of nearly 28% and an increase in food and beverage revenue of 20% for the three months ended June 30, 2026 compared to the same period in 2025.

Additionally, Park’s hotels in Washington D.C. benefited from strong group demand, with group revenue increasing over 56%, resulting in an increase in combined RevPAR of 17%, while transient demand increased nearly 25% at the Hilton Chicago, where RevPAR increased 14% for three months ended June 30, 2026 compared to the same period in 2025.

These increases were offset by the Royal Palm, which suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026, impacting Core RevPAR by 110 basis points for the three months ended June 30, 2026 compared to the same period in 2025.

At the end of June 2026, Core Group Revenue Pace and room night bookings for 2027 increased over 6% and approximately 3%, respectively, as compared to what bookings were for 2026 at the end of June 2025, with average Core group rates for 2027 projected to increase approximately 4% for the same time period.

Non-Core Disposition Initiative

The status of Park’s Non-Core dispositions since January 1, 2026 is as follows:

(unaudited, dollars in millions)
Status	# of Hotels	Room Count	2025 Hotel Adjusted EBITDA
Q1 Sale	1	193	$1
Q2 Sales/Dispositions	3	946	$9
Q3 Sale	1	314	$ -
Sold/Disposed in 2026	5	1,453	$10
Remaining Non-Core Hotels Targeted for Sale/Disposition	6	3,154	$35
Remaining Safehold Leases	3	959	$16
Remaining Non-Core Hotels	9	4,113	$51

Includes Park’s share from its Non-Core unconsolidated joint venture.

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

Balance Sheet and Liquidity

As of June 30, 2026, Park’s liquidity was approximately $2.6 billion, including $1 billion of available capacity under the senior unsecured revolving credit facility (“Revolver”), $600 million available under the 2025 Delayed Draw Term Loan and the undrawn $700 million Bonnet Creek Mortgage Loan, which will be secured by the 1,009-room Signia by Hilton Orlando Bonnet Creek and the 502-room Waldorf Astoria Orlando and associated golf course when drawn upon.

In June 2026, Park drew $200 million from the 2025 Delayed Draw Term Loan to fully repay the $120 million mortgage loan encumbering the Hyatt Regency Boston, which was scheduled to mature on July 1, 2026, with the remaining proceeds used for general corporate purposes. Park intends to further draw upon the 2025 Delayed Draw Term Loan as well as the Bonnet Creek Mortgage Loan to fully prepay, without penalty, the $1.275 billion secured mortgage loan encumbering the Hilton Hawaiian Village Waikiki Beach Resort during the third quarter. Park also intends to refinance the $151 million secured mortgage loan encumbering the Hilton Santa Barbara Beachfront Resort during the fourth quarter. As of June 30, 2026, Park’s Net Debt was approximately $3.7 billion, and the weighted average maturity of Park’s consolidated debt is 1.8 years.

Park had the following debt outstanding as of June 30, 2026:

(unaudited, dollars in millions)
Debt	Collateral	Interest Rate	Maturity Date	Extended Maturity Date	As ofJune 30, 2026
Fixed Rate Debt
Mortgage loan	Hilton Hawaiian Village Waikiki Beach Resort	4.20%	November 2026	None	$1,275
Mortgage loan	Hilton Denver City Center	4.90%	December 2026	None	50
Mortgage loan	Hilton Santa Barbara Beachfront Resort	4.17%	December 2026	None	151
Mortgage loan	DoubleTree Hotel Ontario Airport	5.37%	May 2027	None	30
2028 Senior Notes	Unsecured	5.88%	October 2028	None	725
2029 Senior Notes	Unsecured	4.88%	May 2029	None	750
2030 Senior Notes	Unsecured	7.00%	February 2030	None	550
Finance lease obligations		6.88%	2027 to 2030	None	1
Total Fixed Rate Debt		5.14%			3,532
Variable Rate Debt
2024 Term Loan	Unsecured	SOFR + 2.20%	May 2027	None	200
Bonnet Creek Mortgage Loan	Unsecured	SOFR + 2.25%	April 2029	April 2031	-
Revolver	Unsecured	SOFR + 2.25%	September 2029	September 2030	-
2025 Delayed Draw Term Loan	Unsecured	SOFR + 2.20%	January 2030	January 2031	200
Total Variable Rate Debt		5.85%			400
Less: unamortized deferred financing costs and discount					(17)
Total Debt		5.21%			$3,915

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

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

Calculated on a weighted average basis.

