PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for the period ended June 30, 2020, reflect a severe negative impact from the COVID-19 pandemic, showing a significant decline in revenues, a shift from net income to a substantial net loss, negative operating cash flow, and a weakened balance sheet primarily due to a large goodwill impairment and increased debt from drawing on credit facilities to bolster liquidity [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets (in millions) | Account | June 30, 2020 | December 31, 2019 | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | $1,274 | $346 | +$928 | | Goodwill | $0 | $607 | -$607 | | Total Assets | $11,059 | $11,290 | -$231 | | **Liabilities & Equity** | | | | | Debt | $5,118 | $3,871 | +$1,247 | | Total Liabilities | $5,733 | $4,839 | +$894 | | Retained Earnings | $871 | $1,922 | -$1,051 | | Total Equity | $5,326 | $6,451 | -$1,125 | - The balance sheet as of June 30, 2020, shows a significant increase in cash and debt, primarily due to drawing on credit facilities to enhance liquidity amidst the pandemic[12](index=12&type=chunk) - Concurrently, total equity decreased substantially, driven by a large net loss which included the complete impairment of goodwill[12](index=12&type=chunk) [Condensed Consolidated Statements of Comprehensive (Loss) Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20(Loss)%20Income) Condensed Consolidated Statements of Comprehensive (Loss) Income (in millions) | Metric | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $42 | $703 | $641 | $1,362 | | Impairment Loss | $0 | $0 | $694 | $0 | | Operating (Loss) Income | ($200) | $111 | ($837) | $240 | | Net (Loss) Income Attributable to Stockholders | ($259) | $82 | ($947) | $178 | | (Loss) Earnings Per Share - Diluted | ($1.10) | $0.40 | ($4.01) | $0.88 | - Revenues for Q2 2020 plummeted to **$42 million** from **$703 million** in Q2 2019, a decrease of over **94%**, leading to a net loss of **$259 million**[14](index=14&type=chunk) - For the first six months of 2020, the company recorded a net loss of **$947 million**, heavily impacted by a **$694 million** impairment charge[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows (Six Months Ended June 30, in millions) | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | ($158) | $244 | | Net cash provided by investing activities | $150 | $111 | | Net cash provided by (used in) financing activities | $931 | ($300) | - For the first six months of 2020, cash flow from operations turned negative at **-$158 million**, a stark contrast to the **$244 million** provided in the same period of 2019[16](index=16&type=chunk) - A significant net cash inflow of **$931 million** from financing activities, driven by **$1 billion** in borrowings on the Revolver and **$652 million** from Senior Secured Notes, was used to bolster liquidity[16](index=16&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The COVID-19 pandemic severely impacted operations, leading to the temporary suspension of **38 of 60 hotels**, a significant decline in occupancy and RevPAR, and a drop in operating cash flow[26](index=26&type=chunk)[27](index=27&type=chunk) - To mitigate the effects of the pandemic, the company drew down its **$1 billion** revolving credit facility, issued **$650 million** in Senior Secured Notes, suspended dividends after Q1 2020, and deferred approximately **$150 million** in planned capital expenditures[27](index=27&type=chunk)[28](index=28&type=chunk) - The company fully impaired its remaining goodwill balance of **$607 million** in Q1 2020 due to the adverse effects of COVID-19 on its business[50](index=50&type=chunk)[51](index=51&type=chunk) - In May 2020, credit and term loan facilities were amended to suspend compliance with all existing financial covenants through March 31, 2021, and to extend the Revolver's maturity to December 2021[27](index=27&type=chunk)[56](index=56&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion attributes the significant downturn in financial performance directly to the COVID-19 pandemic, which caused an unprecedented decline in lodging demand, occupancy, and RevPAR, detailing its response including suspending hotel operations, aggressive cost-saving measures, and significant financing activities to preserve liquidity, highlighting a monthly cash burn estimate of approximately **$65 million** under a full suspension scenario and confirming the suspension of dividends and stock repurchases to conserve capital [COVID-19 Effect on Business](index=20&type=section&id=COVID-19%20Effect%20on%20Business) - The company experienced a significant decline in occupancy, ADR, and RevPAR since March 2020 due to the COVID-19 pandemic, with RevPAR dropping by as much as **97.6%** in April 2020 compared to the prior year[90](index=90&type=chunk) Pro-forma RevPAR Change (YoY) | Month (2020) | Pro-forma RevPAR Change (YoY) | | :--- | :--- | | March | (63.8)% | | April | (97.6)% | | May | (97.3)% | | June | (93.0)% | - In response to the pandemic, the company suspended operations at **38 of its 60 hotels**, deferred approximately **$150 million** in capital