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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 Second Quarter 2021 Results TYSONS , VA ( August 5 , 2021 ) – Park Hotels & Resorts Inc. ( " Park ” or the “ Company ” ) ( NYSE : PK ) today announced results for the second quarter ended June 30 , 2021 and provided an operational update on COVID - 19 . Second quarter financial highlights include : • • • • • . . • Pro - forma RevPAR was $ 78.46 , an increase of 909.7 % from the same period in 2020 and a decrease of 59.2 % from the same period in 2019 ; Pro - forma occupancy for Park's 42 consolidated hotels open during the entirety of the second quarter was 55.6 % ; Net loss and net loss attributable to stockholders were $ ( 114 ) million and $ ( 116 ) million , respectively ; Adjusted EBITDA was $ 33 million , an increase from Adjusted EBITDA of $ ( 49 ) million compared to the first quarter of 2021 ; Pro - forma Hotel Adjusted EBITDA was $ 42 million , an improvement of 222.3 % compared to the first quarter of 2021 ; Adjusted FFO attributable to stockholders was $ ( 38 ) million , an improvement of 66.3 % compared to the first quarter of 2021 ; Diluted loss per share was $ ( 0.49 ) ; and Diluted Adjusted FFO per share was $ ( 0.16 ) . Additional highlights include : • • • • Reopened four additional hotels during the quarter , with 90 % of total room count currently open while only three hotels in the portfolio remain closed – New York Hilton Midtown , Parc 55 San Francisco - a Hilton Hotel and Hilton Short Hills ; In June 2021 , broke even at the corporate level and anticipates positive cash flow for the third quarter , based on current trends ; In May 2021 , issued an aggregate of $ 750 million of senior secured notes ( " 2029 Senior Secured Notes " ) and utilized the net proceeds to repay approximately $ 564 million of the Company's revolving credit facility ( " Revolver " ) and approximately $ 173 million of the term loan entered into in August 2019 ( " 2019 Term Facility " ) ; Completed the sale of the W New Orleans – French Quarter in April 2021 for total gross proceeds of approximately $ 24 million , the net proceeds of which were used to repay a portion of the Revolver ; Completed the sale of the Hotel Indigo San Diego Gaslamp Quarter in San Diego , California and the Courtyard Washington Capitol Hill Navy Yard in Washington , D.C. in the same transaction in June 2021 for total gross proceeds of $ 149 million , the net proceeds of which were used in July 2021 to repay the then remaining outstanding balance of the Revolver of $ 13 million and $ 133 million of the 2019 Term Facility ; In July 2021 , completed the sale of the Hotel Adagio , Autograph Collection , for gross proceeds of $ 82 million , for which the net proceeds were used to repay $ 77 million of the 2019 Term Facility ; and In June 2021 , entered into an agreement to sell the Le Meridien San Francisco , which is expected to close during the third quarter , for a gross sales price of approximately $ 222 million ; the net proceeds of which are expected to be used to repay a portion of the 2019 Term Facility . Thomas J. Baltimore , Jr. , Chairman and Chief Executive Officer , stated , “ I am extremely pleased by the accelerated improvement of our portfolio , with our hotels generating positive Hotel Adjusted EBITDA for the second quarter . Our hotels in drive - to and fly - to resort markets continue to outperform , producing solid increases in both rate and occupancy as exceptionally strong leisure demand drove many of our resort assets to pre - pandemic performance . During the second half of 2021 , we look forward to a sequential increase in leisure demand through the summer followed by the expected recovery of group and business transient demand . Also , with the sale of an additional four hotels and one pending sale , totaling $ 477 million in gross proceeds , our team will have exceeded our stated goal of selling $ 300 million to $ 400 million of hotels in 2021 to further de - leverage our balance sheet . We look forward to 1