Company Overview - Park Hotels & Resorts owns a portfolio of 60 premium-branded hotels and resorts with over 33,000 rooms[13] - The company's net debt was $4.2 billion as of September 30, 2020[19] - The company has $1.6 billion of liquidity, with a $50 million monthly burn rate, equating to 32 months of liquidity runway[19] - The company trades at a 63% discount to replacement cost[22] Operational Update - 49 of the company's 60 hotels are currently open[22, 32] - The company's October occupancy rate was 43%[22, 36] - 12 hotels achieved break-even EBITDA in Q3 2020[22, 32] Financial Performance - The company's Core 30 RevPAR in 2019 was $204, which is $20 higher than peers[19, 43] - The company's Core 30 EBITDA/Key in 2019 was $35,500, which is 14% above peers[19, 43] - The company expects $70 million in annual savings from permanent reduction of full-time, hotel-level staffing[32, 47] COVID-19 Impact and Response - The company suspended operations at 38 of 60 hotels and reduced expenses by over 75% at the outset of the crisis[34] - The company issued $650 million of 5-year senior secured notes and $725 million of 8-year senior secured notes to pay down over $1 billion of debt[34] Portfolio Transformation - The company sold or disposed of 24 lower quality, non-core legacy assets since January 2017[30] - The company's comparable RevPAR increased by 16% from $161 in 2016 to $186 in 2019[30] - The company's comparable Hotel Adjusted EBITDA Margins increased by 180bps from 27.7% in 2016 to 29.5% in 2019[30]

Park Hotels & Resorts Inc. (NYSE:PK) Q3 2020 Earnings Conference Call November 6, 2020 11:00 AM ET Company Participants Ian Weissman - Senior Vice President, Corporate Strategy Tom Baltimore - Chairman & Chief Executive Officer Sean Dell'Orto - Chief Financial Officer Conference Call Participants David Katz - Jefferies Rich Hightower - Evercore Anthony Powell - Barclays Aryeh Klein - BMO Capital Markets Dori Kesten - Wells Fargo Neil Malkin - Capital One Securities Brandt Montour - JPMorgan Chris Woronka - ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37795 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the quarterly period ended September 30, 2020 Washington, D.C. 20549 OR FORM 10-Q (Mark One) Park Hotels & Resorts Inc. (Exact name of Registrant as specified in its Charter) (State or other jurisdiction of inco ...

Financial Performance & Liquidity - Park Hotels & Resorts reported a net loss attributable to stockholders of $(276) million for the three months ended September 30, 2020, and $(1,223) million for the nine months ended September 30, 2020[16] - The company's pro-forma Hotel Adjusted EBITDA for the three months ended September 30, 2020, was $(76) million, compared to $217 million for the same period in 2019, a significant decrease[26] - Pro-forma Hotel Revenues decreased by 875% from $750 million to $95 million for the three months ended September 30, 2020, compared to the same period in 2019[27] - As of September 30, 2020, Park Hotels & Resorts had approximately $16 billion in liquidity and estimates a monthly burn rate of roughly $50 million, providing over two and a half years of available funds to meet financial obligations[84] Portfolio & Operating Metrics - As of November 5, 2020, Park's portfolio consisted of 60 hotels with 33,228 rooms [4] - Pro-forma RevPAR for all markets in Q3 2020 was $2614, a decrease of 861% compared to $18793 in Q3 2019 [53] - Pro-forma Occupancy for all markets in Q3 2020 was 191%, a decrease of 656 percentage points compared to 847% in Q3 2019 [53] Capital Structure - As of September 30, 2020, the company's total debt was $5121 million [14] - The company has $3856 million in fixed-rate debt with a weighted average interest rate of 506% [80] - The company has $1301 million in variable-rate debt with a weighted average interest rate of 308% [80]

Second Quarter 2020 | --- | --- | --- | --- | --- | --- | |-------|-------------------|-------|-------|-------|-------| | | | | | | | | | Supplemental Data | | | | | About Park and Safe Harbor Disclosure About Park Hotels & Resorts Inc. Park (NYSE: PK) is the second largest publicly-traded lodging real estate company with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio consists of 60 premium-branded hotels and resorts with over 33,000 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37795 Park Hotels & Resorts Inc. (Exact name of Registrant as specified in its Charter) (State or other jurisdiction of incorpora ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37795 Park Hotels & Resorts Inc. (Exact name of Registrant as specified in its Charter) (State or other jurisdiction of incorpor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File Number 001-37795 Park Hotels & Resorts Inc. (Exact name of Registrant as specified in its Charter) Delaware 36-2058176 (State or other j ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37795 Park Hotels & Resorts Inc. (Exact name of registrant as specified in its charter) (State or Other jurisdiction of inco ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37795 Park Hotels & Resorts Inc. (Exact name of registrant as specified in its charter) (State or Other jurisdiction of incorpora ...