Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the ~~Registrant~~registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of common stock outstanding on April ~~27, 2022~~25, 2023 was ~~233,370,080~~215,629,872.


	March 31, 2022			December 31, 2021			March 31, 2023			December 31, 2022
	(unaudited)						(unaudited)
ASSETS
Property and equipment, net	$	8,465		$	8,511		$	8,198		$	8,301
Investments in affiliates		16			15
Intangibles, net		44			44			43			43
Cash and cash equivalents		639			688			842			906
Restricted cash		78			75			33			33
Accounts receivable, net of allowance for doubtful accounts of $2 and $2		106			96			130			129
Prepaid expenses		58			35			55			58
Other assets		65			69			42			47
Operating lease right-of-use assets		232			210			210			214
TOTAL ASSETS (variable interest entities - $240 and $237)	$	9,703		$	9,743
TOTAL ASSETS (variable interest entities – $231 and $237)							$	9,553		$	9,731
LIABILITIES AND EQUITY
Liabilities
Debt	$	4,671		$	4,672		$	4,566		$	4,617
Accounts payable and accrued expenses		200			156			244			220
Due to hotel managers		113			111			117			141
Other liabilities		184			174			207			228
Operating lease liabilities		250			227			231			234
Total liabilities (variable interest entities - $219 and $219)		5,418			5,340
Commitments and contingencies - refer to Note 10
Total liabilities (variable interest entities – $218 and $219)								5,365			5,440
Commitments and contingencies – refer to Note 11
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 233,835,899 shares issued and 233,324,391 shares outstanding as of March 31, 2022 and 236,888,804 shares issued and 236,483,990 shares outstanding as of December 31, 2021		2			2
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 216,317,656 shares issued and 215,630,695 shares outstanding as of March 31, 2023 and 224,573,858 shares issued and 224,061,745 shares outstanding as of December 31, 2022								2			2
Additional paid-in capital		4,473			4,533			4,216			4,321
Accumulated deficit		(142	)		(83	)
Retained earnings								19			16
Total stockholders' equity		4,333			4,452			4,237			4,339
Noncontrolling interests		(48	)		(49	)		(49	)		(48	)
Total equity		4,285			4,403			4,188			4,291
TOTAL LIABILITIES AND EQUITY	$	9,703		$	9,743		$	9,553		$	9,731

Refer to the notes to the unaudited condensed consolidated financial statements.


	Three Months Ended March 31,						Three Months Ended March 31,
	2022			2021			2023			2022
Revenues
Rooms	$	292		$	106		$	382		$	292
Food and beverage		110			22			181			110
Ancillary hotel		61			29			65			61
Other		16			8			20			16
Total revenues		479			165			648			479

Operating expenses
Rooms		85			35			107			85
Food and beverage		87			21			127			87
Other departmental and support		133			78			158			133
Other property-level		50			48			60			50
Management fees		22			7			30			22
Casualty loss								1			—
Depreciation and amortization		69			74			64			69
Corporate general and administrative		16			18			16			16
Other		16			7			20			16
Total expenses		478			288			583			478

Operating income (loss)		1			(123	)
Gain on sales of assets, net								15			—

Operating income								80			1

Interest income								10			—
Interest expense		(62	)		(63	)		(60	)		(62	)
Equity in losses from investments in affiliates		—			(4	)
Equity in earnings from investments in affiliates								4			—
Other gain, net		5			0			1			5

Loss before income taxes		(56	)		(190	)
Income (loss) before income taxes								35			(56	)
Income tax expense		0			(1	)		(2	)		—
Net loss		(56	)		(191	)
Net (income) loss attributable to noncontrolling interests		(1	)		1
Net loss attributable to stockholders	$	(57	)	$	(190	)
Net income (loss)								33			(56	)
Net income attributable to noncontrolling interests								—			(1	)
Net income (loss) attributable to stockholders							$	33		$	(57	)

Other comprehensive income, net of tax expense:
Change in fair value of interest rate swap, net of tax expense of $0		0			1
Total other comprehensive income		0			1

Comprehensive loss		(56	)		(190	)
Comprehensive (income) loss attributable to noncontrolling interests		(1	)		1
Comprehensive loss attributable to stockholders	$	(57	)	$	(189	)

Loss per share:
Loss per share – Basic	$	(0.24	)	$	(0.81	)
Loss per share – Diluted	$	(0.24	)	$	(0.81	)
Earnings (loss) per share:
Earnings (loss) per share – Basic							$	0.15		$	(0.24	)
Earnings (loss) per share – Diluted							$	0.15		$	(0.24	)

Weighted average shares outstanding – Basic		235			235			220			235
Weighted average shares outstanding – Diluted		235			236			221			235

Refer to the notes to the unaudited condensed consolidated financial statements.


	Three Months Ended						Three Months Ended
	March 31,						March 31,
	2022			2021			2023			2022
Operating Activities:
Net loss	$	(56	)	$	(191	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Net income (loss)							$	33		$	(56	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		69			74			64			69
Equity in losses from investments in affiliates		0			4
Gain on sales of assets, net								(15	)		—
Casualty loss								1			—
Equity in earnings from investments in affiliates								(4	)		—
Other gain, net		(1	)		0			—			(1	)
Share-based compensation expense		4			6			4			4
Amortization of deferred financing costs		3			2			2			3
Distributions from unconsolidated affiliates								6			—
Changes in operating assets and liabilities		25			34			13			25
Net cash provided by (used in) operating activities		44			(71	)
Net cash provided by operating activities								104			44
Investing Activities:
Capital expenditures for property and equipment		(21	)		(5	)		(54	)		(21	)
Acquisitions, net								(11	)		—
Proceeds from asset dispositions, net								116			—
Contributions to unconsolidated affiliates		0			(2	)		(2	)		—
Insurance proceeds for property damage claims		0			4
Net cash used in investing activities		(21	)		(3	)
Net cash provided by (used in) investing activities								49			(21	)
Financing Activities:
Repayments of credit facilities								(50	)		—
Repayments of mortgage debt		(2	)		(1	)		(2	)		(2	)
Debt issuance costs		(3	)		0			(1	)		(3	)
Dividends paid								(56	)		—
Distributions to noncontrolling interests, net								(1	)		—
Tax withholdings on share-based compensation		(3	)		(6	)		(2	)		(3	)
Repurchase of common stock		(61	)		0			(105	)		(61	)
Net cash used in financing activities		(69	)		(7	)		(217	)		(69	)
Net decrease in cash and cash equivalents and restricted cash		(46	)		(81	)		(64	)		(46	)
Cash and cash equivalents and restricted cash, beginning of period		763			981			939			763
Cash and cash equivalents and restricted cash, end of period	$	717		$	900		$	875		$	717

Supplemental Disclosures
Non-cash financing activities:
Dividends declared but unpaid	$	2		$	0		$	32			2

Refer to the notes to the unaudited condensed consolidated financial statements.


																										Additional						Non-
																					Common Stock					Paid-in			Retained			controlling
																					Shares			Amount		Capital			Earnings			Interests			Total
Balance as of December 31, 2022																						224		$	2	$	4,321		$	16		$	(48	)	$	4,291
Share-based compensation, net																						1			—		—			2			—			2
Net income																						—			—		—			33			—			33
Dividends and dividend equivalents(1)																						—			—		—			(32	)		—			(32	)
Distributions to noncontrolling interests																						—			—		—			—			(1	)		(1	)
Repurchase of common stock																						(9	)		—		(105	)		—			—			(105	)
Balance as of March 31, 2023																						216		$	2	$	4,216		$	19		$	(49	)	$	4,188


						Additional						Non-														Additional						Non-
	Common Stock					Paid-in			Accumulated			controlling									Common Stock					Paid-in			Accumulated			controlling
	Shares			Amount		Capital			Deficit			Interests			Total						Shares			Amount		Capital			Deficit			Interests			Total
Balance as of December 31, 2021		236		$	2	$	4,533		$	(83	)	$	(49	)	$	4,403						236		$	2	$	4,533		$	(83	)	$	(49	)	$	4,403
Share-based compensation, net		—			—		1			—			—			1						—			—		1			—			—			1
Net loss		—			—		—			(57	)		1			(56	)					—			—		—			(57	)		1			(56	)
Dividends and dividend equivalents(1)		—			—		—			(2	)		—			(2	)					—			—		—			(2	)		—			(2	)
Repurchase of common stock		(3	)		—		(61	)		—			—			(61	)					(3	)		—		(61	)		—			—			(61	)
Balance as of March 31, 2022		233		$	2	$	4,473		$	(142	)	$	(48	)	$	4,285						233		$	2	$	4,473		$	(142	)	$	(48	)	$	4,285

