Park Hotels & Resorts (PK) 8-K Park Hotels & Resorts Inc. Reports Fourth Quarter and Full Year 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 46premium-branded hotels and resorts with over 29,000rooms 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 anticipated repayment of certain of the Company’s indebtedness, the completion of capital allocation priorities, the expected repurchase of the Company’s stock, the impact to the Company's business and financial condition and that of its hotel management companies, 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.

Forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from 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	13
4. Portfolio and Operating Metrics	17
5. Properties Acquired and Sold	36
6. In-Place Supplementary Financial Information	40
7. Liquidity and Capital Structure	46
8. Definitions	49

3 |  

Financial Statements

 

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

4 |  

Financial Statements

Consolidated Balance Sheets

(in millions, except share and per share data)

	December 31,
	2022			2021
ASSETS
Property and equipment, net	$	8,301		$	8,511
Investments in affiliates		1			15
Intangibles, net		43			44
Cash and cash equivalents		906			688
Restricted cash		33			75
Accounts receivable, net of allowance for doubtful accounts of $2 and $2		129			96
Prepaid expenses		58			35
Other assets		46			69
Operating lease right-of-use assets		214			210
TOTAL ASSETS (variable interest entities – $237 and $237)	$	9,731		$	9,743
LIABILITIES AND EQUITY
Liabilities
Debt	$	4,617		$	4,672
Accounts payable and accrued expenses		220			156
Due to hotel managers		141			111
Other liabilities		228			174
Operating lease liabilities		234			227
Total liabilities (variable interest entities – $219 and $219)		5,440			5,340
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares    authorized, 224,573,858 shares issued and 224,061,745 shares outstanding as of    December 31, 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)		16			(83	)
Total stockholders' equity		4,339			4,452
Noncontrolling interests		(48	)		(49	)
Total equity		4,291			4,403
TOTAL LIABILITIES AND EQUITY	$	9,731		$	9,743

5 |  

Financial Statements (continued)

Consolidated Statements of Operations

(unaudited, in millions, except per share data)

	Three Months Ended December 31,									Year Ended December 31,
	2022			2021			2019			2022			2021			2019
Revenues
Rooms	$	406		$	283		$	497		$	1,559		$	870		$	1,764
Food and beverage		175			99			209		��	606			251			743
Ancillary hotel		63			53			86			261			190			260
Other		21			16			18			75			51			77
Total revenues		665			451			810			2,501			1,362			2,844
Operating expenses
Rooms		110			84			133			408			254			467
Food and beverage		128			82			147			449			208			518
Other departmental and support		160			125			185			613			423			638
Other property-level		50			40			67			223			191			219
Management fees		31			19			38			115			59			139
Casualty and impairment loss, net		2			2			(26	)		6			9			(18	)
Depreciation and amortization		65			68			80			269			281			264
Corporate general and administrative		15			14			15			63			62			62
Acquisition costs		—			—			5			—			—			70
Other		20			15			17			72			49			78
Total expenses		581			449			661			2,218			1,536			2,437
(Loss) gain on sales of assets, net		—			—			(1	)		13			(5	)		19
Operating income (loss)		84			2			148			296			(179	)		426
Interest income		8			1			1			13			1			6
Interest expense		(62	)		(63	)		(42	)		(247	)		(258	)		(140	)
Equity in earnings (losses) from investments in affiliates		9			(1	)		(4	)		15			(7	)		14
Other (loss) gain, net		(2	)		—			46			96			(7	)		45
Income (loss) before income taxes		37			(61	)		149			173			(450	)		351
Income tax expense		(2	)		(4	)		(23	)		—			(2	)		(35	)
Net income (loss)		35			(65	)		126			173			(452	)		316
Net income attributable to noncontrolling interests		(1	)		(2	)		(3	)		(11	)		(7	)		(10	)
Net income (loss) attributable to stockholders	$	34		$	(67	)	$	123		$	162		$	(459	)	$	306
Earnings (loss) per share:
Earnings (loss) per share – Basic	$	0.15		$	(0.28	)	$	0.51		$	0.71		$	(1.95	)	$	1.44
Earnings (loss) per share – Diluted	$	0.15		$	(0.28	)	$	0.51		$	0.71		$	(1.95	)	$	1.44
Weighted average shares outstanding – Basic		224			236			239			228			236			212
Weighted average shares outstanding – Diluted		224			236			240			228			236			213

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 December 31,									Year Ended December 31,
	2022			2021			2019			2022			2021			2019
Operating income (loss)	$	84		$	2		$	148		$	296		$	(179	)	$	426
Interest income		8			1			1			13			1			6
Interest expense		(62	)		(63	)		(42	)		(247	)		(258	)		(140	)
Equity in earnings (losses) from investments in affiliates		9			(1	)		(4	)		15			(7	)		14
Other (loss) gain, net		(2	)		—			46			96			(7	)		45
Income tax expense		(2	)		(4	)		(23	)		—			(2	)		(35	)
Net income (loss)		35			(65	)		126			173			(452	)		316
Depreciation and amortization expense		65			68			80			269			281			264
Interest income		(8	)		(1	)		(1	)		(13	)		(1	)		(6	)
Interest expense		62			63			42			247			258			140
Income tax expense		2			4			23			—			2			35
Interest expense, income tax and depreciation and      amortization included in equity in earnings from      investments in affiliates		2			3			4			9			11			23
EBITDA		158			72			274			685			99			772
(Gain) loss on sales of assets, net(1)		(9	)		—			1			(22	)		5			(19	)
Gain on sale of investments in affiliates(2)		—			—			(44	)		(92	)		—			(44	)
Acquisition costs		—			—			5			—			—			70
Severance expense		—			—			—			—			—			2
Share-based compensation expense		4			4			4			17			19			16
Casualty and impairment loss, net		2			2			(26	)		6			9			(18	)
Other items(3)		4			3			9			12			10			7
Adjusted EBITDA	$	159		$	81		$	223		$	606		$	142		$	786

(1) For the three months and year ended December 31, 2022, includes a gain of $9 million on the sale of the DoubleTree Hotel Las Vegas Airport included in equity in earnings (losses) from investments

 in affiliates in the consolidated statements of operations.

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

(3) For the year ended December 31, 2019, includes a $7 million reserve related to ongoing claims in connection with Park’s obligation to indemnify Hilton under agreements entered into

 with Hilton at the time of Park’s spin-off from Hilton.

8 |  

Supplementary Financial Information (continued)

Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin

(unaudited, dollars in millions)
	Three Months Ended December 31,									Year Ended December 31,
	2022			2021			2019			2022			2021			2019
Adjusted EBITDA(1)	$	159		$	81		$	223		$	606		$	142		$	786
Less: Adjusted EBITDA from investments in affiliates		(5	)		(3	)		(6	)		(25	)		(7	)		(37	)
Add: All other(2)		12			9			12			49			42			53
Hotel Adjusted EBITDA		166			87			229			630			177			802
Add: Adjusted EBITDA from hotels acquired		—			—			—			—			—			129
Less: Adjusted EBITDA from hotels disposed of		—			(2	)		(15	)		(4	)		(2	)		(87	)
Comparable Hotel Adjusted EBITDA	$	166		$	85		$	214		$	626		$	175		$	844
	Three Months Ended December 31,									Year Ended December 31,
	2022			2021			2019			2022			2021			2019
Total Revenues	$	665		$	451		$	810		$	2,501		$	1,362		$	2,844
Less: Other revenue		(21	)		(16	)		(18	)		(75	)		(51	)		(77	)
Add: Revenues from hotels acquired		—			—			—			—			—			406
Less: Revenues from hotels disposed of		—			(8	)		(60	)		(17	)		(41	)		(288	)
Comparable Hotel Revenues	$	644		$	427		$	732		$	2,409		$	1,270		$	2,885

	Three Months Ended December 31,									2022 vs 2021			2022 vs 2019
	2022			2021			2019			Change(3)			Change(3)
Total Revenues	$	665		$	451		$	810			47.2	%		(18.0	)%
Operating income	$	84		$	2		$	148			3,238.1	%		(43.1	)%
Operating income margin(3)		12.6	%		0.6	%		18.2	%		1,200	bps		(560	) bps
Comparable Hotel Revenues	$	644		$	427		$	732			50.5	%		(12.1	)%
Comparable Hotel Adjusted EBITDA	$	166		$	85		$	214			98.4	%		(22.2	)%
Comparable Hotel Adjusted EBITDA margin(3)		25.8	%		19.6	%		29.2	%		620	bps		(340	) bps
	Year Ended December 31,									2022 vs 2021			2022 vs 2019
	2022			2021			2019			Change(3)			Change(3)
Total Revenues	$	2,501		$	1,362		$	2,844			83.5	%		(12.1	)%
Operating income (loss)	$	296		$	(179	)	$	426			265.6	%		(30.6	)%
Operating income (loss) margin(3)		11.8	%		(13.1	)%		15.0	%		2,490	bps		(320	) bps
Comparable Hotel Revenues	$	2,409		$	1,270		$	2,885			89.7	%		(16.5	)%
Comparable Hotel Adjusted EBITDA	$	626		$	175		$	844			258.8	%		(25.8	)%
Comparable Hotel Adjusted EBITDA margin(3)		26.0	%		13.7	%		29.3	%		1,230	bps		(330	) bps

(1) Includes EBITDA of $42 million for both the three months and year ended December 31, 2019, for the period of ownership of the 18 hotels acquired in connection with the Company’s merger with Chesapeake Lodging

 Trust on September 18, 2019.

(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 consolidated statements of operations.

(3)   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 December 31,									Year Ended December 31,
	2022			2021			2019			2022			2021			2019
Net income (loss) attributable to stockholders	$	34		$	(67	)	$	123		$	162		$	(459	)	$	306
Depreciation and amortization expense		65			68			80			269			281			264
Depreciation and amortization expense    attributable to noncontrolling interests		(1	)		(1	)		(1	)		(4	)		(4	)		(4	)
Loss (gain) on sales of assets, net		—			—			1			(13	)		5			(19	)
Gain on sale of investments in affiliates(1)		—			—			(44	)		(92	)		—			(44	)
Impairment loss		—			—			—			—			5			—
Equity investment adjustments:
Equity in (earnings) losses from investments in affiliates		(9	)		1			4			(15	)		7			(14	)
Pro rata FFO of investments in affiliates		1			1			4			12			2			31
Nareit FFO attributable to stockholders		90			2			167			319			(163	)		520
Casualty loss (gain), net		2			2			(26	)		6			4			(18	)
Severance expense		—			—			—			—			—			2
Acquisition costs		—			—			5			—			—			70
Share-based compensation expense		4			4			4			17			19			16
Other items(2)		5			2			23			10			4			23
Adjusted FFO attributable to stockholders	$	101		$	10		$	173		$	352		$	(136	)	$	613
Nareit FFO per share – Diluted(3)	$	0.40		$	0.01		$	0.70		$	1.40		$	(0.69	)	$	2.44
Adjusted FFO per share – Diluted(3)	$	0.45		$	0.05		$	0.72		$	1.54		$	(0.57	)	$	2.88
Weighted average shares outstanding – Diluted(4)		224			236			240			228			236			213

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

(2) For the year ended December 31, 2019, includes $15 million of tax expense on hotels sold during the period.

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

(4) Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of December 31, 2022, see page 5.

