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THIRD QUARTER 2026 SUPPLEMENTAL DATA SEPTEMBER 30, 2026
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About Park Hotels & Resorts Inc. Park (NYSE: PK) is one of the largest publicly-traded lodging real estate investment trusts (“REIT”) with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 29 premium-branded hotels and resorts with approximately 21,000 rooms 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 the availability under Park’s senior unsecured revolving credit facility (“Revolver”), any anticipated repayment and/or refinancing of Park’s other indebtedness, the completion of capital allocation priorities, the expected repurchase of Park’s stock, the impact from macroeconomic factors (including elevated inflation and interest rates, potential economic slowdown or a recession and geopolitical conflicts or trends, including trade policy, travel barriers or changes in travel preferences for U.S. destinations, including as a result of another government or agency shutdown), the effects of competition, the effects of future legislation, executive action or regulations, tariffs, the expected completion of anticipated dispositions, including of Park’s Non-Core hotels (as defined below), the declaration, payment and any change in amounts 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 Park’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events. All such 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 the results 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, 2025, as such factors may be updated from time to time in Park’s filings with the Securities and Exchange Commission (“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 presents certain non-generally accepted accounting principles (“GAAP”) financial measures in this presentation, including Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, FFO per share, Adjusted FFO per share, 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. ABOUT PARK AND SAFE HARBOR DISCLOSURE 2
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Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Supplementary Financial Information . . . . . . . . . . . . . . . . . . . . 7 Outlook and Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Portfolio and Operating Metrics . . . . . . . . . . . . . . . . . . . . . . . . . 18 Properties Acquired, Sold and Disposed . . . . . . . . . . . . . . . . . 25 Comparable Supplementary Financial Information . . . . . . . . . 28 Capital Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Analyst Coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 TABLE OF CONTENTS 3 HILTON NEW ORLEANS RIVERSIDE
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FINANCIAL STATEMENTS 4 WALDORF ASTORIA ORLANDO
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CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except share and per share data) September 30, 2026 December 31, 2025 (unaudited) ASSETS Property and equipment, net $ 6,893 $ 6,955 Assets held for sale, net 19 14 Intangibles, net 40 41 Cash and cash equivalents 295 232 Restricted cash 40 32 Accounts receivable, net of allowance for doubtful accounts of $3 and $2 132 116 Prepaid expenses 52 60 Other assets 70 80 Operating lease right-of-use assets 154 170 TOTAL ASSETS (variable interest entities – $199 and $207) $ 7,695 $ 7,700 LIABILITIES AND EQUITY Liabilities Debt $ 3,923 $ 3,838 Accounts payable and accrued expenses 241 198 Dividends payable 53 56 Due to hotel managers 108 134 Other liabilities 220 189 Operating lease liabilities 184 209 Total liabilities (variable interest entities – $194 and $198) 4,729 4,624 Stockholders’ Equity Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 203,366,774 shares issued and 202,082,337 shares outstanding as of September 30, 2026 and 200,938,658 shares issued and 199,901,086 shares outstanding as of December 31, 2025 2 2 Additional paid-in capital 4,033 4,031 Accumulated deficit (1,011) (902) Total stockholders’ equity 3,024 3,131 Noncontrolling interests (58) (55) Total equity 2,966 3,076 TOTAL LIABILITIES AND EQUITY $ 7,695 $ 7,700 FINANCIAL STATEMENTS 5 HILTON WAIKOLOA VILLAGE