expenditures, suspended dividends after Q1 2020, and drew down its **$1 billion** revolver[91](index=91&type=chunk) - As of August 5, 2020, operations remained suspended at **16 consolidated hotels** (**13,963 rooms**) and **2 unconsolidated hotels** (**1,740 rooms**)[93](index=93&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) - The decline in hotel revenues and operating expenses was primarily driven by the effects of COVID-19, which overshadowed the impacts of property acquisitions and dispositions[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - For Q2 2020, the change from "Other Factors," primarily COVID-19, accounted for a **$395 million** decrease in rooms revenue and a **$187 million** decrease in food and beverage revenue[116](index=116&type=chunk) - A net impairment loss of **$694 million** was recognized in the first six months of 2020, consisting of **$607 million** for goodwill and **$88 million** for a hotel property, due to the economic impact of COVID-19[122](index=122&type=chunk) - Interest expense increased by **51.5%** in Q2 2020 and **38.5%** in H1 2020 compared to the prior year, driven by borrowings under the 2019 Term Facility, the Revolver, and the new Senior Secured Notes[125](index=125&type=chunk)[127](index=127&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2020, the company had approximately **$1.3 billion** in cash and cash equivalents, significantly bolstered by drawing **$1 billion** from its Revolver and issuing **$650 million** of Senior Secured Notes[129](index=129&type=chunk)[130](index=130&type=chunk) - The company estimates an average monthly cash burn of approximately **$65 million** if all **60 hotels** were to have suspended operations from August to December 2020[131](index=131&type=chunk) - Based on this, management believes it has sufficient liquidity to withstand a full suspension for **two years**[131](index=131&type=chunk) - The quarterly dividend was suspended after the Q1 2020 payment of **$0.45 per share** as a precautionary measure to preserve cash[144](index=144&type=chunk)[145](index=145&type=chunk) - During Q1 2020, the company repurchased **4.6 million shares** for **$66 million**[137](index=137&type=chunk) - No shares were repurchased in Q2 2020, and the program is effectively suspended due to restrictions in amended credit facilities[137](index=137&type=chunk) [Non-GAAP Financial Measures](index=22&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP Financial Measures (in millions) | Metric | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | | :--- | :--- | :--- | | Net (Loss) Income | ($261) | $84 | | Adjusted EBITDA | ($122) | $207 | | Hotel Adjusted EBITDA | ($108) | $209 | Non-GAAP Financial Measures (in millions) | Metric | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | | :--- | :--- | :--- | | Nareit FFO attributable to stockholders | ($184) | $156 | | Adjusted FFO attributable to stockholders | ($175) | $164 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to market risk from changes in interest rates, which can affect future income, cash flows, and the fair value of its financial instruments, and may use hedging arrangements to mitigate some of this risk but remains exposed to unhedged portions - The primary market risk exposure is from changes in interest rates, which can impact future income and cash flows[149](index=149&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2020, with no material changes to the company's internal control over financial reporting during the most recent fiscal quarter - As of June 30, 2020, the company's management concluded that its disclosure controls and procedures were effective[150](index=150&type=chunk) - No material changes were made to the internal control over financial reporting during the second quarter of 2020[151](index=151&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various claims and lawsuits arising in the ordinary course of business, which management believes are either covered by insurance or adequately reserved for, and does not expect them to have a material adverse effect on the company's financial position, results, or liquidity - The company is involved in ordinary course litigation but does not anticipate a material adverse effect on its financial condition from these proceedings[154](index=154&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) This section highlights that the COVID-19 pandemic has significantly and adversely impacted, and is expected to continue to disrupt, the company's business, financial performance, and cash flows, causing an unprecedented reduction in global lodging demand, leading to historically low occupancy levels, temporary hotel closures, and significant cancellations, and has also caused severe disruptions in the U.S. and global economies, which could constrain the company's liquidity and access to capital - The COVID-19 pandemic is identified as a primary risk factor, having caused a significant decline in occupancy and RevPAR, leading to the temporary suspension of operations at numerous properties[156](index=156&type=chunk)[158](index=158&type=chunk) - The