10 |  

Supplementary Financial Information (continued)

General and Administrative Expenses

(unaudited, in millions)	Three Months Ended				Year Ended
	December 31,				December 31,
	2022		2021		2022		2021
Corporate general and administrative expenses	$	15	$	14	$	63	$	62
Less:
Share-based compensation expense		4		4		17		19
Other items		—		—		3		3
G&A, excluding expenses not included in Adjusted EBITDA	$	11	$	10	$	43	$	40

11 |  

Supplementary Financial Information (continued)

Net Debt and Net Debt to In-Place Adjusted EBITDA Ratio

(unaudited, in millions)
	December 31, 2022			December 31, 2021			December 31, 2020
Debt	$	4,617		$	4,672		$	5,121
Add: unamortized deferred financing costs and discount		30			38			38
Less: unamortized premium		(3	)		(4	)		(3	)
Debt, excluding unamortized deferred financing cost,    premiums and discounts		4,644			4,706			5,156
Add: Park's share of unconsolidated affiliates debt,    excluding unamortized deferred financing costs		169			225			225
Less: cash and cash equivalents		(906	)		(688	)		(951	)
Less: restricted cash		(33	)		(75	)		(30	)
Net debt	$	3,874		$	4,168		$	4,400
2019 In-Place Adjusted EBITDA(1)	$	801		$	801		$	801
Net debt to In-Place Adjusted EBITDA ratio	4.84x			5.20x			5.49x

(1)         See page 44 for In-Place Adjusted EBITDA for the year ended December 31, 2019.

12 |  

Outlook

 

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Outlook

Q1 2023 and Full-Year 2023 Outlook and Assumptions

(unaudited, dollars in millions, except per share amounts and RevPAR)
	Q1 2023 Outlook						Full-Year 2023 Outlook
	as of February 22, 2023						as of February 22, 2023
Metric	Low			High			Low			High
RevPAR	$	156		$	162		$	167		$	179
RevPAR change vs. 2022		34	%		40	%		7	%		14	%
Net income	$	12		$	28		$	92		$	180
Net income attributable to stockholders	$	11		$	27		$	78		$	166
Earnings per share – Diluted(1)	$	0.05		$	0.12		$	0.35		$	0.75
Operating income	$	63		$	79		$	316		$	396
Operating income margin		10.6	%		12.2	%		12.7	%		14.5	%
Adjusted EBITDA	$	124		$	140		$	610		$	690
Hotel Adjusted EBITDA margin		22.8	%		23.4	%		26.7	%		27.3	%
Hotel Adjusted EBITDA margin change vs. 2022		400	bps		460	bps		80	bps		140	bps
Adjusted FFO per share – Diluted(1)	$	0.30		$	0.37		$	1.60		$	1.99

(1)

Per share amounts are calculated based on unrounded numbers.

Park’s outlook is based in part on the following assumptions:

•

Fully diluted weighted average shares are expected to be 222 million for both Q1 2023 and full-year 2023;

•

The repayment of the $75 million mortgage loan secured by the W Chicago – City Center in May 2023;

•

An increase in interest expense during the second half of 2023 upon extending the maturity date of the $725 million mortgage loan secured by the Hilton San Francisco Union Square and Parc 55 Hotel San Francisco;

•

The mortgage loan secured by the Hilton Denver City Center is not called by the lender during 2023;

•

The removal of $4 million and $12 million, respectively, of Hotel Adjusted EBITDA for Q1 and full-year related to the sale of the Hilton Miami Airport;

•

Includes $14 million of Hotel Adjusted EBITDA disruption from a full-scale renovation at the Casa Marina Key West, Curio Collection, which is expected to be completed in the fourth quarter of 2023; and

•

Current portfolio as of February 22, 2023 and does not take into account potential future acquisitions and dispositions, which could result in a material change to Park’s outlook.

Park's first quarter and full-year 2023 outlook are based on a number of factors, many of which are outside the Company's control, including uncertainty surrounding macro-economic factors, including inflation, increases in interest rates, supply chain disruptions and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of which are subject to change.

14 |  

Outlook (continued)

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

	Three Months Ending						Year Ending
(unaudited, in millions)	March 31, 2023						December 31, 2023
	Low Case			High Case			Low Case			High Case
Operating income	$	63		$	79		$	316		$	396
Interest income		6			6			16			16
Interest expense		(60	)		(60	)		(247	)		(236	)
Equity in earnings from investments in affiliates		4			4			9			9
Income tax expense		(1	)		(1	)		(2	)		(5	)
Net income		12			28			92			180
Depreciation and amortization expense		64			64			261			261
Interest income		(6	)		(6	)		(16	)		(16	)
Interest expense		60			60			247			236
Income tax expense		1			1			2			5
Interest expense, income tax and depreciation and amortization    included in equity in earnings from investments in affiliates		2			2			9			9
EBITDA		133			149			595			675
Gain on sale of assets, net		(15	)		(15	)		(15	)		(15	)
Share-based compensation expense		4			4			17			17
Other items		2			2			13			13
Adjusted EBITDA		124			140			610			690
Less: Adjusted EBITDA from investments in affiliates		(6	)		(6	)		(22	)		(22	)
Add: All other		12			12			54			54
Hotel Adjusted EBITDA	$	130		$	146		$	642		$	722
	Three Months Ending						Year Ending
	March 31, 2023						December 31, 2023
	Low Case			High Case			Low Case			High Case
Total Revenues	$	594		$	649		$	2,490		$	2,730
Less: Other revenue		(24	)		(24	)		(87	)		(87	)
Hotel Revenues	$	570		$	625		$	2,403		$	2,643
	Three Months Ending						Year Ending
	March 31, 2023						December 31, 2023
	Low Case			High Case			Low Case			High Case
Total Revenues	$	594		$	649		$	2,490		$	2,730
Operating income	$	63		$	79		$	316		$	396
Operating income margin(1)		10.6	%		12.2	%		12.7	%		14.5	%
Hotel Revenues	$	570		$	625		$	2,403		$	2,643
Hotel Adjusted EBITDA	$	130		$	146		$	642		$	722
Hotel Adjusted EBITDA margin(1)		22.8	%		23.4	%		26.7	%		27.3	%

(1) Percentages are calculated based on unrounded numbers.

15 |  

Outlook (continued)

Nareit FFO and Adjusted FFO

	Three Months Ending						Year Ending
(unaudited, in millions except per share data)	March 31, 2023						December 31, 2023
	Low Case			High Case			Low Case			High Case
Net income attributable to stockholders	$	11		$	27		$	78		$	166
Depreciation and amortization expense		64			64			261			261
Depreciation and amortization expense attributable to    noncontrolling interests		(1	)		(1	)		(4	)		(4	)
Gain on sale of assets, net		(15	)		(15	)		(15	)		(15	)
Equity investment adjustments:
Equity in earnings from investments in affiliates		(4	)		(4	)		(9	)		(9	)
Pro rata FFO of equity investments		5			5			13			13
Nareit FFO attributable to stockholders		60			76			324			412
Share-based compensation expense		4			4			17			17
Other items		2			2			13			13
Adjusted FFO attributable to stockholders	$	66		$	82		$	354		$	442
Adjusted FFO per share – Diluted(1)	$	0.30		$	0.37		$	1.60		$	1.99
Weighted average diluted shares outstanding		222			222			222			222

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

16 |  

Portfolio and Operating Metrics

 

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

17 |  

Portfolio and Operating Metrics

Hotel Portfolio as of February 22, 2023

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		158,000	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%	$	56
Hilton Boston Logan Airport		604	Boston		30,000	Leasehold	100%		—
W Chicago – Lakeshore		520	Chicago		20,000	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%	$	132
Waldorf Astoria Orlando		502	Orlando		47,000	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%	$	162
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.

18 |  

Portfolio and Operating Metrics (continued)

Hotel Portfolio as of February 22, 2023

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%		—
Embassy Suites Phoenix Airport		182	Other U.S.		5,000	Leasehold	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 (42 Hotels)		26,554			2,208,000			$	2,469
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%	$	25
Total Unconsolidated Joint Venture Portfolio (4 Hotels)		2,656			318,000			$	169
TOTAL PARK HOTELS & RESORTS PORTFOLIO (46 Hotels)		29,210			2,526,000			$	2,638

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

19 |  

Portfolio and Operating Metrics (continued)

Comparable Hotels by Market: Q4 2022 vs. Q4 2021

(unaudited)				Comparable ADR							Comparable Occupancy										Comparable RevPAR							Comparable Total RevPAR
	Hotels	Rooms		4Q22		4Q21		Change(1)			4Q22			4Q21			Change				4Q22		4Q21		Change(1)			4Q22		4Q21		Change(1)
Hawaii	2		3,507	$	305.20	$	265.86		14.8	%		80.3	%		63.5	%		16.8	%	pts	$	245.04	$	168.86		45.1	%	$	424.88	$	289.30		46.9	%
San Francisco	4		3,605		213.30		181.81		17.3			53.5			29.9			23.6				114.05		54.29		110.1			163.09		73.44		122.1
Orlando	3		2,325		243.50		238.18		2.2			68.3			57.4			10.9				166.26		136.75		21.6			315.70		246.14		28.3
New Orleans	1		1,622		211.44		182.02		16.2			68.3			52.0			16.3				144.48		94.65		52.6			250.60		163.93		52.9
Boston	3		1,536		224.09		188.87		18.6			77.9			65.9			12.0				174.54		124.44		40.3			240.50		164.37		46.3
New York	1		1,878		363.73		323.05		12.6			84.7			46.6			38.1				307.95		150.32		104.9			468.31		220.63		112.3
Southern California	5		1,773		215.37		207.95		3.6			71.7			65.5			6.2				154.46		136.20		13.4			254.67		211.51		20.4
Chicago	3		2,467		223.89		191.24		17.1			53.5			31.5			22.0				119.85		60.35		98.6			184.30		96.37		91.2
Key West	2		461		454.01		557.29		(18.5	)		69.7			77.0			(7.3	)			316.54		429.47		(26.3	)		474.75		611.48		(22.4	)
Denver	1		613		177.32		136.41		30.0			63.8			63.2			0.6				113.21		86.34		31.1			166.26		114.38		45.4
Miami	2		901		208.13		194.69		6.9			83.3			78.3			5.0				173.33		152.37		13.8			247.16		208.00		18.8
Washington, D.C.	2		1,085		174.32		130.69		33.4			66.8			45.0			21.8				116.52		58.86		98.0			181.15		85.99		110.7
Seattle	2		1,246		157.98		122.62		28.8			59.7			51.5			8.2				94.32		63.17		49.3			137.04		90.15		52.0
Other	12		4,043		188.41		159.74		18.0			63.4			54.3			9.1				119.48		86.66		37.9			175.35		124.52		40.8
All Markets	43		27,062	$	240.57	$	213.37		12.7	%		67.7	%		52.1	%		15.6	%	pts	$	162.81	$	111.02		46.7	%	$	258.41	$	171.66		50.5	%

(1)          Calculated based on unrounded numbers.

20 |  

Portfolio and Operating Metrics (continued)

Comparable Hotels by Market: Q4 2022 vs. Q4 2021

(unaudited, dollars in millions)				Comparable Hotel Adjusted EBITDA									Comparable Hotel Revenue							Comparable Hotel Adjusted EBITDA Margin
	Hotels	Rooms		4Q22			4Q21			Change(1)			4Q22		4Q21		Change(1)			4Q22			4Q21			Change
Hawaii	2		3,507	$	51		$	32			60.5	%	$	137	$	93		46.9	%		37.0	%		33.9	%		310		bps
San Francisco	4		3,605		(2	)		(12	)		82.6			54		24		122.1			(3.9	)		(50.0	)		4,610
Orlando	3		2,325		22			18			26.1			68		53		28.3			33.3			33.9			(60	)
New Orleans	1		1,622		13			8			67.7			37		24		52.9			34.7			31.6			310
Boston	3		1,536		10			5			83.7			34		23		46.3			28.4			22.6			580
New York	1		1,878		22			(3	)		811.1			81		38		112.3			27.5			(8.2	)		3,570
Southern California	5		1,773		11			10			16.4			42		35		20.4			27.6			28.6			(100	)
Chicago	3		2,467		4			4			9.5			42		22		91.2			10.4			18.2			(780	)
Key West	2		461		6			11			(43.7	)		20		26		(22.4	)		32.1			44.3			(1,220	)
Denver	1		613		3			1			84.6			9		6		45.4			28.8			22.7			610
Miami	2		901		8			6			19.1			20		17		18.8			37.0			36.9			10
Washington, D.C.	2		1,085		4			(1	)		810.3			18		9		110.7			23.6			(7.0	)		3,060
Seattle	2		1,246		2			(1	)		294.4			16		10		52.0			11.6			(9.0	)		2,060
Other	12		4,043		12			7			130.8			66		47		40.8			17.6			10.7			690
All Markets	43		27,062	$	166		$	85		98.4%			$	644	$	427		50.5	%		25.8	%		19.6	%		620		bps

(1) Calculated based on unrounded numbers.