The Bonnet Creek Mortgage Loan will be secured by the Bonnet Creek complex when drawn upon. As of August 6, 2026, Park has $700 million of available capacity under the Bonnet Creek Mortgage Loan.

As of August 6, 2026, Park has $1 billion of available capacity under the Revolver with no outstanding letters of credit and $600 million of its 2025 Delayed Draw Term Loan available.

Excludes $105 million of Park’s share of its unconsolidated joint venture debt.

Capital Investments

During the second quarter of 2026, Park spent $64 million on capital improvements at its hotels and expects to spend between $230 million to $260 million in capital expenditures during 2026.

Park reopened the Royal Palm in July 2026, following the completion of its more than $100 million comprehensive renovation, which began in mid-May 2025. All 393 guestrooms at the oceanfront hotel were renovated, along with the addition of 11 new guestrooms. The renovation also expanded available meeting space, including the addition of a new event terrace, and enhanced all public spaces, including a redesigned lobby, four new food and beverage concepts and an upgraded pool. Park expects the comprehensive renovation will generate a 15% to 20% return on investment.

Additionally, Park expects to begin approximately $100 million of renovations at the 348-room Ali’i Tower at the Hilton Hawaiian Village Waikiki Beach Resort, along with the addition of three new guestrooms at the premium oceanfront tower, during the third quarter of 2026, continuing its upgrades of the iconic hotel, and expects to complete the third and final phase of the main tower at the Hilton New Orleans Riverside during the fourth quarter of 2026.

Dividends

Park declared a second quarter 2026 cash dividend of $0.25 per share to stockholders of record as of June 30, 2026. The second quarter dividend was paid on July 15, 2026.

On July 31, 2026, Park declared a third quarter 2026 cash dividend of $0.25 per share to be paid on October 15, 2026 to stockholders of record as of September 30, 2026. The declared dividends translate to an annualized yield of approximately 6.5% based on Park’s recent trading levels.

Full-Year 2026 Outlook

Park is increasing its full-year 2026 outlook to reflect second-quarter outperformance and a strong start to the third quarter as demand trends continue to exceed expectations across its portfolio. Park expects a modest positive impact from the 2026 World Cup of 30 basis points, in line with its prior guidance, offsetting the negative impact of 30 basis points from the renovations of the Royal Palm.

Park’s updated guidance also reflects an assumed increase in expenses due to a stronger demand environment and higher occupancy expectations across the portfolio, driving increases in variable costs such as labor and utilities, partially offset by reductions in fixed costs, with $11 million of benefits achieved from property tax appeals in the second quarter and a 20% reduction in property insurance premiums achieved during Park’s June 1st program renewal.

Park expects full-year 2026 operating results to be as follows:

(unaudited, dollars in millions, except per share amounts and RevPAR)	Full-Year 2026 Outlookas of August 6, 2026	Full-Year 2026 Outlookas of April 30, 2026		Change at Midpoint
Metric	Low	High	Low	High
RevPAR	$198	$201	$192	$196	$6
RevPAR change vs. 2025	3.0%	4.5%	0.5%	2.5%	225bps
Net income	$78	$98	$66	$96	$7
Net income attributable to stockholders	$69	$89	$58	$88	$6
Earnings per share - Diluted	$0.35	$0.45	$0.29	$0.44	$0.04
Adjusted EBITDA	$617	$637	$587	$617	$25
Adjusted FFO per share - Diluted	$1.90	$2.00	$1.74	$1.90	$0.13

Amounts are calculated based on unrounded numbers.

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

Operating expenses for Park’s hotels are expected to increase 3% to 4%;
Excludes $3.5 million of projected Hotel Adjusted EBITDA for the second half of 2026 from the three additional Non-Core hotels disposed since April 2026;
Includes approximately $13 million of incremental interest expense from $1.4 billion of refinancing activity in 2026, most of which is expected during the fourth quarter;
Fully diluted weighted average shares for the full-year 2026 of 200 million; and
Park’s current portfolio as of August 6, 2026 and does not take into account potential future acquisitions, dispositions or any financing transactions, except as noted above, which could result in a material change to Park’s outlook.

