Park Hotels & Resorts (PK) 8-K Park Hotels & Resorts Inc. Reports Second Quarter 2022 Results

Exhibit 99.2

 

PARK HOTELS & RESORTS First Quarter 2021 Supplemental Data MARCH Royal Palm South Beach Miami, a Tribute Portfolio Resort Parc 55 San Francisco, a Hilton Hotel Hilton Hawaiian Village Waikiki Beach Resort

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About Park and Safe Harbor Disclosure

About Park Hotels & Resorts Inc.

Park (NYSE: PK) is the second largest publicly-traded lodging real estate company with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio consists of 49premium-branded hotels and resorts with approximately 30,000rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

Forward-Looking Statements

This supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including expected dates that its hotels will break even or achieve positive Hotel Adjusted EBITDA, the impact to the Company's business and financial condition and that of its 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 and 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 the Company’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors continues to be 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 the Company’s financial condition, results of operations, cash flows and performance, its hotel management companies and its 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 the Company’s 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 effects of COVID-19.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2021, as such factors may be updated from time to time in Park’s filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Supplemental Financial Information

Park refers to certain non-generally accepted accounting principles (“GAAP”) financial measures in this presentation, including Funds from (used in) Operations (“FFO”) calculated in accordance with the guidelines of the National Association of Real Estate Investment Trusts (“Nareit”), Adjusted FFO, FFO per share, Adjusted FFO per share, Earnings (loss) before interest expense, taxes and depreciation and amortization (“EBITDA”), Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin, Net debt and Net debt to Adjusted EBITDA ratio. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of its operating performance. Please see the schedules included in this presentation including the “Definitions” section for additional information and reconciliations of such non-GAAP financial measures.

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Table of Contents
1. Financial Statements	4
2. Supplementary Financial Information	7
3. Outlook	18
4. Portfolio and Operating Metrics	22
5. Properties Acquired and Sold	41
6. Capital Structure	44
7. Definitions	46

3 |  

Financial Statements

 

Casa Marina, a Waldorf Astoria Resort Hilton Chicago Hyatt Regency Mission Bay Spa and Marina

4 |  

Financial Statements

Condensed Consolidated Balance Sheets

(in millions, except share and per share data)

	June 30, 2022			December 31, 2021
	(unaudited)
ASSETS
Property and equipment, net	$	8,326		$	8,511
Assets held for sale, net		7			—
Investments in affiliates		4			15
Intangibles, net		43			44
Cash and cash equivalents		758			688
Restricted cash		109			75
Accounts receivable, net of allowance for doubtful accounts of $2 and $2		149			96
Prepaid expenses		39			35
Other assets		38			69
Operating lease right-of-use assets		228			210
TOTAL ASSETS (variable interest entities - $237 and $237)	$	9,701		$	9,743
LIABILITIES AND EQUITY
Liabilities
Debt	$	4,671		$	4,672
Accounts payable and accrued expenses		211			156
Due to hotel managers		124			111
Other liabilities		167			174
Operating lease liabilities		247			227
Total liabilities (variable interest entities - $219 and $219)		5,420			5,340
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares    authorized, 225,352,740 shares issued and 224,840,982 shares outstanding    as of June 30, 2022 and 236,888,804 shares issued and 236,483,990    shares outstanding as of December 31, 2021		2			2
Additional paid-in capital		4,321			4,533
Retained earnings (accumulated deficit)		6			(83	)
Total stockholders' equity		4,329			4,452
Noncontrolling interests		(48	)		(49	)
Total equity		4,281			4,403
TOTAL LIABILITIES AND EQUITY	$	9,701		$	9,743

5 |  

Financial Statements (continued)

Condensed Consolidated Statements of Operations

(unaudited, in millions, except per share data)

	Three Months Ended June 30,									Six Months Ended June 30,
	2022			2021			2019			2022			2021			2019
Revenues
Rooms	$	433		$	207		$	434		$	725		$	313		$	837
Food and beverage		173			54			195			283			76			378
Ancillary hotel		70			50			55			131			79			110
Other		19			12			19			35			20			37
Total revenues		695			323			703			1,174			488			1,362
Operating expenses
Rooms		98			59			113			183			94			220
Food and beverage		119			42			130			206			63			254
Other departmental and support		158			101			151			291			179			300
Other property-level		65			52			49			115			100			98
Management fees		32			14			36			54			21			69
Casualty and impairment loss, net		1			5			—			1			5			—
Depreciation and amortization		68			71			61			137			145			123
Corporate general and administrative		16			16			22			32			34			39
Other		18			13			18			34			20			38
Total expenses		575			373			580			1,053			661			1,141
(Loss) gain on sales of assets, net		(1	)		6			(12	)		(1	)		6			19
Operating income (loss)		119			(44	)		111			120			(167	)		240
Interest income		1			—			2			1			—			3
Interest expense		(62	)		(66	)		(33	)		(124	)		(129	)		(65	)
Equity in earnings (losses) from investments in affiliates		5			(2	)		10			5			(6	)		15
Other gain (loss), net		92			(2	)		(1	)		97			(2	)		—
Income (loss) before income taxes		155			(114	)		89			99			(304	)		193
Income tax expense		(1	)		—			(5	)		(1	)		(1	)		(12	)
Net income (loss)		154			(114	)		84			98			(305	)		181
Net income attributable to noncontrolling interests		(4	)		(2	)		(2	)		(5	)		(1	)		(3	)
Net income (loss) attributable to stockholders	$	150		$	(116	)	$	82		$	93		$	(306	)	$	178
Earnings (loss) per share:
Earnings (loss) per share – Basic	$	0.66		$	(0.49	)	$	0.40		$	0.40		$	(1.30	)	$	0.88
Earnings (loss) per share – Diluted	$	0.66		$	(0.49	)	$	0.40		$	0.40		$	(1.30	)	$	0.88
Weighted average shares outstanding – Basic		228			236			201			232			235			201
Weighted average shares outstanding – Diluted		228			236			202			232			236			202

6 |  

Supplementary Financial Information

 

Juniper Hotel Cupertino, Curio Collection Hotel Adagio, Autograph Collection The Reach Key West, Curio Collection

7 |  

Supplementary Financial Information

EBITDA and Adjusted EBITDA

(unaudited, in millions)	Three Months Ended June 30,									Six Months Ended June 30,
	2022			2021			2019			2022			2021			2019
Net income (loss)	$	154		$	(114	)	$	84		$	98		$	(305	)	$	181
Depreciation and amortization expense		68			71			61			137			145			123
Interest income		(1	)		—			(2	)		(1	)		—			(3	)
Interest expense		62			66			33			124			129			65
Income tax expense		1			—			5			1			1			12
Interest expense, income tax and depreciation and      amortization included in equity in earnings from      investments in affiliates		4			4			7			5			5			12
EBITDA		288			27			188			364			(25	)		390
Loss (gain) on sales of assets, net		1			(6	)		12			1			(6	)		(19	)
Gain on sale of investments in affiliates(1)		(92	)		—			—			(92	)		—			—
Acquisition costs		—			—			6			—			—			6
Severance expense		—			—			1			—			—			2
Share-based compensation expense		5			4			4			9			10			8
Casualty and impairment loss, net		1			5			—			1			5			—
Other items		4			3			(4	)		6			—			(4	)
Adjusted EBITDA	$	207		$	33		$	207		$	289		$	(16	)	$	383

(1) Included in other gain (loss), net in the condensed consolidated statements of operations.

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Supplementary Financial Information (continued)

Pro-forma Hotel Adjusted EBITDA and Pro-forma Hotel Adjusted EBITDA Margin

(unaudited, dollars in millions)
	Three Months Ended June 30,									Six Months Ended June 30,
	2022			2021			2019			2022			2021			2019
Adjusted EBITDA(1)	$	207		$	33		$	207		$	289		$	(16	)	$	383
Less: Adjusted EBITDA from investments in affiliates		(11	)		(2	)		(12	)		(16	)		—			(22	)
Add: All other(1)		12			11			14			24			22			29
Hotel Adjusted EBITDA		208			42			209			297			6			390
Add: Adjusted EBITDA from hotels acquired		—			—			53			—			—			90
Less: Adjusted EBITDA from hotels disposed of		(1	)		(1	)		(27	)		(2	)		4			(51	)
Pro-forma Hotel Adjusted EBITDA	$	207		$	41		$	235		$	295		$	10		$	429
	Three Months Ended June 30,									Six Months Ended June 30,
	2022			2021			2019			2022			2021			2019
Total Revenues	$	695		$	323		$	703		$	1,174		$	488		$	1,362
Less: Other revenue		(19	)		(12	)		(19	)		(35	)		(20	)		(37	)
Add: Revenues from hotels acquired		—			—			151			—			—			281
Less: Revenues from hotels disposed of		(6	)		(14	)		(80	)		(11	)		(20	)		(162	)
Pro-forma Hotel Revenues	$	670		$	297		$	755		$	1,128		$	448		$	1,444

	Three Months Ended June 30,									2022 vs 2021			2022 vs 2019
	2022			2021			2019			Change(2)			Change(2)
Pro-forma Hotel Revenues	$	670		$	297		$	755			125.4	%		(11.2	)%
Pro-forma Hotel Adjusted EBITDA	$	207		$	41		$	235			399.7	%		(12.1	)%
Pro-forma Hotel Adjusted EBITDA margin(2)		30.8	%		13.9	%		31.1	%		1,690	bps		(30)	bps
	Six Months Ended June 30,									2022 vs 2021			2022 vs 2019
	2022			2021			2019			Change(2)			Change(2)
Pro-forma Hotel Revenues	$	1,128		$	448		$	1,444			151.6	%		(21.9	)%
Pro-forma Hotel Adjusted EBITDA	$	295		$	10		$	429			2,931.3	%		(31.2	)%
Pro-forma Hotel Adjusted EBITDA margin(2)		26.2	%		2.2	%		29.7	%		2,400	bps		(350)	bps
(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 in the condensed consolidated statements of operations.
(2)  Percentages are calculated based on unrounded numbers.

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Supplementary Financial Information (continued)

Nareit FFO and Adjusted FFO

(unaudited, in millions, except per share data)

	Three Months Ended June 30,									Six Months Ended June 30,
	2022			2021			2019			2022			2021			2019
Net income (loss) attributable to stockholders	$	150		$	(116	)	$	82		$	93		$	(306	)	$	178
Depreciation and amortization expense		68			71			61			137			145			123
Depreciation and amortization expense    attributable to noncontrolling interests		(1	)		(1	)		(1	)		(2	)		(2	)		(2	)
Loss (gain) on sales of assets, net		1			(6	)		12			1			(6	)		(19	)
Gain on sale of investments in affiliates(1)		(92	)		—			—			(92	)		—			—
Impairment loss		—			5			—			—			5			—
Equity investment adjustments:
Equity in (earnings) losses from investments in affiliates		(5	)		2			(10	)		(5	)		6			(15	)
Pro rata FFO of investments in affiliates		8			—			12			10			(2	)		21
Nareit FFO attributable to stockholders		129			(45	)		156			142			(160	)		286
Severance expense		—			—			1			—			—			2
Acquisition costs		—			—			6			—			—			6
Share-based compensation expense		5			4			4			9			10			8
Other items		5			3			(3	)		6			(1	)		(2	)
Adjusted FFO attributable to stockholders	$	139		$	(38	)	$	164		$	157		$	(151	)	$	300
Nareit FFO per share - Diluted(2)	$	0.57		$	(0.19	)	$	0.77		$	0.61		$	(0.68	)	$	1.42
Adjusted FFO per share - Diluted(2)	$	0.61		$	(0.16	)	$	0.81		$	0.68		$	(0.64	)	$	1.49
Weighted average shares outstanding - Diluted(3)		228			236			202			232			236			202

(1) Included in other gain (loss), net in the condensed consolidated statements of operations.

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

(3) Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of June 30, 2022, see page 5.

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Supplementary Financial Information (continued)

Historical Pro-forma Hotel Metrics

The Pro-forma financial information below is for the 44 consolidated hotels owned as of August 3, 2022.