									Retained			Accumulated
						Additional			Earnings			Other			Non-
	Common Stock					Paid-in			(Accumulated			Comprehensive			controlling
	Shares			Amount		Capital			Deficit)			(Loss) Income			Interests			Total
Balance as of December 31, 2020		236		$	2	$	4,519		$	376		$	(4	)	$	(50	)	$	4,843
Share-based compensation, net		—			—		1			(1	)		—			—			—
Net loss		—			—		—			(190	)		—			(1	)		(191	)
Other comprehensive income		—			—		—			—			1			—			1
Balance as of March 31, 2021		236		$	2	$	4,520		$	185		$	(3	)	$	(51	)	$	4,653

(1) Dividends declared per common share were $0.15 and $0.01 for the three months ended March 31, ~~2022.~~

Refer to the notes to the unaudited condensed consolidated financial statements.

Note 2:2: Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

Principles of Consolidation

The unaudited condensed consolidated financial statements reflect our financial position, results of operations and cash flows, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. All significant intercompany transactions and balances within the financial statements have been eliminated.

These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, ~~2021~~2022 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February ~~18, 2022.~~23, 2023.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Interim results are not necessarily indicative of full year performance.

Reclassifications

Certain line items on the audited condensed consolidated balance ~~sheets~~sheet as of December 31, ~~2021~~2022 have been reclassified to conform to the current period presentation.

Summary of Significant Accounting Policies

Our Annual Report on Form 10-K for the year ended December 31, ~~2021,~~2022, filed with the SEC on February ~~18, 2022,~~23, 2023, contains a discussion of ~~the~~ significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, ~~2021.~~2022.

Note 3: Acquisitions and Dispositions

Acquisitions

Dispositions

In February 2023, we sold the Hilton Miami Airport hotel for gross proceeds of $118.25 million. We recognized a net gain of approximately $15 million, which is included in gain on sale of assets, net in our condensed consolidated statements of operations.

Note 3:4: Property and Equipment

Property and equipment were:


	March 31, 2023			December 31, 2022
	(in millions)
Land	$	3,272		$	3,317
Buildings and leasehold improvements		6,469			6,512
Furniture and equipment		993			994
Construction-in-progress		211			201
		10,945			11,024
Accumulated depreciation		(2,747	)		(2,723	)
	$	8,198		$	8,301

March 31, 2022

December 31, 2021

(in millions)

Land

$
3,336

$
3,333

Buildings and leasehold improvements

6,616

6,606

Furniture and equipment

1,013

1,005

Construction-in-progress

82

82

11,047

11,026

Accumulated depreciation and amortization

(2,582
)

(2,515
)

$
8,465

$
8,511

Depreciation of property and equipment was $6864 million and $7368 million during the three months ended March 31, ~~2022~~2023 and ~~2021,~~2022, respectively.

Note 4:5: Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates

Consolidated VIEs

We consolidate VIEs that own 3three hotels in the U.S. We are the primary beneficiary of these VIEs as we have the power to direct the activities that most significantly affect their economic performance. Additionally, we have the obligation to absorb their losses and the right to receive benefits that could be significant to them. The assets of our VIEs are only available to settle the obligations of these entities. Our condensed consolidated balance sheets include the following assets and liabilities of these entities:

March 31, 2022

December 31, 2021

(in millions)

Property and equipment, net

$
208

$
209

Cash and cash equivalents

19

18

Restricted cash

8

6

Accounts receivable, net

3

3

Prepaid expenses

2

1

Debt

206

208

Accounts payable and accrued expenses

8

7

Due to hotel manager

1

1

Other liabilities

4

3


	March 31, 2023		December 31, 2022
	(in millions)
Property and equipment, net	$	208	$	208
Cash and cash equivalents		14		21
Restricted cash		2		2
Accounts receivable, net		5		4
Prepaid expenses		2		2
Debt		204		205
Accounts payable and accrued expenses		9		8
Due to hotel manager		1		2
Other liabilities		4		4

Unconsolidated Entities

~~Investments in affiliates were:~~

Ownership %

March 31, 2022

December 31, 2021

(in millions)

Hilton San Diego Bayfront

25%

$
12

$
11

All others (5 hotels)

20% - 50%

4

4

$
16

$
15

Four

~~The affiliates~~ of our hotels are owned by unconsolidated joint ventures in which we ~~own investments~~hold an interest, are accounted for under the equity method and had total debt of approximately $~~942~~ ~~million and~~$~~943~~721 million as of both March 31, ~~2022~~2023 and December 31, ~~2021, respectively.~~2022. Substantially all the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us.

Note 5:6: Debt

Debt balances and associated interest rates as of March 31, ~~2022~~2023 were:


			Principal balance as of								Principal balance as of
	Interest Rate at March 31, 2022	Maturity Date	March 31, 2022			December 31, 2021			Interest Rate at March 31, 2023	Maturity Date	March 31, 2023			December 31, 2022
			(in millions)								(in millions)
SF Mortgage Loan(1)	4.11%	November 2023	$	725		$	725		4.11%	November 2023	$	725		$	725
HHV Mortgage Loan(1)	4.20%	November 2026		1,275			1,275		4.20%	November 2026		1,275			1,275
Other mortgage loans	Average rate of 4.22%	2022 to 2027(2)		501			503		Average rate of 4.35%	2023 to 2027(2)		467			469
2019 Term Facility(3)	L + 2.65%	August 2024		78			78
Revolver(3)	L + 3.00%	December 2023		0			0		SOFR + 2.10%	December 2026		—			50
2025 Senior Secured Notes(4)	7.50%	June 2025		650			650
2028 Senior Secured Notes(4)	5.88%	October 2028		725			725
2029 Senior Secured Notes(4)	4.88%	May 2029		750			750
2025 Senior Notes(4)									7.50%	June 2025		650			650
2028 Senior Notes(4)									5.88%	October 2028		725			725
2029 Senior Notes(4)									4.88%	May 2029		750			750
				4,704			4,706					4,592			4,644
Add: unamortized premium				4			4					2			3
Less: unamortized deferred financing costs and discount				(37	)		(38	)				(28	)		(30	)
			$	4,671		$	4,672				$	4,566		$	4,617

(1) In October 2016, we entered into a $725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF Mortgage Loan”) and a $1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV Mortgage Loan”).

(2) Assumes the exercise of all extensions that are exercisable solely at our option. The mortgage loan for Hilton Denver City Center matures in 2042but is callable by the lender with six months of notice. As of March 31, ~~2022,~~2023, Park had not received notice from the lender. ~~Additionally, in April 2022, our joint venture refinanced the mortgage loan secured by the DoubleTree Hotel Ontario Airport, which extended the maturity date to May 2027.~~

(3) In ~~August 2019,~~February 2023, we fully repaid the ~~Company,~~$50 million outstanding balance under our ~~Operating Company and PK Domestic entered into~~revolving credit facility ("Revolver"). The Revolver permits one or more standby letters of credit, up to a ~~term loan facility (the “2019 Term Facility”). In May 2020, we amended our credit and term loan facilities~~maximum aggregate outstanding balance of $50 million, to ~~add a~~ ~~LIBOR floor~~be issued on behalf of ~~25 basis points~~.us. As of March 31, ~~2022,~~2023, we had approximately $~~901~~4 million outstanding on a standby letter of credit and $946 million of available capacity under our ~~revolving credit facility ("Revolver").~~Revolver.

(4) In May and September 2020, our Operating Company, PK Domestic and PK Finance Co-Issuer Inc. ("PK Finance") issued an aggregate of $650 million of senior ~~secured~~ notes due 2025 (“2025 Senior ~~Secured~~ Notes”) and an aggregate of $725 million of senior ~~secured~~ notes due 2028 (“2028 Senior ~~Secured~~ Notes”), respectively. Additionally, in May 2021, our Operating Company, PK Domestic and PK Finance issued an aggregate of $750
million of senior ~~secured~~ notes due 2029 (“2029 Senior ~~Secured~~ Notes”).