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

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 second quarter 2026 results on August 7, 2026 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’ Second Quarter 2026 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.

Forward-Looking Statements

Forward-looking statements notice

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 Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including the use of the remaining $600 million under Park’s 2025 Delayed Draw Term Loan and its Bonnet Creek Mortgage Loan, and the anticipated repayment and refinancing of certain of Park’s indebtedness, the completion of capital allocation priorities and expected returns on such projects, the expected repurchase of Park’s stock, the impact from macroeconomic factors (including elevated inflation and interest rates, potential economic slowdown or a recession and geopolitical conflicts or trends, including trade policy, travel barriers or changes in travel preferences for U.S. destinations, including as a result of another government or agency shutdown), the effects of competition, the effects of future legislation, executive action or regulations, tariffs, the expected completion of anticipated dispositions, including of Park’s Non-Core hotels (as defined below), the declaration, payment and any change in amounts of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Park’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events.

All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in Park’s filings with the Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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 30 premium-branded hotels and resorts with over 21,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)

	June 30, 2026	December 31, 2025
ASSETS	(unaudited)
Property and equipment, net	$6,908	$6,955
Assets held for sale, net	13	14
Intangibles, net	40	41
Cash and cash equivalents	264	232
Restricted cash	38	32
Accounts receivable, net of allowance for doubtful accounts of $2 and $2	151	116
Prepaid expenses	54	60
Other assets	78	80
Operating lease right-of-use assets	156	170
TOTAL ASSETS (variable interest entities - $199 and $207)	$7,702	$7,700
LIABILITIES AND EQUITY
Liabilities
Debt	$3,915	$3,838
Accounts payable and accrued expenses	226	198
Dividends payable	51	56
Due to hotel managers	106	134
Other liabilities	184	189
Operating lease liabilities	187	209
Total liabilities (variable interest entities - $194 and $198)	4,669	4,624
Stockholders’ Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 202,614,273 shares issued and 201,349,455 shares outstanding as of June 30, 2026 and 200,938,658 shares issued and 199,901,086 shares outstanding as of December 31, 2025	2	2
Additional paid-in capital	4,028	4,031
Accumulated deficit	(940)	(902)
Total stockholders’ equity	3,090	3,131
Noncontrolling interests	(57)	(55)
Total equity	3,033	3,076
TOTAL LIABILITIES AND EQUITY	$7,702	$7,700

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues
Rooms	$401		$401		$757		$764
Food and beverage	188		180		370		362
Ancillary hotel	67		68		127		131
Other	24		23		48		45
Total revenues	680		672		1,302		1,302
Operating expenses
Rooms	104		105		201		205
Food and beverage	125		122		247		245
Other departmental and support	149		152		294		303
Other property	42		50		96		107
Management fees	33		31		63		61
Impairment and casualty loss	22		-		27		70
Depreciation and amortization	66		122		130		191
Corporate general and administrative	20		19		38		37
Other	22		23		46		44
Total expenses	583		624		1,142		1,263
(Loss) gain on sales of assets, net	(2)		1		(3)		1
Gain on derecognition of assets	-		16		-		32
Operating income	95		65		157		72
Interest income	2		2		3		5
Interest expense	(52)		(53)		(103)		(105)
Interest expense associated with hotels in receivership	-		(16)		-		(32)
Equity in earnings from investments in affiliates	1		2		2		2
Other gain (loss), net	9		(1)		9		1
Income (loss) before income taxes	55		(1)		68		(57)
Income tax expense	(5)		(1)		(6)		(2)
Net income (loss)	50		(2)		62		(59)
Net income attributable to noncontrolling interests	(3)		(3)		(4)		(3)
Net income (loss) attributable to stockholders	$47		$(5)		$58		$(62)
Earnings (loss) per share:
Earnings (loss) per share - Basic	$0.24		$(0.02)		$0.29		$(0.31)
Earnings (loss) per share - Diluted	$0.24		$(0.02)		$0.29		$(0.31)
Weighted average shares outstanding - Basic		200		199		200		199
Weighted average shares outstanding - Diluted		200		199		200		199