	Three Months Ended						Six Months Ended
(unaudited)	March 31,			June 30,			June 30,
	2022			2022			2022
Pro-forma RevPAR	$	117.50		$	173.03		$	145.42
Pro-forma Occupancy		51.6	%		71.0	%		61.4	%
Pro-forma ADR	$	227.67		$	243.66		$	236.97
Pro-forma Hotel Revenues (in millions)	$	458		$	670		$	1,128
Pro-forma Hotel Adjusted EBITDA (in millions)	$	88		$	207		$	295
Pro-forma Hotel Adjusted EBITDA margin(1)		19.3	%		30.8	%		26.2	%
	Three Months Ended												Full Year
	March 31,			June 30,			September 30,			December 31,			December 31,
	2021			2021			2021			2021			2021
Pro-forma RevPAR	$	41.49		$	78.74		$	105.95		$	111.07		$	84.56
Pro-forma Occupancy		26.2	%		41.7	%		51.0	%		52.2	%		42.9	%
Pro-forma ADR	$	158.07		$	188.63		$	207.81		$	212.63		$	197.13
Pro-forma Hotel Revenues (in millions)	$	151		$	297		$	398		$	430		$	1,276
Pro-forma Hotel Adjusted EBITDA (in millions)	$	(31	)	$	41		$	82		$	85		$	177
Pro-forma Hotel Adjusted EBITDA margin(1)		(21.0	)%		13.9	%		20.5	%		19.7	%		13.8	%
	Three Months Ended												Full Year
	March 31,			June 30,			September 30,			December 31,			December 31,
	2019			2019			2019			2019			2019
Pro-forma RevPAR	$	175.41		$	192.58		$	187.54		$	178.39		$	183.50
Pro-forma Occupancy		77.5	%		85.6	%		84.3	%		80.6	%		82.0	%
Pro-forma ADR	$	226.30		$	224.88		$	222.57		$	221.38		$	223.75
Pro-forma Hotel Revenues (in millions)	$	689		$	755		$	716		$	734		$	2,894
Pro-forma Hotel Adjusted EBITDA (in millions)	$	194		$	235		$	205		$	213		$	847
Pro-forma Hotel Adjusted EBITDA margin(1)		28.1	%		31.1	%		28.6	%		29.2	%		29.3	%

__________________________________________________________________________________

(1)          Percentages are calculated based on unrounded numbers.

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Supplementary Financial Information (continued)

Historical Pro-Forma Hotel Adjusted EBITDA – YTD Q2 2022

The Pro-forma financial information below is for the 44 consolidated hotels owned as of August 3, 2022.

	Three Months Ended						Six Months Ended
(unaudited, in millions)	March 31,			June 30,			June 30,
	2022			2022			2022
Net (loss) income	$	(56	)	$	154		$	98
Depreciation and amortization expense		69			68			137
Interest income		—			(1	)		(1	)
Interest expense		62			62			124
Income tax expense		—			1			1
Interest expense, income tax and depreciation and amortization    included in equity in earnings from investments in affiliates		1			4			5
EBITDA		76			288			364
Loss on sales of assets, net		—			1			1
Gain on sale of investments in affiliates(1)		—			(92	)		(92	)
Share-based compensation expense		4			5			9
Casualty loss		—			1			1
Other items		2			4			6
Adjusted EBITDA		82			207			289
Less: Adjusted EBITDA from hotels disposed of		(1	)		(1	)		(2	)
Less: Adjusted EBITDA from investments in    affiliates disposed of		(2	)		(4	)		(6	)
Pro-forma Adjusted EBITDA		79			202			281
Less: Adjusted EBITDA from investments in affiliates		(3	)		(7	)		(10	)
Add: All other(2)		12			12			24
Pro-forma Hotel Adjusted EBITDA	$	88		$	207		$	295

(1)         Included in other gain (loss), net in the condensed consolidated statements of operations.

(2)         Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the condensed consolidated statements of operations.

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Supplementary Financial Information (continued)

Historical Pro-forma Hotel Adjusted EBITDA – Full Year 2021

The Pro-forma financial information below is for the 44 consolidated hotels owned as of August 3, 2022.

	Three Months Ended												Full Year
(unaudited, in millions)	March 31,			June 30,			September 30,			December 31,			December 31,
	2021			2021			2021			2021			2021
Net loss	$	(191	)	$	(114	)	$	(82	)	$	(65	)	$	(452	)
Depreciation and amortization expense		74			71			68			68			281
Interest income		—			—			—			(1	)		(1	)
Interest expense		63			66			66			63			258
Income tax expense (benefit)		1			—			(3	)		4			2
Interest expense, income tax and depreciation and amortization    included in equity in earnings from investments in affiliates		1			4			3			3			11
EBITDA		(52	)		27			52			72			99
(Gain) loss on sales of assets, net		—			(6	)		11			—			5
Share-based compensation expense		6			4			5			4			19
Impairment and casualty loss, net		—			5			2			2			9
Other items		(3	)		3			7			3			10
Adjusted EBITDA		(49	)		33			77			81			142
Less: Adjusted EBITDA from hotels disposed of		5			(1	)		(2	)		(2	)		—
Less: Adjusted EBITDA from investments in affiliates disposed of		2			—			(2	)		(1	)		(1	)
Pro-forma Adjusted EBITDA		(42	)		32			73			78			141
Less: Adjusted EBITDA from investments in affiliates		—			(2	)		(2	)		(2	)		(6	)
Add: All other(1)		11			11			11			9			42
Pro-forma Hotel Adjusted EBITDA	$	(31	)	$	41		$	82		$	85		$	177

______________________________________________________________________________________

(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 in the consolidated statements of operations.

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Supplementary Financial Information (continued)

Historical Pro-forma Hotel Adjusted EBITDA – Full Year 2019

The Pro-forma financial information below is for the 44 consolidated hotels owned as of August 3, 2022.

	Three Months Ended												Full Year
(unaudited, in millions)	March 31,			June 30,			September 30,			December 31,			December 31,
	2019			2019			2019			2019			2019
Net income	$	97		$	84		$	9		$	126		$	316
Depreciation and amortization expense		62			61			61			80			264
Interest income		(1	)		(2	)		(2	)		(1	)		(6	)
Interest expense		32			33			33			42			140
Income tax expense		7			5			—			23			35
Interest expense, income tax and depreciation and amortization    included in equity in earnings from investments in affiliates		5			7			7			4			23
EBITDA		202			188			108			274			772
(Gain) loss on sales of assets, net		(31	)		12			(1	)		1			(19	)
Gain on sale of investments in affiliates(1)		—			—			—			(44	)		(44	)
Acquisition costs		—			6			59			5			70
Severance expense		1			1			—			—			2
Share-based compensation expense		4			4			4			4			16
Casualty loss (gain) and impairment loss, net		—			—			8			(26	)		(18	)
Other items		—			(4	)		2			9			7
Adjusted EBITDA		176			207			180			223			786
Add: Adjusted EBITDA from hotels acquired		37			53			39			—			129
Less: Adjusted EBITDA from hotels disposed of		(24	)		(27	)		(17	)		(16	)		(84	)
Less: Adjusted EBITDA from investments in    affiliates disposed of		(3	)		(4	)		(5	)		(3	)		(15	)
Pro-forma Adjusted EBITDA(2)		186			229			197			204			816
Less: Adjusted EBITDA from investments in affiliates		(7	)		(8	)		(4	)		(3	)		(22	)
Add: All other(3)		15			14			12			12			53
Pro-forma Hotel Adjusted EBITDA	$	194		$	235		$	205		$	213		$	847

______________________________________________________________________________________

(1)         Included in other loss, net in the consolidated statements of operations.

(2)         Full year December 31, 2019 includes $15 million associated with 466 rooms at the Hilton Waikoloa Village that were transferred to Hilton Grand Vacations at the end of 2019, $6 million associated with

            business interruption proceeds related to the loss of income in prior years for the Hilton Caribe and a $6 million operating loss generated from Park’s laundry facilities that were closed in 2021. Excluding

            these amounts, 2019 Pro-forma Adjusted EBITDA would have been $801 million.

(3)         Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the consolidated statements of operations.

14 |  

Supplementary Financial Information (continued)

Historical Pro-forma Hotel Revenues – 2022, 2021 and 2019

The Pro-forma financial information below is for the 44consolidated hotels owned as of August 3, 2022.

	Three Months Ended						Six Months Ended
(unaudited, in millions)	March 31,			June 30,			June 30,
	2022			2022			2022
Total Revenues	$	479		$	695		$	1,174
Less: Other revenue		(16	)		(19	)		(35)
Less: Revenues from hotels disposed of		(5	)		(6	)		(11)
Pro-forma Hotel Revenues	$	458		$	670		$	1,128
	Three Months Ended										Full Year
	March 31,			June 30,			September 30,		December 31,		December 31,
	2021			2021			2021		2021		2021
Total Revenues	$	165		$	323		$	423	$	451	$	1,362
Less: Other revenue		(8	)		(12	)		(15)		(16)		(51	)
Less: Revenues from hotels disposed of		(6	)		(14	)		(10)		(5)		(35	)
Pro-forma Hotel Revenues	$	151		$	297		$	398	$	430	$	1,276
	Three Months Ended										Full Year
	March 31,			June 30,			September 30,		December 31,		December 31,
	2019			2019			2019		2019		2019
Total Revenues	$	659		$	703		$	672	$	810	$	2,844
Less: Other revenue		(18	)		(19	)		(22)		(18)		(77	)
Add: Revenues from hotels acquired		130			151			125		—		406
Less: Revenues from hotels disposed of		(82	)		(80	)		(59)		(58)		(279	)
Pro-forma Hotel Revenues	$	689		$	755		$	716	$	734	$	2,894

15 |  

Supplementary Financial Information (continued)

General and Administrative Expenses

(unaudited, in millions)	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Corporate general and administrative expenses	$	16	$	16	$	32	$	34
Less:
Share-based compensation expense		5		4		9		10
Other items		1		1		3		2
G&A, excluding expenses not included in Adjusted EBITDA	$	10	$	11	$	20	$	22

16 |  

Supplementary Financial Information (continued)

Net Debt and Net Debt to Pro-forma Adjusted EBITDA Ratio

(unaudited, in millions)
	June 30, 2022			March 31, 2022			December 31, 2021			December 31, 2020
Debt	$	4,671		$	4,671		$	4,672		$	5,121
Add: unamortized deferred financing costs and discount		35			37			38			38
Less: unamortized premium		(4	)		(4	)		(4	)		(3	)
Debt, excluding unamortized deferred financing cost,    premiums and discounts		4,702			4,704			4,706			5,156
Add: Park's share of unconsolidated affiliates debt,    excluding unamortized deferred financing costs		170			225			225			225
Less: cash and cash equivalents		(758	)		(639	)		(688	)		(951	)
Less: restricted cash		(109	)		(78	)		(75	)		(30	)
Net debt	$	4,005		$	4,212		$	4,168		$	4,400
2019 Pro-forma Adjusted EBITDA(1)	$	816		$	816		$	816		$	816
Net debt to Pro-forma Adjusted EBITDA ratio	4.91x			5.16x			5.11x			5.39x

(1)         See page 14 for Pro-forma Adjusted EBITDA for the year ended December 31, 2019.

17 |  

Outlook

 

18 |  

Outlook

Q3 2022 Outlook and Assumptions

(unaudited, dollars in millions, except per share amounts and RevPAR)
	Q3 2022 Outlook
	as of August 3, 2022
Metric	Low			High
RevPAR	$	171		$	174
RevPAR change vs. 2019		(9	)%		(7	)%
Net income	$	6		$	26
Net income attributable to stockholders	$	0		$	20
Earnings per share – Diluted(1)	$	0.00		$	0.09
Adjusted EBITDA	$	145		$	165
Hotel Adjusted EBITDA margin		26.0	%		27.0	%
Hotel Adjusted EBITDA margin change vs. 2019		(260)	bps		(160)	bps
Adjusted FFO per share – Diluted(1)	$	0.34		$	0.43

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

Q3 2022 outlook is based in part on the following assumptions:

•

Fully diluted weighted average shares are expected to be 224 million; and

•

Does not take into account potential future acquisitions and dispositions, which could result in a material change to Park’s outlook.

Park's Q3 outlook 2022 outlook is based on a number of factors, many of which are outside the Company's control, including uncertainty surrounding any new disruptions from the COVID-19 pandemic and other macro-economic factors, including inflation, increases in interest rates, supply chain disruptions and the possibility of an economic recession or slowdown in 2022, all of which are subject to change.

19 |  

Outlook (continued)

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and

Hotel Adjusted EBITDA Margin

	Three Months Ended
(unaudited, in millions)	September 30, 2022
	Low Case			High Case
Net income	$	6		$	26
Depreciation and amortization expense		68			68
Interest income		(1	)		(1	)
Interest expense		62			62
Interest expense, income tax and depreciation and amortization included in    equity in earnings from investments in affiliates		1			1
EBITDA		136			156
Share-based compensation expense		4			4
Other items		5			5
Adjusted EBITDA		145			165
Less: Adjusted EBITDA from investments in affiliates		(4	)		(4	)
Add: All other		14			14
Hotel Adjusted EBITDA	$	155		$	175
	Three Months Ended
	September 30, 2022
	Low Case			High Case
Total Revenues	$	612		$	665
Less: Other revenue		(18	)		(18	)
Hotel Revenues	$	594		$	647
	Three Months Ended
	September 30, 2022
	Low Case			High Case
Hotel Revenues	$	594		$	647
Hotel Adjusted EBITDA	$	155		$	175
Hotel Adjusted EBITDA margin(1)		26.0	%		27.0	%

(1) Percentages are calculated based on unrounded numbers.

