Financial Performance - For Q2 2023, the company reported a net loss of $146 million compared to a net income of $154 million in Q2 2022[80]. - Adjusted EBITDA for Q2 2023 was $187 million, down from $207 million in Q2 2022[80]. - Hotel Adjusted EBITDA for the first half of 2023 was $344 million, compared to $297 million in the same period of 2022[80]. - Nareit FFO attributable to stockholders for Q2 2023 was $114 million, down from $129 million in Q2 2022, while Adjusted FFO attributable to stockholders was $129 million compared to $139 million in the same period[85]. - For the six months ended June 30, 2023, Nareit FFO attributable to stockholders increased to $196 million from $142 million in 2022, and Adjusted FFO attributable to stockholders rose to $221 million from $157 million[85]. - Rooms revenue for Q2 2023 was $442 million, a 2.1% increase from $433 million in Q2 2022, while for the six months ended June 30, 2023, it reached $824 million, up 13.7% from $725 million in 2022[89][93]. - The company recognized an impairment loss of approximately $202 million during Q2 2023[97]. - Interest income increased by $9 million and $19 million for Q2 2023 and the six months ended June 30, 2023, respectively, due to higher cash levels and interest rates[99]. - General and administrative expenses remained stable at $10 million for Q2 2023, with a slight increase to $21 million for the six months ended June 30, 2023, compared to $20 million in 2022[96]. - Interest expense decreased by 1.6% to $61 million for the three months ended June 30, 2023, compared to $62 million in the same period of 2022[100]. - Net cash provided by operating activities increased by 30.9% to $250 million for the six months ended June 30, 2023, compared to $191 million in 2022[115]. Investments and Assets - The company holds investments in 45 hotels with over 29,000 rooms, of which approximately 88% are luxury and upper upscale[63]. - The company aims to enhance asset value through single-asset and portfolio acquisitions and dispositions[64]. - The company’s portfolio includes hotels in major urban areas and key leisure destinations, indicating a strategic focus on prime locations[63]. - The company has construction contract commitments of approximately $163 million for capital expenditures at its properties[110]. - The company disposed of seven consolidated hotels since January 1, 2022, impacting year-over-year comparability of operations[88]. Debt and Financial Obligations - In June 2023, the company ceased debt service payments on a $725 million non-recourse CMBS loan, leading to a notice of default[66]. - Total indebtedness as of June 30, 2023, was approximately $4.5 billion, including $2.1 billion of Senior Notes and a $725 million SF Mortgage Loan[123]. - The company intends to work with the servicer of the SF Mortgage Loan to determine the most effective path forward, which may result in the removal of certain hotels from its portfolio[108]. Market Trends and Expectations - The company expects positive momentum in hotel demand to continue through the remainder of 2023, driven by improvements in leisure and business travel[67]. - Current economic challenges, including inflation and supply chain disruptions, are impacting discretionary spending and travel demand[67]. - The company anticipates that international travel demand will continue to improve in the second half of 2023[67]. - The company expects positive momentum in leisure, group, and business transient demand to continue through the remainder of 2023[107]. Occupancy and Revenue Performance - The occupancy rate at Hawaii hotels increased by 6.1 percentage points for Q2 2023 compared to the same period in 2022, driven by increased domestic transient demand[94]. - The New York Hilton Midtown saw occupancy increases of 17.6 percentage points for Q2 2023 compared to Q2 2022, benefiting from higher group and transient demand[94]. - Other revenue increased by $3 million and $7 million for Q2 2023 and the six months ended June 30, 2023, respectively, due to increased business costs allocated to Hilton Grand Vacations[95]. Shareholder Returns - The company repurchased approximately 8.8 million shares of common stock for a total of $105 million during the six months ended June 30, 2023[114]. - Dividends declared for 2023 were $0.15 per share for both March 31 and June 30[122].

About Park and Safe Harbor Disclosure About Park Hotels & Resorts Inc. Park (NYSE: PK) is one of the largest publicly-traded lodging REITs with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 45 premium-branded hotels and resorts with over 29,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information. Forward-Looking Statements This suppl ...