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues Rooms $ 367 $ 370 $ 1,124 $ 1,134 Food and beverage 146 150 516 512 Ancillary hotel 64 67 191 198 Other 25 23 73 68 Total revenues 602 610 1,904 1,912 Operating expenses Rooms 103 106 304 311 Food and beverage 113 112 360 357 Other departmental and support 148 148 442 451 Other property 46 56 142 163 Management fees 25 27 88 88 Impairment and casualty loss 8 — 35 70 Depreciation and amortization 74 78 204 269 Corporate general and administrative 22 17 60 54 Other 24 23 70 67 Total expenses 563 567 1,705 1,830 (Loss) gain on sales of assets, net (1) — (4) 1 Gain on derecognition of assets — 16 — 48 Operating income 38 59 195 131 Interest income 2 3 5 8 Interest expense (55) (53) (158) (158) Interest expense associated with hotels in receivership — (16) — (48) Equity in earnings from investments in affiliates 2 — 4 2 Other (loss) gain, net (3) (1) 6 — (Loss) income before income taxes (16) (8) 52 (65) Income tax benefit (expense) 1 (6) (5) (8) Net (loss) income (15) (14) 47 (73) Net income attributable to noncontrolling interests (3) (2) (7) (5) Net (loss) income attributable to stockholders $ (18) $ (16) $ 40 $ (78) (Loss) earnings per share: (Loss) earnings per share – Basic $ (0.10) $ (0.08) $ 0.19 $ (0.40) (Loss) earnings per share – Diluted $ (0.10) $ (0.08) $ 0.19 $ (0.40) Weighted average shares outstanding – Basic 200 199 200 199 Weighted average shares outstanding – Diluted 200 199 200 199 FINANCIAL STATEMENTS 6 HILTON WAIKOLOA VILLAGE
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SUPPLEMENTARY FINANCIAL INFORMATION 7 NEW YORK HILTON MIDTOWN
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EBITDA AND ADJUSTED EBITDA (unaudited, in millions) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net (loss) income $ (15) $ (14) $ 47 $ (73) Depreciation and amortization expense 74 78 204 269 Interest income (2) (3) (5) (8) Interest expense 55 53 158 158 Interest expense associated with hotels in receivership(1) — 16 — 48 Income tax (benefit) expense (1) 6 5 8 Interest income and expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 1 2 2 6 EBITDA 112 138 411 408 Loss (gain) on sales of assets, net(2) 1 — — (1) Gain on derecognition of assets(1) — (16) — (48) Severance expense 3 — 3 — Share-based compensation expense 5 5 15 14 Impairment and casualty loss 8 — 35 70 Other items 6 3 12 14 Adjusted EBITDA $ 135 $ 130 $ 476 $ 457 _____________________________________ (1) For the three and nine months ended September 30, 2025, represents accrued interest expense associated with the default of the $725 million non-recourse CMBS loan (“SF Mortgage Loan”), which was offset by a gain on derecognition for the corresponding increase of the contract asset on Park’s condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the “Hilton San Francisco Hotels”), which were sold by the court-appointed receiver in November 2025. (2) For the nine months ended September 30, 2026, includes a $4 million gain on the sale of Park’s ownership interest in the Embassy Suites by Hilton Alexandria Old Town included in other gain (loss), net in Park’s condensed consolidated statements of operations. SUPPLEMENTARY FINANCIAL INFORMATION 8 NEW YORK HILTON MIDTOWN