20 |  

Outlook (continued)

Nareit FFO and Adjusted FFO

	Three Months Ended
(unaudited, in millions except per share data)	September 30, 2022
	Low Case			High Case
Net income attributable to stockholders	$	0		$	20
Depreciation and amortization expense		68			68
Depreciation and amortization expense attributable to noncontrolling interests		(1	)		(1	)
Equity investment adjustments:
Equity in earnings from investments in affiliates		(1	)		(1	)
Pro rata FFO of equity investments		1			1
Nareit FFO attributable to stockholders		67			87
Share-based compensation expense		4			4
Other items		5			5
Adjusted FFO attributable to stockholders	$	76		$	96
Adjusted FFO per share – Diluted(1)	$	0.34		$	0.43
Weighted average diluted shares outstanding		224			224

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

21 |  

Portfolio and Operating Metrics

 

Hilton Santa Barbara Beachfront Resort Hilton New Orleans Riverside Waldorf Astoria Orlando

22 |  

Portfolio and Operating Metrics

Hotel Portfolio as of August 3, 2022

Hotel Name	Total Rooms		Market	Meeting Space (square feet)		Ownership	Equity Ownership	Debt (in millions)
Consolidated Portfolio
Hilton Hawaiian Village Waikiki Beach Resort		2,860	Hawaii		150,000	Fee Simple	100%	$	1,275
Hilton San Francisco Union Square		1,921	San Francisco		135,000	Fee Simple	100%	$	725	(1)
New York Hilton Midtown		1,878	New York		151,000	Fee Simple	100%		—
Hilton New Orleans Riverside		1,622	New Orleans		130,000	Fee Simple	100%		—
Hilton Chicago		1,544	Chicago		234,000	Fee Simple	100%		—
Parc 55 San Francisco – a Hilton Hotel		1,024	San Francisco		32,000	Fee Simple	100%		—	(1)
Signia by Hilton Orlando Bonnet Creek		1,009	Orlando		157,000	Fee Simple	100%		—
DoubleTree Hotel Seattle Airport		850	Seattle		41,000	Leasehold	100%		—
Hilton Orlando Lake Buena Vista		814	Orlando		86,000	Leasehold	100%		—
Caribe Hilton		652	Other U.S.		65,000	Fee Simple	100%		—
Hilton Waikoloa Village		647	Hawaii		241,000	Fee Simple	100%		—
DoubleTree Hotel Washington DC – Crystal City		627	Washington, D.C.		36,000	Fee Simple	100%		—
Hilton Denver City Center		613	Denver		50,000	Fee Simple	100%	$	57
Hilton Boston Logan Airport		604	Boston		30,000	Leasehold	100%		—
W Chicago – Lakeshore		520	Chicago		20,000	Fee Simple	100%		—
Hilton Miami Airport		508	Miami		30,000	Fee Simple	100%		—
DoubleTree Hotel San Jose		505	Other U.S.		48,000	Fee Simple	100%		—
Hyatt Regency Boston		502	Boston		30,000	Fee Simple	100%	$	133
Waldorf Astoria Orlando		502	Orlando		33,000	Fee Simple	100%		—
Hilton Salt Lake City Center		499	Other U.S.		24,000	Leasehold	100%		—
DoubleTree Hotel Ontario Airport		482	Southern California		27,000	Fee Simple	67%	$	30
Hilton McLean Tysons Corner		458	Washington, D.C.		28,000	Fee Simple	100%		—
Hyatt Regency Mission Bay Spa and Marina		438	Southern California		24,000	Leasehold	100%		—
Boston Marriott Newton		430	Boston		34,000	Fee Simple	100%		—
W Chicago – City Center		403	Chicago		13,000	Fee Simple	100%	$	75
Hilton Seattle Airport & Conference Center		396	Seattle		40,000	Leasehold	100%		—
Royal Palm South Beach Miami, a Tribute Portfolio Resort		393	Miami		11,000	Fee Simple	100%		—
DoubleTree Hotel Spokane City Center		375	Other U.S.		21,000	Fee Simple	10%	$	14
Hilton Santa Barbara Beachfront Resort		360	Southern California		62,000	Fee Simple	50%	$	164
Hilton Oakland Airport		360	Other U.S.		15,000	Leasehold	100%		—
JW Marriott San Francisco Union Square		344	San Francisco		12,000	Leasehold	100%		—
Hyatt Centric Fisherman's Wharf		316	San Francisco		19,000	Fee Simple	100%		—
Hilton Short Hills		314	Other U.S.		21,000	Fee Simple	100%		—
Casa Marina Key West, Curio Collection		311	Key West		21,000	Fee Simple	100%		—
DoubleTree Hotel San Diego – Mission Valley		300	Southern California		24,000	Leasehold	100%		—

Barbara Beachfront Resort Hilton New Orleans Riverside Waldorf Astoria Orlando

(1) Single $725 million CMBS loan secured by Hilton San Francisco Union Square and Parc 55 San Francisco – a Hilton Hotel.

23 |  

Portfolio and Operating Metrics (continued)

Hotel Portfolio as of August 3, 2022

Hotel Name	Total Rooms		Market	Meeting Space (square feet)		Ownership	Equity Ownership	Debt(1) (in millions)
Consolidated Portfolio (continued)
Embassy Suites Kansas City Plaza		266	Other U.S.		11,000	Leasehold	100%		—
Embassy Suites Austin Downtown South Congress		262	Other U.S.		2,000	Leasehold	100%		—
DoubleTree Hotel Sonoma Wine Country		245	Other U.S.		50,000	Leasehold	100%		—
Juniper Hotel Cupertino, Curio Collection		224	Other U.S.		5,000	Fee Simple	100%		—
Hilton Checkers Los Angeles		193	Southern California		3,000	Fee Simple	100%	$	26
Embassy Suites Phoenix Airport		182	Other U.S.		5,000	Leasehold	100%		—
Hilton Garden Inn LAX/El Segundo		162	Southern California		3,000	Fee Simple	100%		—
DoubleTree Hotel Durango		159	Other U.S.		7,000	Leasehold	100%		—
The Reach Key West, Curio Collection		150	Key West		18,000	Fee Simple	100%		—
Total Consolidated Portfolio (44 Hotels)		27,224			2,199,000			$	2,499
Unconsolidated Joint Venture Portfolio
Hilton Orlando		1,424	Orlando		236,000	Fee Simple	20%	$	95
Capital Hilton		550	Washington, D.C.		30,000	Fee Simple	25%	$	25
Hilton La Jolla Torrey Pines		394	Southern California		41,000	Leasehold	25%	$	24
Embassy Suites Alexandria Old Town		288	Washington, D.C.		11,000	Fee Simple	50%	$	26
DoubleTree Hotel Las Vegas Airport		190	Other U.S.		3,000	Fee Simple	50%		—
Total Unconsolidated Joint Venture Portfolio (5 Hotels)		2,846			321,000			$	170
TOTAL PARK HOTELS & RESORTS PORTFOLIO (49 Hotels)		30,070			2,520,000			$	2,669

(1) Debt related to unconsolidated joint ventures is presented on a pro-rata basis.

24 |  

Portfolio and Operating Metrics (continued)

Pro-forma Hotels by Market: Q2 2022 vs. Q2 2021

(unaudited)				Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
	Hotels	Rooms		2Q22		2Q21		Change(1)			2Q22			2Q21			Change				2Q22		2Q21		Change(1)			2Q22		2Q21		Change(1)
Hawaii	2		3,507	$	290.53	$	238.09		22.0	%		87.1	%		64.6	%		22.5	%	pts	$	253.01	$	153.85		64.5	%	$	452.35	$	269.22		68.0	%
San Francisco	4		3,605		260.48		168.17		54.9			50.9			13.2			37.7				132.52		22.16		498.1			179.10		28.44		529.8
Orlando	3		2,325		236.42		192.93		22.5			67.8			48.5			19.3				160.25		93.44		71.5			327.32		186.65		75.4
New Orleans	1		1,622		218.12		99.29		119.7			69.3			52.5			16.8				151.07		52.14		189.7			251.24		85.19		194.9
Boston	3		1,536		244.62		150.32		62.7			80.5			45.0			35.5				197.01		67.67		191.1			256.55		85.27		200.9
New York	1		1,878		306.08		—		100.0			69.2			—			69.2				211.77		—		100.0			336.76		2.92		11,451.2
Southern California	6		1,935		243.40		201.21		21.0			78.6			66.6			12.0				191.38		134.05		42.8			284.47		179.86		58.2
Chicago	3		2,467		231.18		172.89		33.7			61.3			11.2			50.1				141.81		19.45		628.9			220.64		24.50		800.5
Key West	2		461		544.96		495.04		10.1			74.9			92.4			(17.5	)			408.25		457.58		(10.8	)		608.13		663.25		(8.3	)
Denver	1		613		196.11		119.54		64.1			71.9			50.3			21.6				141.02		60.08		134.7			215.41		73.93		191.4
Miami	2		901		222.10		197.96		12.2			84.6			72.1			12.5				187.95		142.77		31.6			256.48		196.33		30.6
Washington, D.C.	2		1,085		173.70		116.32		49.3			74.8			30.3			44.5				130.00		35.34		267.8			186.99		47.65		292.4
Seattle	2		1,246		163.56		120.52		35.7			74.5			45.2			29.3				121.90		54.46		123.8			164.99		74.78		120.6
Other	12		4,043		197.77		155.65		27.1			71.3			52.2			19.1				141.11		81.28		73.6			196.37		106.78		83.9
All Markets	44		27,224	$	243.66	$	188.63		29.2	%		71.0	%		41.7	%		29.3	%	pts	$	173.03	$	78.74		119.7	%	$	270.63	$	120.05		125.4	%

(1)          Calculated based on unrounded numbers.

25 |  

Portfolio and Operating Metrics (continued)

Pro-forma Hotels by Market: Q2 2022 vs. Q2 2021

(unaudited, dollars in millions)				Pro-forma Hotel Adjusted EBITDA								Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
	Hotels	Rooms		2Q22		2Q21			Change(1)			2Q22		2Q21		Change(1)			2Q22			2Q21			Change
Hawaii	2		3,507	$	69	$	29			135.9	%	$	144	$	86		68.0	%		47.5	%		33.8	%		1,370	bps
San Francisco	4		3,605		6		(14	)		141.4			59		9		529.8			9.9			(151.4	)		16,130
Orlando	3		2,325		24		11			123.3			69		39		75.4			34.7			27.3			740
New Orleans	1		1,622		15		1			922.7			37		13		194.9			41.1			11.9			2,920
Boston	3		1,536		14		—			4,737.1			36		12		200.9			38.2			(2.5	)		4,070
New York	1		1,878		8		(11	)		175.3			58		—		11,451.2			14.5			(2,227.9	)		224,240
Southern California	6		1,935		18		10			79.7			50		32		58.2			35.1			30.9			420
Chicago	3		2,467		3		(7	)		147.6			50		6		800.5			6.5			(122.3	)		12,880
Key West	2		461		10		13			(23.5	)		26		28		(8.3	)		40.2			48.2			(800)
Denver	1		613		5		1			767.1			12		4		191.4			40.5			13.6			2,690
Miami	2		901		8		6			45.3			21		16		30.6			39.2			35.2			400
Washington, D.C.	2		1,085		5		(1	)		558.1			18		5		292.4			28.6			(24.4	)		5,300
Seattle	2		1,246		4		—			946.7			19		8		120.6			19.7			(5.1	)		2,480
Other	12		4,043		18		3			300.5			71		39		83.9			24.8			11.4			1,340
All Markets	44		27,224	$	207	$	41			399.7	%	$	670	$	297		125.4	%		30.8	%		13.9	%		1,690	bps

(1) Calculated based on unrounded numbers.

26 |  

Portfolio and Operating Metrics (continued)

Pro-forma Hotels by Market: YTD Q2 2022 vs. YTD Q2 2021

(unaudited)				Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
	Hotels	Rooms		2022		2021		Change(1)			2022			2021			Change				2022		2021		Change(1)			2022		2021		Change(1)
Hawaii	2		3,507	$	281.01	$	227.39		23.6	%		82.3	%		44.9	%		37.4	%	pts	$	231.35	$	102.12		126.6	%	$	410.87	$	181.02		127.0	%
San Francisco	4		3,605		241.60		162.48		48.7			37.9			9.2			28.7				91.51		14.87		515.3			127.53		19.34		559.4
Orlando	3		2,325		256.32		187.00		37.1			63.3			37.4			25.9				162.20		69.94		131.9			323.01		140.53		129.9
New Orleans	1		1,622		212.21		81.07		161.8			61.5			51.7			9.8				130.44		41.88		211.5			219.60		65.23		236.6
Boston	3		1,536		210.52		137.85		52.7			68.8			35.7			33.1				144.87		49.24		194.2			191.30		62.71		205.0
New York	1		1,878		283.90		—		100.0			51.6			—			51.6				146.45		—		100.0			236.39		2.19		10,686.0
Southern California	6		1,935		223.55		182.59		22.4			72.9			52.4			20.5				162.95		95.60		70.4			241.81		130.01		86.0
Chicago	3		2,467		211.43		163.08		29.7			43.5			7.5			36.0				92.07		12.36		645.0			144.94		15.75		820.3
Key West	2		461		653.55		507.89		28.7			79.0			88.4			(9.4	)			516.12		448.94		15.0			730.85		637.09		14.7
Denver	1		613		172.01		114.24		50.6			63.8			37.1			26.7				109.69		42.40		158.7			165.52		51.97		218.5
Miami	2		901		245.52		190.00		29.2			83.5			68.9			14.6				204.97		130.92		56.6			271.17		180.62		50.1
Washington, D.C.	2		1,085		157.52		115.00		37.0			60.6			37.3			23.3				95.41		42.83		122.7			137.10		51.86		164.3
Seattle	2		1,246		146.67		114.89		27.7			64.4			33.2			31.2				94.45		38.09		147.9			133.56		51.33		160.2
Other	12		4,043		190.56		142.54		33.7			62.0			45.3			16.7				118.20		64.62		82.9			163.61		84.12		94.5
All Markets	44		27,224	$	236.97	$	176.91		33.9	%		61.4	%		34.1	%		27.3	%	pts	$	145.42	$	60.22		141.5	%	$	228.86	$	90.97		151.6	%

(1) Calculated based on unrounded numbers.