We are required to deposit with lenders certain cash reserves for restricted uses. As of March 31, ~~2022~~2023 and December 31, ~~2021,~~2022, our condensed consolidated balance sheets included $635 million and $606 million of restricted cash, respectively, related to our mortgage loans.

~~Credit Facilities~~

~~Revolver and 2019 Term Facility~~

In February 2022, we amended our credit and term loan facilities to extend the waiver period for the testing of the financial covenants to the date the financial statements are delivered for the quarter ended September 30, 2022 (except for the minimum fixed charge coverage ratio, which waiver period for such covenant will end as of the date the financial statements are delivered for the quarter ended June 30, 2022), in each case, unless we elect an earlier date, and to adjust the required ratio levels of particular financial

~~covenants after such waiver periods.~~ As part of the amendment process, we (i) extended the temporary periods for which calculation of certain financial covenants are annualized once quarterly testing of financial covenants resumes, (ii) extended the minimum liquidity covenant of $~~200~~ ~~million through~~ ~~March 2023, (iii) obtained the ability to repurchase up to $250~~ ~~million of shares as long as the Revolver balance is $~~0 ~~(with the amount of any such repurchases increasing the minimum liquidity covenant, dollar for dollar, resulting in a minimum liquidity covenant amount as of March 31, 2022 of $261~~ ~~million), (iv) increased the amount of non-recourse debt allowed to be incurred during the waiver period to $500~~ ~~million from $350~~ ~~million, (v) obtained the ability during the waiver period to voluntarily prepay certain mortgage debt maturing in~~ ~~2022~~ ~~and~~ ~~2023, (vi) removed the limitation applied during the waiver period on capital expenditures within the portfolio, (vii) increased the ability during the waiver period to acquire investments to $~~1 ~~billion from $200~~ ~~million, with an option to expand to $1.5~~ ~~billion with a corresponding increase of the minimum liquidity covenant to $300~~ million, and (viii) removed any restrictions on asset sales that applied during the waiver period. In addition, we amended the mandatory prepayment requirements that apply during the waiver period to, among other things, only require mandatory repayments from specified events if and to the extent the Revolver balance exceeds $~~600~~ ~~million (and no prepayment of the 2019 Term Facility being required).~~

Debt Maturities

The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of March 31, ~~2022~~2023 were:


Year	(in millions)		(in millions)
2022	$	62
2023		833	$	861
2024		85		7
2025		657		657
2026		1,562		1,563
2027				30
Thereafter(1)		1,505		1,474
	$	4,704	$	4,592

(1) Assumes the exercise of all extensions that are exercisable solely at our option.

Note 6:7: Fair Value Measurements

We did not elect the fair value measurement option for our financial assets or liabilities. The fair values of our other financial instruments not included in the table below are estimated to be equal to their carrying amounts.

The fair value of our debt and the hierarchy level we used to estimate fair values are shown below:


			March 31, 2022				December 31, 2021						March 31, 2023				December 31, 2022
	Hierarchy Level		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Hierarchy Level		Carrying Amount		Fair Value		Carrying Amount		Fair Value
			(in millions)										(in millions)
Liabilities:
SF Mortgage Loan		3	$	725	$	718	$	725	$	733		3	$	725	$	697	$	725	$	692
HHV Mortgage Loan		3		1,275		1,218		1,275		1,282		3		1,275		1,138		1,275		1,142
2019 Term Facility		3		78		76		78		76
2025 Senior Secured Notes		1		650		679		650		688
2028 Senior Secured Notes		1		725		727		725		761
2029 Senior Secured Notes		1		750		705		750		771
Other mortgage loans		3		501		481		503		491		3		467		434		469		435
Revolver												3		—		—		50		50
2025 Senior Notes												1		650		660		650		652
2028 Senior Notes												1		725		668		725		661
2029 Senior Notes												1		750		646		750		635

Note 7:8: Share-Based Compensation

We issue equity-based awards to our employees pursuant to the 2017 Omnibus Incentive Plan ~~(“2017~~(the “2017 Employee Plan”) and our non-employee directors pursuant to the 2017 Stock Plan for Non-Employee Directors ~~(as~~(the “2017 Director Plan”), both of which are amended and restated from time to ~~time,~~time. An amendment and restatement of the ~~“2017 Director Plan”). The~~ 2017 Employee Plan ~~provides that a maximum~~was approved by our Board of Directors in February 2023 and approved by our stockholders in April 2023 to, among other changes, increase the number of shares available to be issued by 6,070,000, from 8,000,000 ~~shares of our common stock may be issued, and as~~to 14,070,000 shares. As of March 31, ~~2022,~~2023, ~~2,315,323~~1,429,141 shares of common stock remain available for future ~~issuance.~~issuance, which excludes the 6,070,000 additional shares that were approved in April 2023. The 2017 Director Plan provides that a maximum of 950,000 shares of our common stock may be issued, and as of March 31, ~~2022,~~2023, ~~484,583~~383,258 shares of common stock remain available for future issuance. For both the three months ended March 31, ~~2022~~2023 and ~~2021,~~2022, we recognized $4 million ~~and $~~6 ~~million~~ of share-based compensation ~~expense, respectively.~~expense. As of March 31, ~~2022,~~2023, unrecognized compensation expense was $2932 million, which is expected to be recognized over a weighted-average period of ~~2.0~~2.1 years. The total fair value of shares vested (calculated as the number of shares multiplied by the vesting date share price) ~~during~~for both the three months ended March 31, ~~2022~~2023 and ~~2021~~2022 was $6 ~~million and $~~14 ~~million, respectively.~~million.

Restricted Stock Awards

Restricted Stock Awards (“RSAs”) generally vest in annual installments between one and three years from each grant date. The following table provides a summary of RSAs for the three months ended March 31, ~~2022:~~2023:

Number of Shares

Weighted-Average
Grant Date
Fair Value

Unvested at January 1, 2022

789,322

$
22.52

Granted

367,611

18.52

Vested

(286,843
)

23.73

Forfeited

(10,567
)

22.14

Unvested at March 31, 2022

859,523

$
20.41


	Number of Shares			Weighted-Average Grant Date Fair Value
Unvested at January 1, 2023		843,846		$	20.19
Granted		566,259			13.79
Vested		(447,467	)		20.97
Forfeited		(6,961	)		15.99
Unvested at March 31, 2023		955,677		$	16.07

Performance Stock Units

Performance Stock Units (“PSUs”) generally vest at the end of a three-year performance period and are subject to the achievement of a market condition based on a measure of our total shareholder return relative to the total shareholder return of the companies that comprise the FTSE Nareit Lodging Resorts Index (that have a market capitalization in excess of $1 billion as of the first day of the applicable performance period). The number of PSUs that may become vested ranges from zero to 200% of the number of PSUs granted to an employee, based on the level of achievement of the foregoing performance measure.

Additionally, in November 2020, we granted special awards with vesting of these awards subject to the achievement of eight increasing levels of our average closing sales price per share, from $11.00 to $25.00, over a consecutive 20 trading day period (“Share Price Target”). One-eighth of PSUs will vest at each date a Share Price Target is achieved and any PSUs remaining after a four-year performance period will be forfeited. As of March 31, ~~2022,~~2023, 6six of the 8eight Share Price Targets were achieved and thus 75% of the awards granted were vested.

The following table provides a summary of PSUs for the three months ended March 31, ~~2022:~~ 2023:


	Number of Shares			Weighted-Average Grant Date Fair Value		Number of Shares			Weighted-Average Grant Date Fair Value
Unvested at January 1, 2022		972,074			22.59
Unvested at January 1, 2023							1,198,325		$	20.71
Granted		391,845			21.93		590,425			19.96
Forfeited		(153,968	)		35.79		(261,554	)		24.80
Unvested at March 31, 2022		1,209,951		$	20.69
Unvested at March 31, 2023							1,527,196		$	19.72

The grant date fair values of the awards that are subject to the achievement of market conditions based on total shareholder return were determined using a Monte Carlo simulation valuation model with the following assumptions:

(1) Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.