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COMPARABLE AND CORE HOTEL ADJUSTED EBITDA, HOTEL REVENUES AND HOTEL ADJUSTED EBITDA MARGIN (unaudited, dollars in millions) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Adjusted EBITDA $ 135 $ 130 $ 476 $ 457 Less: Adjusted EBITDA from investments in affiliates (3) (3) (14) (16) Add: All other(1) 14 14 43 42 Hotel Adjusted EBITDA 146 141 505 483 Less: Adjusted EBITDA from hotels disposed of — (6) (2) (6) Comparable Hotel Adjusted EBITDA 146 135 503 477 Less: Adjusted EBITDA from Non-Core hotels (14) (10) (48) (42) Core Hotel Adjusted EBITDA $ 132 $ 125 $ 455 $ 435 Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Total Revenues $ 602 $ 610 $ 1,904 $ 1,912 Less: Other revenue (25) (23) (73) (68) Less: Revenues from hotels disposed of (12) (52) (52) (142) Comparable Hotel Revenues 565 535 1,779 1,702 Less: Hotel Revenues from Non-Core hotels (67) (61) (211) (201) Core Hotel Revenues $ 498 $ 474 $ 1,568 $ 1,501 Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 Change(2) 2026 2025 Change(2) Total Revenues $ 602 $ 610 (1.2) % $ 1,904 $ 1,912 (0.4) % Operating income $ 38 $ 59 (35.0) % $ 195 $ 131 49.3 % Operating income margin(2) 6.4 % 9.7 % (330) bps 10.3 % 6.8 % 350 bps Comparable Hotel Revenues $ 565 $ 535 5.7 % $ 1,779 $ 1,702 4.6 % Comparable Hotel Adjusted EBITDA $ 146 $ 135 7.7 % $ 503 $ 477 5.4 % Comparable Hotel Adjusted EBITDA margin(2) 25.7 % 25.2 % 50 bps 28.3 % 28.1 % 20 bps Core Hotel Revenues $ 498 $ 474 5.3 % $ 1,568 $ 1,501 4.5 % Core Hotel Adjusted EBITDA $ 132 $ 125 6.8 % $ 455 $ 435 4.8 % Core Hotel Adjusted EBITDA margin(2) 26.7 % 26.3 % 40 bps 29.1 % 29.0 % 10 bps ______________________________________________________________ (1) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated statements of operations. (2) Percentages are calculated based on unrounded numbers. SUPPLEMENTARY FINANCIAL INFORMATION 9 NEW YORK HILTON MIDTOWN
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COMPARABLE, CORE AND NON-CORE HOTEL ADJUSTED EBITDA (unaudited, in millions) Three Months Ended September 30, 2026 Nine Months Ended September 30, 2026 Total Core Hotels Non-Core Hotels Total Core Hotels Non-Core Hotels Hotel Revenues Rooms $ 367 $ 311 $ 56 $ 1,124 $ 945 $ 179 Food and beverage 146 129 17 516 450 66 Ancillary hotel 64 58 6 191 173 18 Total hotel revenues 577 498 79 1,831 1,568 263 Less: Rooms expense 103 88 15 304 254 50 Food and beverage expense 113 99 14 360 313 47 Other departmental and support expense 148 122 26 442 359 83 Management fees 25 22 3 88 77 11 Other property expenses(1) 42 35 7 132 110 22 Total hotel expenses 431 366 65 1,326 1,113 213 Hotel Adjusted EBITDA 146 132 14 505 455 50 Less: Adjusted EBITDA from hotels disposed of — — — (2) — (2) Comparable Hotel Adjusted EBITDA $ 146 $ 132 $ 14 $ 503 $ 455 $ 48 ______________________________________________________________ (1) Total other property expenses primarily include real and personal property taxes, other local taxes, ground rent, equipment rent and property insurance. SUPPLEMENTARY FINANCIAL INFORMATION 10 NEW YORK HILTON MIDTOWN
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NAREIT FFO AND ADJUSTED FFO (unaudited, in millions, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net (loss) income attributable to stockholders $ (18) $ (16) $ 40 $ (78) Depreciation and amortization expense 74 78 204 269 Depreciation and amortization expense attributable to noncontrolling interests — (1) (2) (3) Loss (gain) on sales of assets, net(1) 1 — — (1) Gain on derecognition of assets(2) — (16) — (48) Impairment loss 7 — 32 70 Equity investment adjustments: Equity in earnings from investments