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

EBITDA AND ADJUSTED EBITDA

(unaudited, in millions)	Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
Net income (loss)	$50		$(2)		$62		$(59)
Depreciation and amortization expense	66		122		130		191
Interest income	(2)		(2)		(3)		(5)
Interest expense	52		53		103		105
Interest expense associated with hotels in receivership	-		16		-		32
Income tax expense	5		1		6		2
Interest income and expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	1		2		1		4
EBITDA	172		190		299		270
Gain on sales of assets, net	(2)		(1)		(1)		(1)
Gain on derecognition of assets	-		(16)		-		(32)
Share-based compensation expense	6		5		10		9
Impairment and casualty loss	22		-		27		70
Other items	-		5		6		11
Adjusted EBITDA	$198		$183		$341		$327

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

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

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

HOTEL ADJUSTED EBITDA AND HOTEL ADJUSTED EBITDA MARGIN

COMPARABLE AND CORE HOTELS

(unaudited, dollars in millions)	Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
Adjusted EBITDA	$198		$183		$341		$327
Less: Adjusted EBITDA from investments in affiliates	(5)		(5)		(11)		(13)
Add: All other	15		13		29		28
Hotel Adjusted EBITDA	208		191		359		342
Less: Adjusted EBITDA from hotels disposed of	(4)		(4)		(3)		(3)
Comparable Hotel Adjusted EBITDA	204		187		356		339
Less: Adjusted EBITDA from Non-Core hotels	(22)		(21)		(33)		(29)
Core Hotel Adjusted EBITDA	$182		$166		$323		$310
	Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
Total Revenues	$680		$672		$1,302		$1,302
Less: Other revenue	(24)		(23)		(48)		(45)
Less: Revenues from hotels disposed of	(12)		(42)		(28)		(79)
Comparable Hotel Revenues	644		607		1,226		1,178
Less: Hotel Revenues from Non-Core hotels	(84)		(82)		(156)		(151)
Core Hotel Revenues	$560		$525		$1,070		$1,027

	Three Months Ended June 30,			Six Months Ended June 30,
	2026	2025	Change	2026	2025	Change
Total Revenues	$680	$672	1.2%	$1,302	$1,302	- %
Operating income	$95	$65	47.0%	$157	$72	119.3%
Operating income margin	14.0%	9.6%	440bps	12.1%	5.5%	660bps
Comparable Hotel Revenues	$644	$607	6.1%	$1,226	$1,178	4.1%
Comparable Hotel Adjusted EBITDA	$204	$187	8.8%	$356	$339	5.0%
Comparable Hotel Adjusted EBITDA margin	31.7%	30.9%	80bps	29.1%	28.9%	20bps
Core Hotel Revenues	$560	$525	6.6%	$1,070	$1,027	4.2%
Core Hotel Adjusted EBITDA	$182	$166	9.3%	$323	$310	4.1%
Core Hotel Adjusted EBITDA margin	32.4%	31.6%	80bps	30.2%	30.2%	- bps

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.

Percentages are calculated based on unrounded numbers.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

HOTEL ADJUSTED EBITDA

COMPARABLE, CORE AND NON-CORE HOTELS

(unaudited, in millions)	Three Months Ended June 30, 2026			Six Months Ended June 30, 2026
	Total	Core Hotels	Non-Core Hotels	Total	Core Hotels	Non-Core Hotels
Rooms	$401	$335	$66	$757	$634	$123
Food and beverage	188	164	24	370	321	49
Ancillary hotel	67	61	6	127	115	12
Total hotel revenues	656	560	96	1,254	1,070	184
Less:
Rooms expense	104	86	18	201	166	35
Food and beverage expense	125	108	17	247	214	33
Other departmental and support expense	149	120	29	294	237	57
Management fees	33	29	4	63	55	8
Other property expenses	37	35	2	90	75	15
Total hotel expenses	448	378	70	895	747	148
Hotel Adjusted EBITDA	208	182	26	359	323	36
Less: Adjusted EBITDA from hotels disposed of	(4)	-	(4)	(3)	-	(3)
Comparable Hotel Adjusted EBITDA	$204	$182	$22	$356	$323	$33

Total other property expenses primarily include real and personal property taxes, other local taxes, ground rent, equipment rent and property insurance incurred in the normal course of business.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

NAREIT FFO AND ADJUSTED FFO

(unaudited, in millions, except per share data)