27 |  

Portfolio and Operating Metrics (continued)

Pro-forma Hotels by Market: YTD Q2 2022 vs. YTD Q2 2021

(unaudited, dollars in millions)				Pro-forma Hotel Adjusted EBITDA									Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
	Hotels	Rooms		2022			2021			Change(1)			2022		2021		Change(2)			2022			2021			Change(1)
Hawaii	2		3,507	$	111		$	27			304.7	%	$	261	$	115		127.0	%		42.4	%		23.8	%		1,860	bps
San Francisco	4		3,605		(6	)		(29	)		80.3			83		13		559.4			(6.8	)		(227.2	)		22,040
Orlando	3		2,325		49			10			365.1			136		59		129.9			35.8			17.7			1,810
New Orleans	1		1,622		25			1			2,701.6			64		19		236.6			39.2			4.7			3,450
Boston	3		1,536		14			(5	)		411.7			53		17		205.0			26.8			(26.2	)		5,300
New York	1		1,878		(3	)		(20	)		84.2			80		1		10,686.0			(4.0	)		(2,713.1	)		270,910
Southern California	6		1,935		27			10			172.5			85		46		86.0			31.3			21.4			990
Chicago	3		2,467		(4	)		(15	)		73.2			65		7		820.3			(6.1	)		(208.1	)		20,200
Key West	2		461		29			26			11.8			61		53		14.7			47.4			48.7			(130)
Denver	1		613		6			(1	)		1,135.5			18		6		218.5			31.8			(9.8	)		4,160
Miami	2		901		19			10			83.4			44		29		50.1			42.0			34.4			760
Washington, D.C.	2		1,085		5			(1	)		544.8			27		10		164.3			17.1			(10.2	)		2,730
Seattle	2		1,246		3			(3	)		184.6			30		12		160.2			9.7			(29.8	)		3,950
Other	12		4,043		20			—			1,456.3			121		61		94.5			18.0			(2.6	)		2,060
All Markets	44		27,224	$	295		$	10			2,931.3	%	$	1,128	$	448		151.6	%		26.2	%		2.2	%		2,400	bps

(1) Calculated based on unrounded numbers.

28 |  

Portfolio and Operating Metrics (continued)

Pro-forma Core Hotels: Q2 2022 vs. Q2 2021

	(unaudited)	Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
		2Q22		2Q21		Change(1)			2Q22			2Q21			Change				2Q22		2Q21		Change(1)			2Q22		2Q21		Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	280.60	$	235.93		18.9	%		90.1	%		61.6	%		28.5	%	pts	$	252.94	$	145.44		73.9	%	$	418.73	$	230.77		81.4	%
2	Hilton Waikoloa Village		344.27		245.65		40.1			73.6			77.8			(4.2	)			253.32		191.01		32.6			600.98		439.16		36.8
3	Hilton San Francisco Union Square		255.96		165.23		54.9			56.1			6.6			49.5				143.70		10.95		1,212.2			208.14		14.32	1,353.9
4	Parc 55 San Francisco – a Hilton Hotel		259.34		—		100.0			25.3			—			25.3				65.62		—		100.0			76.80		0.18	43,003.1
5	JW Marriott San Francisco Union Square		312.31		191.22		63.3			74.2			46.3			27.9				231.78		88.58		161.6			283.10		106.76	165.2
6	Hyatt Centric Fisherman's Wharf		227.03		150.63		50.7			76.3			59.5			16.8				173.28		89.74		93.1			220.84		120.62	83.1
7	Signia by Hilton Orlando Bonnet Creek		220.03		171.36		28.4			72.0			51.8			20.2				158.42		88.72		78.6			378.78		197.64		91.7
8	Waldorf Astoria Orlando		352.99		335.01		5.4			68.0			45.0			23.0				239.99		150.73		59.2			424.69		299.88		41.6
9	Hilton Orlando Lake Buena Vista		181.56		137.82		31.7			62.4			46.4			16.0				113.34		63.97		77.2			203.48		103.20		97.2
10	Hilton New Orleans Riverside		218.12		99.29		119.7			69.3			52.5			16.8				151.07		52.14		189.7			251.24		85.19	194.9
11	Hyatt Regency Boston		282.03		149.77		88.3			79.4			43.9			35.5				223.86		65.76		240.4			288.10		80.85	256.3
12	Hilton Boston Logan Airport		241.66		158.10		52.9			93.0			55.9			37.1				224.69		88.36		154.3			280.12		109.20	156.5
13	Boston Marriott Newton		196.81		131.54		49.6			64.4			31.0			33.4				126.77		40.82		210.5			186.62		56.82	228.4
14	New York Hilton Midtown		306.08		—		100.0			69.2			—			69.2				211.77		—		100.0			336.76		2.92	11,451.2
15	Hilton Santa Barbara Beachfront Resort		396.17		359.61		10.2			80.1			77.2			2.9				317.17		277.48		14.3			478.69		355.45		34.7
16	Hyatt Regency Mission Bay Spa and Marina		308.95		234.94		31.5			69.1			54.0			15.1				213.61		126.92		68.3			361.14		208.66		73.1
17	Hilton Checkers Los Angeles		216.86		154.72		40.2			75.5			39.5			36.0				163.83		61.24		167.5			188.15		70.70	166.1
18	Hilton Chicago		216.78		165.70		30.8			59.9			2.8			57.1				129.85		4.59		2,730.3			231.79		7.53	2,980.1
19	W Chicago – City Center		304.70		186.47		63.4			61.5			11.4			50.1				187.47		21.22		783.3			227.20		24.93	811.5
20	W Chicago – Lakeshore		216.77		171.21		26.6			65.5			36.4			29.1				141.93		62.22		128.1			182.45		74.59	144.6
21	Casa Marina Key West, Curio Collection		534.98		511.96		4.5			72.3			92.1			(19.8	)			386.53		471.17		(18.0	)		584.40		681.00	(14.2)
22	The Reach Key West, Curio Collection		563.56		460.41		22.4			80.4			93.2			(12.8	)			453.29		429.41		5.6			657.32		626.45		4.9
23	Hilton Denver City Center		196.11		119.54		64.1			71.9			50.3			21.6				141.02		60.08		134.7			215.41		73.93	191.4
24	Royal Palm South Beach Miami		290.89		231.57		25.6			78.9			78.2			0.7				229.49		181.00		26.8			298.71		251.23		18.9
25	DoubleTree Hotel Washington DC – Crystal City		170.68		118.96		43.5			83.5			26.7			56.8				142.51		31.70		349.5			188.53		41.00	359.9
26	DoubleTree Hotel San Jose		170.02		116.97		45.4			65.2			38.8			26.4				110.91		45.36		144.5			157.19		62.70	150.7
27	Juniper Hotel Cupertino, Curio Collection		210.48		105.88		98.8			74.3			43.6			30.7				156.30		46.07		239.3			184.26		53.53	244.2
	Sub-total Core Hotels	$	263.46	$	207.24		27.1	%		69.8	%		37.5	%		32.3	%	pts	$	183.93	$	77.69		136.7	%	$	294.25	$	123.73	137.8		%
	All Other Hotels	$	184.42	$	148.22		24.4	%		74.9	%		55.4	%		19.5	%	pts	$	138.05	$	82.11		68.1	%	$	194.87	$	108.25		80.0	%
	Total Consolidated Portfolio	$	243.66	$	188.63		29.2	%		71.0	%		41.7	%		29.3	%	pts	$	173.03	$	78.74		119.7	%	$	270.63	$	120.05	125.4		%

(1) Calculated based on unrounded numbers.

29 |  

Portfolio and Operating Metrics (continued)

Pro-forma Core Hotels: Q2 2022 vs. Q2 2021

	(unaudited, dollars in millions)	Pro-forma Hotel Adjusted EBITDA									Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
		2Q22			2Q21			Change(1)			2Q22		2Q21		Change(1)			2Q22			2Q21			Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	54		$	20			164.3	%	$	109	$	60		81.4	%		49.7	%		34.1	%		1,560	bps
2	Hilton Waikoloa Village		14			9			67.8			35		26		36.8			40.6			33.1			750
3	Hilton San Francisco Union Square		5			(8	)		155.5			36		3		1,353.9			12.8			(335.3	)		34,810
4	Parc 55 San Francisco – a Hilton Hotel		(2	)		(4	)		55.6			7		—		43,003.1			(25.9	)		(25,087.8	)		2,506,190
5	JW Marriott San Francisco Union Square		2			(2	)		191.7			9		3		165.2			17.0			(49.3	)		6,630
6	Hyatt Centric Fisherman's Wharf		2			—			1,779.7			6		3		83.1			24.1			2.4			2,170
7	Signia by Hilton Orlando Bonnet Creek		14			5			157.9			35		18		91.7			39.2			29.1			1,010
8	Waldorf Astoria Orlando		6			4			34.2			19		14		41.6			28.6			30.2			(160)
9	Hilton Orlando Lake Buena Vista		5			1			261.3			15		8		97.2			32.1			17.5			1,460
10	Hilton New Orleans Riverside		15			1			922.7			37		13		194.9			41.1			11.9			2,920
11	Hyatt Regency Boston		6			—			2,023.6			13		4		256.3			44.9			(8.4	)		5,330
12	Hilton Boston Logan Airport		6			—			2,106.9			15		6		156.5			36.0			4.1			3,190
13	Boston Marriott Newton		2			—			1,039.2			7		2		228.4			30.8			(10.8	)		4,160
14	New York Hilton Midtown		8			(11	)		175.3			58		—		11,451.2			14.5			(2,227.9	)		224,240
15	Hilton Santa Barbara Beachfront Resort		8			6			26.0			16		12		34.7			50.1			53.6			(350)
16	Hyatt Regency Mission Bay Spa and Marina		4			2			173.4			14		8		73.1			29.7			18.8			1,090
17	Hilton Checkers Los Angeles		1			—			301.7			3		1		166.1			23.5			(31.1	)		5,460
18	Hilton Chicago		3			(4	)		169.6			33		1		2,980.1			9.6			(424.6	)		43,420
19	W Chicago – City Center		1			(1	)		157.9			8		1		811.5			7.9			(124.9	)		13,280
20	W Chicago – Lakeshore		(1	)		(1	)		47.0			9		4		144.6			(6.7	)		(31.1	)		2,440
21	Casa Marina Key West, Curio Collection		6			9			(32.2	)		17		19		(14.2	)		38.6			48.9			(1,030)
22	The Reach Key West, Curio Collection		4			4			(3.0	)		9		9		4.9			43.2			46.7			(350)
23	Hilton Denver City Center		5			1			767.1			12		4		191.4			40.5			13.6			2,690
24	Royal Palm South Beach Miami		4			3			35.2			11		9		18.9			41.6			36.6			500
25	DoubleTree Hotel Washington DC – Crystal City		4			—			1,231.3			11		2		359.9			35.8			(14.5	)		5,030
26	DoubleTree Hotel San Jose		1			(1	)		189.0			7		3		150.7			7.9			(22.4	)		3,030
27	Juniper Hotel Cupertino, Curio Collection		1			—			404.0			4		1		244.2			33.4			(37.9	)		7,130
	Sub-total Core Hotels	$	178		$	33			447.8	%	$	555	$	234		137.8	%		31.9	%		13.8	%		1,810	bps
	All Other Hotels	$	29		$	8			228.0	%	$	115	$	63		80.0	%		25.9	%		14.2	%		1,170	bps
	Total Consolidated Portfolio	$	207		$	41			399.7	%	$	670	$	297		125.4	%		30.8	%		13.9	%		1,690	bps

(1) Calculated based on unrounded numbers.