21 |  

Portfolio and Operating Metrics (continued)

Comparable Hotels by Market: Full Year 2022 vs. Full Year 2021

(unaudited)				Comparable ADR							Comparable Occupancy										Comparable RevPAR							Comparable Total RevPAR
	Hotels	Rooms		2022		2021		Change(1)			2022			2021			Change				2022		2021		Change(1)			2022		2021		Change(1)
Hawaii	2		3,507	$	297.25	$	256.52		15.9	%		83.7	%		57.4	%		26.3	%	pts	$	248.67	$	147.21		68.9	%	$	434.24	$	254.22		70.8	%
San Francisco	4		3,605		232.30		177.15		31.1			48.6			19.4			29.2				112.81		34.36		228.3			154.63		46.22		234.6
Orlando	3		2,325		236.99		202.92		16.8			63.5			45.4			18.1				150.52		92.07		63.5			296.40		179.32		65.3
New Orleans	1		1,622		203.56		120.80		68.5			61.7			51.3			10.4				125.64		62.02		102.6			216.87		101.14		114.4
Boston	3		1,536		226.04		173.37		30.4			75.2			51.8			23.4				170.01		89.77		89.4			223.25		115.44		93.4
New York	1		1,878		311.69		322.96		(3.5	)		65.7			11.8			53.9				204.67		37.88		440.3			316.09		57.11		453.5
Southern California	5		1,773		240.58		217.02		10.9			73.6			60.3			13.3				177.13		130.97		35.2			268.69		187.25		43.5
Chicago	3		2,467		222.97		191.35		16.5			52.3			21.2			31.1				116.68		40.53		187.9			177.48		58.48		203.5
Key West	2		461		547.24		509.39		7.4			73.5			80.6			(7.1	)			402.13		410.50		(2.0	)		580.81		581.66		(0.1	)
Denver	1		613		181.48		141.72		28.1			66.2			51.4			14.8				120.10		72.79		65.0			178.58		95.43		87.1
Miami	2		901		216.93		187.55		15.7			82.4			70.7			11.7				178.70		132.54		34.8			243.43		182.14		33.7
Washington, D.C.	2		1,085		162.82		122.28		33.2			63.7			40.8			22.9				103.66		49.81		108.1			153.07		66.45		130.3
Seattle	2		1,246		160.27		129.13		24.1			64.2			43.7			20.5				102.89		56.44		82.3			142.72		76.77		85.9
Other	12		4,043		189.10		153.81		22.9			64.3			50.5			13.8				121.52		77.69		56.4			169.98		104.13		63.2
All Markets	43		27,062	$	238.79	$	197.91		20.7	%		65.5	%		42.7	%		22.8	%	pts	$	156.38	$	84.54		85.0	%	$	243.87	$	128.57		89.7	%

(1)          Calculated based on unrounded numbers.

22 |  

Portfolio and Operating Metrics (continued)

Comparable Hotels by Market: Full Year 2022 vs. Full Year 2021

(unaudited, dollars in millions)				Comparable Hotel Adjusted EBITDA									Comparable Hotel Revenue							Comparable Hotel Adjusted EBITDA Margin
	Hotels	Rooms		2022			2021			Change(1)			2022		2021		Change(1)			2022			2021			Change
Hawaii	2		3,507	$	227		$	105			116.0	%	$	556	$	325		70.8	%		40.9	%		32.4	%		850		bps
San Francisco	4		3,605		(1	)		(50	)		97.1			203		61		234.6			(0.7	)		(82.7	)		8,200
Orlando	3		2,325		81			38			114.9			252		152		65.3			32.1			24.7			740
New Orleans	1		1,622		45			12			261.9			128		60		114.4			35.0			20.7			1,430
Boston	3		1,536		37			7			409.3			125		65		93.4			29.9			11.4			1,850
New York	1		1,878		22			(37	)		159.8			217		39		453.5			10.2			(94.9	)		10,510
Southern California	5		1,773		56			36			56.3			174		121		43.5			32.2			29.6			260
Chicago	3		2,467		13			(9	)		246.3			160		53		203.5			8.2			(17.0	)		2,520
Key West	2		461		39			44			(9.6	)		98		98		(0.1	)		40.4			44.6			(420	)
Denver	1		613		13			5			177.2			40		21		87.1			33.4			22.5			1,090
Miami	2		901		30			20			51.1			80		60		33.7			37.0			32.7			430
Washington, D.C.	2		1,085		12			(2	)		673.9			61		26		130.3			19.6			(7.9	)		2,750
Seattle	2		1,246		8			(3	)		357.7			65		35		85.9			12.6			(9.1	)		2,170
Other	12		4,043		44			9			347.5			250		154		63.2			17.5			6.4			1,110
All Markets	43		27,062	$	626		$	175			258.8	%	$	2,409	$	1,270		89.7	%		26.0	%		13.7	%		1,230		bps

(1) Calculated based on unrounded numbers.

23 |  

Portfolio and Operating Metrics (continued)

Comparable Core Hotels: Q4 2022 vs. Q4 2021

	(unaudited)	Comparable ADR							Comparable Occupancy										Comparable RevPAR							Comparable Total RevPAR
		4Q22		4Q21		Change(1)			4Q22			4Q21			Change				4Q22		4Q21		Change(1)			4Q22		4Q21			Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	297.39	$	258.32		15.1	%		82.3	%		62.5	%		19.8	%	pts	$	244.86	$	161.47		51.6	%	$	403.63	$	255.03			58.3	%
2	Hilton Waikoloa Village		345.12		296.51		16.4			71.2			67.9			3.3				245.82		201.50		22.0			518.82		440.76			17.7
3	Hilton San Francisco Union Square		213.02		178.48		19.4			48.6			31.9			16.7				103.51		57.00		81.6			161.95		79.79			103.0
4	Parc 55 San Francisco – a Hilton Hotel		198.05		—		100.0			49.2			—			49.2				97.41		—		100.0			120.75		(1.23	)		9,909.3
5	JW Marriott San Francisco Union Square		274.68		213.14		28.9			72.2			70.7			1.5				198.37		150.83		31.5			264.82		191.07			38.6
6	Hyatt Centric Fisherman's Wharf		183.14		156.41		17.1			76.6			69.5			7.1				140.32		108.66		29.1			196.43		148.77			32.0
7	Signia by Hilton Orlando Bonnet Creek		221.11		212.25		4.2			68.4			49.6			18.8				151.33		105.41		43.6			321.91		217.84			47.8
8	Waldorf Astoria Orlando		400.80		398.37		0.6			63.7			60.9			2.8				255.21		242.70		5.2			454.82		404.75			12.4
9	Hilton Orlando Lake Buena Vista		183.17		169.99		7.8			70.9			64.8			6.1				129.91		110.26		17.8			222.21		183.40			21.2
10	Hilton New Orleans Riverside		211.44		182.02		16.2			68.3			52.0			16.3				144.48		94.65		52.6			250.60		163.93			52.9
11	Hyatt Regency Boston		238.66		209.26		14.0			80.8			68.4			12.4				192.86		143.11		34.8			262.80		184.72			42.3
12	Hilton Boston Logan Airport		229.46		185.85		23.5			87.7			79.1			8.6				201.24		146.95		36.9			263.44		187.65			40.4
13	Boston Marriott Newton		190.54		159.81		19.2			60.7			44.4			16.3				115.66		71.03		62.8			182.23		107.90			68.9
14	New York Hilton Midtown		363.73		323.05		12.6			84.7			46.6			38.1				307.95		150.32		104.9			468.31		220.63			112.3
15	Hilton Santa Barbara Beachfront Resort		308.35		321.52		(4.1	)		74.4			76.0			(1.6	)			229.33		244.37		(6.2	)		402.25		365.29			10.1
16	Hyatt Regency Mission Bay Spa and Marina		243.24		221.66		9.7			57.3			47.6			9.7				139.33		105.50		32.1			254.72		195.68			30.2
17	Hilton Checkers Los Angeles		221.49		203.31		8.9			64.2			52.7			11.5				142.11		107.07		32.7			166.93		125.92			32.6
18	Hilton Chicago		211.06		185.28		13.9			55.3			27.8			27.5				116.78		51.51		126.7			199.71		95.54			109.0
19	W Chicago – City Center		290.94		224.07		29.8			51.7			37.1			14.6				150.54		83.14		81.1			190.74		108.80			75.3
20	W Chicago – Lakeshore		212.15		179.45		18.2			49.6			38.4			11.2				105.17		68.91		52.6			133.54		89.19			49.7
21	Casa Marina Key West, Curio Collection		445.83		561.17		(20.6	)		67.9			79.2			(11.3	)			302.75		444.32		(31.9	)		451.64		636.57			(29.1	)
22	The Reach Key West, Curio Collection		469.68		548.54		(14.4	)		73.5			72.7			0.8				345.11		398.68		(13.4	)		522.67		559.46			(6.6	)
23	Hilton Denver City Center		177.32		136.41		30.0			63.8			63.2			0.6				113.21		86.34		31.1			166.26		114.38			45.4
24	Royal Palm South Beach Miami		251.29		249.31		0.8			81.4			76.5			4.9				204.60		190.77		7.3			271.18		245.71			10.4
25	DoubleTree Hotel Washington DC – Crystal City		163.87		125.21		30.9			68.8			43.0			25.8				112.81		53.87		109.4			156.09		71.79			117.4
26	DoubleTree Hotel San Jose		178.56		129.93		37.4			56.9			57.0			(0.1	)			101.59		74.04		37.2			158.18		113.16			39.8
27	Juniper Hotel Cupertino, Curio Collection		214.02		121.28		76.5			62.7			53.4			9.3				134.20		64.82		107.0			154.61		77.49			99.5
	Sub-total Core Hotels	$	259.38	$	234.23		10.7	%		67.8	%		50.4	%		17.4	%	pts	$	175.98	$	117.96		49.2	%	$	281.89	$	184.62			52.7	%
	All Other Hotels	$	178.01	$	153.28		16.1	%		67.1	%		57.5	%		9.6	%	pts	$	119.45	$	88.17		35.5	%	$	181.18	$	129.02			40.4	%
	Total Consolidated Portfolio	$	240.57	$	213.37		12.7	%		67.7	%		52.1	%		15.6	%	pts	$	162.81	$	111.02		46.7	%	$	258.41	$	171.66			50.5	%

(1)          Calculated based on unrounded numbers.

