Financial Data and Key Metrics Changes - The company reported a significant sequential improvement in occupancy, with consolidated portfolio occupancy increasing from 21% in January to 33% in March [15] - For open hotels, occupancy reached 46% in March, with 17 hotels surpassing 60% occupancy compared to just seven in February [16] - The company achieved breakeven EBITDA in March, with an occupancy of 32% and average rates down 25% compared to 2019 levels [16][12] Business Line Data and Key Metrics Changes - Leisure demand accounted for approximately two-thirds of total demand during the quarter, with leisure-related room revenues nearly doubling from Q4 2020 [18] - Ancillary revenues, excluding food and beverage, exceeded Q1 2019 levels by more than 30% during the quarter [19] - Business transient demand showed marginal improvement, while group demand began to recover with small group bookings [20] Market Data and Key Metrics Changes - The company's top-performing hotels were located in leisure destinations, with South Florida hotels averaging over 80% occupancy [21] - Key West hotels achieved an average occupancy of 96% and combined revenues of $25 million, surpassing budget by nearly $9 million [23] - Puerto Rico's Caribe Hilton reached 72% occupancy in March, benefiting from travel restrictions in other Caribbean destinations [25] Company Strategy and Development Direction - The company aims to return to profitability by safely reopening its portfolio and reducing its monthly burn rate, which was $26 million in March [12][13] - Focus on capital recycling through asset sales, with plans to sell $300 million to $400 million of non-core assets this year [32] - The company is also pursuing attractive acquisitions in target markets and relaunching the Bonnet Creek meeting space expansion project [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery, driven by vaccination rates and increased consumer confidence [9] - The GDP forecast for 2021 is averaging 6.4%, the highest since 1984, which bodes well for the hospitality industry [12] - Management expects to achieve breakeven in the second half of the year, with positive adjusted hotel EBITDA anticipated in Q2 [46] Other Important Information - The company reported a liquidity of $1.3 billion, with a net debt of $4.5 billion [45] - Recent ESG efforts include the publication of the corporate responsibility report and recognition for energy performance [49][50] - The company is focused on enhancing diversity and inclusion within its workforce [50] Q&A Session Summary Question: Concerns about larger hotels reopening - Management noted that larger hotels may ramp up more slowly but are seeing positive trends in occupancy and demand [52][53] Question: Feedback on group and corporate travel budgets - Management indicated uncertainty about the long-term impact on business travel but believes the need for in-person meetings will persist [68][70] Question: Update on cost-saving targets and labor constraints - Management confirmed an increase in cost-saving targets to $85 million and discussed the impact of labor challenges on operations [82][88] Question: Path to recovery for Hawaii compared to Key West - Management expects Hawaii to see a strong recovery, with occupancy projected to reach 75% for the balance of the year [29][90] Question: Current status of New York hotel openings - Management highlighted the complexity of reopening in New York, with plans to monitor the situation closely [118][120]

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, 2021 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 ...

Park Hotels & Resorts Inc. (NYSE:PK) Q4 2020 Earnings Conference Call February 26, 2021 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 Smedes Rose - Citi Dany Asad - Bank of America Rich Hightower - Evercore Anthony Powell - Barclays Bill Crow - Raymond James Neil Malkin - Capital One Securities Brandt Montour - JPMorgan Stephen Gr ...

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, 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) Delaware 36-2058176 (State or other j ...

Fourth Quarter and Year End 2020 Supplemental Data | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------|---------------------------------------|-------|-------|----------------------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | DECEMBER 31, 2020 | | | | | | | | | | | | | | | Royal Palm South Beach Miami, a Tribute Portfolio | Parc 55 San Francisco, a Hilton Hotel | | | Hilton Hawaiian Village Waikiki Beach Resort | | | About Park an ...

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 ...