30 |  

Portfolio and Operating Metrics (continued)

Pro-forma Core Hotels: YTD Q2 2022 vs. YTD Q2 2021

	(unaudited)	Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR								Pro-forma Total RevPAR
		2022		2021		Change(1)			2022			2021			Change				2022		2021			Change(1)			2022		2021		Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	269.14	$	226.85		18.6	%		83.6	%		41.6	%		42.0	%	pts	$	225.02	$	94.35			138.5	%	$	366.93	$	149.87		144.8	%
2	Hilton Waikoloa Village		338.24		229.07		47.7			76.7			59.6			17.1				259.30		136.43			90.1			605.12		318.70		89.9
3	Hilton San Francisco Union Square		239.52		164.87		45.3			41.1			3.3			37.8				98.48		5.49			1,692.7			144.08		7.61		1,793.6
4	Parc 55 San Francisco – a Hilton Hotel		259.34		—		100.0			12.7			—			12.7				32.99		(0.01	)		462,205.0			39.01		0.74		5,149.5
5	JW Marriott San Francisco Union Square		284.87		183.16		55.5			65.0			36.3			28.7				185.16		66.45			178.6			249.79		79.28		215.1
6	Hyatt Centric Fisherman's Wharf		195.00		143.17		36.2			70.2			44.7			25.5				136.86		63.95			114.0			180.72		85.67		110.9
7	Signia by Hilton Orlando Bonnet Creek		232.73		161.08		44.5			62.4			41.4			21.0				145.14		66.67			117.7			337.17		145.46		131.8
8	Waldorf Astoria Orlando		413.07		338.60		22.0			62.0			34.8			27.2				256.05		117.64			117.7			465.52		240.26		93.8
9	Hilton Orlando Lake Buena Vista		192.40		130.74		47.2			65.2			34.1			31.1				125.47		44.58			181.4			217.58		72.91		198.4
10	Hilton New Orleans Riverside		212.21		81.07		161.8			61.5			51.7			9.8				130.44		41.88			211.5			219.60		65.23		236.6
11	Hyatt Regency Boston		242.71		130.39		86.1			63.2			35.5			27.7				153.43		46.34			231.1			200.39		59.12		238.9
12	Hilton Boston Logan Airport		203.96		147.00		38.7			87.4			45.3			42.1				178.17		66.53			167.8			226.41		82.51		174.4
13	Boston Marriott Newton		178.66		125.74		42.1			49.3			22.5			26.8				88.12		28.32			211.1			131.39		39.10		236.0
14	New York Hilton Midtown		283.90		—		100.0			51.6			—			51.6				146.45		—			100.0			236.39		2.19		10,686.0
15	Hilton Santa Barbara Beachfront Resort		352.79		323.94		8.9			74.9			59.8			15.1				264.21		193.73			36.4			386.45		255.84		51.1
16	Hyatt Regency Mission Bay Spa and Marina		274.11		214.66		27.7			61.5			40.3			21.2				168.62		86.46			95.0			292.53		147.13		98.8
17	Hilton Checkers Los Angeles		220.29		143.26		53.8			62.5			30.8			31.7				137.75		44.15			212.0			157.43		51.13		207.9
18	Hilton Chicago		200.28		165.36		21.1			43.3			1.4			41.9				86.63		2.30			3,663.6			156.10		4.44		3,413.2
19	W Chicago – City Center		280.27		186.89		50.0			41.5			5.8			35.7				116.22		10.69			986.7			141.75		12.52		1,032.1
20	W Chicago – Lakeshore		194.49		158.88		22.4			46.0			27.4			18.6				89.51		43.51			105.7			114.29		51.82		120.5
21	Casa Marina Key West, Curio Collection		650.23		530.04		22.7			78.7			87.7			(9.0	)			511.87		464.72			10.1			726.16		661.62		9.8
22	The Reach Key West, Curio Collection		660.36		463.09		42.6			79.5			89.9			(10.4	)			524.93		416.24			26.1			740.58		586.23		26.3
23	Hilton Denver City Center		172.01		114.24		50.6			63.8			37.1			26.7				109.69		42.40			158.7			165.52		51.97		218.5
24	Royal Palm South Beach Miami		324.35		226.62		43.1			79.0			80.0			(1.0	)			256.32		181.46			41.3			327.92		251.96		30.2
25	DoubleTree Hotel Washington DC – Crystal City		152.65		117.51		29.9			67.4			35.2			32.2				102.89		41.37			148.7			136.75		48.34		182.9
26	DoubleTree Hotel San Jose		160.60		114.27		40.5			55.6			33.0			22.6				89.23		37.62			137.2			128.81		50.45		155.3
27	Juniper Hotel Cupertino, Curio Collection		181.31		98.11		84.8			57.6			38.3			19.3				104.49		37.59			178.0			125.32		42.63		194.0
	Sub-total Core Hotels	$	257.63	$	196.43		31.2	%		59.6	%		30.0	%		29.6	%	pts	$	153.66	$	58.89			160.9	%	$	248.00	$	93.12		166.3	%
	All Other Hotels	$	177.89	$	137.04		29.8	%		66.9	%		47.1	%		19.8	%	pts	$	118.98	$	64.50			84.5	%	$	167.47	$	84.06		99.2	%
	Total Consolidated Portfolio	$	236.97	$	176.91		33.9	%		61.4	%		34.1	%		27.3	%	pts	$	145.42	$	60.22			141.5	%	$	228.86	$	90.97		151.6	%

(1) Calculated based on unrounded numbers.

31 |  

Portfolio and Operating Metrics (continued)

Pro-forma Core Hotels: YTD Q2 2022 vs. YTD Q2 2021

	(unaudited, dollars in millions)	Pro-forma Hotel Adjusted EBITDA									Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
		2022			2021			Change(1)			2022		2021		Change(2)			2022			2021			Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	83		$	17			373.9	%	$	190	$	78		144.8	%		43.6	%		22.5	%		2,110		bps
2	Hilton Waikoloa Village		28			10			181.8			71		37		89.9			39.2			26.4			1,280
3	Hilton San Francisco Union Square		(3	)		(16	)		82.4			50		3		1,793.6			(5.5	)		(594.0	)		58,850
4	Parc 55 San Francisco – a Hilton Hotel		(6	)		(8	)		24.3			7		—		100.0			(85.0	)		(5,892.7	)		580,770
5	JW Marriott San Francisco Union Square		2			(4	)		140.8			16		5		215.1			10.6			(82.0	)		9,260
6	Hyatt Centric Fisherman's Wharf		2			(1	)		305.0			10		5		110.9			15.6			(16.1	)		3,170
7	Signia by Hilton Orlando Bonnet Creek		23			5			357.2			62		27		131.8			37.3			18.9			1,840
8	Waldorf Astoria Orlando		15			5			180.2			42		22		93.8			35.2			24.3			1,090
9	Hilton Orlando Lake Buena Vista		11			—			8,847.1			32		11		198.4			33.7			1.1			3,260
10	Hilton New Orleans Riverside		25			1			2,701.6			64		19		236.6			39.2			4.7			3,450
11	Hyatt Regency Boston		6			(2	)		419.8			18		5		238.9			33.4			(35.3	)		6,870
12	Hilton Boston Logan Airport		6			(1	)		524.6			25		9		174.4			25.0			(16.1	)		4,110
13	Boston Marriott Newton		2			(1	)		263.6			10		3		236.0			19.4			(39.8	)		5,920
14	New York Hilton Midtown		(3	)		(20	)		84.2			80		1		10,686.0			(4.0	)		(2,713.1	)		270,910
15	Hilton Santa Barbara Beachfront Resort		12			8			48.2			25		16		51.1			45.7			46.6			(90	)
16	Hyatt Regency Mission Bay Spa and Marina		6			1			422.9			23		11		98.8			25.7			9.8			1,590
17	Hilton Checkers Los Angeles		1			(1	)		198.2			5		2		207.9			18.7			(58.5	)		7,720
18	Hilton Chicago		—			(9	)		96.2			44		1		3,413.2			(0.8	)		(735.3	)		73,450
19	W Chicago – City Center		(1	)		(2	)		68.4			10		1		1,032.1			(7.2	)		(258.2	)		25,100
20	W Chicago – Lakeshore		(3	)		(3	)		10.0			11		5		120.5			(26.3	)		(64.4	)		3,810
21	Casa Marina Key West, Curio Collection		19			19			3.3			41		37		9.8			47.1			50.1			(300	)
22	The Reach Key West, Curio Collection		10			7			33.7			20		16		26.3			48.1			45.4			270
23	Hilton Denver City Center		6			(1	)		1,135.5			18		6		218.5			31.8			(9.8	)		4,160
24	Royal Palm South Beach Miami		10			7			51.7			23		18		30.2			44.7			38.4			630
25	DoubleTree Hotel Washington DC – Crystal City		4			—			100.0			16		5		182.9			26.5			4.5			2,200
26	DoubleTree Hotel San Jose		—			(2	)		96.8			12		5		155.3			(0.6	)		(43.7	)		4,310
27	Juniper Hotel Cupertino, Curio Collection		1			(1	)		159.0			5		2		194.0			13.8			(68.5	)		8,230
	Sub-total Core Hotels	$	256		$	8			3,193.4	%	$	930	$	350		166.3	%		27.3	%		2.2	%		2,510		bps
	All Other Hotels	$	39		$	2			1,921.7	%	$	198	$	98		99.2	%		20.7	%		2.0	%		1,870		bps
	Total Consolidated Portfolio	$	295		$	10			2,931.3	%	$	1,128	$	448		151.6	%		26.2	%		2.2	%		2,400		bps

(1) Calculated based on unrounded numbers.

32 |  

Portfolio and Operating Metrics (continued)

Pro-forma Hotels by Market: Q2 2022 vs. Q2 2019

(unaudited)				Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR									Pro-forma Total RevPAR
	Hotels	Rooms		2Q22		2Q19		Change(1)			2Q22			2Q19			Change				2Q22			2Q19			Change(1)			2Q22			2Q19		Change(1)
Hawaii	2		3,507	$	290.53	$	246.19		18.0	%		87.1	%		89.4	%		(2.3	)%	pts		$	253.01		$	220.07		15.0	%		$	452.35	$	388.73		16.4	%
San Francisco	4		3,605		260.48		272.81		(4.5	)		50.9			92.9			(42.0	)				132.52			253.41		(47.7	)			179.10		333.20		(46.3	)
Orlando	3		2,325		236.42		194.90		21.3			67.8			81.2			(13.4	)				160.25			158.25		1.3				327.32		330.46		(0.9	)
New Orleans	1		1,622		218.12		189.83		14.9			69.3			80.3			(11.0	)				151.07			152.36		(0.8	)			251.24		257.84		(2.6	)
Boston	3		1,536		244.62		257.47		(5.0	)		80.5			90.8			(10.3	)				197.01			233.92		(15.8	)			256.55		311.08		(17.5	)
New York	1		1,878		306.08		288.87		6.0			69.2			94.5			(25.3	)				211.77			272.95		(22.4	)			336.76		468.53		(28.1	)
Southern California	6		1,935		243.40		188.83		28.9			78.6			87.1			(8.5	)				191.38			164.50		16.3				284.47		252.72		12.6
Chicago	3		2,467		231.18		230.24		0.4			61.3			85.4			(24.1	)				141.81			196.80		(27.9	)			220.64		297.93		(25.9	)
Key West	2		461		544.96		363.89		49.8			74.9			84.8			(9.9	)				408.25			308.65		32.3				608.13		483.31		25.8
Denver	1		613		196.11		185.90		5.5			71.9			88.8			(16.9	)				141.02			165.04		(14.6	)			215.41		250.19		(13.9	)
Miami	2		901		222.10		161.30		37.7			84.6			90.4			(5.8	)				187.95			145.78		28.9				256.48		213.79		20.0
Washington, D.C.	2		1,085		173.70		187.71		(7.5	)		74.8			86.3			(11.5	)				130.00			162.09		(19.8	)			186.99		240.35		(22.2	)
Seattle	2		1,246		163.56		154.46		5.9			74.5			79.9			(5.4	)				121.90			123.53		(1.3	)			164.99		173.53		(4.9	)
Other	12		4,043		197.77		184.62		7.1			71.3			73.6			(2.3	)				141.11			135.87		3.9				196.37		183.55		7.0
All Markets	44		27,224	$	243.66	$	224.88		8.3	%		71.0	%		85.6	%		(14.6	)%	pts		$	173.03		$	192.58		(10.2	)%		$	270.63	$	299.80		(9.7	)%

(1)          Calculated based on unrounded numbers.

33 |  

Portfolio and Operating Metrics (continued)

Pro-forma Hotels by Market: Q2 2022 vs. Q2 2019

(unaudited, dollars in millions)				Pro-forma Hotel Adjusted EBITDA							Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
	Hotels	Rooms		2Q22		2Q19		Change(1)			2Q22		2Q19		Change(1)			2Q22			2Q19			Change
Hawaii	2		3,507	$	69	$	51		34.2	%	$	144	$	141		2.8	%		47.5	%		36.4	%		1,110		bps
San Francisco	4		3,605		6		33		(82.1	)		59		109		(46.3	)		9.9			29.8			(1,990	)
Orlando	3		2,325		24		23		6.1			69		70		(0.9	)		34.7			32.4			230
New Orleans	1		1,622		15		15		1.0			37		38		(2.6	)		41.1			39.6			150
Boston	3		1,536		14		17		(18.6	)		36		43		(17.5	)		38.2			38.7			(50	)
New York	1		1,878		8		18		(53.6	)		58		80		(28.1	)		14.5			22.5			(800	)
Southern California	6		1,935		18		14		23.8			50		44		12.6			35.1			31.9			320
Chicago	3		2,467		3		22		(85.5	)		50		67		(25.9	)		6.5			33.0			(2,650	)
Key West	2		461		10		8		33.1			26		20		25.8			40.2			38.0			220
Denver	1		613		5		6		(21.8	)		12		14		(13.9	)		40.5			44.6			(410	)
Miami	2		901		8		5		50.8			21		18		20.0			39.2			31.2			800
Washington, D.C.	2		1,085		5		7		(28.7	)		18		24		(22.2	)		28.6			31.2			(260	)
Seattle	2		1,246		4		4		(3.2	)		19		20		(4.9	)		19.7			19.4			30
Other	12		4,043		18		12		49.6			71		67		7.0			24.8			17.8			700
All Markets	44		27,224	$	207	$	235		(12.1	)%	$	670	$	755		(11.2	)%		30.8	%		31.1	%		(30	)	bps

(1)       Calculated based on unrounded numbers.

