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Investor Presentation MARCH 2021 Park Hotels & Resorts

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Investor Presentation MARCH 2021 Park Hotels & Resorts Investor Presentation MARCH 2021 Park Hotels & Resorts Mission Investment Strategy Guiding Principles To be the preeminent Upper-Upscale & Luxury Aggressive lodging REIT, focused on Full-Service Asset Management consistently delivering superior, risk-adjusted Premiere Urban and Resort Prudent returns for stockholders through active asset Destinations Capital Allocation management and a thoughtful external Affiliation with Dominant Maintain Low Leverage & growth strategy, while Global Brands Flexible Balance Sheet maintaining a strong and flexible balance sheet 2 | Park at a Glance Company Overview Currently the second largest publicly traded lodging REIT, Park owns a portfolio of 60 premium-branded hotels and resorts with over 33,000 rooms primarily located in prime city center and resort locations. Top Hyatt Regency Boston markets include Honolulu, San Francisco, Orlando, New Orleans, Boston, Chicago, NYC, Denver, San Diego Parc 55 and Key West. Portfolio Quality (Core 30) Discounted Valuation ▪ ‘19 RevPAR: $204 ($20 higher than peers) ▪ Replacement cost of $19.7B, or $650/key(1) JW Marriott San Francisco ▪ ‘19 EBITDA/Key: $35,500 (14% above peers) ▪ Trades at 52% discount to replacement cost(2) Hilton Denver City Center Balance Sheet & Liquidity Operational Update ▪ Net debt was $4.4B as of December 31, 2020 ▪ 50 of 60 hotels currently open ▪ $1.4B+ of liquidity; $42M monthly burn rate as of ▪ January occupancy at 30.4% (3) Hilton Chicago 4Q20, equating to 33 months of liquidity runway ▪ 11 hotels at Break-even EBITDA in Q4 2020 Royal Palm South Beach ▪ Less than 2% of debt maturing through 2022 Geographic Diversification(4) Brand Diversity(5) Other 1% Hotel Adagio, Autograph Hilton Checkers LA 12% San Diego Hawaii 4% Denver 2% 25% 2% DC 10% 3% Miani 3% Key West 3% 85% Chicago 5% Le Meridien San Francisco The Reach, Curio Collection 5% 18% NYC 6% San Fran Boston 6% 10% New Orleans Orlando (1) The replacement cost estimates are based on Park internal analysis and recent construction market pricing. Estimated land values are based on Hilton Riverside market data and recent comparable sales where applicable. This estimate is not intended to be an estimate for the fair market value of the portfolio Hyatt Regency Mission Bay (2) Based on market capitalization as of 2/23/21 6 (3) Reflects Park’s consolidated hotels open for the entirety of the month 3 | (4) Based on 2019 Proforma Hotel Adjusted EBITDA (5) Based on 2019 Proforma portfolio rooms Iconic Portfolio: Urban and Resort Destinations Hilton Hawaiian Village Waikiki Beach Resort Hilton San Francisco Union Square Royal Palm South Beach Miami Hilton Denver City Center Le Meridien San Francisco Waldorf Astoria Orlando JW Marriott SF Union Square Hilton New Orleans Riverside Hilton Chicago W Chicago – City Center Casa Marina, A Waldorf Astoria Resort New York Hilton Midtown 4 | Park Portfolio Post-Spin Transformation Since Park’s spin-off from Hilton in January 2017, Park has made significant progress in improving the quality and profitability of the company over the last 3+ years ✓ Sold or disposed of 25(1) lower quality, non-core legacy assets, including 14 international hotels ✓ Outperformed peers in top-line growth and margin expansion ✓ Enhanced and diversified portfolio with acquisition of 18-hotel Chesapeake (CHSP) portfolio(2) @ Spin-Off 3-Year Performance 2019(4) Change (2016)(3) Number of Hotels 67 60 -10% # of International Hotels 14 0 -100% $ Comp. RevPAR(5) $161 $186 +16% Comp. Hotel Adj. EBITDA Margins(5) 27.7% 29.5% +180bps Comp. Hotel Adj. EBITDA per Key(5) $25,100 $30,600 +22% % Rooms Represented by Hilton 100% 85% -15% pts Hilton Orlando Bonnet Creek (1) Figure excludes one hotel, Hilton Chicago O’Hare Airport, which was subject to a ground lease that expired at the end of 2018 (2) Subsequently sold 2 assets (3) As reported in Park’s Fourth Quarter and Full Year 2016 Earnings Press release on 3/1/17 5 | (4) Figures exclude Hilton Sao Paulo Morumbi and the Embassy Suites – Washington, D.C. Georgetown, which were sold in February 2020 (5) The pro-forma comparable portfolios in 2016 and 2019 represent the comparable portfolio at each specified period as of December 31st Focus for 2021 Park remains laser-focused on the following priorities as it navigates through the pandemic and the expected eventual lodging industry recovery ▪ Re-open hotels safely and when market conditions and economics warrant 1 OPEN HOTELS ▪ 50 of 60 hotels currently open; remaining hotels expected to open over the next few months ▪ Expect strong sequential growth in occupancy from Q4 2020 IMPROVE ▪ OCCUPANCY AND Continue to reduce burn rate by identifying additional cost containment measures and by safely 2 and prudently re-opening hotels. Monthly burn rate fell to $42M during the 