Park Hotels & Resorts Inc. (NYSE:PK) Q1 2023 Earnings Conference Call May 1, 2023 11:00 AM ET Company Participants Ian C. Weissman - SVP, Corporate Strategy Thomas J. Baltimore, Jr. - Chairman, President and CEO Sean Dell'Orto - EVP, CFO, and Treasurer Conference Call Participants Smedes Rose - Citigroup Duane Pfennigwerth - Evercore ISI Floris Van Dijkum - Compass Point Research Dany Asad - Bank of America Securities Anthony Powell - Barclays Bank Aryeh Klein - BMO Capital Markets Dori Kesten - Wells Fargo ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's Q1 2023 financial statements show significant performance improvement, with total revenues increasing by **35.3%** to **$648 million** and a swing from a **$56 million** net loss to a **$33 million** net income [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets decreased to **$9,553 million** from **$9,731 million**, primarily due to reduced cash, while total liabilities also decreased to **$5,365 million** Condensed Consolidated Balance Sheets (in millions) | Account | March 31, 2023 (unaudited) | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$9,553** | **$9,731** | | Cash and cash equivalents | $842 | $906 | | Property and equipment, net | $8,198 | $8,301 | | **Total Liabilities** | **$5,365** | **$5,440** | | Debt | $4,566 | $4,617 | | **Total Equity** | **$4,188** | **$4,291** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenues increased by **35.3%** to **$648 million** for the three months ended March 31, 2023, resulting in a net income of **$33 million** compared to a **$57 million** net loss in the prior-year period Condensed Consolidated Statements of Operations (in millions, except per share data) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Total Revenues | $648 | $479 | | Operating Income | $80 | $1 | | Net Income (Loss) Attributable to Stockholders | $33 | $(57) | | Earnings (Loss) per Share – Diluted | $0.15 | $(0.24) | - The company recognized a **$15 million** gain on the sale of assets during Q1 2023, which contributed to the positive net income[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly increased to **$104 million** in Q1 2023, with **$49 million** from investing activities and **$217 million** used in financing activities Summary of Cash Flows (in millions) | Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $104 | $44 | | Net cash provided by (used in) investing activities | $49 | $(21) | | Net cash used in financing activities | $(217) | $(69) | | **Net decrease in cash** | **$(64)** | **$(46)** | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's REIT organization, accounting policies, and key financial activities including land acquisition, hotel sale, debt structure, and **$168 million** in capital expenditure commitments - In March 2023, the company purchased two parcels of land adjacent to the Hilton Hawaiian Village Waikiki Beach Resort for approximately **$18 million**[31](index=31&type=chunk) - In February 2023, the company sold the Hilton Miami Airport hotel for gross proceeds of **$118.25 million**, recognizing a net gain of approximately **$15 million**[32](index=32&type=chunk) - Total debt as of March 31, 2023, was approximately **$4.6 billion**, with contractual maturities of **$861 million** in 2023[36](index=36&type=chunk)[41](index=41&type=chunk) - The company has outstanding commitments of approximately **$168 million** for capital expenditures, including major projects at the Bonnet Creek complex, Casa Marina Key West, and Hilton Hawaiian Village[54](index=54&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q1 2023 performance to improved demand across segments, maintaining a strong liquidity position with **$842 million** in cash and nearly **$1 billion** available under its revolving credit facility [Overview and Outlook](index=14&type=section&id=Overview%20and%20Outlook) The company operates a portfolio of **46 premium-branded hotels** in prime U.S. markets, expecting positive momentum to continue through 2023 driven by improving demand and anticipated international travel recovery - The company holds investments in **46 hotels** with over **29,000 rooms**, with approximately **88%** being luxury and upper upscale, located in prime U.S. markets[60](index=60&type=chunk) - Management expects positive momentum to continue through 2023, based on current demand trends and an expected improvement in international travel during the second half of the year[66](index=66&type=chunk) [Results of Operations](index=18&type=section&id=Results%20of%20Operations) Increased revenues and operating expenses were driven by significant market recovery, with rooms revenue increasing by **$90 million** and strong growth in key markets like San Francisco, Hawaii, and New York Change in Hotel Revenues and Operating Expenses (Q1 2023 vs Q1 2022, in millions) | Category | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Rooms revenue | $382 | $292 | $90 | | Food and beverage revenue | $181 | $110 | $71 | | Total corporate general and administrative | $16 | $16 | $0 | - Market-specific recovery was strong in Q1 2023 vs Q1 2022: - **San Francisco:** Occupancy **+23.3 percentage points**, ADR **+45.7%** - **Hawaii:** Occupancy **+10.6 percentage points**, ADR **+10.4%** - **New York (Hilton Midtown):** Occupancy **+35.2 percentage points**, ADR **+4.2%**[88](index=88&type=chunk) [Non-GAAP Financial Measures](index=15&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like EBITDA and FFO, with Hotel Adjusted EBITDA increasing to **$152 million** and Adjusted FFO attributable to stockholders rising to **$92 million** in Q1 2023 Reconciliation of Net Income (Loss) to Hotel Adjusted EBITDA (in millions) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net income (loss) | $33 | $(56) | | EBITDA | $152 | $76 | | Adjusted EBITDA | $146 | $82 | | **Hotel Adjusted EBITDA** | **$152** | **$89** | Reconciliation to Adjusted FFO (in millions, except per share) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net income (loss) attributable to stockholders | $33 | $(57) | | Nareit FFO attributable to stockholders | $82 | $13 | | **Adjusted FFO attributable to stockholders** | **$92** | **$18** | | **Adjusted FFO per share – Diluted** | **$0.42** | **$0.08** | [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2023, the company had **$842 million** in cash and **$946 million** available under its Revolver, with plans to address a **$725 million** mortgage due in November 2023 - As of March 31, 2023, the company had total liquidity of approximately **$1.8 billion**, consisting of **$842 million** in cash and **$946 million** of available capacity under its Revolver[38](index=38&type=chunk)[96](index=96&type=chunk) - The company plans to address the **$725 million** mortgage loan secured by its San Francisco hotels, due in November 2023, by the end of the second quarter of 2023[98](index=98&type=chunk) - In February 2023, a new **$300 million** stock repurchase program was authorized; during Q1 2023, the company repurchased 8.8 million shares for a total of **$105 million**[65](index=65&type=chunk)[104](index=104&type=chunk) - A dividend of **$0.15 per share** was declared for Q1 2023[111](index=111&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=23&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 - The company's main market risk exposure is from changes in interest rates[114](index=114&type=chunk) [Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2023, with no material changes in internal control over financial reporting - The CEO and CFO concluded that as of March 31, 2023, the company's disclosure controls and procedures were **effective**[115](index=115&type=chunk) - No **material changes** were made to the company's internal control over financial reporting during the most recent fiscal quarter[116](index=116&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course litigation but does not expect the outcomes to have a material adverse effect on its consolidated financial position or operations - The company is involved in ordinary course litigation but does not expect the outcomes to have a **material adverse effect** on its consolidated financial position[118](index=118&type=chunk) [Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2022 - **No material changes** from the risk factors disclosed in the 2022 Form 10-K were reported[119](index=119&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=25&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2023, the company repurchased **8,990,348 shares**, including **8,815,500** under publicly announced programs, with a new **$300 million** repurchase program authorized in February 2023 Purchases of Equity Securities (Q1 2023) | Period | Total Shares Purchased | Weighted Avg. Price Paid | Shares Purchased as Part of Program | Max Value Remaining in Program (in millions) | | :--- | :--- | :--- | :--- | :--- | | Jan 2023 | 2,536,900 | $11.64 | 2,536,900 | $43 | | Feb 2023 | 174,848 | $13.78 | — | $300 | | Mar 2023 | 6,278,600 | $11.93 | 6,278,600 | $225 | | **Total** | **8,990,348** | | **8,815,500** | | - A new **$300 million** stock repurchase program was authorized on February 17, 2023, expiring in February 2025, which replaced the previous program[124](index=124&type=chunk) [Other Information](index=27&type=section&id=Item%205.%20Other%20Information) There was no other information to report for this period - None[127](index=127&type=chunk)