24 |  

Portfolio and Operating Metrics (continued)

Comparable Core Hotels: Q4 2022 vs. Q4 2021

	(unaudited, dollars in millions)	Comparable Hotel Adjusted EBITDA									Comparable Hotel Revenue								Comparable Hotel Adjusted EBITDA Margin
		4Q22			4Q21			Change(1)			4Q22		4Q21			Change(1)			4Q22			4Q21			Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	39		$	23			70.7	%	$	106	$	67			58.3	%		37.1	%		34.4	%		270		bps
2	Hilton Waikoloa Village		11			9			33.0			31		26	��		17.7			37.0			32.8			420
3	Hilton San Francisco Union Square		(3	)		(7	)		59.6			29		14			103.0			(10.0	)		(50.2	)		4,020
4	Parc 55 San Francisco – a Hilton Hotel		(2	)		(5	)		55.8			11		—			9,909.3			(18.2	)		(4,035.0	)		401,680
5	JW Marriott San Francisco Union Square		2			(1	)		313.0			8		6			38.6			21.6			(14.1	)		3,570
6	Hyatt Centric Fisherman's Wharf		1			—			138.1			6		4			32.0			17.4			9.6			780
7	Signia by Hilton Orlando Bonnet Creek		10			6			68.5			30		20			47.8			33.9			29.7			420
8	Waldorf Astoria Orlando		7			7			(0.5	)		21		19			12.4			34.9			39.4			(450	)
9	Hilton Orlando Lake Buena Vista		5			4			13.1			17		14			21.2			30.3			32.5			(220	)
10	Hilton New Orleans Riverside		13			8			67.7			37		24			52.9			34.7			31.6			310
11	Hyatt Regency Boston		4			3			70.6			12		9			42.3			35.3			29.4			590
12	Hilton Boston Logan Airport		4			2			83.5			15		10			40.4			26.4			20.2			620
13	Boston Marriott Newton		2			1			136.6			7		4			68.9			20.8			14.8			600
14	New York Hilton Midtown		22			(3	)		811.1			81		38			112.3			27.5			(8.2	)		3,570
15	Hilton Santa Barbara Beachfront Resort		6			6			(2.6	)		13		12			10.1			44.2			50.0			(580	)
16	Hyatt Regency Mission Bay Spa and Marina		1			1			173.5			10		8			30.2			14.1			6.7			740
17	Hilton Checkers Los Angeles		—			—			45.1			3		2			32.6			13.1			12.0			110
18	Hilton Chicago		4			2			85.7			28		14			109.0			13.6			15.3			(170	)
19	W Chicago – City Center		1			1			(23.6	)		7		4			75.3			11.7			26.9			(1,520	)
20	W Chicago – Lakeshore		—			1			(142.0	)		6		4			49.7			(5.3	)		19.0			(2,430	)
21	Casa Marina Key West, Curio Collection		4			8			(54.5	)		13		18			(29.1	)		29.2			45.5			(1,630	)
22	The Reach Key West, Curio Collection		3			3			(15.8	)		7		8			(6.6	)		37.2			41.3			(410	)
23	Hilton Denver City Center		3			1			84.6			9		6			45.4			28.8			22.7			610
24	Royal Palm South Beach Miami		4			3			20.2			10		9			10.4			38.8			35.6			320
25	DoubleTree Hotel Washington DC – Crystal City		2			—			1,548.6			9		4			117.4			22.1			(3.3	)		2,540
26	DoubleTree Hotel San Jose		1			—			1,007.1			7		5			39.8			14.4			1.8			1,260
27	Juniper Hotel Cupertino, Curio Collection		—			—			314.4			3		2			99.5			13.6			(12.7	)		2,630
	Sub-total Core Hotels	$	144		$	73			95.8	%	$	536	$	351			52.7	%		26.9	%		20.9	%		600		bps
	All Other Hotels	$	22		$	12			118.4	%	$	108	$	76			40.4	%		20.5	%		13.2	%		730		bps
	Total Consolidated Portfolio	$	166		$	85			98.4	%	$	644	$	427			50.5	%		25.8	%		19.6	%		620		bps

(1) Calculated based on unrounded numbers.

25 |  

Portfolio and Operating Metrics (continued)

Comparable Core Hotels: Full Year 2022 vs. Full Year 2021

	(unaudited)	Comparable ADR								Comparable Occupancy										Comparable RevPAR							Comparable 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	$	287.70	$	252.03			14.2	%		85.4	%		55.4	%		30.0	%	pts	$	245.79	$	139.76		75.9	%	$	400.00	$	220.92		81.1	%
2	Hilton Waikoloa Village		344.82		273.18			26.2			75.8			65.9			9.9				261.40		180.13		45.1			585.60		401.42		45.9
3	Hilton San Francisco Union Square		228.58		173.53			31.7			48.2			17.0			31.2				110.07		29.44		273.8			160.33		41.22		289.0
4	Parc 55 San Francisco – a Hilton Hotel		221.89		—			100.0			34.3			—			34.3				76.05		—		100.0			88.99		0.77		11,480.1
5	JW Marriott San Francisco Union Square		288.73		203.95			41.6			69.7			52.7			17.0				201.17		107.33		87.4			274.65		132.83		106.8
6	Hyatt Centric Fisherman's Wharf		204.95		158.08			29.7			74.4			60.9			13.5				152.42		96.22		58.4			201.97		129.59		55.9
7	Signia by Hilton Orlando Bonnet Creek		214.11		175.81			21.8			63.1			46.9			16.2				135.06		82.37		64.0			305.07		181.82		67.8
8	Waldorf Astoria Orlando		383.38		349.90	��		9.6			60.7			44.5			16.2				232.61		155.56		49.5			423.42		291.24		45.4
9	Hilton Orlando Lake Buena Vista		180.94		147.26			22.9			65.8			44.1			21.7				119.07		64.94		83.4			207.33		107.20		93.4
10	Hilton New Orleans Riverside		203.56		120.80			68.5			61.7			51.3			10.4				125.64		62.02		102.6			216.87		101.14		114.4
11	Hyatt Regency Boston		250.22		182.88			36.8			74.2			53.3			20.9				185.61		97.40		90.6			241.25		124.21		94.2
12	Hilton Boston Logan Airport		226.80		176.05			28.8			89.1			63.0			26.1				202.12		110.97		82.1			256.51		139.21		84.3
13	Boston Marriott Newton		187.56		149.18			25.7			56.9			34.2			22.7				106.70		51.07		108.9			155.51		71.81		116.6
14	New York Hilton Midtown		311.69		322.96			(3.5	)		65.7			11.8			53.9				204.67		37.88		440.3			316.09		57.11		453.5
15	Hilton Santa Barbara Beachfront Resort		361.12		360.45			0.2			78.3			69.6			8.7				282.73		250.96		12.7			426.16		343.34		24.1
16	Hyatt Regency Mission Bay Spa and Marina		294.87		243.77			21.0			61.6			48.7			12.9				181.61		118.77		52.9			309.03		202.89		52.3
17	Hilton Checkers Los Angeles		222.40		175.90			26.4			65.9			41.2			24.7				146.52		72.42		102.3			168.22		84.59		98.9
18	Hilton Chicago		209.92		192.44			9.1			52.5			15.6			36.9				110.15		29.88		268.7			189.12		50.65		273.4
19	W Chicago – City Center		290.39		214.21			35.6			50.2			23.5			26.7				145.87		50.37		189.6			177.24		61.44		188.5
20	W Chicago – Lakeshore		211.92		178.43			18.8			53.5			36.1			17.4				113.47		64.54		75.8			143.08		79.44		80.1
21	Casa Marina Key West, Curio Collection		543.63		525.98			3.4			72.2			80.2			(8.0	)			392.46		421.78		(7.0	)		568.28		598.68		(5.1	)
22	The Reach Key West, Curio Collection		554.33		475.53			16.6			76.2			81.4			(5.2	)			422.18		387.12		9.1			606.80		546.37		11.1
23	Hilton Denver City Center		181.48		141.72			28.1			66.2			51.4			14.8				120.10		72.79		65.0			178.58		95.43		87.1
24	Royal Palm South Beach Miami		276.70		228.07			21.3			78.6			76.5			2.1				217.55		174.57		24.6			284.24		237.33		19.8
25	DoubleTree Hotel Washington DC – Crystal City		154.88		121.36			27.6			69.0			38.3			30.7				106.88		46.50		129.9			144.71		58.40		147.8
26	DoubleTree Hotel San Jose		167.15		122.63			36.3			57.8			44.8			13.0				96.68		54.93		76.0			142.27		77.80		82.9
27	Juniper Hotel Cupertino, Curio Collection		203.59		112.89			80.3			64.4			46.3			18.1				131.02		52.24		150.8			151.85		61.64		146.3
	Sub-total Core Hotels	$	257.77	$	217.42			18.6	%		64.8	%		39.7	%		25.1	%	pts	$	166.96	$	86.31		93.5	%	$	265.12	$	135.22		96.1	%
	All Other Hotels	$	179.16	$	149.52			19.8	%		67.8	%		52.6	%		15.2	%	pts	$	121.55	$	78.72		54.4	%	$	173.95	$	106.70		63.0	%
	Total Consolidated Portfolio	$	238.79	$	197.91			20.7	%		65.5	%		42.7	%		22.8	%	pts	$	156.38	$	84.54		85.0	%	$	243.87	$	128.57		89.7	%

(1)          Calculated based on unrounded numbers.

26 |  

Portfolio and Operating Metrics (continued)

Comparable Core Hotels: Full Year 2022 vs. Full Year 2021

	(unaudited, dollars in millions)	Comparable Hotel Adjusted EBITDA									Comparable Hotel Revenue							Comparable Hotel Adjusted EBITDA Margin
		2022			2021			Change(1)			2022		2021		Change(1)			2022			2021			Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	173		$	75			129.9	%	$	418	$	231		81.1	%		41.5	%		32.7	%		880		bps
2	Hilton Waikoloa Village		54			30			80.7			138		95		45.9			39.0			31.5			750
3	Hilton San Francisco Union Square		(3	)		(29	)		89.6			112		29		289.0			(2.7	)		(99.7	)		9,700
4	Parc 55 San Francisco – a Hilton Hotel		(8	)		(17	)		51.7			33		—		100.0			(24.1	)		(5,773.9	)		574,980
5	JW Marriott San Francisco Union Square		5			(6	)		187.1			34		17		106.8			14.5			(34.6	)		4,910
6	Hyatt Centric Fisherman's Wharf		5			1			435.3			23		15		55.9			19.4			5.7			1,370
7	Signia by Hilton Orlando Bonnet Creek		37			17			122.2			112		67		67.8			33.1			25.0			810
8	Waldorf Astoria Orlando		25			15			61.4			78		53		45.4			32.1			28.9			320
9	Hilton Orlando Lake Buena Vista		19			5			246.4			62		32		93.4			30.2			16.9			1,330
10	Hilton New Orleans Riverside		45			12			261.9			128		60		114.4			35.0			20.7			1,430
11	Hyatt Regency Boston		16			4			365.1			44		23		94.2			37.2			15.5			2,170
12	Hilton Boston Logan Airport		16			4			313.5			57		31		84.3			27.8			12.4			1,540
13	Boston Marriott Newton		5			—			61,625.8			24		11		116.6			21.5			0.1			2,140
14	New York Hilton Midtown		22			(37	)		159.8			217		39		453.5			10.2			(94.9	)		10,510
15	Hilton Santa Barbara Beachfront Resort		27			24			15.8			56		45		24.1			48.7			52.2			(350	)
16	Hyatt Regency Mission Bay Spa and Marina		12			5			124.6			49		32		52.3			24.4			16.5			790
17	Hilton Checkers Los Angeles		2			(1	)		371.9			12		6		98.9			17.8			(13.1	)		3,090
18	Hilton Chicago		12			(6	)		306.0			107		29		273.4			11.6			(20.9	)		3,250
19	W Chicago – City Center		2			(1	)		309.5			26		9		188.5			8.2			(11.2	)		1,940
20	W Chicago – Lakeshore		(1	)		(2	)		33.2			27		15		80.1			(4.9	)		(13.2	)		830
21	Casa Marina Key West, Curio Collection		26			31			(18.1	)		65		68		(5.1	)		39.6			45.9			(630	)
22	The Reach Key West, Curio Collection		14			12			11.6			33		30		11.1			42.0			41.8			20
23	Hilton Denver City Center		13			5			177.2			40		21		87.1			33.4			22.5			1,090
24	Royal Palm South Beach Miami		16			12			37.3			41		34		19.8			39.6			34.5			510
25	DoubleTree Hotel Washington DC – Crystal City		8			—			6,517.8			33		13		147.8			25.4			1.0			2,440
26	DoubleTree Hotel San Jose		1			(2	)		160.8			26		14		82.9			4.8			(14.4	)		1,920
27	Juniper Hotel Cupertino, Curio Collection		3			(2	)		261.9			12		5		146.3			20.2			(30.7	)		5,090
	Sub-total Core Hotels	$	546		$	149			262.1	%	$	2,007	$	1,024		96.1	%		27.2	%		14.7	%		1,250		bps
	All Other Hotels	$	80		$	26			238.0	%	$	402	$	246		63.0	%		19.9	%		9.6	%		1,030		bps
	Total Consolidated Portfolio	$	626		$	175			258.8	%	$	2,409	$	1,270		89.7	%		26.0	%		13.7	%		1,230		bps

(1) Calculated based on unrounded numbers.