Note 8:9: Earnings Per Share

The following table presents the calculation of basic and diluted earnings per share (“EPS”):


	Three Months Ended March 31,						Three Months Ended March 31,
	2022			2021			2023		2022
	(in millions, except per share amounts)						(in millions, except per share amounts)
Numerator:
Net loss attributable to stockholders, net of earnings allocated to participating securities	$	(57	)	$	(190	)
Net income (loss) attributable to stockholders, net of earnings allocated to participating securities							$	33	$	(57	)
Denominator:
Weighted average shares outstanding – basic		235			235			220		235
Unvested restricted shares		0			1			1		—
Weighted average shares outstanding – diluted		235			236			221		235

Loss per share - Basic(1)	$	(0.24	)	$	(0.81	)
Loss per share - Diluted(1)	$	(0.24	)	$	(0.81	)
Earnings (loss) per share – Basic(1)							$	0.15	$	(0.24	)
Earnings (loss) per share – Diluted(1)							$	0.15	$	(0.24	)

(1) Per share amounts are calculated based on unrounded numbers.

Certain of our outstanding equity awards were excluded from the above calculation of EPS for the three months ended March 31, ~~2022~~2023 and ~~2021~~2022 because their effect would have been anti-dilutive.

Note 9:10: Business Segment Information

As of March 31, ~~2022,~~2023, we have 2two operating segments, our consolidated hotels and unconsolidated hotels. Our unconsolidated hotels operating segment does not meet the definition of a reportable ~~segment;~~segment, thus our consolidated hotels is our onlyreportable segment. We evaluate our consolidated hotels primarily based on hotel adjusted earnings (loss) before interest expense, taxes and depreciation and amortization (“EBITDA”). Hotel Adjusted EBITDA, presented herein, is calculated as EBITDA from hotel operations, adjusted to ~~exclude:~~exclude the following items that are not reflective of our ongoing operating performance or incurred in the normal course of business, and thus excluded from management's analysis in making day to day operating decisions and evaluations of our operating performance against other companies within our industry:

•

Gains or losses on sales of assets for both consolidated and unconsolidated investments;

•

Costs associated with hotel acquisitions or dispositions expensed during the period;

•

Severance expense;

•

Share-based compensation expense;

•

Impairment losses and casualty gains or losses; and

•

Other items that we believe are not representative of our current or future operating performance.

The following table presents revenues for our consolidated hotels reconciled to our consolidated amounts and net ~~loss~~income (loss) to Hotel Adjusted EBITDA:

Three Months Ended March 31,

2022

2021

(in millions)

Revenues:

Total consolidated hotel revenues

$
463

$
157

Other revenues

16

8

Total revenues

$
479

$
165

Net loss

$
(56
)

$
(191
)
Other revenues

(16
)

(8
)
Depreciation and amortization expense

69

74

Corporate general and administrative expense

16

18

Other operating expenses

16

7

Interest expense

62

63

Equity in losses from investments in affiliates

0

4

Income tax expense

0

1

Other gain, net

(5
)

0

Other items

3

(4
)
Hotel Adjusted EBITDA

$
89

$
(36
)


	Three Months Ended March 31,
	2023			2022
	(in millions)
Revenues:
Total consolidated hotel revenues	$	628		$	463
Other revenues		20			16
Total revenues	$	648		$	479

Net income (loss)	$	33		$	(56	)
Other revenues		(20	)		(16	)
Depreciation and amortization expense		64			69
Corporate general and administrative expense		16			16
Casualty loss		1			—
Other operating expenses		20			16
Gain on sales of assets, net		(15	)		—
Interest income		(10	)		—
Interest expense		60			62
Equity in earnings from investments in affiliates		(4	)		—
Income tax expense		2			—
Other gain, net		(1	)		(5	)
Other items		6			3
Hotel Adjusted EBITDA	$	152		$	89

The following table presents total assets for our consolidated hotels, reconciled to total assets:


	March 31, 2022		December 31, 2021		March 31, 2023		December 31, 2022
	(in millions)				(in millions)
Consolidated hotels	$	9,683	$	9,724	$	9,549	$	9,726
All other		20		19		4		5
Total assets	$	9,703	$	9,743	$	9,553	$	9,731

~~Note 11: Subsequent Events~~

~~In April 2022, we sold the~~ ~~131-room Hampton Inn & Suites Memphis – Shady Grove for gross proceeds of $11.5~~ ~~million or $88,000~~ ~~per key.~~

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of the financial condition and results of operations of Park Hotels & Resorts Inc. (“we,” “us,” “our” or the “Company”) should be read in conjunction with the accompanying unaudited condensed consolidated financial statements, related notes included elsewhere in this Quarterly Report on Form 10-Q, and with our Annual Report on Form 10-K for the year ended December 31, ~~2021.~~2022.

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). Forward-looking statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, including anticipated repayment of certain of the Company's indebtedness, the completion of capital allocation priorities, the expected ~~dates that our hotels will reopen, break even or achieve positive Hotel Adjusted EBITDA,~~repurchase of the Company's stock, the impact to our business and financial condition and that of our hotel management companies, ~~measures being taken in response to COVID-19,~~ the impact from macroeconomic factors (including inflation, increases in interest rates, potential economic slowdown or a recession and geopolitical conflicts), the effects of competition, the effects of future legislation or regulations, the expected completion of anticipated dispositions, the declaration and payment of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect our results of operations, financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors is the adverse effect of COVID-19, including actions taken to contain the pandemic or mitigate its effects, the emergences of virus variants and resurgences, on our financial condition, results of operations, cash flows and performance, our hotel management companies and our hotels’ tenants, and the global economy and financial markets. Investors are cautioned to interpret many of the risks identified in the risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2021 as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19.

All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in ~~the~~these forward-looking statements. You should not put undue reliance on any forward-looking statements and we urge investors to carefully review the disclosures we make concerning risks and uncertainties in Item 1A: “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, ~~2021,~~2022, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, as well as risks, uncertainties and other factors discussed in this Quarterly Report on Form 10-Q. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

We have a diverse portfolio of iconic and market-leading hotels and ~~resorts~~resorts with significant underlying real estate value. We currently hold investments in entities that have ownership or leasehold interests in 5346 hotels, consisting of premium-branded hotels and resorts with ~~approximately 32,000~~over 29,000 rooms, of which ~~over 87%~~approximately 88% are luxury and u~~pper~~upper upscale (as defined by Smith Travel Research) and are located in prime U.S. markets and its territories. Our high-quality portfolio includes hotels mostly in major urban and convention areas, such as New York City, Washington, D.C., Chicago, San Francisco, Boston, New Orleans and Denver; and premier resorts in key leisure destinations, including Hawaii, Orlando, Key West and Miami Beach; ~~and hotels adjacent to major gateway airports, such as Los Angeles International, Boston Logan International and Miami International,~~ as well as hotels in select airport and suburban locations.

Our objective is to be the preeminent lodging real estate investment trust (“REIT”), focused on consistently delivering superior, risk-adjusted returns to stockholders through active asset management and a thoughtful external growth strategy while maintaining a strong and flexible balance sheet. As a pure-play real estate company with direct access to capital and independent financial resources, we believe our enhanced ability to implement compelling return on investment initiatives within our portfolio represents a significant embedded growth opportunity. Finally, given our scale and investment expertise, we believe we will be able to successfully execute single-asset and portfolio acquisitions and dispositions to further enhance the value and diversification of our assets throughout the lodging cycle, including potentially taking advantage of the economies of scale that could come from consolidation in the lodging REIT industry.

We operate our business through two operating segments, our consolidated hotels and unconsolidated hotels. Our consolidated hotels operating segment is our only reportable segment. Refer to Note 9:10: “Business Segment Information” in our unaudited condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q for additional information regarding our operating segments.