34 |  

s

Portfolio and Operating Metrics (continued)

Pro-forma Hotels by Market: YTD Q2 2022 vs. YTD Q2 2019

(unaudited)				Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
	Hotels	Rooms		2022		2019		Change(1)			2022			2019			Change				2022		2019		Change(1)			2022		2019		Change(1)
Hawaii	2		3,507	$	281.01	$	250.70		12.1	%		82.3	%		89.7	%		(7.4	)%	pts	$	231.35	$	224.95		2.8	%	$	410.87	$	389.20		5.6	%
San Francisco	4		3,605		241.60		296.22		(18.4	)		37.9			90.2			(52.3	)			91.51		267.25		(65.8	)		127.53		351.38		(63.7	)
Orlando	3		2,325		256.32		213.00		20.3			63.3			83.7			(20.4	)			162.20		178.18		(9.0	)		323.01		372.12		(13.2	)
New Orleans	1		1,622		212.21		202.37		4.9			61.5			78.2			(16.7	)			130.44		158.20		(17.5	)		219.60		271.71		(19.2	)
Boston	3		1,536		210.52		222.35		(5.3	)		68.8			83.8			(15.0	)			144.87		186.29		(22.2	)		191.30		254.98		(25.0	)
New York	1		1,878		283.90		261.26		8.7			51.6			86.8			(35.2	)			146.45		226.86		(35.4	)		236.39		388.75		(39.2	)
Southern California	6		1,935		223.55		181.73		23.0			72.9			84.5			(11.6	)			162.95		153.52		6.1			241.81		240.26		0.6
Chicago	3		2,467		211.43		197.71		6.9			43.5			69.5			(26.0	)			92.07		137.53		(33.1	)		144.94		219.27		(33.9	)
Key West	2		461		653.55		415.35		57.3			79.0			87.7			(8.7	)			516.12		364.31		41.7			730.85		540.26		35.3
Denver	1		613		172.01		175.58		(2.0	)		63.8			81.8			(18.0	)			109.69		143.55		(23.6	)		165.52		219.16		(24.5	)
Miami	2		901		245.52		199.09		23.3			83.5			90.6			(7.1	)			204.97		180.44		13.6			271.17		253.04		7.2
Washington, D.C.	2		1,085		157.52		177.35		(11.2	)		60.6			76.2			(15.6	)			95.41		135.01		(29.3	)		137.10		201.59		(32.0	)
Seattle	2		1,246		146.67		145.98		0.5			64.4			79.3			(14.9	)			94.45		115.77		(18.4	)		133.56		167.58		(20.3	)
Other	12		4,043		190.56		184.93		3.0			62.0			68.3			(6.3	)			118.20		126.22		(6.4	)		163.61		172.53		(5.2	)
All Markets	44		27,224	$	236.97	$	225.55		5.1	%		61.4	%		81.6	%		(20.2	)%	pts	$	145.42	$	184.04		(21.0	)%	$	228.86	$	288.30		(20.6	)%

(1) Calculated based on unrounded numbers.

35 |  

Portfolio and Operating Metrics (continued)

Pro-forma Hotels by Market: YTD Q2 2022 vs. YTD Q2 2019

(unaudited, dollars in millions)				Pro-forma Hotel Adjusted EBITDA								Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
	Hotels	Rooms		2022			2019		Change(1)			2022		2019		Change(1)			2022			2019			Change
Hawaii	2		3,507	$	111		$	102		8.5	%	$	261	$	280		(6.7	)%		42.4	%		36.5	%		590		bps
San Francisco	4		3,605		(6	)		74		(107.7	)		83		229		(63.7	)		(6.8	)		32.1			(3,890	)
Orlando	3		2,325		49			57		(15.0	)		136		157		(13.2	)		35.8			36.5			(70	)
New Orleans	1		1,622		25			33		(22.7	)		64		80		(19.2	)		39.2			41.0			(180	)
Boston	3		1,536		14			22		(35.9	)		53		71		(24.9	)		26.8			31.4			(460	)
New York	1		1,878		(3	)		16		(120.1	)		80		132		(39.2	)		(4.0	)		12.0			(1,600	)
Southern California	6		1,935		27			25		7.7			85		84		0.8			31.3			29.3			200
Chicago	3		2,467		(4	)		16		(124.3	)		65		98		(33.9	)		(6.1	)		16.4			(2,250	)
Key West	2		461		29			19		52.0			61		45		35.3			47.4			42.2			520
Denver	1		613		6			10		(40.1	)		18		24		(24.5	)		31.8			40.1			(830	)
Miami	2		901		19			17		12.7			44		41		7.2			42.0			40.0			200
Washington, D.C.	2		1,085		5			9		(51.0	)		27		40		(32.0	)		17.1			23.7			(660	)
Seattle	2		1,246		3			6		(54.2	)		30		38		(20.3	)		9.7			16.9			(720	)
Other	12		4,043		20			23		(6.8	)		121		125		(5.1	)		18.0			18.4			(40	)
All Markets	44		27,224	$	295		$	429		(31.2	)%	$	1,128	$	1,444		(21.9	)%		26.2	%		29.7	%		(350	)	bps

(1) Calculated based on unrounded numbers.

36 |  

Portfolio and Operating Metrics (continued)

Pro-forma Core Hotels: Q2 2022 vs. Q2 2019

	(unaudited)	Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR									Pro-forma Total RevPAR
		2Q22		2Q19		Change(1)			2Q22			2Q19			Change				2Q22			2Q19			Change(1)				2Q22				2Q19		Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	280.60	$	257.84		8.8	%		90.1	%		93.8	%		(3.7	)%	pts		$	252.94		$	242.09		4.5	%			$	418.73	$		399.60		4.8	%
2	Hilton Waikoloa Village		344.27		209.95		64.0			73.6			77.8			(4.2	)				253.32			163.33		55.1					600.98			360.73		66.6
3	Hilton San Francisco Union Square		255.96		266.70		(4.0	)		56.1			92.3			(36.2	)				143.70			246.41		(41.7	)				208.14			351.95		(40.9	)
4	Parc 55 San Francisco – a Hilton Hotel		259.34		269.37		(3.7	)		25.3			91.8			(66.5	)				65.62			247.30		(73.5	)				76.80			286.57		(73.2	)
5	JW Marriott San Francisco Union Square		312.31		328.07		(4.8	)		74.2			94.6			(20.4	)				231.78			310.46		(25.3	)				283.10			375.14		(24.5	)
6	Hyatt Centric Fisherman's Wharf		227.03		260.13		(12.7	)		76.3			97.5			(21.2	)				173.28			253.60		(31.7	)				220.84			324.69		(32.0	)
7	Signia by Hilton Orlando Bonnet Creek		220.03		182.71		20.4			72.0			80.3			(8.3	)				158.42			146.66		8.0					378.78			351.35		7.8
8	Waldorf Astoria Orlando		352.99		279.17		26.4			68.0			79.5			(11.5	)				239.99			221.79		8.2					424.69			433.66		(2.1	)
9	Hilton Orlando Lake Buena Vista		181.56		159.94		13.5			62.4			83.4			(21.0	)				113.34			133.42		(15.0	)				203.48			240.91		(15.5	)
10	Hilton New Orleans Riverside		218.12		189.83		14.9			69.3			80.3			(11.0	)				151.07			152.36		(0.8	)				251.24			257.84		(2.6	)
11	Hyatt Regency Boston		282.03		290.06		(2.8	)		79.4			95.8			(16.4	)				223.86			277.77		(19.4	)				288.10			352.96		(18.4	)
12	Hilton Boston Logan Airport		241.66		269.57		(10.4	)		93.0			90.6			2.4					224.69			244.29		(8.0	)				280.12			309.88		(9.6	)
13	Boston Marriott Newton		196.81		196.79		0.0			64.4			85.4			(21.0	)				126.77			168.15		(24.6	)				186.62			263.88		(29.3	)
14	New York Hilton Midtown		306.08		288.87		6.0			69.2			94.5			(25.3	)				211.77			272.95		(22.4	)				336.76			468.53		(28.1	)
15	Hilton Santa Barbara Beachfront Resort		396.17		277.29		42.9			80.1			84.2			(4.1	)				317.17			233.43		35.9					478.69			373.85		28.0
16	Hyatt Regency Mission Bay Spa and Marina		308.95		190.80		61.9			69.1			78.7			(9.6	)				213.61			150.16		42.3					361.14			276.26		30.7
17	Hilton Checkers Los Angeles		216.86		224.12		(3.2	)		75.5			95.5			(20.0	)				163.83			214.08		(23.5	)				188.15			244.23		(23.0	)
18	Hilton Chicago		216.78		217.77		(0.5	)		59.9			88.2			(28.3	)				129.85			192.14		(32.4	)				231.79			321.10		(27.8	)
19	W Chicago – City Center		304.70		286.72		6.3			61.5			78.7			(17.2	)				187.47			225.81		(17.0	)				227.20			280.05		(18.9	)
20	W Chicago – Lakeshore		216.77		228.08		(5.0	)		65.5			82.5			(17.0	)				141.93			188.16		(24.6	)				182.45			242.98		(24.9	)
21	Casa Marina Key West, Curio Collection		534.98		375.70		42.4			72.3			84.9			(12.6	)				386.53			318.79		21.3					584.40			509.58		14.7
22	The Reach Key West, Curio Collection		563.56		339.39		66.1			80.4			84.7			(4.3	)				453.29			287.65		57.6					657.32			428.85		53.3
23	Hilton Denver City Center		196.11		185.90		5.5			71.9			88.8			(16.9	)				141.02			165.04		(14.6	)				215.41			250.19		(13.9	)
24	Royal Palm South Beach Miami		290.89		185.01		57.2			78.9			94.8			(15.9	)				229.49			175.37		30.9					298.71			246.59		21.1
25	DoubleTree Hotel Washington DC – Crystal City		170.68		184.47		(7.5	)		83.5			87.0			(3.5	)				142.51			160.51		(11.2	)				188.53			217.11		(13.2	)
26	DoubleTree Hotel San Jose		170.02		236.99		(28.3	)		65.2			87.7			(22.5	)				110.91			208.02		(46.7	)				157.19			286.73		(45.2	)
27	Juniper Hotel Cupertino, Curio Collection		210.48		250.97		(16.1	)		74.3			87.6			(13.3	)				156.30			219.81		(28.9	)				184.26			258.91		(28.8	)
	Sub-total Core Hotels	$	263.46	$	241.73		9.0	%		69.8	%		88.1	%		(18.3	)%	pts		$	183.93		$	212.95		(13.6	)%			$	294.25	$		336.45		(12.5	)%
	All Other Hotels	$	184.42	$	162.14		13.7	%		74.9	%		77.6	%		(2.7	)%	pts		$	138.05		$	125.78		9.8	%			$	194.87	$		179.62		8.5	%
	Total Consolidated Portfolio	$	243.66	$	224.88		8.3	%		71.0	%		85.6	%		(14.6	)%	pts		$	173.03		$	192.58		(10.2	)%			$	270.63	$		299.80		(9.7	)%

(1) Calculated based on unrounded numbers.