in affiliates (2) — (4) (2) Pro rata FFO of investments in affiliates 1 — 4 5 Nareit FFO attributable to stockholders 63 45 274 212 Severance expense 3 — 3 — Share-based compensation expense 5 5 15 14 Interest expense associated with hotels in receivership(2) — 16 — 48 Other items 8 4 17 17 Adjusted FFO attributable to stockholders $ 79 $ 70 $ 309 $ 291 Nareit FFO per share – Diluted(3) $ 0.31 $ 0.22 $ 1.36 $ 1.06 Adjusted FFO per share – Diluted(3) $ 0.39 $ 0.35 $ 1.54 $ 1.45 Weighted average shares outstanding – Diluted(4) 202 200 201 200 __________________________________________________________________________ (1) For the nine months ended September 30, 2026, includes a $4 million gain on the sale of Park’s ownership interest in the Embassy Suites by Hilton Alexandria Old Town included in other gain (loss), net in Park’s condensed consolidated statements of operations. (2) For the three and nine months ended September 30, 2025, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on Park’s condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which were sold by the court-appointed receiver in November 2025. (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 September 30, 2026, see page 5. SUPPLEMENTARY FINANCIAL INFORMATION 11 NEW YORK HILTON MIDTOWN
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GENERAL AND ADMINISTRATIVE EXPENSES (unaudited, in millions) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Corporate general and administrative expenses $ 22 $ 17 $ 60 $ 54 Less: Share-based compensation expense 5 5 15 14 Severance expense 3 — 3 — Other corporate expenses 2 1 4 3 G&A, excluding expenses not included in Adjusted EBITDA $ 12 $ 11 $ 38 $ 37 SUPPLEMENTARY FINANCIAL INFORMATION 12 NEW YORK HILTON MIDTOWN
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NET DEBT AND NET DEBT TO COMPARABLE ADJUSTED EBITDA RATIO (unaudited, in millions) September 30, 2026 December 31, 2025 Debt $ 3,923 $ 3,838 Add: unamortized deferred financing costs and discount 32 18 Debt, excluding unamortized deferred financing cost, premiums and discounts 3,955 3,856 Add: Park’s share of unconsolidated affiliates debt, excluding unamortized deferred financing costs 105 129 Less: cash and cash equivalents (295) (232) Less: restricted cash (40) (32) Net Debt $ 3,725 $ 3,721 TTM Comparable Adjusted EBITDA(1) $ 625 $ 598 Net Debt to TTM Comparable Adjusted EBITDA ratio 5.96x 6.22x _____________________________________ (1) See pages 30 and 31 for trailing twelve months (“TTM”) Comparable Adjusted EBITDA as of September 30, 2026 and December 31, 2025, respectively. SUPPLEMENTARY FINANCIAL INFORMATION 13 NEW YORK HILTON MIDTOWN
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OUTLOOK AND ASSUMPTIONS 14 CASA MARINA KEY WEST, CURIO COLLECTION
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FULL-YEAR 2026 OUTLOOK Park is increasing its full-year 2026 outlook to reflect strong third quarter results and demand trends expected for the fourth quarter. Park expects full-year 2026 operating results to be as follows: (unaudited, dollars in millions, except per share amounts and RevPAR) Full-Year 2026 Outlook as of November 4, 2026 Full-Year 2026 Outlook as of August 6, 2026 Change at Midpoint Metric Low High Low High Comparable RevPAR(1) $ 205 $ 206 $ 198 $ 201 $ 6 Comparable RevPAR change vs. 2025(1) 5.5 % 6.0 % 3.0 % 4.5 % 200 bps Net income $ 70 $ 80 $ 78 $ 98 $ (13) Net income attributable to stockholders $ 62 $ 72 $ 69 $ 89 $ (12) Earnings per share – Diluted(2) $ 0.31 $ 0.36 $ 0.35 $ 0.45 $ (0.07) Adjusted EBITDA $ 635 $ 645 $ 617 $ 637 $ 13 Adjusted FFO per share – Diluted(2) $ 2.00 $ 2.05 $ 1.90 $ 2.00 $ 0.08 __________________________________________________________________________ (1) Based on Comparable hotels as of each date presented. (2) Amounts are calculated based on unrounded numbers. Park’s outlook is based in part on the following assumptions: • Comparable RevPAR for the fourth quarter is expected to increase 5.5% to 7.5%; • Operating expenses for Park’s hotels for the full-year are expected to increase 4.5% to 5.0%; • Includes approximately $13 million of incremental interest expense from $1.5 billion of refinancing activity in 2026, most of which is expected during the fourth quarter; • Fully diluted weighted average shares for the full-year 2026 of 201 million; and • Park’s current portfolio as of November 4, 2026 and does not take into account potential future acquisitions, dispositions or any financing transactions, except as noted above, which could result in a material change to Park’s outlook. Park’s full-year 2026 outlook is based on several factors, many of which are outside the Company’s control, including uncertainty surrounding macroeconomic factors, such as inflation, changes in interest rates and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of which are subject to change. Additionally, Park’s full-year 2026 outlook does not include assumptions around the incremental impact of tariff announcements (including any foreign tariffs announced in response to changes in U.S. trade policy), changes in travel patterns to or in the U.S. as a result of foreign conflicts, disapproval of U.S. foreign or domestic policy, or government or agency shutdowns as the net effect of such announcements or events cannot be ascertained or quantified at this time. OUTLOOK AND ASSUMPTIONS 15 CASA MARINA KEY WEST, CURIO COLLECTION
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EBITDA AND ADJUSTED EBITDA Year Ending (unaudited, in millions) December 31, 2026 Low Case High Case Net income $ 70 $ 80 Depreciation and amortization expense 266 266 Interest income (7) (7) Interest expense 222 222 Income tax expense 8 8 Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 2 2 EBITDA 561 571 Severance expense 3 3 Share-based compensation expense 20 20 Impairment and casualty loss 35 35 Other items 16 16 Adjusted EBITDA $ 635 $ 645 OUTLOOK AND ASSUMPTIONS 16 CASA MARINA KEY WEST, CURIO COLLECTION
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NAREIT FFO AND ADJUSTED FFO Year Ending (unaudited, in millions except per share data) December 31, 2026 Low Case High Case Net income attributable to stockholders $ 62 $ 72 Depreciation and amortization expense 266 266 Depreciation and amortization expense attributable to noncontrolling interests (3) (3) Impairment loss 32 32 Equity investment adjustments: Equity in earnings from investments in affiliates (5) (5) Pro rata FFO of equity investments 6 6 Nareit FFO attributable to stockholders 358 368 Severance expense 3 3 Share-based compensation expense 20 20 Other items 21 21 Adjusted FFO attributable to stockholders $ 402 $ 412 Adjusted FFO per share – Diluted(1) $ 2.00 $ 2.05 Weighted average diluted shares outstanding 201 201 _____________________________________ (1) Per share amounts are calculated based on unrounded numbers. OUTLOOK AND ASSUMPTIONS 17 CASA MARINA KEY WEST, CURIO COLLECTION
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PORTFOLIO AND OPERATING METRICS 18 HILTON WAIKOLOA VILLAGE