In February 2023, we sold the 508-room Hilton Miami Airport hotel for gross proceeds of $118.25 million, or $233,000 per key, and utilized a ~~novel strain of coronavirus and the disease it causes (“COVID-19”) had a significant effect on the lodging industry and our business. We cannot presently determine the extent or duration~~portion of the ~~overall operational and financial effects that COVID-19 will have on~~net proceeds to fully repay the $50 million outstanding under our business. Beginning in March 2020, travel restrictions and mandated closings of non-essential businesses were imposed, which resulted in temporary suspensions of operations at a majority of our hotels. We have reopened all our hotels except the 1,024-room Parc 55 San Francisco – a Hilton Hotel, the reopening of which has been accelerated to May 19, 2022, based on improving demand trends in the San Francisco market. Temporary closings of restaurants and hotels as well as travel restrictions across entire regions also contributed to severely reduced overall lodging demand. The effects of COVID-19 continue to have an adverse effect on the hospitality industry, including our business; however, the increase in vaccination rates across the country and the easing or removal of restrictions, quarantining, and “social distancing” mandates resulted in increased travel and hospitality spending beginning in the second quarter of 2021. Despite a near-term reduction in demand due to concerns over the spread of the Omicron variant in January 2022, which resulted in additional group cancellations and cautious business travel sentiment, coupled with the seasonal decline in leisure travel following the holiday season and the delay in return of business travel, we saw a broad based recovery beginning in March 2022 as leisure demand was robust and group demand strengthened. We expect leisure demand to remain strong and group demand to accelerate during the remainder of 2022.revolving credit facility ("Revolver").

In March 2023, we purchased two parcels of land, including all improvements, adjacent to the Hilton Hawaiian Village Waikiki Beach Resort, for approximately $18 million, including transaction costs. We ~~believe~~accounted for the ~~distribution~~purchase as an acquisition of an asset, and we intend to develop an additional tower on the acquired parcels as part of the COVID-19 vaccine during 2021 drove the improvement in traveler sentiment we experienced and resulted in an improvement in occupancy, Average Daily Rate (“ADR”) and Revenue per Available Room (“RevPAR”) during the second quarter of 2021. Changes in our 2022 pro-forma metrics, which exclude results from properties disposed of and include results from properties acquired as of March 31, 2022, as compared to the same periods in 2021 and 2019, and 2022 occupancy are as follows:Hilton Hawaiian Village Waikiki Beach Resort.

During the three months ended March 31, 2023, we repurchased approximately 8.8 million shares of our common stock for a total purchase price of $105 million.

~~We believe demand will remain somewhat reduced as long as mandatory~~Current economic challenges have affected discretionary spending and travel, ~~restrictions~~including supply chain disruptions and ~~cost-saving or other measures, such as the postponing or cancelling of non-essential business travel, remain in place or if these restrictions tighten or~~increased inflation. Inflationary concerns may affect both consumer sentiment and demand for travel, ~~becomes depressed due~~as well as increase labor or other costs to maintain or operate hotels that cannot be reduced without adversely affecting business growth or hotel value. However, we have relied on the ~~emergence of virus variants. Although we were able to recommence operations at all except one~~performance of our ~~previously suspended~~ hotels and ~~further restrictions~~active asset management to mitigate the effects of inflation and current macroeconomic uncertainty, including recent pressures on the banking and financial industry. During the first quarter of 2023, we have ~~been lifted following the spread of the Omicron variant, if~~continued to experience improvements in leisure, group and business transient demand, ~~does not fully recover, or if virus variants increase or travel restrictions tighten, we may be required to suspend operations at additional~~including our urban hotels. Further, uncertainty as to when demand will fully recover generally will make it more difficult to execute on our external growth strategy. The uncertainties surrounding the COVID-19 pandemic recovery, including new variants, make it difficult to predict operating results for our hotels for the remainder of 2022, thusWhile there can be no assurances that we will not experience further fluctuations in hotel revenues or earnings at our ~~hotels.~~

~~The operating environment for us~~hotels due to inflation and ~~our hotel managers has improved as government restrictions were lifted and demand for travel returned. Economic indicators~~other macroeconomic factors, such as ~~GDP growth, corporate earnings, consumer confidence~~increases in interest rates, potential economic slowdown or a recession and ~~employment are highly correlated with lodging demand and have generally returned to pre-pandemic levels. We~~geopolitical conflicts, we expect the ~~significance~~positive momentum to continue through the remainder of 2023 based on current demand trends and as demand from international travel is expected to improve during the ~~COVID-19 pandemic, including the extent~~second half of its effect on our financial and operational results, to be dictated by, among other things, its duration, the success of efforts to contain it, the emergence of virus variants, efficacy, availability of treatments to combat COVID-19, including public adoption rates of COVID-19 vaccines, and the effect of actions taken in response (such as travel advisories and restrictions and social distancing), including the extent and duration of such actions.2023.

Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. ~~Room nights available to guests have not been adjusted for suspended or reduced operations at certain of our hotels as a result of COVID-19.~~ Occupancy measures the utilization of our hotels’ available capacity. We use occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help us determine achievable ~~ADR~~average daily rate ("ADR") levels as demand for rooms increases or decreases.

ADR ~~(which we also refer to as rate)~~ represents rooms revenue divided by total number of room nights sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in the hotel industry, and we use ADR to assess pricing levels that we are able to generate by type of customer, as changes in rates have a more pronounced effect on overall revenues and incremental profitability than changes in occupancy, as described above.

~~RevPAR~~Revenue per available room ("RevPAR") represents rooms revenue divided by the total number of room nights available to guests for a given period. ~~Room nights available to guests have not been adjusted for suspended or reduced operations at certain of our hotels as a result of COVID-19.~~ We consider RevPAR to be a meaningful indicator of our performance as it provides a metric correlated to two primary and key factors of operations at a hotel or group of hotels: occupancy and ADR. RevPAR is also a useful indicator in measuring performance over comparable periods.

Historically, we have presented certain data for our hotels on a comparable hotel basis as supplemental information for investors. We defined our comparable hotels as those that: (i) were active and operating in our portfolio since January 1st of the previous year; and (ii) have not sustained substantial property damage or business interruption, have not undergone large-scale capital projects or for which comparable results are not available. We presented comparable hotel results to help us and our investors evaluate the ongoing operating performance of our comparable hotels. However, given the significant effect of COVID-19 on most of our hotels and the lack of comparability to prior periods, we do not believe this supplemental information is useful to us or our investors at this time. Under “Results of Operations” below, we have provided information on the effects from dispositions and other factors to our results of operations for the three months ended March 31, 2022 as compared to the same period in 2021. Change from other factors primarily relates to the effects of COVID-19 and subsequent ongoing recovery.

We also evaluate the performance of our business through certain other financial measures that are not recognized under U.S. GAAP. Each of these non-GAAP financial measures should be considered by investors as supplemental measures to GAAP performance measures such as total revenues, operating profit and net income.

EBITDA, presented herein, reflects net income (loss) excluding depreciation and amortization, interest income, interest expense, income taxes and also interest expense, income tax and depreciation and amortization included in equity in earnings (losses) from investments in affiliates.

Adjusted EBITDA, presented herein, is calculated as EBITDA, further adjusted to ~~exclude:~~exclude the following items that are not reflective of our ongoing operating performance or incurred in the normal course of business, and thus, excluded from management's

analysis in making day-to-day operating decisions and evaluations of our operating performance against other companies within our industry:

Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses for our consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of our profitability. We present Hotel Adjusted EBITDA to help us and our investors evaluate the ongoing operating performance of our consolidated hotels.

EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA are not recognized terms under U.S. GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, our definitions of EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

We believe that EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA provide useful information to investors about us and our financial condition and results of operations for the following reasons: (i) EBITDA, Adjusted EBITDA and Hotel Adjusted

EBITDA are among the measures used by our management team to make day-to-day operating decisions and evaluate our operating performance between periods and between REITs by removing the effect of our capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from our operating results; and (ii) EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in our industry.

EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss) or other methods of analyzing our operating performance and results as reported under U.S. GAAP. Some of these limitations are:

We do not use or present EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA as measures of our liquidity or cash flow. These measures have limitations as analytical tools and should not be considered either in isolation or as a substitute for cash flow or other methods of analyzing our cash flows and liquidity as reported under U.S. GAAP. Some of these limitations are:

Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be considered as discretionary cash available to us to reinvest in the growth of our business or as measures of cash that will be available to us to meet our obligations.

The following table provides a reconciliation of Net ~~loss~~income (loss) to Hotel Adjusted EBITDA:

(1) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses.

