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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 Third Quarter 2021 Results TYSONS , VA ( November 3 , 2021 ) - Park Hotels & Resorts Inc. ( " Park " or the " Company " ) ( NYSE : PK ) today announced results for the third quarter ended September 30 , 2021 and provided an operational update on COVID - 19 . Third quarter financial highlights include : • • • • • Pro - forma RevPAR was $ 105.48 , an increase of 301.6 % from the same period in 2020 and a decrease of 43.4 % from the same period in 2019 ; Pro - forma occupancy for Park's 45 consolidated hotels open during the entirety of the third quarter was 58.0 % ; Net loss and net loss attributable to stockholders were $ ( 82 ) million and $ ( 86 ) million , respectively ; Adjusted EBITDA was $ 77 million , an increase of 141 % compared to the second quarter of 2021 ; Pro - forma Hotel Adjusted EBITDA was $ 83 million , an improvement of 96.5 % compared to the second quarter of 2021 ; Adjusted FFO attributable to stockholders was $ 5 million , an improvement of 112.2 % compared to the second quarter of 2021 ; • Diluted loss per share was $ ( 0.36 ) ; and • Diluted Adjusted FFO per share was $ 0.02 . Additional highlights for the third quarter include : • • - Reopened the New York Hilton Midtown in October 2021 , increasing to 96 % of total room count and leaving just two hotels in the portfolio suspended – Parc 55 San Francisco - a Hilton Hotel and Hilton Short Hills ; Generated positive Hotel Adjusted EBITDA , with 38 of 45 of Park's open consolidated hotels exceeding break - even levels ; Completed the sales of the Hotel Adagio , Autograph Collection , and the Le Meridien San Francisco for total gross proceeds of approximately $ 304 million ; and Repaid $ 419 million of the term loan entered into in August 2019 ( " 2019 Term Facility " ) and fully repaid the remaining $ 13 million outstanding under the revolving credit facility ( " Revolver " ) . Year - to - date 2021 , the Company partially repaid $ 592 million of the 2019 Term Facility , leaving just $ 78 million outstanding . Thomas J. Baltimore , Jr. , Chairman and Chief Executive Officer , stated , “ I am extremely proud of our continued progress toward our strategic priorities for 2021. We reached break - even at the corporate level for the third quarter – the first time since the pandemic began and celebrated the reopening of the New York Hilton Midtown in early October . In addition , with the completion of five hotel sales in 2021 totaling $ 477 million in gross proceeds , we exceeded our stated asset sales target of $ 300- $ 400 million and used the proceeds to de - leverage the balance sheet . Additionally , we extended maturities for over $ 2 billion of debt since the start of the pandemic and with current liquidity of $ 1.8 billion , Park is well - positioned for future growth opportunities . Despite the near - term impact of the Delta variant on our industry , we remain encouraged by the overall progression of the lodging industry's recovery and expect increasing demand trends across all segments into 2022 across our portfolio , including group business where bookings for 2022 increased for the fifth consecutive quarter . " 1