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HOTEL PORTFOLIO AS OF NOVEMBER 4, 2026 Hotel Name Total Rooms Market Meeting Space (square feet) Ownership Equity Ownership Debt (in millions) Core Hotels Consolidated Core Hotels Hilton Hawaiian Village Waikiki Beach Resort 2,886 Hawaii 150,000 Fee Simple 100% — 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% — Signia by Hilton Orlando Bonnet Creek(1) 1,009 Orlando 234,000 Fee Simple 100% $ 700 Hilton Waikoloa Village 661 Hawaii 241,000 Fee Simple 100% — Caribe Hilton 652 Puerto Rico 65,000 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% $ 49 Hilton Boston Logan Airport 604 Boston 30,000 Leasehold 100% — Hyatt Regency Boston 502 Boston 30,000 Fee Simple 100% — Waldorf Astoria Orlando(1) 502 Orlando 127,000 Fee Simple 100% — Hilton McLean Tysons Corner 458 Washington, D.C. 28,000 Fee Simple 100% — Hyatt Regency Mission Bay Spa and Marina 438 Southern California 63,000 Leasehold 100% — Royal Palm South Beach Miami, a Tribute Portfolio Resort 404 Miami 18,000 Fee Simple 100% — Hilton Santa Barbara Beachfront Resort 360 Southern California 72,000 Fee Simple 50% $ 150 JW Marriott San Francisco Union Square 344 San Francisco 12,000 Leasehold 100% — Casa Marina Key West, Curio Collection 311 Key West 53,000 Fee Simple 100% — Juniper Hotel Cupertino, Curio Collection 224 Other U.S. 5,000 Fee Simple 100% — The Reach Key West, Curio Collection 150 Key West 18,000 Fee Simple 100% — Total Consolidated Core Hotels (20 Hotels) 15,789 1,775,000 $ 899 Unconsolidated Core Hotel Hilton Orlando(2) 1,424 Orlando 236,000 Fee Simple 20% $ 105 Total Unconsolidated Core Hotel (1 Hotel) 1,424 236,000 $ 105 Total Core Hotels (21 Hotels) 17,213 2,011,000 $ 1,004 _____________________________________ (1) The $700 million delayed draw loan facility (“Bonnet Creek Mortgage Loan”) is secured by both the 1,009-room Signia by Hilton Orlando Bonnet Creek and the 502-room Waldorf Astoria Orlando and associated golf course (collectively, the “Bonnet Creek complex”). (2) Debt related to Park’s unconsolidated joint venture is presented on a pro-rata basis. PORTFOLIO AND OPERATING METRICS 19 HILTON WAIKOLOA VILLAGE
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HOTEL PORTFOLIO AS OF NOVEMBER 4, 2026 (CONTINUED) Hotel Name Total Rooms Market Meeting Space (square feet) Ownership Equity Ownership Debt (in millions) Consolidated Non-Core Hotels Hilton Orlando Lake Buena Vista 814 Orlando 87,000 Leasehold 100% — DoubleTree Hotel San Jose 505 Other U.S. 48,000 Fee Simple 100% — Hilton Salt Lake City Center 500 Other U.S. 24,000 Leasehold 100% — DoubleTree Hotel Ontario Airport 482 Southern California 27,000 Fee Simple 67% $ 30 Boston Marriott Newton 430 Boston 35,000 Fee Simple 100% — The Midland Hotel, a Tribute Portfolio Hotel 403 Chicago 13,000 Fee Simple 100% — DoubleTree Hotel San Diego – Mission Valley 300 Southern California 35,000 Leasehold 100% — DoubleTree Hotel Durango 159 Other U.S. 7,000 Leasehold 100% — Total Consolidated Non-Core Hotels (8 Hotels) 3,593 276,000 $ 30 Grand Total (29 Hotels) 20,806 2,287,000 $ 1,034 PORTFOLIO AND OPERATING METRICS 20 HILTON WAIKOLOA VILLAGE
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COMPARABLE, CORE AND NON-CORE HOTELS: Q3 2026 VS Q3 2025 (unaudited) ADR Occupancy RevPAR Total RevPAR 3Q26 3Q25 Change(1) 3Q26 3Q25 Change 3Q26 3Q25 Change(1) 3Q26 3Q25 Change(1) Consolidated Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 299.16 $ 292.83 2.2 % 89.6 % 87.1 % 2.5 % pts $ 268.12 $ 255.27 5.0 % $ 441.96 $ 406.17 8.8 % 2 Hilton Waikoloa Village 323.84 313.63 3.3 65.3 56.1 9.2 211.42 175.89 20.2 432.65 417.97 3.5 3 Signia by Hilton Orlando Bonnet Creek 192.73 197.75 (2.5) 67.0 66.6 0.4 129.08 131.56 (1.9) 329.78 350.90 (6.0) 4 Waldorf Astoria Orlando 333.50 319.64 4.3 71.5 64.2 7.3 238.44 205.14 16.2 465.38 414.68 12.2 5 New York Hilton Midtown 331.31 320.25 3.5 91.4 89.9 1.5 302.97 287.95 5.2 437.61 465.10 (5.9) 6 Hilton New Orleans Riverside 169.37 168.64 0.4 48.0 56.0 (8.0) 81.27 94.46 (14.0) 164.50 187.00 (12.0) 7 Caribe