Nareit FFO attributable to stockholders and Adjusted FFO attributable to stockholders

We present Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) as non-GAAP measures of our performance. We calculate funds from (used in) operations (“FFO”) attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), as net income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect our pro rata share of the FFO of those entities on the same basis. As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper – 2018 Restatement,” since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. We believe Nareit FFO provides useful information to investors regarding our operating performance and can facilitate comparisons of operating performance between periods and between REITs. Our presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently than we do. We calculate Nareit FFO per diluted share as our Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.

We also present Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance. Management historically has made the adjustments detailed below in evaluating our performance and in our annual budget process. We believe that the presentation of Adjusted FFO provides useful supplemental information that is beneficial to an investor’s complete understanding of our operating performance. We adjust Nareit FFO attributable to stockholders for the following items, which may occur in any period, and refer to this measure as Adjusted FFO attributable to stockholders:

The following table provides a reconciliation of ~~net loss~~Net income (loss) attributable to stockholders to Nareit FFO attributable to stockholders and Adjusted FFO attributable to stockholders:

~~The following items~~Property dispositions have had a significant effect on the year-over-year comparability of our operations ~~and are~~as further illustrated ~~further~~ in the table of Hotel Revenues and Operating Expenses ~~below:~~

(1) Change from other factors primarily relates to the effects of COVID-19. The increase in revenues and expenses for the three months ended March 31, 2022 was primarily due to the reopening of additional hotels that were suspended during the same period in 2021 and improved occupancy due to an increase in demand as compared to the same period in 2021.market-specific conditions discussed below.

Group, transient, contract and other rooms revenue for the three months ended March 31, ~~2022,~~2023, as well as the change for each segment compared to the same period in ~~2021~~2022 are as follows:

(1) Change from other factors primarily relates to the ~~effects~~market-specific conditions discussed below.

The increases in hotel revenues and operating expenses from other factors were primarily a result of ~~COVID-19. The increase~~significant occupancy and ADR increases in ~~revenues~~certain of our largest markets during the three months ended March 31, 2023 compared to the same period in 2022, with our San Francisco, Hawaii and New York markets experiencing the most significant changes. Combined occupancy and ADR at our San Francisco hotels increased 23.3 percentage points and 45.7%, respectively, for the three months ended March 31, ~~2022 was primarily due to the reopening of additional hotels that were suspended during the same period in 2021 and improved occupancy due to an increase in demand as~~2023 compared to the same period in ~~2021.~~

2022, as a result of an increase in both group and transient demand, coupled with the reopening of Parc 55 San Francisco - a Hilton Hotel in May 2022. Combined occupancy and ADR at our two Hawaii hotels increased 10.6 percentage points and 10.4%, respectively, for the three months ended March 31, 2023 compared to same period in 2022, driven by an increase in domestic transient demand primarily at the Hilton Hawaiian Village Waikiki Beach Resort, which experienced increases in both occupancy and ADR of 12.3 percentage points and 13.5%, respectively. The New York Hilton Midtown benefited from increases in both group and transient demand resulting in increases in occupancy and ADR of 35.2 percentage points and 4.2%, respectively, for the three months ended March 31, 2023 compared to the same period in 2022.

~~The increases in o~~During the three months ended March 31, 2023, ~~ther~~other revenueand other operating expense ~~are~~both increased by $4 million compared to the same period in 2022, primarily due to increases in support services revenue and expense from the ~~reopening of our~~ hotels that have service arrangements with Hilton Grand ~~Vacations to full capacity following their suspension of operations during 2020.~~Vacations.

During the three months ended March 31, 2023, we recognized a net gain of $15 million from the sale of one consolidated hotel.

Interest income increased $10 million during the three months ended March 31, 2023 compared to the same period in 2022 as a result of an increase in cash coupled with an increase in interest rates.

Interest expense decreased during the three months ended March 31, ~~2022~~2023 compared to the same period in ~~2021~~2022 as a result of the ~~partial repayment~~full repayments in December 2022 of our unsecured delayed draw term loan facility ("2019 Term Facility") ~~during~~and $26 million mortgage loan secured by the ~~second and third quarters of 2021 and the full repayment of our revolving credit facility ("Revolver") during 2021,~~Hilton Checkers, partially offset by ~~the issuance of $750~~$50 million of ~~4.875% senior secured notes due 2029 ("2029 Senior Secured Notes")~~borrowings under our Revolver in ~~May 2021.~~December 2022, which was subsequently repaid in February 2023. Interest expense associated with our debt for the three months ended March 31, ~~2022~~2023 and ~~2021~~2022 were as follows:

(2) ~~Percentage change is not meaningful.~~In December 2022, we fully repaid our 2019 Term Facility.

(3) ~~In May and September 2020,~~ Park Intermediate Holdings LLC (our “Operating Company”), PK Domestic Property LLC, an indirect subsidiary of the Company (“PK Domestic”), and PK Finance Co-Issuer Inc. (“PK Finance”) in May 2020 issued an aggregate of $650 million of senior ~~secured~~ notes due 2025 (“2025 Senior ~~Secured~~ Notes”) and in September 2020 issued an aggregate of $725 million of senior ~~secured~~ notes due 2028 (“2028 Senior ~~Secured~~ Notes”)~~, respectively (collectively with the~~ and in May 2021 issued an aggregate of $750 million of senior notes due 2029 ("2029 Senior ~~Secured Notes,~~Notes"), collectively referred to as the ~~“Senior Secured Notes”)~~"Senior Notes".

We seek to maintain sufficient amounts of liquidity with an appropriate balance of cash, debt and equity to provide financial flexibility. As of March 31, ~~2022,~~2023, we had total cash and cash equivalents of ~~$639~~$842 million and ~~$78~~$33 million of restricted cash. Restricted cash primarily consists of cash restricted as to use by our debt agreements and reserves for capital expenditures in accordance with certain of our management agreements. We currently have higher than historical balances in restricted cash due to certain of our mortgage loans that require deposits of excess cash with the lender when certain financial ratios are not met, which occurred as a result of the effect from COVID-19 on operating results at the associated hotels.

~~As a result~~During the first quarter of 2023, we continued to experience improvements in leisure, group and business transient demand across our portfolio and expect the ~~economic uncertainty resulting~~positive momentum to continue through the remainder of 2023 based on current demand trends and as demand from ~~the effects of COVID-19, as described above under “COVID-19 Operational Update”, we expect our cash flows through at least~~international travel is expected to improve during the second ~~quarter~~half of ~~2022to be lower than prior to COVID-19.~~2023. We ~~and our hotel managers took various actions~~continue to mitigate the effects of ~~COVID-19, including drawing $1 billion from our Revolver in March 2020 (which we subsequently fully repaid), issuing $650 million of 2025 Senior Secured Notes in May 2020 (a portion of~~macroeconomic and inflationary pressures through active asset management.

~~which was used to partially repay amounts outstanding~~With approximately $950 million available under our Revolver and ~~our term loan due December 2021 ("2016 Term Loan"), issuing $725~~$842 million ~~of 2028 Senior Secured Notes~~ in September 2020 (a portion of which was used to repay the 2016 Term Loan in full as well as a portion of the Revolver), issuing $750 million of 2029 Senior Secured Notes in May 2021 (a portion of which was used to partially repay the Revolver and the 2019 Term Facility), suspending our dividend following the payment of the first quarter 2020 dividend (which was recently reinstated for the first quarter of 2022), and implementing various cost saving initiatives at our hotels including temporary suspension of operations at certain hotels (all of which have reopened except one) and selected restaurants and other businesses and outlets and reductions in capital expenditures for maintenance projects to approximately~~$44 million for 2021.~~

We generated positive Hotel Adjusted EBITDA for the quarter ended March 31, 2022, the fourth such consecutive quarter since the start of the pandemic. With $901 million of availability under our Revolver and existing cash and cash equivalents, we have sufficient liquidity to pay our debt maturities and to fund other liquidity obligations over the next year and beyond. ~~Only 1%~~We have no significant maturities in 2023, except for the $725 million mortgage loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco due in November 2023, which we expect to address by the end of the second quarter of 2023. We expect to fully repay the $75 million mortgage loan secured by the W Chicago – City Center, due in August 2023, prior to maturity with available cash on hand. Additionally, in February 2023, we fully repaid the $50 million outstanding under our ~~total outstanding debt is maturing in 2022.~~Revolver with net proceeds from the sale of the Hilton Miami Airport hotel, which was sold for gross proceeds of $118.25 million, with the remaining proceeds used for general corporate purposes and stock repurchases. We may also take actions to improve our liquidity, such as the issuance of additional debt, equity or equity-linked securities, if we determine that doing so would be beneficial to us. However, there can no assurance as to the timing of any such issuance, which may be in the near term, or that any such additional financing will be completed on favorable terms, or at all. In 2020, we amended our credit facilities, which in addition to providing enhanced liquidity, extended the maturity of the Revolver and placed certain restrictions on the Company, including limitations on our ability to make dividends and distributions (except to the extent required to maintain REIT status, the ability to pay a $0.01 per share per fiscal quarter dividend and certain other agreed exceptions). In February 2022, we further amended our credit and term loan facilities, including extending the waiver period for the testing of the financial covenants, obtaining the ability to repurchase up to $250 million of shares as long as there is no outstanding balance on the Revolver (with the amount of any such repurchases increasing the minimum liquidity covenant, dollar for dollar, resulting in a minimum liquidity covenant amount as of March 31, 2022 of $261 million), and removing or decreasing certain restrictions on the Company related to capital expenditures, acquisitions and asset sales. Refer to Note 5: "Debt" in our unaudited condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q for additional information.

