Page 1

PARK HOTELS & RESORTS Investor Contact Ian Weissman +1 571 302 5591 1775 Tysons Boulevard , 7th Floor Tysons , VA 22102 www.pkhotelsandresorts.com Park Hotels & Resorts Inc. Reports First Quarter 2021 Results TYSONS , VA ( May 6 , 2021 ) - Park Hotels & Resorts Inc. ( " Park " or the " Company " ) ( NYSE : PK ) today announced results for the first quarter ended March 31 , 2021 and an operational update on COVID - 19 . First quarter financial highlights include : Pro - forma Occupancy for Park's 42 consolidated hotels open during the entirety of the first quarter was 37.4 % ; • Pro - forma RevPAR was $ 40.79 , a decrease of 70.0 % from the same period in 2020 ; • • Net loss and net loss attributable to stockholders were $ ( 191 ) million and $ ( 190 ) million , respectively ; Adjusted EBITDA was $ ( 49 ) million ; • Pro - forma Hotel Adjusted EBITDA improved 34.7 % compared to the fourth quarter of 2020 due to a sequential quarterly improvement in Pro - forma RevPAR of 48.8 % ; • Adjusted FFO attributable to stockholders was $ ( 113 ) million ; • Diluted loss per share was $ ( 0.81 ) ; and • Diluted Adjusted FFO per share was $ ( 0.48 ) . Additional highlights include : • • • Completed the sale of the W New Orleans - French Quarter in April 2021 for total gross proceeds of $ 24.1 million ; Increased the total number of open hotels to 52 of 59 hotels ( 88 % ) , or 78 % of total room count ; Reduced burn rate to $ 26 million for the month of March and generated positive Hotel Adjusted EBITDA for the month ; and Currently expects to reach break - even at the corporate level during the second half of 2021 . Thomas J. Baltimore , Jr. , Chairman and Chief Executive Officer , stated , “ I am very encouraged by the momentum of improvement in our portfolio during the first quarter . Our hotels in drive - to markets continue to outperform and now our fly - to leisure hotels in Hawaii and Puerto Rico are exceeding our expectations , helping to drive consecutive monthly increases in occupancy through the first quarter and positive Hotel Adjusted EBITDA in March . Looking forward , we are confident that the continued distribution of the COVID - 19 vaccines , forecasts for robust economic growth and fiscal stimulus , and significant pent - up traveler demand will translate into a strong recovery for our portfolio over the back half of the year and into 2022 and beyond . Additionally , as evidenced by the recent sale of the W New Orleans – French Quarter in April 2021 , our team continues to execute on our near - term priorities to return to profitability in 2021 and to de - leverage our balance sheet , push out maturities and improve financial flexibility to position Park for long - term success . We are excited about our outlook for the balance of the year , and we look forward to welcoming more of our guests back to our hotels and resorts . " 1