27 |  

Portfolio and Operating Metrics (continued)

Comparable Hotels by Market: Q4 2022 vs. Q4 2019

(unaudited)				Comparable ADR							Comparable Occupancy										Comparable RevPAR							Comparable Total RevPAR
	Hotels	Rooms		4Q22		4Q19		Change(1)			4Q22			4Q19			Change				4Q22		4Q19		Change(1)			4Q22		4Q19		Change(1)
Hawaii	2		3,507	$	305.20	$	258.40		18.1	%		80.3	%		86.7	%		(6.4	)%	pts	$	245.04	$	224.11		9.3	%	$	424.88	$	378.40		12.3	%
San Francisco	4		3,605		213.30		270.98		(21.3	)		53.5			87.9			(34.4	)			114.05		238.13		(52.1	)		163.09		316.97		(48.5	)
Orlando	3		2,325		243.50		200.94		21.2			68.3			83.2			(14.9	)			166.26		167.20		(0.6	)		315.70		317.26		(0.5	)
New Orleans	1		1,622		211.44		185.83		13.8			68.3			67.1			1.2				144.48		124.66		15.9			250.60		217.37		15.3
Boston	3		1,536		224.09		217.97		2.8			77.9			82.5			(4.6	)			174.54		179.80		(2.9	)		240.50		257.22		(6.5	)
New York	1		1,878		363.73		320.62		13.4			84.7			94.3			(9.6	)			307.95		302.31		1.9			468.31		496.97		(5.8	)
Southern California	5		1,773		215.37		173.83		23.9			71.7			80.5			(8.8	)			154.46		140.04		10.3			254.67		239.39		6.4
Chicago	3		2,467		223.89		207.72		7.8			53.5			71.3			(17.8	)			119.85		148.11		(19.1	)		184.30		236.56		(22.1	)
Key West	2		461		454.01		392.44		15.7			69.7			62.1			7.6				316.54		243.62		29.9			474.75		439.35		8.1
Denver	1		613		177.32		165.11		7.4			63.8			82.9			(19.1	)			113.21		136.96		(17.3	)		166.26		208.17		(20.1	)
Miami	2		901		208.13		173.49		20.0			83.3			87.0			(3.7	)			173.33		150.95		14.8			247.16		215.98		14.4
Washington, D.C.	2		1,085		174.32		171.94		1.4			66.8			68.6			(1.8	)			116.52		118.03		(1.3	)		181.15		185.75		(2.5	)
Seattle	2		1,246		157.98		124.10		27.3			59.7			75.9			(16.2	)			94.32		94.16		0.2			137.04		145.12		(5.6	)
Other	12		4,043		188.41		179.16		5.2			63.4			75.2			(11.8	)			119.48		134.81		(11.4	)		175.35		241.81		(27.5	)
All Markets	43		27,062	$	240.57	$	221.89		8.4	%		67.7	%		80.6	%		(12.9	)%	pts	$	162.81	$	178.73		(8.9	)%	$	258.41	$	289.06		(10.6	)%

(1)          Calculated based on unrounded numbers.

28 |  

Portfolio and Operating Metrics (continued)

Comparable Hotels by Market: Q4 2022 vs. Q4 2019

(unaudited, dollars in millions)				Comparable Hotel Adjusted EBITDA								Comparable Hotel Revenue							Comparable Hotel Adjusted EBITDA Margin
	Hotels	Rooms		4Q22			4Q19		Change(1)			4Q22		4Q19		Change(1)			4Q22			4Q19			Change
Hawaii	2		3,507	$	51		$	49		4.4	%	$	137	$	138		(0.8	)%		37.0	%		35.2	%		180		bps
San Francisco	4		3,605		(2	)		26		(108.2	)		54		105		(48.5	)		(3.9	)		24.5			(2,840	)
Orlando	3		2,325		22			22		4.2			68		68		(0.5	)		33.3			31.8			150
New Orleans	1		1,622		13			11		15.4			37		32		15.3			34.7			34.7			—
Boston	3		1,536		10			12		(16.1	)		34		36		(6.5	)		28.4			31.6			(320	)
New York	1		1,878		22			22		0.4			81		86		(5.8	)		27.5			25.8			170
Southern California	5		1,773		11			11		4.0			42		39		6.4			27.6			28.2			(60	)
Chicago	3		2,467		4			10		(56.3	)		42		54		(22.1	)		10.4			18.5			(810	)
Key West	2		461		6			7		(9.5	)		20		19		8.1			32.1			38.3			(620	)
Denver	1		613		3			4		(38.1	)		9		12		(20.1	)		28.8			37.2			(840	)
Miami	2		901		8			6		23.8			20		18		14.4			37.0			34.2			280
Washington, D.C.	2		1,085		4			4		7.6			18		19		(2.5	)		23.6			21.4			220
Seattle	2		1,246		2			1		47.8			16		17		(5.6	)		11.6			7.4			420
Other	12		4,043		12			29		(60.2	)		66		89		(27.5	)		17.6			32.1			(1,450	)
All Markets	43		27,062	$	166		$	214		(22.2	)%	$	644	$	732		(12.1	)%		25.8	%		29.2	%		(340	)	bps

(1)       Calculated based on unrounded numbers.

29 |  

s

Portfolio and Operating Metrics (continued)

Comparable Hotels by Market: Full Year 2022 vs. Full Year 2019

(unaudited)				Comparable ADR							Comparable Occupancy										Comparable RevPAR							Comparable Total RevPAR
	Hotels	Rooms		2022		2019		Change(1)			2022			2019			Change				2022		2019		Change(1)			2022		2019		Change(1)
Hawaii	2		3,507	$	297.25	$	258.66		14.9	%		83.7	%		89.7	%		(6.0	)%	pts	$	248.67	$	232.03		7.2	%	$	434.24	$	397.10		9.4	%
San Francisco	4		3,605		232.30		285.10		(18.5	)		48.6			90.4			(41.8	)			112.81		257.74		(56.2	)		154.63		335.81		(54.0	)
Orlando	3		2,325		236.99		198.87		19.2			63.5			79.3			(15.8	)			150.52		157.79		(4.6	)		296.40		320.62		(7.6	)
New Orleans	1		1,622		203.56		190.50		6.9			61.7			72.5			(10.8	)			125.64		138.20		(9.1	)		216.87		239.57		(9.5	)
Boston	3		1,536		226.04		229.01		(1.3	)		75.2			85.0			(9.8	)			170.01		194.67		(12.7	)		223.25		263.53		(15.3	)
New York	1		1,878		311.69		279.35		11.6			65.7			90.9			(25.2	)			204.67		253.88		(19.4	)		316.09		413.98		(23.6	)
Southern California	5		1,773		240.58		188.05		27.9			73.6			84.8			(11.2	)			177.13		159.54		11.0			268.69		254.41		5.6
Chicago	3		2,467		222.97		205.86		8.3			52.3			73.5			(21.2	)			116.68		151.43		(22.9	)		177.48		237.81		(25.4	)
Key West	2		461		547.24		385.09		42.1			73.5			73.9			(0.4	)			402.13		284.39		41.4			580.81		442.44		31.3
Denver	1		613		181.48		175.20		3.6			66.2			85.3			(19.1	)			120.10		149.46		(19.6	)		178.58		223.84		(20.2	)
Miami	2		901		216.93		176.48		22.9			82.4			88.2			(5.8	)			178.70		155.62		14.8			243.43		220.52		10.4
Washington, D.C.	2		1,085		162.82		172.56		(5.6	)		63.7			73.9			(10.2	)			103.66		127.49		(18.7	)		153.07		190.81		(19.8	)
Seattle	2		1,246		160.27		148.72		7.8			64.2			80.0			(15.8	)			102.89		119.03		(13.6	)		142.72		169.04		(15.6	)
Other	12		4,043		189.10		182.39		3.7			64.3			72.5			(8.2	)			121.52		132.27		(8.1	)		169.98		199.10		(14.6	)
All Markets	43		27,062	$	238.79	$	224.18		6.5	%		65.5	%		82.0	%		(16.5	)%	pts	$	156.38	$	183.76		(14.9	)%	$	243.87	$	287.14		(15.1	)%

(1) Calculated based on unrounded numbers.

30 |  

Portfolio and Operating Metrics (continued)

Comparable Hotels by Market: Full Year 2022 vs. Full Year 2019

(unaudited, dollars in millions)				Comparable Hotel Adjusted EBITDA								Comparable Hotel Revenue							Comparable Hotel Adjusted EBITDA Margin
	Hotels	Rooms		2022			2019		Change(1)			2022		2019		Change(1)			2022			2019			Change
Hawaii	2		3,507	$	227		$	213		6.8	%	$	556	$	575		(3.4	)%		40.9	%		37.0	%		390		bps
San Francisco	4		3,605		(1	)		131		(101.1	)		203		442		(54.0	)		(0.7	)		29.6			(3,030	)
Orlando	3		2,325		81			87		(7.4	)		252		272		(7.6	)		32.1			32.0			10
New Orleans	1		1,622		45			54		(16.7	)		128		142		(9.5	)		35.0			38.0			(300	)
Boston	3		1,536		37			48		(22.6	)		125		148		(15.2	)		29.9			32.8			(290	)
New York	1		1,878		22			47		(52.6	)		217		284		(23.6	)		10.2			16.5			(630	)
Southern California	5		1,773		56			50		11.5			174		165		5.7			32.2			30.5			170
Chicago	3		2,467		13			42		(68.7	)		160		214		(25.4	)		8.2			19.6			(1,140	)
Key West	2		461		39			28		42.6			98		74		31.3			40.4			37.2			320
Denver	1		613		13			20		(31.9	)		40		50		(20.2	)		33.4			39.1			(570	)
Miami	2		901		30			25		18.2			80		73		10.4			37.0			34.5			250
Washington, D.C.	2		1,085		12			16		(27.0	)		61		76		(19.8	)		19.6			21.5			(190	)
Seattle	2		1,246		8			13		(38.1	)		65		77		(15.6	)		12.6			17.2			(460	)
Other	12		4,043		44			70		(37.7	)		250		293		(14.6	)		17.5			24.0			(650	)
All Markets	43		27,062	$	626		$	844		(25.8	)%	$	2,409	$	2,885		(16.5	)%		26.0	%		29.3	%		(330	)	bps

(1) Calculated based on unrounded numbers.