Our known short-term liquidity requirements primarily consist of funds necessary to pay for operating expenses and other expenditures, including reimbursements to our hotel manager for payroll and related benefits, costs associated with the operation of our hotels, interest and ~~scheduled~~contractually due principal payments on our outstanding indebtedness, capital expenditures for in-progress renovations and maintenance at our hotels, corporate general and administrative expenses and dividends to our stockholders. Many of the other expenses associated with our hotels are relatively fixed, including portions of rent expense, property taxes and insurance. Since we generally are unable to decrease these costs significantly or rapidly when demand for our hotels decreases, the resulting decline in our revenues can have a greater adverse effect on our net cash flow, margins and profits. Our long-term liquidity

requirements primarily consist of funds necessary to pay for scheduled debt maturities, capital improvements at our hotels, ~~(to the extent not cancelled or deferred),~~ and costs associated with potential acquisitions.

Our commitments to fund capital expenditures for renovations and maintenance at our hotels will be funded by cash and cash equivalents, restricted cash to the extent permitted by our lending agreements and cash flow from operations. We have construction contract commitments of approximately ~~$118~~$168 million for capital expenditures at our properties, of which ~~$70~~$51 million relates to projects at the Bonnet Creek complex, including the meeting space expansion project and renovation of guestrooms, existing meeting space, lobbies, golf course and other recreational amenities, $39 million relates to the ~~expansion project~~complete renovation of all guestrooms, public spaces and hotel infrastructure at the ~~Bonnet Creek complex. The Bonnet Creek expansion project includes additional meeting space for~~Casa Marina Key West, Curio Collection, and $30 million relates to the ~~Signia by~~Tapa Tower guestroom renovations at the Hilton ~~Orlando Bonnet Creek and the Waldorf Astoria Orlando.~~Hawaiian Village Waikiki Beach Resort. Our contracts contain clauses that allow us to cancel all or some portion of the work. Additionally, we have established reserves for capital expenditures (“FF&E reserve”) in accordance with our management and certain debt agreements. Generally, these agreements require that we fund 4% of hotel revenues into an FF&E reserve, unless such amounts have been incurred.

Our cash management objectives continue to be to maintain the availability of liquidity, minimize operational costs, make debt payments and fund our capital expenditure programs and future acquisitions. Further, we have an investment policy that is focused on the preservation of capital and maximizing the return on new and existing investments.

In February ~~2022,~~2023, our Board of Directors terminated a previous stock repurchase program that was approved in February 2022 (the "February 2022 Stock Repurchase Program") and authorized and approved a new stock repurchase program allowing us to repurchase up to $300 million of our common stock over a ~~24-month~~two-year period ending in February ~~2024.~~2025 (the "February 2023 Stock Repurchase Program" and collectively with the February 2022 Stock Repurchase Program the "Stock Repurchase Programs"), subject to any applicable limitations or restrictions set forth in our credit facility and indentures related to our Senior Notes. Stock repurchases ~~would~~may be made through open market purchases, including through Rule 10b5-1 trading programs, in privately negotiated transactions, or in such other manner that would comply with applicable securities ~~laws and subject to compliance with existing debt agreements (which currently limits the repurchase of common stock to $250 million).~~laws. The timing of any future stock repurchases and the number of shares to be repurchased will depend upon prevailing market conditions and other ~~factors.~~factors, and we may suspend the repurchase program at any time. During the three months ended March 31, ~~2022,~~2023, we repurchased in aggregate under the Stock Repurchase Programs approximately ~~3.4~~8.8 million shares of our common stock for a total purchase price of ~~$61~~$105 million. As of March 31, ~~2022, $239~~2023, $225 million remained available for stock ~~repurchases.~~

The following tables summarize our net cash flows and key metrics related to our liquidity:

Cash flow from operating activities are primarily generated from the operating income generated at our hotels.

The ~~$115~~$60 million increase in net cash provided by operating activities for the three months ended March 31, ~~2022~~2023 compared to the three months ended March 31, ~~2021~~2022 was primarily due to an increase in cash from operations as a result of ~~the~~an increase in occupancy asat our ~~hotels continue to recover from the effects of COVID-19.~~hotels.

The ~~$18~~$49 million ~~increase~~in net cash provided by investing activities for the three months ended March 31, 2023 was primarily attributable to $116 million of net proceeds from the sale of one of our hotels partially offset by $65 million in capital expenditures and land acquisitions.

The $21 million in net cash used in investing activities for the three months ended March 31, 2022 ~~compared~~was attributable to ~~the three months ended March 31, 2021 was primarily due to a $16 million increase in~~ capital ~~expenditures, of which $6 million related to the expansion project at the Bonnet Creek complex.~~expenditures.

The ~~$62~~$217 million ~~increase~~in net cash used in financing activities for the three months ended March 31, 2023 was primarily attributable to the repurchase of approximately 8.8 million shares of our common stock for $105 million, $56 million of dividends paid and $52 million of debt repayments.

The $69 million in net cash used in financing activities for the three months ended March 31, 2022 was primarily attributable to the repurchase of approximately 3.4 million shares of our common stock for $61 million.

As a REIT, we are required to distribute at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital ~~gain, and after utilization of any NOL carryforward~~gains, to our stockholders on an annual basis. ~~To avoid paying tax on~~Therefore, as a general matter, after consideration of the allowable use of our ~~income,~~net operating loss carryforward, we intend to make distributions of all, or substantially all, of our REIT taxable income (including net capital gains) to our ~~stockholders. Therefore,~~stockholders, and, as a ~~general matter,~~result, we will not be required to pay tax on our income. Consequently, before consideration of the use of any ~~NOL~~net operating loss carryforward, it is unlikely that we will be able to retain substantial cash balances that could be used to meet our liquidity needs from our annual taxable income. Instead, we will need to meet these needs from external sources of capital and amounts, if any, by which our cash flow generated from operations exceeds taxable income. After the payment of the first quarter dividend in 2020, we suspended our quarterly dividend as a precautionary measure in light of COVID-19; in March 2022, our Board of Directors approved and reinstated our quarterly cash dividend.

We declared the following dividends to holders of our common stock during ~~2022:~~2023:

As of March 31, ~~2022,~~2023, our total indebtedness was approximately ~~$4.7~~$4.6 billion, including approximately $2.1 billion of our Senior ~~Secured~~ Notes, ~~as disclosed above,~~ and excluding approximately ~~$225~~$169 million of our share of debt from investments in affiliates. Substantially all the debt of such unconsolidated affiliates is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us. Refer to Note 5:6: “Debt” in our unaudited condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q for additional information.

The preparation of our financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of our financial statements, the reported amounts of revenues and expenses during the reporting periods and the related disclosures in our unaudited condensed consolidated financial statements and accompanying footnotes. We have discussed those ~~policies and~~ estimates that we believe are critical and require the use of complex judgment in their application in our Annual Report on Form 10-K for the year ended December 31, ~~2021,~~2022, filed with the Securities and Exchange Commission on February ~~18, 2022.~~23, 2023. There have been no material changes to our critical accounting policies or the methods or assumptions we apply.