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Net income (loss) attributable to stockholders	$47	$(5)	$58	$(62)
Depreciation and amortization expense	66	122	130	191
Depreciation and amortization expense attributable to noncontrolling interests	(1)	(1)	(2)	(2)
Gain on sales of assets, net	(2)	(1)	(1)	(1)
Gain on derecognition of assets	-	(16)	-	(32)
Impairment loss	20	-	25	70
Equity investment adjustments:
Equity in earnings from investments in affiliates	(1)	(2)	(2)	(2)
Pro rata FFO of investments in affiliates	3	4	3	5
Nareit FFO attributable to stockholders	132	101	211	167
Share-based compensation expense	6	5	10	9
Interest expense associated with hotels in receivership	-	16	-	32
Other items	2	7	9	13
Adjusted FFO attributable to stockholders	$140	$129	$230	$221
Nareit FFO per share - Diluted	$0.66	$0.51	$1.05	$0.83
Adjusted FFO per share - Diluted	$0.70	$0.64	$1.15	$1.10
Weighted average shares outstanding - Diluted	200	200	200	200

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

Per share amounts are calculated based on unrounded numbers.

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

NET DEBT

	June 30, 2026
(unaudited, in millions)
Debt	$3,915
Add: unamortized deferred financing costs and discount	17
Debt, excluding unamortized deferred financing cost, premiums and discounts	3,932
Add: Park’s share of unconsolidated affiliates debt, excluding unamortized deferred financing costs	105
Less: cash and cash equivalents	(264)
Less: restricted cash	(38)
Net Debt	$3,735

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

OUTLOOK - EBITDA AND ADJUSTED EBITDA

	December 31, 2026
	Low Case	High Case
(unaudited, in millions)	Year Ending
Net income	$78	$98
Depreciation and amortization expense	255	255
Interest income	(6)	(6)
Interest expense	223	223
Income tax expense	8	8
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	1	1
EBITDA	559	579
Gain on sales of assets, net	(1)	(1)
Share-based compensation expense	20	20
Impairment and casualty loss	27	27
Other items	12	12
Adjusted EBITDA	$617	$637

NON-GAAP FINANCIAL MEASURES RECONCILIATIONS

OUTLOOK - NAREIT FFO ATTRIBUTABLE TO STOCKHOLDERS AND

ADJUSTED FFO ATTRIBUTABLE TO STOCKHOLDERS

	December 31, 2026
	Low Case		High Case
(unaudited, in millions except per share data)	Year Ending
Net income attributable to stockholders	$69		$89
Depreciation and amortization expense	255		255
Depreciation and amortization expense attributable to noncontrolling interests	(3)		(3)
Gain on sales of assets, net	(1)		(1)
Impairment loss	25		25
Equity investment adjustments:
Equity in earnings from investments in affiliates	(5)		(5)
Pro rata FFO of equity investments	5		5
Nareit FFO attributable to stockholders	345		365
Share-based compensation expense	20		20
Other items	16		16
Adjusted FFO attributable to stockholders	$381		$401
Adjusted FFO per share - Diluted	$1.90		$2.00
Weighted average diluted shares outstanding		200		200

Per share amounts are calculated based on unrounded numbers.

DEFINITIONS

Comparable

The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s Comparable hotel financial data includes results from Park’s consolidated hotels and property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable hotel financial data excludes results from property dispositions that have occurred prior to August 6, 2026.

Core/Non-Core

The Company’s Core portfolio includes 20 of Park’s consolidated hotels and one unconsolidated hotel and consists primarily of hotels and resorts that cater to group and leisure demand. As of June 30, 2026, Park’s Non-Core portfolio included 10 consolidated hotels. As of August 6, 2026, Park had 9 hotels remaining in its Non-Core portfolio. Financial data presented for Park’s Core and Non-Core hotels are based on its consolidated hotels only.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin

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

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

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

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

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

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

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

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

Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share - diluted and Adjusted FFO per share - diluted

Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP measures of the Company’s performance. The Company calculates funds from (used in) operations (“FFO”) attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), as net income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect the Company’s pro rata share of the FFO of those entities on the same basis. As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper - 2018 Restatement,” since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company’s presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.

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

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

Net Debt

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

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

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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1775 Tysons Boulevard, 7th Floor