31 |  

Portfolio and Operating Metrics (continued)

Comparable Core Hotels: Q4 2022 vs. Q4 2019

(unaudited)

Comparable ADR

Comparable Occupancy

Comparable RevPAR

Comparable Total RevPAR

4Q22

4Q19

Change(1)

4Q22

4Q19

Change

4Q22

4Q19

Change(1)

4Q22

4Q19

Change(1)

	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	297.39	$	267.13	11.3	%	82.3	%	89.8	%	(7.5	)%	pts	$	244.86	$	240.06	2.0	%	$	403.63	$	387.74	4.1	%
2	Hilton Waikoloa Village		345.12		232.67	48.3		71.2		78.6		(7.4	)			245.82		183.01	34.3			518.82		354.36	46.4
3	Hilton San Francisco Union Square		213.02		265.42	(19.7	)	48.6		86.7		(38.1	)			103.51		230.21	(55.0	)		161.95		330.37	(51.0	)
4	Parc 55 San Francisco – a Hilton Hotel		198.05		268.75	(26.3	)	49.2		88.6		(39.4	)			97.41		238.14	(59.1	)		120.75		279.64	(56.8	)
5	JW Marriott San Francisco Union Square		274.68		325.28	(15.6	)	72.2		92.5		(20.3	)			198.37		300.78	(34.0	)		264.82		377.92	(29.9	)
6	Hyatt Centric Fisherman's Wharf		183.14		249.25	(26.5	)	76.6		87.5		(10.9	)			140.32		218.12	(35.7	)		196.43		290.16	(32.3	)
7	Signia by Hilton Orlando Bonnet Creek		221.11		178.03	24.2		68.4		81.1		(12.7	)			151.33		144.36	4.8			321.91		301.79	6.7
8	Waldorf Astoria Orlando		400.80		294.44	36.1		63.7		88.5		(24.8	)			255.21		260.44	(2.0	)		454.82		475.79	(4.4	)
9	Hilton Orlando Lake Buena Vista		183.17		167.08	9.6		70.9		82.6		(11.7	)			129.91		138.01	(5.9	)		222.21		238.68	(6.9	)
10	Hilton New Orleans Riverside		211.44		185.83	13.8		68.3		67.1		1.2				144.48		124.66	15.9			250.60		217.37	15.3
11	Hyatt Regency Boston		238.66		232.88	2.5		80.8		93.4		(12.6	)			192.86		217.50	(11.3	)		262.80		294.42	(10.7	)
12	Hilton Boston Logan Airport		229.46		221.58	3.6		87.7		82.6		5.1				201.24		183.05	9.9			263.44		244.29	7.8
13	Boston Marriott Newton		190.54		188.59	1.0		60.7		69.6		(8.9	)			115.66		131.22	(11.9	)		182.23		231.93	(21.4	)
14	New York Hilton Midtown		363.73		320.62	13.4		84.7		94.3		(9.6	)			307.95		302.31	1.9			468.31		496.97	(5.8	)
15	Hilton Santa Barbara Beachfront Resort		308.35		256.20	20.4		74.4		78.9		(4.5	)			229.33		202.09	13.5			402.25		359.91	11.8
16	Hyatt Regency Mission Bay Spa and Marina		243.24		159.80	52.2		57.3		72.6		(15.3	)			139.33		115.90	20.2			254.72		236.30	7.8
17	Hilton Checkers Los Angeles		221.49		225.27	(1.7	)	64.2		82.6		(18.4	)			142.11		185.95	(23.6	)		166.93		214.31	(22.1	)
18	Hilton Chicago		211.06		196.00	7.7		55.3		74.0		(18.7	)			116.78		145.01	(19.5	)		199.71		258.42	(22.7	)
19	W Chicago – City Center		290.94		260.06	11.9		51.7		67.0		(15.3	)			150.54		174.47	(13.7	)		190.74		227.06	(16.0	)
20	W Chicago – Lakeshore		212.15		205.49	3.2		49.6		66.6		(17.0	)			105.17		136.88	(23.2	)		133.54		179.03	(25.4	)
21	Casa Marina Key West, Curio Collection		445.83		389.57	14.4		67.9		82.9		(15.0	)			302.75		322.94	(6.2	)		451.64		579.16	(22.0	)
22	The Reach Key West, Curio Collection		469.68		418.50	12.2		73.5		18.9		54.6				345.11		79.18	335.9			522.67		149.47	249.7
23	Hilton Denver City Center		177.32		165.11	7.4		63.8		82.9		(19.1	)			113.21		136.96	(17.3	)		166.26		208.17	(20.1	)
24	Royal Palm South Beach Miami		251.29		210.44	19.4		81.4		90.3		(8.9	)			204.60		190.05	7.7			271.18		258.29	5.0
25	DoubleTree Hotel Washington DC – Crystal City		163.87		160.38	2.2		68.8		67.3		1.5				112.81		108.07	4.4			156.09		153.73	1.5
26	DoubleTree Hotel San Jose		178.56		210.91	(15.3	)	56.9		81.4		(24.5	)			101.59		171.72	(40.8	)		158.18		274.19	(42.3	)
27	Juniper Hotel Cupertino, Curio Collection		214.02		233.55	(8.4	)	62.7		79.7		(17.0	)			134.20		186.08	(27.9	)		154.61		228.67	(32.4	)
	Sub-total Core Hotels	$	259.38	$	240.58	7.8	%	67.8	%	81.8	%	(14.0	)%	pts	$	175.98	$	196.78	(10.6	)%	$	281.89	$	312.92	(9.9	)%
	All Other Hotels	$	178.01	$	154.56	15.2	%	67.1	%	76.4	%	(9.3	)%	pts	$	119.45	$	118.02	1.2	%	$	181.18	$	208.78	(13.2	)%
	Total Consolidated Portfolio	$	240.57	$	221.89	8.4	%	67.7	%	80.6	%	(12.9	)%	pts	$	162.81	$	178.73	(8.9	)%	$	258.41	$	289.06	(10.6	)%

(1) Calculated based on unrounded numbers.

32 |  

Portfolio and Operating Metrics (continued)

Comparable Core Hotels: Q4 2022 vs. Q4 2019

	(unaudited, dollars in millions)	Comparable Hotel Adjusted EBITDA								Comparable Hotel Revenue							Comparable Hotel Adjusted EBITDA Margin
		4Q22			4Q19		Change(1)			4Q22		4Q19		Change(1)			4Q22			4Q19			Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	39		$	39		1.9	%	$	106	$	102		4.1	%		37.1	%		37.9	%		(80	)	bps
2	Hilton Waikoloa Village		11			10		13.8			31		36		(14.7	)		37.0			27.7			930
3	Hilton San Francisco Union Square		(3	)		14		(121.2	)		29		58		(51.0	)		(10.0	)		23.1			(3,310	)
4	Parc 55 San Francisco – a Hilton Hotel		(2	)		7		(128.1	)		11		26		(56.8	)		(18.2	)		28.0			(4,620	)
5	JW Marriott San Francisco Union Square		2			3		(30.8	)		8		12		(29.9	)		21.6			21.9			(30	)
6	Hyatt Centric Fisherman's Wharf		1			2		(56.0	)		6		8		(32.3	)		17.4			26.8			(940	)
7	Signia by Hilton Orlando Bonnet Creek		10			9		15.4			30		28		6.7			33.9			31.3			260
8	Waldorf Astoria Orlando		7			7		(1.5	)		21		22		(4.4	)		34.9			33.9			100
9	Hilton Orlando Lake Buena Vista		5			5		(6.2	)		17		18		(6.9	)		30.3			30.1			20
10	Hilton New Orleans Riverside		13			11		15.4			37		32		15.3			34.7			34.7			—
11	Hyatt Regency Boston		4			5		(18.9	)		12		14		(10.7	)		35.3			38.9			(360	)
12	Hilton Boston Logan Airport		4			4		8.9			15		14		7.8			26.4			26.1			30
13	Boston Marriott Newton		2			3		(43.7	)		7		9		(21.4	)		20.8			29.0			(820	)
14	New York Hilton Midtown		22			22		0.4			81		86		(5.8	)		27.5			25.8			170
15	Hilton Santa Barbara Beachfront Resort		6			6		6.8			13		12		11.8			44.2			46.3			(210	)
16	Hyatt Regency Mission Bay Spa and Marina		1			1		14.6			10		10		7.8			14.1			13.3			80
17	Hilton Checkers Los Angeles		—			1		(66.5	)		3		4		(22.1	)		13.1			30.4			(1,730	)
18	Hilton Chicago		4			7		(44.4	)		28		37		(22.7	)		13.6			18.9			(530	)
19	W Chicago – City Center		1			2		(57.3	)		7		8		(16.0	)		11.7			23.0			(1,130	)
20	W Chicago – Lakeshore		—			1		(131.5	)		6		9		(25.4	)		(5.3	)		12.6			(1,790	)
21	Casa Marina Key West, Curio Collection		4			7		(47.9	)		13		17		(22.0	)		29.2			43.7			(1,450	)
22	The Reach Key West, Curio Collection		3			—		2,608.6			7		2		249.7			37.2			(5.2	)		4,240
23	Hilton Denver City Center		3			4		(38.1	)		9		12		(20.1	)		28.8			37.2			(840	)
24	Royal Palm South Beach Miami		4			4		5.0			10		9		5.0			38.8			38.8			—
25	DoubleTree Hotel Washington DC – Crystal City		2			2		6.5			9		9		1.5			22.1			21.1			100
26	DoubleTree Hotel San Jose		1			4		(71.1	)		7		13		(42.3	)		14.4			28.8			(1,440	)
27	Juniper Hotel Cupertino, Curio Collection		—			2		(71.6	)		3		5		(32.4	)		13.6			32.4			(1,880	)
	Sub-total Core Hotels	$	144		$	182		(20.1	)%	$	536	$	612		(11.9	)%		26.9	%		29.6	%		(270	)	bps
	All Other Hotels	$	22		$	32		(33.8	)%	$	108	$	120		(13.2	)%		20.5	%		26.9	%		(640	)	bps
	Total Consolidated Portfolio	$	166		$	214		(22.2	)%	$	644	$	732		(12.1	)%		25.8	%		29.2	%		(340	)	bps

(1) Calculated based on unrounded numbers.

33 |  

Portfolio and Operating Metrics (continued)