We are exposed to market risk primarily from changes in interest rates, which may affect our future income, cash flows and fair value, depending on changes to interest rates. In certain situations, we may seek to reduce cash flow volatility associated with changes in interest rates by entering into financial arrangements intended to provide a hedge against a portion of the risks associated with such volatility. ~~We continue to have exposure to such risks to the extent they are not hedged.~~

Our management has evaluated, under the supervision and with the participation of the Company's Chief Executive Officer and Chief Financial Officer, the effectiveness of the disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), as required by paragraph (b) of Rules 13a-15 and 15d-15 of the Exchange Act. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of March 31, ~~2022,~~2023, our disclosure controls and procedures were effective to ensure that information we are required to disclose in reports filed or submitted with the Securities and Exchange Commission (i) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and (ii) is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding disclosure.

There were no changes in our internal control over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

We are involved in various claims and lawsuits arising in the ordinary course of business, some of which include claims for substantial sums, including proceedings involving tort and other general liability claims, employee claims and consumer protection claims. Most occurrences involving liability, claims of negligence and employees are covered by insurance with solvent insurance carriers. For those matters not covered by insurance, which include commercial matters, we recognize a liability when we believe the loss is probable and can be reasonably estimated. The ultimate results of claims and litigation cannot be predicted with certainty. We believe we have adequate reserves against such matters. We currently believe that the ultimate outcome of such lawsuits and proceedings will not, individually or in the aggregate, have a material adverse effect on our consolidated financial position, results of operations or liquidity. However, depending on the amount and timing, an unfavorable resolution of some or all of these matters could materially affect our future results of operations in a particular period.

There have been no material changes from the risk factors previously disclosed in response to “Part I – Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, ~~2021.~~2022.

Item 2. Unregistered Sales of Equity Securities and Use of ~~Proceeds.~~Proceeds

During the three months ended March 31, ~~2022,~~2023, repurchases made pursuant to our stock repurchase ~~program~~programs were as follows:

(1) The number of shares purchased represents shares of common stock repurchased under the applicable previously announced stock repurchase ~~program~~programs as well as shares of common stock surrendered by certain of our employees to satisfy their federal and state tax obligations associated with the vesting of restricted common stock.

(2) The weighted average price paid per share for shares of common stock surrendered by certain employees is based on the closing price of our common stock on the trading date immediately prior to the date of delivery of the shares. The weighted average price paid per share for shares repurchased excludes commissions paid.

(3) The stock repurchase program ~~was~~ authorized on February 25, 2022, ~~allowing~~which allowed for the repurchase of up to $300 million of our common stock, ~~and expiring~~was terminated on February ~~23, 2024.~~17, 2023 upon the authorization of a new $300 million stock repurchase program, which expires on February 21, 2025.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.


Delaware		36-2058176
(State or other jurisdiction of incorporation or organization)		(I.R.S Employer Identification No.)
1775 Tysons Boulevard, 7th Floor, Tysons, VA		22102
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol	Name of exchange on which registered
Common Stock, $0.01 par value per share	PK	New York Stock Exchange


PART I. FINANCIAL INFORMATION		Page

Item 1.	Financial Statements (unaudited)	3
	Condensed Consolidated Balance Sheets as of March 31, ~~2022~~2023 and December 31, ~~2021~~2022	3
	Condensed Consolidated Statements of ~~Comprehensive Loss~~Operations for the Three Months Ended March 31, ~~2022~~2023 and ~~2021~~2022	4
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, ~~2022~~2023 and ~~2021~~2022	5
	Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2023 and 2022 ~~and 2021~~	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	2322
Item 4.	Controls and Procedures	2322

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	2423
Item 1A.	Risk Factors	2423
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2423
Item 3.	Defaults Upon Senior Securities	2423
Item 4.	Mine Safety Disclosures	2423
Item 5.	Other Information	2524
Item 6.	Exhibits	2624
	Signatures	2725


	Change in Pro-forma ADR						Change in Pro-forma Occupancy								Change in Pro-forma RevPAR
	2022 vs. 2021			2022 vs. 2019			2022 vs. 2021				2022 vs. 2019				2022 vs. 2021			2022 vs. 2019			2022 Occupancy
Jan 2022		49.5	%		(10.7	)%		18.6	%	pts		(31.8	)%	pts		179.7	%		(50.3	)%		40.0	%
Feb 2022		45.8			2.0			27.6				(25.0	)			204.9			(30.8	)		52.9
Mar 2022		40.3			6.0			30.0				(19.4	)			168.2			(18.9	)		62.9
Q1 2022		44.2			0.1			25.3				(25.4	)			181.7			(32.8	)		51.9


Period	Total number of shares purchased(1)		Weighted average price paid per share(2)		Total number of shares purchased as part of publicly announced plans or programs		Maximum number (or approximate dollar value) of common shares that may yet be purchased under the plans or programs(3) (in millions)
January 1, 2022 through January 31, 2022		—	$	—		—	N/A
February 1, 2022 through February 28, 2022		106,694	$	19.38		—	$	300
March 1, 2022 through March 31, 2022		3,409,949	$	17.99		3,409,949	$	239
Total		3,516,643				3,409,949


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐


	Ownership %	March 31, 2022		December 31, 2021
		(in millions)
Hilton San Diego Bayfront	25%	$	12	$	11
All others (5 hotels)	20% - 50%		4		4
		$	16	$	15


Exhibit Number		Description
2.1		Distribution Agreement by and among Hilton Worldwide Holdings Inc., Park Hotels & Resorts Inc., Hilton Grand Vacations Inc. and Hilton Domestic Operating Company Inc., dated as of January 2, 2017 (incorporated by reference to Exhibit 2.1 to our Current Report on Form 8-K, filed on January 4, 2017).

2.2		Agreement and Plan of Merger by and among Park Hotels & Resorts Inc., PK Domestic Property LLC, PK Domestic Sub LLC, and Chesapeake Lodging Trust, dated as of May 5, 2019 (incorporated by reference to Exhibit 2.1 to our Current Report on Form 8-K, filed on May 6, 2019).

3.1		Amended and Restated Certificate of Incorporation of Park Hotels & Resorts Inc. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K, filed on April 30, 2019).

3.2		Amended and Restated By-laws of Park Hotels & Resorts Inc. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K, filed on February 26, 2019).

10.1		Park Hotels & Resorts Inc. ~~Executive Long-Term~~2017 Omnibus Incentive ~~Program (amended~~Plan (as Amended and ~~restated~~Restated Effective as of ~~February 24, 2022)(incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on February 25, 2022).~~

~~10.2~~		Fifth Amendment to Credit Agreement, dated as of February 16, 2022, among Park Intermediate Holdings LLC and PK Domestic Property LLC, as Borrowers, Park Hotels & Resorts Inc. the lenders party thereto and Wells Fargo Bank, National Association, as Administrative AgentApril 26, 2023) (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on ~~February 17, 2022)~~April 28, 2023).

~~10.3~~		Third Amendment to Loan Agreement, dated as of February 16, 2022, among Park Intermediate Holdings LLC and PK Domestic Property LLC, as Borrowers, Park Hotels & Resorts Inc., the lenders party thereto and Bank of America, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K, filed on February 17, 2022).

10.4*		~~Form of CEO Amended and Restated Performance Stock Unit Agreement.~~

10.5*		~~Form of Executive Amended and Restated Performance Stock Unit Award Agreement.~~

31.1*		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.

32.2*		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.

101.INS*		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH*		Inline XBRL Taxonomy Extension Schema Document.

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*		Filed herewith


	Park Hotels & Resorts Inc.

Date: May ~~2, 2022~~1, 2023	By:	/s/ Thomas J. Baltimore Jr.
		Thomas J. Baltimore, Jr.
		Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer)

Date: May ~~2, 2022~~1, 2023	By:	/s/ Sean M. Dell’Orto
		Sean M. Dell’Orto
		Executive Vice President, ~~and~~ Chief Financial Officer and Treasurer (Principal Financial Officer)

Date: May ~~2, 2022~~1, 2023	By:	/s/ Darren W. Robb
		Darren W. Robb
		Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)

Expected volatility

~~57.5~~48.0

Dividend yield(1)

Risk-free rate

~~1.7~~4.3

Expected term