37 |  

Portfolio and Operating Metrics (continued)

Pro-forma Core Hotels: Q2 2022 vs. Q2 2019

	(unaudited, dollars in millions)	Pro-forma Hotel Adjusted EBITDA								Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
		2Q22			2Q19		Change(1)				2Q22		2Q19		Change(1)		2Q22		2Q19		Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	54		$	41		31.0	%		$	109	$	104	4.8	%	49.7	%	39.8	%	990		bps
2	Hilton Waikoloa Village		14			10		47.7				35		37	(2.9	)	40.6		26.7		1,390
3	Hilton San Francisco Union Square		5			18		(74.3	)			36		62	(40.9	)	12.8		29.5		(1,670	)
4	Parc 55 San Francisco – a Hilton Hotel		(2	)		9		(121.6	)			7		27	(73.2	)	(25.9	)	32.1		(5,800	)
5	JW Marriott San Francisco Union Square		2			3		(47.9	)			9		12	(24.5	)	17.0		24.7		(770	)
6	Hyatt Centric Fisherman's Wharf		2			3		(49.2	)			6		9	(32.0	)	24.1		32.2		(810	)
7	Signia by Hilton Orlando Bonnet Creek		14			12		12.8				35		32	7.8		39.2		37.5		170
8	Waldorf Astoria Orlando		6			5		9.2				19		20	(2.1	)	28.6		25.7		290
9	Hilton Orlando Lake Buena Vista		5			5		(11.5	)			15		18	(15.5	)	32.1		30.6		150
10	Hilton New Orleans Riverside		15			15		1.0				37		38	(2.6	)	41.1		39.6		150
11	Hyatt Regency Boston		6			7		(20.7	)			13		16	(18.4	)	44.9		46.2		(130	)
12	Hilton Boston Logan Airport		6			6		(2.7	)			15		17	(9.6	)	36.0		33.4		260
13	Boston Marriott Newton		2			4		(38.7	)			7		10	(29.3	)	30.8		35.6		(480	)
14	New York Hilton Midtown		8			18		(53.6	)			58		80	(28.1	)	14.5		22.5		(800	)
15	Hilton Santa Barbara Beachfront Resort		8			6		44.4				16		12	28.0		50.1		44.4		570
16	Hyatt Regency Mission Bay Spa and Marina		4			3		74.6				14		11	30.7		29.7		22.2		750
17	Hilton Checkers Los Angeles		1			2		(50.5	)			3		4	(23.0	)	23.5		36.6		(1,310	)
18	Hilton Chicago		3			14		(78.2	)			33		45	(27.8	)	9.6		31.7		(2,210	)
19	W Chicago – City Center		1			4		(83.4	)			8		10	(18.9	)	7.9		38.7		(3,080	)
20	W Chicago – Lakeshore		(1	)		4		(115.3	)			9		12	(24.9	)	(6.7	)	33.0		(3,970	)
21	Casa Marina Key West, Curio Collection		6			5		16.9				17		15	14.7		38.6		37.9		70
22	The Reach Key West, Curio Collection		4			2		72.2				9		6	53.3		43.2		38.4		480
23	Hilton Denver City Center		5			6		(21.8	)			12		14	(13.9	)	40.5		44.6		(410	)
24	Royal Palm South Beach Miami		4			3		50.9				11		9	21.1		41.6		33.4		820
25	DoubleTree Hotel Washington DC – Crystal City		4			4		(9.2	)			11		12	(13.2	)	35.8		34.2		160
26	DoubleTree Hotel San Jose		1			4		(86.0	)			7		13	(45.2	)	7.9		31.1		(2,320	)
27	Juniper Hotel Cupertino, Curio Collection		1			2		(36.6	)			4		5	(28.8	)	33.4		37.5		(410	)
	Sub-total Core Hotels	$	178		$	215		(17.7	)%		$	555	$	650	(14.5	)%	31.9	%	33.1	%	(120	)	bps
	All Other Hotels	$	29		$	20		47.5	%		$	115	$	105	8.5	%	25.9	%	19.0	%	690		bps
	Total Consolidated Portfolio	$	207		$	235		(12.1	)%		$	670	$	755	(11.2	)%	30.8	%	31.1	%	(30	)	bps

(1) Calculated based on unrounded numbers.

38 |  

Portfolio and Operating Metrics (continued)

Pro-forma Core Hotels: YTD Q2 2022 vs. YTD Q2 2019

	(unaudited)	Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
		2022		2019		Change(1)			2022			2019			Change				2022		2019		Change(1)			2022		2019		Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	269.14	$	259.07		3.9	%		83.6	%		93.2	%		(9.6	)%	pts	$	225.02	$	241.54		(6.8	)%	$	366.93	$	393.33		(6.7	)%
2	Hilton Waikoloa Village		338.24		225.79		49.8			76.7			80.7			(4.0	)			259.30		182.18		42.3			605.12		378.56		59.8
3	Hilton San Francisco Union Square		239.52		292.10		(18.0	)		41.1			88.7			(47.6	)			98.48		259.12		(62.0	)		144.08		367.71		(60.8	)
4	Parc 55 San Francisco – a Hilton Hotel		259.34		288.68		(10.2	)		12.7			89.7			(77.0	)			32.99		259.05		(87.3	)		39.01		297.67		(86.9	)
5	JW Marriott San Francisco Union Square		284.87		375.61		(24.2	)		65.0			93.5			(28.5	)			185.16		351.18		(47.3	)		249.79		448.43		(44.3	)
6	Hyatt Centric Fisherman's Wharf		195.00		258.56		(24.6	)		70.2			97.5			(27.3	)			136.86		251.95		(45.7	)		180.72		320.52		(43.6	)
7	Signia by Hilton Orlando Bonnet Creek		232.73		203.71		14.2			62.4			82.9			(20.5	)			145.14		168.71		(14.0	)		337.17		404.33		(16.6	)
8	Waldorf Astoria Orlando		413.07		306.46		34.8			62.0			78.9			(16.9	)			256.05		241.69		5.9			465.52		473.70		(1.7	)
9	Hilton Orlando Lake Buena Vista		192.40		172.01		11.9			65.2			87.6			(22.4	)			125.47		150.74		(16.8	)		217.58		269.55		(19.3	)
10	Hilton New Orleans Riverside		212.21		202.37		4.9			61.5			78.2			(16.7	)			130.44		158.20		(17.5	)		219.60		271.71		(19.2	)
11	Hyatt Regency Boston		242.71		234.29		3.6			63.2			93.5			(30.3	)			153.43		219.17		(30.0	)		200.39		283.28		(29.3	)
12	Hilton Boston Logan Airport		203.96		235.26		(13.3	)		87.4			84.2			3.2				178.17		197.89		(10.0	)		226.41		259.45		(12.7	)
13	Boston Marriott Newton		178.66		183.10		(2.4	)		49.3			71.9			(22.6	)			88.12		131.67		(33.1	)		131.39		215.68		(39.1	)
14	New York Hilton Midtown		283.90		261.26		8.7			51.6			86.8			(35.2	)			146.45		226.86		(35.4	)		236.39		388.75		(39.2	)
15	Hilton Santa Barbara Beachfront Resort		352.79		256.64		37.5			74.9			80.1			(5.2	)			264.21		205.44		28.6			386.45		334.20		15.6
16	Hyatt Regency Mission Bay Spa and Marina		274.11		178.04		54.0			61.5			76.1			(14.6	)			168.62		135.46		24.5			292.53		257.84		13.5
17	Hilton Checkers Los Angeles		220.29		227.46		(3.2	)		62.5			85.9			(23.4	)			137.75		195.39		(29.5	)		157.43		223.45		(29.5	)
18	Hilton Chicago		200.28		187.54		6.8			43.3			71.6			(28.3	)			86.63		134.25		(35.5	)		156.10		240.43		(35.1	)
19	W Chicago – City Center		280.27		245.84		14.0			41.5			68.7			(27.2	)			116.22		168.82		(31.2	)		141.75		214.15		(33.8	)
20	W Chicago – Lakeshore		194.49		191.50		1.6			46.0			64.2			(18.2	)			89.51		123.02		(27.2	)		114.29		160.39		(28.7	)
21	Casa Marina Key West, Curio Collection		650.23		427.78		52.0			78.7			88.1			(9.4	)			511.87		377.10		35.7			726.16		567.40		28.0
22	The Reach Key West, Curio Collection		660.36		389.15		69.7			79.5			86.8			(7.3	)			524.93		337.78		55.4			740.58		483.99		53.0
23	Hilton Denver City Center		172.01		175.58		(2.0	)		63.8			81.8			(18.0	)			109.69		143.55		(23.6	)		165.52		219.16		(24.5	)
24	Royal Palm South Beach Miami		324.35		231.08		40.4			79.0			95.8			(16.8	)			256.32		221.45		15.7			327.92		301.22		8.9
25	DoubleTree Hotel Washington DC – Crystal City		152.65		170.20		(10.3	)		67.4			74.8			(7.4	)			102.89		127.27		(19.2	)		136.75		172.67		(20.8	)
26	DoubleTree Hotel San Jose		160.60		234.42		(31.5	)		55.6			85.6			(30.0	)			89.23		200.61		(55.5	)		128.81		280.64		(54.1	)
27	Juniper Hotel Cupertino, Curio Collection		181.31		261.27		(30.6	)		57.6			83.7			(26.1	)			104.49		218.82		(52.2	)		125.32		258.27		(51.5	)
	Sub-total Core Hotels	$	257.63	$	242.61		6.2	%		59.6	%		84.0	%		(24.4	)%	pts	$	153.66	$	203.76		(24.6	)%	$	248.00	$	323.64		(23.4	)%
	All Other Hotels	$	177.89	$	161.87		9.9	%		66.9	%		73.8	%		(6.9	)%	pts	$	118.98	$	119.39		(0.3	)%	$	167.47	$	172.40		(2.9	)%
	Total Consolidated Portfolio	$	236.97	$	225.55		5.1	%		61.4	%		81.6	%		(20.2	)%	pts	$	145.42	$	184.04		(21.0	)%	$	228.86	$	288.30		(20.6	)%

(1) Calculated based on unrounded numbers.

39 |  

Portfolio and Operating Metrics (continued)

Pro-forma Core Hotels: YTD Q2 2022 vs. YTD Q2 2019

	(unaudited, dollars in millions)	Pro-forma Hotel Adjusted EBITDA								Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
		2022			2019		Change(1)			2022		2019		Change(1)			2022			2019			Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	83		$	80		3.5	%	$	190	$	204		(6.7	)%		43.6	%		39.3	%		430		bps
2	Hilton Waikoloa Village		28			22		26.4			71		76		(6.8	)		39.2			28.9			1,030
3	Hilton San Francisco Union Square		(3	)		41		(106.7	)		50		128		(60.8	)		(5.5	)		32.1			(3,760	)
4	Parc 55 San Francisco – a Hilton Hotel		(6	)		19		(133.1	)		7		55		(86.9	)		(85.0	)		33.6			(11,860	)
5	JW Marriott San Francisco Union Square		2			8		(80.3	)		16		28		(44.3	)		10.6			29.9			(1,930	)
6	Hyatt Centric Fisherman's Wharf		2			6		(71.6	)		10		18		(43.6	)		15.6			31.0			(1,540	)
7	Signia by Hilton Orlando Bonnet Creek		23			30		(23.0	)		62		74		(16.6	)		37.3			40.4			(310	)
8	Waldorf Astoria Orlando		15			14		9.0			42		43		(1.7	)		35.2			31.7			350
9	Hilton Orlando Lake Buena Vista		11			14		(21.4	)		32		40		(19.3	)		33.7			34.6			(90	)
10	Hilton New Orleans Riverside		25			33		(22.7	)		64		80		(19.2	)		39.2			41.0			(180	)
11	Hyatt Regency Boston		6			10		(40.0	)		18		26		(29.3	)		33.4			39.4			(600	)
12	Hilton Boston Logan Airport		6			7		(16.6	)		25		28		(12.4	)		25.0			26.2			(120	)
13	Boston Marriott Newton		2			5		(57.6	)		10		17		(39.1	)		19.4			27.9			(850	)
14	New York Hilton Midtown		(3	)		16		(120.1	)		80		132		(39.2	)		(4.0	)		12.0			(1,600	)
15	Hilton Santa Barbara Beachfront Resort		12			9		33.7			25		22		15.6			45.7			39.5			620
16	Hyatt Regency Mission Bay Spa and Marina		6			4		55.7			23		20		14.0			25.7			18.8			690
17	Hilton Checkers Los Angeles		1			3		(59.5	)		5		8		(29.5	)		18.7			32.5			(1,380	)
18	Hilton Chicago		—			11		(103.1	)		44		67		(35.1	)		(0.8	)		16.5			(1,730	)
19	W Chicago – City Center		(1	)		3		(121.1	)		10		16		(33.8	)		(7.2	)		22.6			(2,980	)
20	W Chicago – Lakeshore		(3	)		1		(289.7	)		11		15		(28.7	)		(26.3	)		9.8			(3,610	)
21	Casa Marina Key West, Curio Collection		19			13		43.4			41		32		28.0			47.1			42.0			510
22	The Reach Key West, Curio Collection		10			5		72.9			20		13		53.0			48.1			42.6			550
23	Hilton Denver City Center		6			10		(40.1	)		18		24		(24.5	)		31.8			40.1			(830	)
24	Royal Palm South Beach Miami		10			9		13.8			23		21		8.9			44.7			42.8			190
25	DoubleTree Hotel Washington DC – Crystal City		4			5		(13.8	)		16		20		(20.8	)		26.5			24.3			220
26	DoubleTree Hotel San Jose		—			8		(100.8	)		12		26		(54.1	)		(0.6	)		30.5			(3,110	)
27	Juniper Hotel Cupertino, Curio Collection		1			4		(82.3	)		5		10		(51.5	)		13.8			37.7			(2,390	)
	Sub-total Core Hotels	$	256		$	390		(34.6	)%	$	930	$	1,243		(25.0	)%		27.3	%		31.3	%		(400	)	bps
	All Other Hotels	$	39		$	39		3.0	%	$	198	$	201		(2.8	)%		20.7	%		19.5	%		120		bps
	Total Consolidated Portfolio	$	295		$	429		(31.2	)%	$	1,128	$	1,444		(21.9	)%		26.2	%		29.7	%		(350	)	bps

(1) Calculated based on unrounded numbers.