Financial Performance - Q1 2023 - Comparable RevPAR was $158.84[7], with Comparable Occupancy at 65.0%[7] and Comparable ADR at $244.38[7] - Total Revenues reached $648 million[7], while Operating Income amounted to $80 million[7], resulting in an Operating Income Margin of 12.4%[7] - Comparable Hotel Revenues totaled $623 million[7], and Comparable Hotel Adjusted EBITDA reached $151 million[7], yielding a Comparable Hotel Adjusted EBITDA Margin of 24.2%[7] - Adjusted EBITDA was $146 million[37] Full Year 2023 Outlook - The company anticipates Net Income to be between $113 million and $191 million[60] - Adjusted EBITDA is projected to range from $624 million to $704 million[60] - Hotel Adjusted EBITDA is expected to be between $656 million and $736 million[60] Capital Structure - As of March 31, 2023, the company's Total Debt stood at $4,566 million[29, 55, 154] - Net debt was $3,886 million[55] - The company has approximately $950 million of available capacity under the Revolver[176]

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, 2022 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 | | --- | (State or other ...

Park Hotels & Resorts Inc. (NYSE:PK) Q4 2022 Earnings Conference Call February 23, 2023 11:00 AM ET Company Participants Ian Weissman - Senior Vice President, Corporate Strategy Tom Baltimore - Chairman, President and Chief Executive Officer Sean Dell'Orto - Executive Vice President, Chief Financial Officer and Treasurer Conference Call Participants Floris Van Dijkum - Compass Point Duane Pfennigwerth - Evercore ISI Anthony Powell - Barclays Smedes Rose - Citi Patrick Scholes - Truist Securities Aryeh Klein ...

Fourth Quarter and Full Year 2022 Supplemental Data DECEMBER 31, 2022 Royal Palm South Beach Miami, a Tribute Portfolio Resort Hilton Hawaiian Village Waikiki Beach Resort Parc 55 San Francisco, a Hilton Hotel 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 46 premium- ...

PARK HOTELS & RESORTS Nareit Conference NOVEMBER 2022 TEXAS NAMES THE Park Hotels & Resorts To be the preeminent lodging REIT, focused on consistently delivering superior, risk-adjusted returns for stockholders through active asset management and a thoughtful external growth strategy, while maintaining a strong and flexible balance sheet Mission Investment Strategy Guiding Principles Upper-Upscale & Luxury Full-Service Premiere Urban and Resort Destinations Affiliation with Dominant Global Brands Aggressive ...

Park Hotels & Resorts Inc. (NYSE:PK) Q3 2022 Earnings Conference Call November 3, 2022 11:00 PM ET Company Participants Ian Weissman - Senior Vice President of Corporate Strategy Tom Baltimore - Chairman & Chief Executive Officer Sean Dell'Orto - Chief Financial Officer Conference Call Participants Smedes Rose - Citi Dany Asad - Bank of America Dori Kesten - Wells Fargo Anthony Powell - Barclays Duane Pfennigwerth - Evercore ISI Chris Woronka - Deutsche Bank Neil Malkin - Capital One Securities Robin Farley ...