Comparable Core Hotels: Full Year 2022 vs. Full Year 2019

	(unaudited)	Comparable ADR							Comparable Occupancy										Comparable RevPAR							Comparable 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	$	287.70	$	266.49		8.0	%		85.4	%		93.0	%		(7.6	)%	pts	$	245.79	$	247.80		(0.8	)%		$	400.00	$	398.46		0.4	%
2	Hilton Waikoloa Village		344.82		235.60		46.4			75.8			81.2			(5.4	)			261.40		191.41		36.6				585.60		393.60		48.8
3	Hilton San Francisco Union Square		228.58		279.55		(18.2	)		48.2			89.3			(41.1	)			110.07		249.39		(55.9	)			160.33		350.97		(54.3	)
4	Parc 55 San Francisco – a Hilton Hotel		221.89		279.67		(20.7	)		34.3			90.2			(55.9	)			76.05		252.17		(69.8	)			88.99		288.18		(69.1	)
5	JW Marriott San Francisco Union Square		288.73		353.56		(18.3	)		69.7			93.8			(24.1	)			201.17		331.52		(39.3	)			274.65		411.90		(33.3	)
6	Hyatt Centric Fisherman's Wharf		204.95		259.83		(21.1	)		74.4			94.8			(20.4	)			152.42		246.30		(38.1	)			201.97		315.14		(35.9	)
7	Signia by Hilton Orlando Bonnet Creek		214.11		185.28		15.6			63.1			78.0			(14.9	)			135.06		144.45		(6.5	)			305.07		332.51		(8.3	)
8	Waldorf Astoria Orlando		383.38		285.47		34.3			60.7			79.3			(18.6	)			232.61		226.40		2.7				423.42		432.16		(2.0	)
9	Hilton Orlando Lake Buena Vista		180.94		162.84		11.1			65.8			81.1			(15.3	)			119.07		132.03		(9.8	)			207.33		237.10		(12.6	)
10	Hilton New Orleans Riverside		203.56		190.50		6.9			61.7			72.5			(10.8	)			125.64		138.20		(9.1	)			216.87		239.57		(9.5	)
11	Hyatt Regency Boston		250.22		246.20		1.6			74.2			94.3			(20.1	)			185.61		232.13		(20.0	)			241.25		298.85		(19.3	)
12	Hilton Boston Logan Airport		226.80		238.78		(5.0	)		89.1			85.7			3.4				202.12		204.61		(1.2	)			256.51		263.64		(2.7	)
13	Boston Marriott Newton		187.56		187.15		0.2			56.9			73.2			(16.3	)			106.70		137.00		(22.1	)			155.51		222.15		(30.0	)
14	New York Hilton Midtown		311.69		279.35		11.6			65.7			90.9			(25.2	)			204.67		253.88		(19.4	)			316.09		413.98		(23.6	)
15	Hilton Santa Barbara Beachfront Resort		361.12		275.53		31.1			78.3			83.0			(4.7	)			282.73		228.79		23.6				426.16		369.90		15.2
16	Hyatt Regency Mission Bay Spa and Marina		294.87		182.76		61.3			61.6			78.5			(16.9	)			181.61		143.47		26.6				309.03		269.32		14.7
17	Hilton Checkers Los Angeles		222.40		224.32		(0.9	)		65.9			86.2			(20.3	)			146.52		193.23		(24.2	)			168.22		222.04		(24.2	)
18	Hilton Chicago		209.92		194.13		8.1			52.5			75.4			(22.9	)			110.15		146.31		(24.7	)			189.12		256.16		(26.2	)
19	W Chicago – City Center		290.39		252.85		14.8			50.2			71.8			(21.6	)			145.87		181.65		(19.7	)			177.24		229.49		(22.8	)
20	W Chicago – Lakeshore		211.92		205.96		2.9			53.5			69.5			(16.0	)			113.47		143.22		(20.8	)			143.08		189.77		(24.6	)
21	Casa Marina Key West, Curio Collection		543.63		387.40		40.3			72.2			83.2			(11.0	)			392.46		322.43		21.7				568.28		510.27		11.4
22	The Reach Key West, Curio Collection		554.33		377.74		46.7			76.2			54.4			21.8				422.18		205.51		105.4				606.80		301.80		101.1
23	Hilton Denver City Center		181.48		175.20		3.6			66.2			85.3			(19.1	)			120.10		149.46		(19.6	)			178.58		223.84		(20.2	)
24	Royal Palm South Beach Miami		276.70		205.59		34.6			78.6			93.0			(14.4	)			217.55		191.21		13.8				284.24		264.17		7.6
25	DoubleTree Hotel Washington DC – Crystal City		154.88		163.65		(5.4	)		69.0			72.7			(3.7	)			106.88		118.93		(10.1	)			144.71		163.61		(11.6	)
26	DoubleTree Hotel San Jose		167.15		225.19		(25.8	)		57.8			84.2			(26.4	)			96.68		189.74		(49.0	)			142.27		273.30		(47.9	)
27	Juniper Hotel Cupertino, Curio Collection		203.59		249.63		(18.4	)		64.4			82.8			(18.4	)			131.02		206.56		(36.6	)			151.85		246.25		(38.3	)
	Sub-total Core Hotels	$	257.77	$	241.25		6.8	%		64.8	%		83.8	%		(19.0	)%	pts	$	166.96	$	202.09		(17.4	)%		$	265.12	$	316.96		(16.4	)%
	All Other Hotels	$	179.16	$	160.83		11.4	%		67.8	%		75.9	%		(8.1	)%	pts	$	121.55	$	122.09		(0.4	)%		$	173.95	$	186.87		(6.9	)%
	Total Consolidated Portfolio	$	238.79	$	224.18		6.5	%		65.5	%		82.0	%		(16.5	)%	pts	$	156.38	$	183.76		(14.9	)%		$	243.87	$	287.14		(15.1	)%

(1) Calculated based on unrounded numbers.

34 |  

Portfolio and Operating Metrics (continued)

Comparable Core Hotels: Full Year 2022 vs. Full Year 2019

	(unaudited, dollars in millions)	Comparable Hotel Adjusted EBITDA								Comparable Hotel Revenue							Comparable Hotel Adjusted EBITDA Margin
		2022			2019		Change(1)			2022		2019		Change(1)			2022			2019			Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	173		$	163		6.3	%	$	418	$	416		0.4	%		41.5	%		39.2	%		230		bps
2	Hilton Waikoloa Village		54			50		8.1			138		160		(13.3	)		39.0			31.3			770
3	Hilton San Francisco Union Square		(3	)		72		(104.2	)		112		246		(54.3	)		(2.7	)		29.1			(3,180	)
4	Parc 55 San Francisco – a Hilton Hotel		(8	)		34		(123.6	)		33		108		(69.1	)		(24.1	)		31.4			(5,550	)
5	JW Marriott San Francisco Union Square		5			14		(63.6	)		34		52		(33.3	)		14.5			26.6			(1,210	)
6	Hyatt Centric Fisherman's Wharf		5			11		(59.7	)		23		36		(35.9	)		19.4			30.9			(1,150	)
7	Signia by Hilton Orlando Bonnet Creek		37			42		(11.5	)		112		122		(8.3	)		33.1			34.3			(120	)
8	Waldorf Astoria Orlando		25			24		5.6			78		79		(2.0	)		32.1			29.8			230
9	Hilton Orlando Lake Buena Vista		19			22		(13.6	)		62		70		(12.6	)		30.2			30.5			(30	)
10	Hilton New Orleans Riverside		45			54		(16.7	)		128		142		(9.5	)		35.0			38.0			(300	)
11	Hyatt Regency Boston		16			22		(25.7	)		44		55		(19.3	)		37.2			40.4			(320	)
12	Hilton Boston Logan Airport		16			16		(3.3	)		57		58		(2.5	)		27.8			28.0			(20	)
13	Boston Marriott Newton		5			10		(47.5	)		24		35		(30.0	)		21.5			28.7			(720	)
14	New York Hilton Midtown		22			47		(52.6	)		217		284		(23.6	)		10.2			16.5			(630	)
15	Hilton Santa Barbara Beachfront Resort		27			22		22.9			56		49		15.2			48.7			45.7			300
16	Hyatt Regency Mission Bay Spa and Marina		12			8		42.2			49		43		15.0			24.4			19.7			470
17	Hilton Checkers Los Angeles		2			5		(57.5	)		12		16		(24.2	)		17.8			31.8			(1,400	)
18	Hilton Chicago		12			28		(55.4	)		107		144		(26.2	)		11.6			19.2			(760	)
19	W Chicago – City Center		2			8		(73.8	)		26		34		(22.8	)		8.2			24.1			(1,590	)
20	W Chicago – Lakeshore		(1	)		6		(121.1	)		27		36		(24.6	)		(4.9	)		17.3			(2,220	)
21	Casa Marina Key West, Curio Collection		26			23		11.9			65		58		11.4			39.6			39.4			20
22	The Reach Key West, Curio Collection		14			5		186.6			33		17		101.1			42.0			29.5			1,250
23	Hilton Denver City Center		13			20		(31.9	)		40		50		(20.2	)		33.4			39.1			(570	)
24	Royal Palm South Beach Miami		16			14		12.3			41		38		7.6			39.6			37.9			170
25	DoubleTree Hotel Washington DC – Crystal City		8			8		1.5			33		37		(11.6	)		25.4			22.1			330
26	DoubleTree Hotel San Jose		1			15		(91.6	)		26		50		(47.9	)		4.8			29.9			(2,510	)
27	Juniper Hotel Cupertino, Curio Collection		3			7		(65.1	)		12		20		(38.3	)		20.2			35.7			(1,550	)
	Sub-total Core Hotels	$	546		$	750		(27.1	)%	$	2,007	$	2,455		(18.2	)%		27.2	%		30.5	%		(330	)	bps
	All Other Hotels	$	80		$	94		(15.6	)%	$	402	$	430		(6.9	)%		19.9	%		22.0	%		(210	)	bps
	Total Consolidated Portfolio	$	626		$	844		(25.8	)%	$	2,409	$	2,885		(16.5	)%		26.0	%		29.3	%		(330	)	bps

(1) Calculated based on unrounded numbers.

35 |  

Properties Acquired and Sold

 

Hyatt Regency Boston Caribe Hilton W New Orleans - French Quarter

36 |  

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.

37 |  

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

__________________________________________________________________________________

(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.

38 |  

Properties Acquired and Sold (continued)

Properties Sold (continued)

Hotel	Location	Month Sold	Room Count		Gross Proceeds
					(in millions)
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(1)	San Diego, California	June 2022		1,190		157.0
Hilton Garden Inn Chicago/Oakbrook Terrace	Chicago, Illinois	July 2022		128		9.4
Hilton Garden Inn LAX/El Segundo	El Segundo, California	September 2022		162		37.5
DoubleTree Hotel Las Vegas Airport(2)	Las Vegas, Nevada	October 2022		190		11.2
2022 Total (7 Hotels)				2,207	$	316.9
2023 Sales:
Hilton Miami Airport	Miami, Florida	February 2023		508	$	118.3
2023 Total (1 Hotel)				508	$	118.3
Grand Total(3) (36 Hotels)				10,247	$	2,135.6

__________________________________________________________________________________

(1)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.

(2)          The unconsolidated hotel was sold for total gross proceeds of approximately $22 million, of which $11.2 million represents Park’s pro-rata share.

(3)          To date, Park has sold its interest in 36 hotels. In addition, three other properties were subject to ground leases that either expired or were terminated by Park, and consequently turned over to

 the landlord.

39 |  

	In-Place Supplementary Financial Information

40 |  

In-Place Supplementary Financial Information

Historical In-Place Hotel Metrics

	Three Months Ended												Full Year
(unaudited)	March 31,			June 30,			September 30,			December 31,			December 31,
	2022			2022			2022			2022			2022
In-Place RevPAR	$	116.38		$	173.63		$	172.34		$	163.07		$	156.53
In-Place Occupancy		50.8	%		70.6	%		71.5	%		67.3	%		65.1	%
In-Place ADR	$	229.23		$	246.01		$	241.06		$	242.13		$	240.40
Total Revenues	$	479		$	695		$	662		$	665		$	2,501
Operating income	$	1		$	119		$	92		$	84		$	296
Operating income margin(1)		0.1	%		17.1	%		13.9	%		12.6	%		11.8	%
In-Place Hotel Revenues (in millions)	$	445		$	658		$	634		$	633		$	2,370
In-Place Hotel Adjusted EBITDA (in millions)	$	83		$	202		$	165		$	163		$	613
In-Place Hotel Adjusted EBITDA margin(1)		18.7	%		30.7	%		26.0	%		25.7	%		25.9	%
	Three Months Ended												Full Year
	March 31,			June 30,			September 30,			December 31,			December 31,
	2021			2021			2021			2021			2021
In-Place RevPAR	$	40.90		$	78.10		$	106.16		$	110.79		$	84.24
In-Place Occupancy		25.6	%		41.1	%		50.6	%		51.5	%		42.3	%
In-Place ADR	$	160.04		$	190.08		$	210.04		$	215.12		$	199.31
Total Revenues	$	165		$	323		$	423		$	451		$	1,362
Operating (loss) income	$	(123	)	$	(44	)	$	(14	)	$	2		$	(179	)
Operating (loss) income margin(1)		(74.5	)%		(13.5	)%		(3.3	)%		0.6	%		(13.1	)%
In-Place Hotel Revenues (in millions)	$	145		$	289		$	391		$	419		$	1,244
In-Place Hotel Adjusted EBITDA (in millions)	$	(33	)	$	39		$	80		$	81		$	167
In-Place Hotel Adjusted EBITDA margin(1)		(22.3	)%		13.4	%		20.5	%		19.2	%		13.4	%
	Three Months Ended												Full Year
	March 31,			June 30,			September 30,			December 31,			December 31,
	2019			2019			2019			2019			2019
In-Place RevPAR	$	175.63		$	194.18		$	189.50		$	179.82		$	184.81
In-Place Occupancy		77.3	%		85.6	%		84.3	%		80.4	%		81.9	%
In-Place ADR	$	227.28		$	226.89		$	224.80		$	223.45		$	225.59
Total Revenues	$	659		$	703		$	672		$	810		$	2,844
Operating income	$	129		$	111		$	38		$	148		$	426
Operating income margin(1)		19.5	%		15.8	%		5.8	%		18.2	%		15.0	%
In-Place Hotel Revenues (in millions)	$	676		$	744		$	707		$	723		$	2,850
In-Place Hotel Adjusted EBITDA (in millions)	$	188		$	231		$	203		$	211		$	833
In-Place Hotel Adjusted EBITDA margin(1)		27.8	%		31.1	%		28.7	%		29.2	%		29.3	%

__________________________________________________________________________________

(1)          Percentages are calculated based on unrounded numbers.