40 |  

Properties Acquired and Sold

 

Hyatt Regency Boston Caribe Hilton W New Orleans - French Quarter

41 |  

Properties Acquired and Sold

Properties Acquired

Hotel	Location	Room Count
2019 Acquisitions:
Chesapeake Lodging Trust Acquisition(1)
Hilton Denver City Center	Denver, CO	613
W Chicago – Lakeshore	Chicago, IL	520
Hyatt Regency Boston	Boston, MA	502
Hyatt Regency Mission Bay Spa and Marina	San Diego, CA	438
Boston Marriott Newton	Newton, MA	430
Le Meridien New Orleans(2)	New Orleans, LA	410
W Chicago – City Center	Chicago, IL	403
Royal Palm South Beach Miami, a Tribute Portfolio Resort	Miami Beach, FL	393
Le Meridien San Francisco(3)	San Francisco, CA	360
JW Marriott San Francisco Union Square	San Francisco, CA	344
Hyatt Centric Fisherman’s Wharf	San Francisco, CA	316
Hotel Indigo San Diego Gaslamp Quarter(4)	San Diego, CA	210
Courtyard Washington Capitol Hill/Navy Yard(4)	Washington, DC	204
Homewood Suites by Hilton Seattle Convention Center Pike Street(5)	Seattle, WA	195
Hilton Checkers Los Angeles	Los Angeles, CA	193
Ace Hotel Downtown Los Angeles(2)	Los Angeles, CA	182
Hotel Adagio, Autograph Collection(6)	San Francisco, CA	171
W New Orleans – French Quarter(7)	New Orleans, LA	97
			5,981

__________________________________________________________________________________

(1)         Park’s acquisition by merger of Chesapeake Lodging Trust closed in September 2019 for total consideration of approximately $2.5 billion, including acquisition costs.

(2)         Sold in December 2019.

(3)         Sold in August 2021.

(4)         Sold in June 2021.

(5)         Sold in June 2022.

(6)         Sold in July 2021.

(7)         Sold in April 2021.

42 |  

Properties Acquired and Sold (continued)

Properties Sold

Hotel	Location	Month Sold	Room Count		Gross Proceeds
					(in millions)
2018 Sales:
Hilton Rotterdam	Rotterdam, Netherlands	January 2018		254	$	62.2
Embassy Suites Portfolio – 3 Hotels	Domestic US	February 2018		676		95.8
UK Portfolio – 7 Hotels	United Kingdom	February 2018		1,334		188.5
Hilton Durban	Durban, South Africa	February 2018		328		32.5
Hilton Berlin(1)	Berlin, Germany	May 2018		601		140.0
2018 Total (13 Hotels)				3,193	$	519.0
2019 Sales:
Pointe Hilton Squaw Peak Resort	Phoenix, Arizona	February 2019		563	$	51.4
Hilton Nuremberg	Nuremberg, Germany	March 2019		152		17.5
Hilton Atlanta Airport	Atlanta, Georgia	June 2019		507		101.0
Hilton New Orleans Airport(2)	New Orleans, Louisiana	June 2019		317		48.0
Embassy Suites Parsippany(2)	Parsippany, New Jersey	June 2019		274		17.0
Conrad Dublin(3)	Dublin, Ireland	November 2019		192		61.0
Ace Hotel Downtown Los Angeles	Los Angeles, California	December 2019		182		117.0
Le Meridien New Orleans	New Orleans, Louisiana	December 2019		410		84.0
2019 Total (8 Hotels)				2,597	$	496.9
2020 Sales:
Hilton São Paulo Morumbi	São Paulo, Brazil	February 2020		503	$	117.5
Embassy Suites Washington DC Georgetown	Washington, D.C.	February 2020		197		90.4
2020 Total (2 Hotels)				700	$	207.9
2021 Sales:
W New Orleans – French Quarter	New Orleans, Louisiana	April 2021		97	$	24.1
Hotel Indigo San Diego Gaslamp Quarter(2)	San Diego, California	June 2021		210		78.0
Courtyard Washington Capitol Hill/Navy Yard(2)	Washington, District of Columbia	June 2021		204		71.0
Hotel Adagio, Autograph Collection	San Francisco, California	July 2021		171		82.0
Le Meridien San Francisco	San Francisco, California	August 2021		360		221.5
2021 Total (5 Hotels)				1,042	$	476.6
2022 Sales:
Hampton Inn & Suites Memphis – Shady Grove	Memphis, Tennessee	April 2022		131	$	11.5
Hilton Chicago/Oak Brook Suites	Chicago, Illinois	May 2022		211		10.3
Homewood Suites by Hilton Seattle Convention Center Pike Street	Seattle, Washington	June 2022		195		80.0
Hilton San Diego Bayfront(4)	San Diego, California	June 2022		1,190		157.0
Hilton Garden Inn Chicago/Oakbrook Terrace	Chicago, Illinois	July 2022		128		9.4
2022 Total (5 Hotels)				1,855	$	268.2
Grand Total(5) (33 Hotels)				9,387	$	1,968.6

__________________________________________________________________________________

(1)          The unconsolidated hotel was sold for total gross proceeds of approximately $350 million, of which $140 million represents Park’s pro rata share.

(2)          Hotels were sold as a portfolio in the same transaction.

(3)          The unconsolidated hotel was sold for total gross proceeds of approximately $128 million, of which $61 million represents Park’s pro rata share.

(4)          Park sold its 25% interests in the joint ventures that own and operate this unconsolidated hotel for total gross proceeds of approximately $157 million, which were reduced by $55 million for Park’s share of the mortgage debt.

(5)          To date, Park has sold a total of 33 hotels. In addition, in December 2019, Park terminated the ground lease on the Hilton Sheffield Hotel.

43 |  

Capital Structure

 

Debt Summary Casa Marina, a Waldorf Astoria Resort Hilton Orlando Bonnet Creek New York Hilton Midtown

asa Marina, a Waldorf Astoria Resort Hilton Orlando Bonnet Creek New York Hilton Midtown

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Capital Structure

Fixed and Variable Rate Debt

(unaudited, dollars in millions)
Debt	Collateral	Interest Rate	Maturity Date	As of June 30, 2022
Fixed Rate Debt
Mortgage loan	Hilton Denver City Center	4.90%	December 2022(1)	$	57
Mortgage loan	Hilton Checkers Los Angeles	4.11%	March 2023		26
Mortgage loan	W Chicago – City Center	4.25%	August 2023		75
Mortgage loan	Hilton San Francisco Union Square, Parc 55 San Francisco – a Hilton Hotel	4.11%	November 2023		725
Mortgage loan	Hyatt Regency Boston	4.25%	July 2026		133
Mortgage loan	DoubleTree Hotel Spokane City Center	3.62%	July 2026		14
Mortgage loan	Hilton Hawaiian Village Beach Resort	4.20%	November 2026		1,275
Mortgage loan	Hilton Santa Barbara Beachfront Resort	4.17%	December 2026		164
Mortgage loan	DoubleTree Hotel Ontario Airport	5.37%(2)	May 2027(2)		30
2025 Senior Secured Notes		7.50%	June 2025		650
2028 Senior Secured Notes		5.88%	October 2028		725
2029 Senior Secured Notes		4.88%	May 2029		750
Total Fixed Rate Debt		5.04%(3)			4,624
Variable Rate Debt
Revolver(4)	Unsecured	L + 3.00%	December 2023		—
2019 Term Facility	Unsecured	L + 2.65%	August 2024		78
Total Variable Rate Debt		3.89%(3)			78
Add: unamortized premium					4
Less: unamortized deferred financing costs and discount					(35	)
Total Debt(5)		5.02%(3)		$	4,671

(1)          The loan matures in August 2042 but is callable by the lender with six months of notice. As of June 30, 2022, Park had not received notice from the lender.

(2)          In April 2022, Park’s joint venture refinanced the mortgage loan secured by the DoubleTree Hotel Ontario Airport, which extended the maturity date to May 2027 with a fixed interest rate of 5.37%.

(3)          Calculated on a weighted average basis.

(4)          Park has $901 million of available capacity under the revolving credit facility (“Revolver”).

(5)          Excludes $170 million of Park’s share of debt of its unconsolidated joint ventures.

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Definitions

 

Definitions Hilton Orlando Bonnet Creek Hilton Denver City Center W Chicago –City Center

Hilton Orlando Bonnet Creek Hilton Denver City Center W Chicago - City Center

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Definitions

Pro-forma

The Company presents certain data for its consolidated hotels on a Pro-forma hotel basis as supplemental information for investors: Pro-forma Hotel Revenues, Pro-forma RevPAR, Pro-forma Total RevPAR, Pro-forma occupancy, Pro-forma ADR, Pro-forma Adjusted EBITDA, Pro-forma Hotel Adjusted EBITDA and Pro-forma Hotel Adjusted EBITDA Margin and Net debt to Pro-forma Adjusted EBITDA ratio. The Company presents Pro-forma hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s Pro-forma metrics exclude results from property dispositions that have occurred through August 3, 2022 and include results from property acquisitions as though such acquisitions occurred on the earliest period presented.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin

Earnings (loss) before interest expense, taxes and depreciation and amortization (“EBITDA”), presented herein, reflects net income (loss) excluding depreciation and amortization, interest income, interest expense, income taxes and 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, as previously defined, further adjusted to exclude:

• 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 management believes are not representative of the Company’s current or future operating performance.

Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company’s consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company’s profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company’s consolidated hotels.

Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by Total Hotel Revenue.

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Definitions (continued)

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (“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, the Company’s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies.

The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company’s management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by removing the effect of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results; and (ii) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin 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 the industry.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin 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 the Company’s operating performance and results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available to the Company to meet its obligations.

Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – Diluted and Adjusted FFO per share – Diluted

Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP measures of the Company’s performance. The Company calculates 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 the Company’s 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. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company’s 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. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.

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Definitions (continued)

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

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

• Severance expense;

• Share-based compensation expense; and

• Other items that management believes are not representative of the Company’s current or future operating performance.

Net Debt

Net debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net debt is calculated as (i) long-term debt, including current maturities and excluding unamortized deferred financing costs; and (ii) the Company’s share of investments in affiliate debt, excluding unamortized deferred financing costs; reduced by (a) cash and cash equivalents; and (b) restricted cash and cash equivalents.

The Company believes Net debt provides useful information about its indebtedness to investors as it is frequently used by securities analysts, investors and other interested parties to compare the indebtedness of companies. Net debt should not be considered as a substitute to debt presented in accordance with U.S. GAAP. Net debt may not be comparable to a similarly titled measure of other companies.

Net Debt to Adjusted EBITDA Ratio

Net debt to Adjusted EBITDA ratio, presented herein, is a non-GAAP financial measure and is included as it is frequently used by securities analysts, investors and other interested parties to compare the financial condition of companies. Net debt to Adjusted EBITDA ratio should not be considered as an alternative to measures of financial condition derived in accordance with U.S. GAAP and it may not be comparable to a similarly titled measure of other companies.

Occupancy

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 Park’s hotels as a result of COVID-19. Occupancy measures the utilization of the Company’s hotels’ available capacity. Management uses occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help management determine achievable Average Daily Rate (“ADR”) levels as demand for hotel rooms increases or decreases.

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Definitions (continued)

Average Daily Rate

ADR 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 management uses ADR to assess pricing levels that the Company is 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.

Revenue per Available Room

Revenue per Available Room (“RevPAR”) represents rooms revenue divided by 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 Park’s hotels as a result of COVID-19. Management considers RevPAR to be a meaningful indicator of the Company’s 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.

Total RevPAR

Total RevPAR represents rooms, food and beverage and other hotel revenues 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 Park’s hotels as a result of COVID-19. Management considers Total RevPAR to be a meaningful indicator of the Company’s performance as approximately one-third of revenues are earned from food and beverage and other hotel revenues. Total RevPAR is also a useful indicator in measuring performance over comparable periods.

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Analyst Coverage

Analyst	Company	Phone	Email
Dany Asad	Bank of America	(646) 855-5238	dany.asad@bofa.com
Anthony Powell	Barclays	(212) 526-8768	anthony.powell@barclays.com
Ari Klein	BMO Capital Markets	(212) 885-4103	ari.klein@bmo.com
Neil Malkin	Capital One Securities	(571) 633-8191	neil.malkin@capitalone.com
Smedes Rose	Citi Research	(212) 816-6243	smedes.rose@citi.com
Floris Van Dijkum	Compass Point	(646) 757-2621	fvandijkum@compasspointllc.com
Chris Woronka	Deutsche Bank	(212) 250-9376	chris.woronka@db.com
Duane Pfennigwerth	Evercore ISI	(212) 497-0817	duane.pfennigwerth@evercoreisi.com
Christopher Darling	Green Street	(949) 640-8780	cdarling@greenstreet.com
David Katz	Jefferies	(212) 323-3355	dkatz@jefferies.com
Joe Greff	JP Morgan	(212) 622-0548	joseph.greff@jpmorgan.com
Bill Crow	Raymond James	(727) 567-2594	bill.crow@raymondjames.com
Rich Anderson	SMBC Nikko Securities	(646) 521-2351	randerson@smbcnikko-si.com
Patrick Scholes	Truist Securities	(212) 319-3915	patrick.scholes@research.Truist.com
Robin Farley	UBS	(212) 713-2060	robin.farley@ubs.com
Dori Kesten	Wells Fargo	(617) 603-4262	dori.kesten@wellsfargo.com

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