pandemic has triggered a global recession and disrupted financial markets, which could constrain the company's access to capital and make future financing more difficult or costly[157](index=157&type=chunk)[162](index=162&type=chunk) - A prolonged economic recession could result in significantly below-average lodging demand even after the pandemic subsides and government restrictions are lifted[165](index=165&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not have any unregistered sales of equity securities, and under its stock repurchase program, no shares were repurchased during the three months ended June 30, 2020, though repurchases were made in the first quarter, and approximately **$234 million** remained available under the program as of June 30, 2020, however, amendments to credit facilities impose restrictions on future repurchases Stock Repurchase Program Details (in millions) | Period | Total Shares Purchased | Weighted Average Price Paid Per Share | Shares Purchased as Part of Program | Approx. Dollar Value Remaining in Program | | :--- | :--- | :--- | :--- | :--- | | Jan 2020 | 9,248 | $22.99 | — | $300 | | Feb 2020 | 75,032 | $23.57 | — | $300 | | Mar 2020 | 4,557,446 | $14.48 | 4,550,882 | $234 | | Q2 2020 | 2,321 | Various | — | $234 | - The company repurchased over **4.5 million shares** in March 2020 but suspended repurchases in the second quarter[168](index=168&type=chunk)[170](index=170&type=chunk) - The ability to repurchase stock is now restricted by covenants in its amended credit facilities[168](index=168&type=chunk)[170](index=170&type=chunk) [Item 3. Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Not applicable, as the company reported no defaults upon senior securities - Not applicable[172](index=172&type=chunk) [Item 4. Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable - Not applicable[173](index=173&type=chunk) [Item 5. Other Information](index=35&type=section&id=Item%205.%20Other%20Information) None - None[174](index=174&type=chunk) [Item 6. Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including agreements related to the company's formation, mergers, debt indentures, credit facility amendments, and officer certifications as required by the Sarbanes-Oxley Act - Key exhibits filed include the Indenture for the Senior Secured Notes issued in May 2020 and amendments to the company's credit agreements, also from May 2020[176](index=176&type=chunk)

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 ...

[PART I. FINANCIAL INFORMATION](index=2&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) Q2 2019 unaudited financial statements reflect decreased revenues and net income, slight asset growth, and new lease accounting standard adoption [Condensed Consolidated Balance Sheets](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$9.431 billion** as of June 30, 2019, influenced by new lease accounting standards, with liabilities rising and equity slightly decreasing Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Total Assets** | **$9,431** | **$9,363** | | Property and equipment, net | $7,764 | $7,975 | | Cash and cash equivalents | $310 | $410 | | Operating lease right-of-use assets | $207 | $— | | **Total Liabilities** | **$3,855** | **$3,777** | | Debt | $2,949 | $2,948 | | Operating lease liabilities | $200 | $— | | **Total Equity** | **$5,576** | **$5,586** | [Condensed Consolidated Statements of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Q2 2019 total revenues decreased to **$703 million**, with net income attributable to stockholders significantly lower at **$82 million** due to asset sales Financial Performance Summary (in millions, except per share data) | Metric | Q2 2019 | Q2 2018 | YTD 2019 | YTD 2018 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $703 | $731 | $1,362 | $1,399 | | Operating Income | $111 | $149 | $240 | $323 | | Net Income Attributable to Stockholders | $82 | $216 | $178 | $366 | | Diluted EPS | $0.40 | $1.07 | $0.88 | $1.77 | [Condensed Consolidated Statements of Cash Flows](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2019 saw net cash from operating activities increase to **$244 million**, while investing and financing activities both decreased Cash Flow Summary for Six Months Ended June 30 (in millions) | Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $244 | $148 | | Net cash provided by investing activities | $111 | $467 | | Net cash used in financing activities | ($300) | ($555) | | **Net increase in cash** | **$55** | **$59** | [Notes to Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the Chesapeake merger, **$235 million** hotel sales, new lease accounting standard adoption, and **$2.95 billion** total debt as of June 30, 2019 - The company entered into a definitive merger agreement with Chesapeake Lodging Trust on May 5, 2019, where Chesapeake common shares will convert into **$11.00 in cash** and **0.628** of a share of Park Hotels & Resorts common stock[25](index=25&type=chunk) - During the first six months of 2019, the company sold five consolidated hotels for total gross proceeds of **$235 million**, recognizing a net gain of **$19 million**[33](index=33&type=chunk) - The company adopted the new lease accounting standard ASU 2016-02 on January 1, 2019, recognizing an operating lease right-of-use asset and a corresponding liability of **$213 million**[30](index=30&type=chunk)[31](index=31&type=chunk) Debt Summary as of June 30, 2019 (in millions) | Debt Instrument | Principal Balance | | :--- | :--- | | SF CMBS Loan | $725 | | HHV CMBS Loan | $1,275 | | Mortgage loans | $207 | | Term loan | $750 | | **Total Principal** | **$2,958** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the hotel portfolio, Q2 2019 RevPAR growth, revenue decline from dispositions, the pending Chesapeake merger, and strong liquidity - The company's portfolio consists of **48 premium-branded hotels** with over **29,000 rooms**, primarily luxury and upper upscale, located in the U.S[73](index=73&type=chunk) - The pending merger with Chesapeake Lodging Trust is expected to close in mid-to-late September 2019, subject to Chesapeake shareholder approval[78](index=78&type=chunk) Comparable Hotel Performance (2019 vs 2018) | Period | RevPAR Growth | Primary Drivers | | :--- | :--- | :--- | | **Q2 2019** | 0.8% | Increases in transient (1.1%) and contract (11.4%) revenues | | **YTD 2019** | 2.5% | Increases in group (4.0%), contract (13.8%), and transient (0.4%) revenues | Reconciliation of Net Income to Adjusted FFO (in millions) | Metric | Q2 2019 | Q2 2018 | YTD 2019 | YTD 2018 | | :--- | :--- | :--- | :--- | :--- | | Net income attributable to stockholders | $82 | $216 | $178 | $366 | | Nareit FFO attributable to stockholders | $156 | $171 | $286 | $307 | | Adjusted FFO attributable to stockholders | $164 | $187 | $300 | $324 | [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure is from interest rate changes, potentially mitigated by hedging, but unhedged risks persist - The company's main market risk exposure is from interest rate changes[143](index=143&type=chunk) - To reduce cash flow volatility from interest rate changes, the company may enter into financial hedging arrangements[143](index=143&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2019, with no material changes to internal control over financial reporting - As of June 30, 2019, the company's disclosure controls and procedures were deemed effective by the CEO and CFO[144](index=144&type=chunk) - No material changes were made to the internal control over financial reporting during the second quarter of 2019[145](index=145&type=chunk) [PART II. OTHER INFORMATION](index=29&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company faces ordinary course legal claims and two shareholder class action lawsuits challenging merger disclosures, which it deems meritless - Two shareholder class action lawsuits were filed challenging the disclosures in the Form S-4 Registration Statement for the proposed merger with Chesapeake Lodging Trust[149](index=149&type=chunk) - The company believes the claims in the merger-related lawsuits are without merit and plans to defend against them vigorously[149](index=149&type=chunk) [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) New risk factors relate to the Chesapeake merger, including fixed exchange ratio, integration challenges, increased **$4 billion** indebtedness, and potential dividend changes - The merger's exchange ratio is fixed (**0.628 shares** of PK stock plus **$11.00 cash** per Chesapeake share) and will not be adjusted for changes in the market price of either company's stock[151](index=151&type=chunk)[152](index=152&type=chunk) - The company faces risks of being unable to successfully integrate Chesapeake's operations, which could prevent the realization of anticipated cost savings and synergies[162](index=162&type=chunk) - Upon completion of the merger, the company's total pro forma consolidated indebtedness is expected to increase from approximately **$3 billion** to **$4 billion**[165](index=165&type=chunk) - There is a risk that the company may not continue to pay dividends at or above the current rate post-merger due to changes in cash requirements, financial position, or board discretion[173](index=173&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During H1 2019, **86,023 shares** were repurchased from employees for tax obligations, not under the formal stock repurchase program - A total of **86,023 shares** were purchased from employees to satisfy tax obligations on vested restricted stock; these were not part of the formal stock repurchase program[181](index=181&type=chunk) - No shares of common stock were repurchased under the company's publicly announced stock repurchase program during the period[181](index=181&type=chunk) [Exhibits](index=35&type=section&id=Item%206.%20Exhibits) Exhibits filed with Form 10-Q include the Chesapeake Merger Agreement, corporate governance documents, financing commitment, and officer certifications

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, 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 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, 2018 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 | | --- | --- ...