4Q20 REDUCE BURN RATE ▪ We expect to achieve overall portfolio break-even over the back half of 2021 ▪ Permanent reduction of full-time, hotel-level staffing resulting in $70M annual savings 3 IMPROVE OPERATING MODEL ▪ Further reductions expected as we partner with brands to re-assess brand standards to achieve approximately 200bps of operational efficiencies while maintaining market share premiums ▪ Repay debt with cash on hand as portfolio reopens and approaches break-even; continue to 4 DELEVER THE de-lever with excess cash flow as portfolio recovers BALANCE SHEET ▪ Opportunistically explore asset sales to further right-size balance sheet: $300M to $400M in non-core sales projected for 2021 ▪ Identify acquisition opportunities of distressed / discounted assets that align with Park’s TRANSITION TO 5 investment strategy OFFENSE ▪ Equitize transactions to de-lever the balance sheet over the long term 6 | COVID-19 Update By January 2021, Park had 50 of 60 hotels open with average occupancy of 30% 42% 42% 39% 0.4 34% 60 32% 30% 30% 29% 0.3 50 50 20 20% 47 49 (1) 46 44 0.2 14% 42 17 17 17 17 16 17 13 32 16 0.1 25 14 10 12 13 13 22 10 10 0 10 NumberHotelsof 12 11 27 8 -0.1 4 20 20 20 20 3 16 18 19 10 9 8 -0.2 Total Apr '20 May '20 Jun '20 Jul '20 Aug '20 Sep '20 Oct '20 Nov '20 Dec '20 Jan '21 -0.3 (2) Urban Resort Suburban/Airport Occ% Apr May Jun Jul Aug Sept Oct Nov Dec Jan Total Occupancy %(3) 4% 5% 10% 15% 20% 22% 23% 20% 18% 21% # of Break-Even Hotels(3) 1 2 7 11 11 13 14 7 13 9 (1) Includes consolidated and unconsolidated hotels open during each month, including hotels reopened mid-month 7 | (2) Reflects occupancy of Park’s consolidated hotels that were open during the entirety of each respective month (3) Based on Park's consolidated portfolio, including hotels that were suspended Investment Highlights High Quality Portfolio Trading at a Discount; Pent Up Leisure Demand to Drive Performance Iconic Portfolio of Irreplaceable Assets Trading at a Significant Discount Outsized Exposure to Attractive Leisure Markets Opportunity to Right-Size Hotel Operating Model Embedded Opportunities to Enhance Value Strong and Flexible Balance Sheet with Ample Liquidity Seasoned & Experienced Management Team with Demonstrated Track Record Strong Corporate Governance and ESG Focus 8 | Iconic Portfolio: Top 30 Assets Best in Class 2019 Pro-forma Hotel Adj. EBITDA Breakdown PK Owns One of the Highest Quality Portfolios (1) • Core 30 (89% of Pro-forma Comparable Hotel Adj. EBITDA): (1) All Other ✓ RevPAR of $204 is $20 higher than peers 11% ✓ Margin of 30.7% is 20bps higher than peers(1) ✓ EBITDA/Key of $35,500 is 14% greater than peers(1) • PK All Other(2) represents just ~11% of 2019 Pro-forma Comparable Hotel Adj. EBITDA Core 30 • Pro-forma Comparable Hotel Portfolio generated RevPAR of 89% $186 in 2019, in line with hotel REIT peers(1) • Pro-forma Comparable Hotel Portfolio: 2019 Hotel Adjusted EBITDA margin (29.5%) 100bps lower than hotel REIT peers(1) 2019 Pro-forma RevPAR 2019 Pro-forma Hotel Adj. EBITDA Margin 2019 Pro-forma Hotel Adj. EBITDA/Key $220 32.0% $40,000 30.7% 30.5% $204 $35,500 $200 30.0% 29.5% $35,000 $186 $184 $31,262 $30,600 $180 28.0% $30,000 $160 26.0% $25,000 $140 24.0% 23.3% $20,000 $124 $15,500 $120 22.0% $15,000 $100 20.0% $10,000 PK PK Pro-Forma REIT Peers⁽¹⁾ PK All Other⁽²⁾ PK REIT Peers⁽¹⁾ PK Pro-Forma PK All Other⁽²⁾ PK REIT Peers⁽¹⁾ PK Pro-Forma PK All Other⁽²⁾ Core 30 Comp Portfolio Core 30 Comp Portfolio Core 30 Comp Portfolio (1) REIT peers are HST, PEB, SHO, DRH, RHP and XHR (full-service lodging REITs with a market cap over $1 billion) 129 | (2) PK All Other portfolio includes Park’s 23 remaining hotels, but excludes unconsolidated joint ventures Iconic Portfolio: Steep Discount to Replacement Cost Park currently trades(1) at a 52% discount to replacement cost(2) Meeting Space Replacement Rooms (sq. ft.) Cost ($/key) $16.5B Core 30 21,495 1.8M $19.7B ($769k/Key) $19.7B Total Portfolio(3) 30,119 2.3M $3.2B ($654k/Key) Core 30 52% Discount to Replacement Cost $9.5B Hilton San Francisco Union Square Casa Marina, A Waldorf Astoria Resort $16.5B Hilton Waikoloa Village New York Hilton Midtown Park (2) Park (1) Replacement Cost (Est.) Enterprise Value (1) Based on Park’s stock price as of 2/23/21 (2) The replacement cost estimates are based on Park internal analysis and recent construction market pricing. Estimated land values are based on market data and recent comparable sales where applicable. This estimate is not intended to be an estimate for the fair market value of the portfolio 10 | (3) Includes Park’s pro rata share of unconsolidated joint ventures, as of 12/31/20 Leisure Focus to Drive Performance Leisure accounts for 35% of total room revenue, while 61%(1) of hotels are either drive-to/fly-to leisure focused ▪ Drive-to-Leisure focused hotels continue to witness solid improvements in occupancy, increasing to 49% in mid-February(2) from 31% in early January.
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