41 |  

In-Place Supplementary Financial Information (continued)

Historical In-Place Hotel Adjusted EBITDA – Full Year 2022

	Three Months Ended												Full Year
(unaudited, in millions)	March 31,			June 30,			September 30,			December 31,			December 31,
	2022			2022			2022			2022			2022
Operating income	$	1		$	119		$	92		$	84		$	296
Interest income		—			1			4			8			13
Interest expense		(62	)		(62	)		(61	)		(62	)		(247	)
Equity in earnings from investments in affiliates		—			5			1			9			15
Other gain (loss), net		5			92			1			(2	)		96
Income tax (expense) benefit		—			(1	)		3			(1	)		1
Net (loss) income		(56	)		154			40			36			174
Depreciation and amortization expense		69			68			67			65			269
Interest income		—			(1	)		(4	)		(8	)		(13	)
Interest expense		62			62			61			62			247
Income tax expense		—			1			(3	)		1			(1	)
Interest expense, income tax and depreciation and    amortization included in equity in earnings from    investments in affiliates		1			4			2			2			9
EBITDA		76			288			163			158			685
Loss (gain) on sales of assets, net(1)		—			1			(14	)		(9	)		(22	)
Gain on sale of investments in affiliates(2)		—			(92	)		—			—			(92	)
Share-based compensation expense		4			5			4			4			17
Casualty loss		—			1			3			2			6
Other items		2			4			2			4			12
Adjusted EBITDA		82			207			158			159			606
Less: Adjusted EBITDA from hotels disposed of		(6	)		(6	)		(2	)		(3	)		(17	)
Less: Adjusted EBITDA from investments in    affiliates disposed of		(2	)		(4	)		(2	)		—			(8	)
In-Place Adjusted EBITDA		74			197			154			156			581
Less: Adjusted EBITDA from investments in affiliates		(3	)		(7	)		(2	)		(5	)		(17	)
Add: All other(3)		12			12			13			12			49
In-Place Hotel Adjusted EBITDA(4)	$	83		$	202		$	165		$	163		$	613

(1)       For the three months and year ended December 31, 2022, includes a gain of $9 million on the sale of the DoubleTree Hotel Las Vegas Airport included in equity in earnings (losses) from investments in affiliates in the consolidated statements of operations.

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

(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.

(4)       Includes the 42 consolidated hotels owned as of February 22, 2023.

42 |  

In-Place Supplementary Financial Information (continued)

Historical In-Place Hotel Adjusted EBITDA – Full Year 2021

	Three Months Ended												Full Year
(unaudited, in millions)	March 31,			June 30,			September 30,			December 31,			December 31,
	2021			2021			2021			2021			2021
Operating (loss) income	$	(123	)	$	(44	)	$	(14	)	$	2		$	(179	)
Interest income		—			—			—			1			1
Interest expense		(63	)		(66	)		(66	)		(63	)		(258	)
Equity in losses from investments in affiliates		(4	)		(2	)		—			(1	)		(7	)
Other loss, net		—			(2	)		(5	)		—			(7	)
Income tax (expense) benefit		(1	)		—			3			(4	)		(2	)
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		3			(3	)		(4	)		(6	)		(10	)
Less: Adjusted EBITDA from investments in    affiliates disposed of		2			—			(2	)		(1	)		(1	)
In-Place Adjusted EBITDA		(44	)		30			71			74			131
Less: Adjusted EBITDA from investments in affiliates		—			(2	)		(2	)		(2	)		(6	)
Add: All other(1)		11			11			11			9			42
In-Place Hotel Adjusted EBITDA(2)	$	(33	)	$	39		$	80		$	81		$	167

______________________________________________________________________________________

(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.

(2)    Includes the 42 consolidated hotels owned as of February 22, 2023.

43 |  

In-Place Supplementary Financial Information (continued)

Historical Comparable Hotel Adjusted EBITDA – Full Year 2019

	Three Months Ended												Full Year
(unaudited, in millions)	March 31,			June 30,			September 30,			December 31,			December 31,
	2019			2019			2019			2019			2019
Operating income	$	129		$	111		$	38		$	148		$	426
Interest income		1			2			2			1			6
Interest expense		(32	)		(33	)		(33	)		(42	)		(140	)
Equity in earnings (losses) from investments in affiliates		5			10			3			(4	)		14
Other gain (loss), net		1			(1	)		(1	)		46			45
Income tax expense		(7	)		(5	)		—			(23	)		(35	)
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		(30	)		(31	)		(19	)		(18	)		(98	)
Less: Adjusted EBITDA from investments in    affiliates disposed of		(3	)		(5	)		(5	)		(3	)		(16	)
In-Place Adjusted EBITDA(2)		180			224			195			202			801
Less: Adjusted EBITDA from investments in affiliates		(7	)		(7	)		(4	)		(3	)		(21	)
Add: All other(3)		15			14			12			12			53
In-Place Hotel Adjusted EBITDA(4)	$	188		$	231		$	203		$	211		$	833

______________________________________________________________________________________

(1)         Included in other (loss) gain, 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 Comparable Adjusted EBITDA would have been $786 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.

(4)         Includes the 42 consolidated hotels owned as of February 22, 2023.

44 |  

In-Place Supplementary Financial Information (continued)

Historical In-Place Hotel Revenues – 2022, 2021 and 2019

	Three Months Ended												Full Year
(unaudited, in millions)	March 31,			June 30,			September 30,			December 31,			December 31,
	2022			2022			2022			2022			2022
Total Revenues	$	479		$	695		$	662		$	665		$	2,501
Less: Other revenue		(16	)		(19	)		(19	)		(21	)		(75	)
Less: Revenues from hotels disposed of		(18	)		(18	)		(9	)		(11	)		(56	)
In-Place Hotel Revenues	$	445		$	658		$	634		$	633		$	2,370
	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		(12	)		(22	)		(17	)		(16	)		(67	)
In-Place Hotel Revenues	$	145		$	289		$	391		$	419		$	1,244
	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		(95	)		(91	)		(68	)		(69	)		(323	)
In-Place Hotel Revenues	$	676		$	744		$	707		$	723		$	2,850

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Liquidity and 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

46 |  

Liquidity and Capital Structure

Fixed and Variable Rate Debt

(unaudited, dollars in millions)
Debt	Collateral	Interest Rate	Maturity Date	As of December 31, 2022
Fixed Rate Debt
Mortgage loan	Hilton Denver City Center	4.90%	June 2023(1)	$	56
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		132
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		162
Mortgage loan	DoubleTree Hotel Ontario Airport	5.37%	May 2027		30
2025 Senior Notes		7.50%	June 2025		650
2028 Senior Notes		5.88%	October 2028		725
2029 Senior Notes		4.88%	May 2029		750
Total Fixed Rate Debt		5.04%(2)			4,594
Variable Rate Debt
Revolver(3)	Unsecured	SOFR + 2.10%	December 2026		50
Total Variable Rate Debt		6.22%(2)			50
Add: unamortized premium					3
Less: unamortized deferred financing costs and discount					(30	)
Total Debt(4)		5.06%(2)		$	4,617

(1)          The loan matures in August 2042 but is callable by the lender with six months of notice. As of December 31, 2022, Park had not received notice from the lender.

(2)          Calculated on a weighted average basis.

(3)          In December 2022, Park amended and restated the revolving credit facility (“Revolver”) which extended its maturity date to December 2026 and increased aggregate commitments from $901

million to $950 million, of which $50 million, together with cash on hand, was used to fully repay the remaining $78 million outstanding on its sole remaining corporate term loan. In February 2023,

Park fully repaid the outstanding balance under the Revolver. Park has approximately $950 million of available capacity under the Revolver.

(4)          Excludes $169 million of Park’s share of debt of its unconsolidated joint ventures.

47 |  

Liquidity and Capital Structure (continued)

Revolver Amendment and Restatement

•

Park amended and restated its Revolver in December 2022 to:

▪

increase aggregate commitments from $901 million to $950 million, which can be increased by up to $500 million with lender approval;

▪

extend the maturity date to December 1, 2026 with the ability to extend its maturity by one year as a (i) one-year extension or (ii) two six-month extensions;

▪

release all collateral securing the Revolver and senior notes consisting of pledges of equity interests in Park-affiliated entities owning certain unencumbered properties;

▪

adjust certain financial covenants to revised levels through the end of the first quarter of 2024 allowing Park to conduct share repurchases, subject to compliance with the financial covenants; and

▪

accrue interest at an adjusted secured overnight financing rate (“SOFR”) rate plus a margin ranging from 1.45% to 2.75% depending on a ratio of Park’s adjusted total indebtedness to consolidated EBITDA, as defined in the agreement.

48 |  

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

49 |  

Definitions

Comparable Hotels

The Company presents certain data for its consolidated hotels on a Comparable hotel basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Total RevPAR, Comparable Occupancy, Comparable ADR, Comparable Adjusted EBITDA, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s Comparable metrics exclude results from property dispositions that have occurred through December 31, 2022 and include results from property acquisitions as though such acquisitions occurred on the earliest period presented.

In-Place Hotels

The Company presents certain data for its consolidated hotels on an In-Place hotel basis as supplemental information for investors: In-Place Hotel Revenues, In-Place RevPAR, In-Place Total RevPAR, In-Place Occupancy, In-Place ADR, In-Place Adjusted EBITDA, In-Place Hotel Adjusted EBITDA, In-Place Hotel Adjusted EBITDA Margin and Net debt to In-Place Adjusted EBITDA ratio. The Company presents In-Place hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s In-Place metrics exclude results from property dispositions that have occurred through February 22, 2023 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 the following items that are not reflective of Park's ongoing operating performance or incurred in the normal course of business, and thus, excluded in management's analysis in making day-to-day operating decisions and evaluations of Park's operating performance against other companies within its industry:

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

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

• Severance expense;

• Share-based compensation expense;

• Impairment losses and casualty gains or losses; and

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

50 |  

Definitions (continued)

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.

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, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin 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.

51 |  

Definitions (continued)

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. 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;

• Casualty gains or losses; 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.

52 |  

Definitions (continued)

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 the period of suspended or reduced operations at certain of the Company'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.

Average Daily Rate

ADR (or rate) represents rooms revenue divided by total number of room nights sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in the hotel industry, and 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 the total number of room nights available to guests for a given period. Room nights available to guests have not been adjusted for the period of suspended or reduced operations at certain of the Company'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 the period of suspended or reduced operations at certain of the Company'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.

53 |  

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
Stephen Grambling	Morgan Stanley	(212) 761-1010	stephen.grambling@morganstanley.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

54 |