Hilton 252.30 241.04 4.7 73.1 84.0 (10.9) 184.53 202.55 (8.9) 301.41 315.39 (4.4) 8 Hilton Boston Logan Airport 307.09 287.01 7.0 97.5 93.9 3.6 299.41 269.57 11.1 355.80 320.54 11.0 9 Hyatt Regency Boston 321.51 289.58 11.0 95.1 92.9 2.2 305.73 269.04 13.6 370.02 321.68 15.0 10 Hilton Santa Barbara Beachfront Resort 386.73 380.64 1.6 85.5 76.9 8.6 330.55 292.49 13.0 491.67 437.08 12.5 11 Hyatt Regency Mission Bay Spa and Marina 292.25 259.70 12.5 78.9 84.3 (5.4) 230.69 219.09 5.3 405.22 382.79 5.9 12 Casa Marina Key West, Curio Collection 359.86 354.09 1.6 82.2 71.2 11.0 295.92 252.29 17.3 489.73 425.90 15.0 13 The Reach Key West, Curio Collection 277.16 313.37 (11.6) 80.0 66.6 13.4 221.73 208.57 6.3 362.49 349.54 3.7 14 Hilton Chicago 250.85 229.33 9.4 82.9 78.6 4.3 208.06 180.33 15.4 334.96 289.48 15.7 15 Hilton Denver City Center 198.26 184.67 7.4 76.3 77.9 (1.6) 151.30 143.84 5.2 223.61 202.55 10.4 16 Royal Palm South Beach Miami(2) 244.15 — 100.0 14.2 — 14.2 34.60 — 100.0 52.84 — 100.0 17 DoubleTree Hotel Washington DC – Crystal City 198.77 162.17 22.6 77.6 63.3 14.3 154.23 102.61 50.3 194.83 137.67 41.5 18 Hilton McLean Tysons Corner 230.90 208.98 10.5 64.4 62.8 1.6 148.60 131.11 13.3 202.76 216.17 (6.2) 19 JW Marriott San Francisco Union Square 304.00 294.09 3.4 74.5 72.1 2.4 226.48 211.96 6.9 293.41 270.09 8.6 20 Juniper Hotel Cupertino, Curio Collection 213.13 186.47 14.3 79.8 75.8 4.0 169.97 141.16 20.4 188.09 162.19 16.0 Total Consolidated Core Hotels (20 Hotels) 277.78 263.85 5.3 76.9 74.9 2.0 213.66 197.65 8.1 342.60 325.89 5.1 Total Non-Core Hotels (8 Hotels) 196.59 188.88 4.1 74.0 69.9 4.1 145.52 132.00 10.2 204.52 188.08 8.7 Total Comparable Hotels (28 Hotels) $ 263.19 $ 250.70 5.0 % 76.4 % 74.0 % 2.4 % pts $ 201.02 $ 185.46 8.4 % $ 316.99 $ 300.30 5.6 % _____________________________________ (1) Calculated based on unrounded numbers. (2) The Royal Palm suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026. PORTFOLIO AND OPERATING METRICS 21 HILTON WAIKOLOA VILLAGE
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COMPARABLE, CORE AND NON-CORE HOTELS: Q3 2026 VS Q3 2025 (CONTINUED) (unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin 3Q26 3Q25 Change(1) 3Q26 3Q25 Change(1) 3Q26 3Q25 Change Consolidated Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 42 $ 40 7.9 % $ 117 $ 107 9.3 % 36.2 % 36.7 % (50) bps 2 Hilton Waikoloa Village 5 5 (12.5) 26 25 4.8 17.7 21.2 (350) 3 Signia by Hilton Orlando Bonnet Creek 7 9 (19.3) 31 33 (6.0) 24.3 28.3 (400) 4 Waldorf Astoria Orlando 4 4 26.9 21 19 12.2 20.7 18.3 240 5 New York Hilton Midtown 11 16 (30.7) 76 80 (5.9) 14.4 19.5 (510) 6 Hilton New Orleans Riverside 4 7 (34.4) 25 28 (12.0) 17.4 23.3 (590) 7 Caribe Hilton 3 4 (25.3) 18 19 (4.4) 15.0 19.2 (420) 8 Hilton Boston Logan Airport 7 5 25.9 20 18 11.0 34.8 30.7 410 9 Hyatt Regency Boston 7 6 27.1 17 15 15.0 41.2 37.3 390 10 Hilton Santa Barbara Beachfront Resort 8 7 17.3 16 15 12.5 51.5 49.4 210 11 Hyatt Regency Mission Bay Spa and Marina 4 4 (1.3) 16 15 5.9 25.0 26.8 (180) 12 Casa Marina Key West, Curio Collection 4 3 35.1 14 12 15.0 28.6 24.4 420 13 The Reach Key West, Curio Collection 1 — 18.4 5 5 3.7 16.6 14.5 210 14 Hilton Chicago 12 10 26.0 48 42 15.7 26.2 24.0 220 15 Hilton Denver City Center 5 4 21.4 13 11 10.4 38.9 35.4 350 16 Royal Palm South Beach Miami(2) 2 (2) 210.8 2 — 100.0 88.4 — 8,840 17 DoubleTree Hotel Washington DC – Crystal City 3 1 238.7 11 8 41.5 26.0 10.9 1,510 18 Hilton McLean Tysons Corner 1 1 (21.0) 9 9 (6.2) 13.0 15.4 (240) 19 JW Marriott San Francisco Union Square 1 — 5,477.8 9 9 8.6 8.8 (0.2) 900 20 Juniper Hotel Cupertino, Curio Collection 1 1 31.2 4 4 16.0 19.6 17.3 230 Total Consolidated Core Hotels (20 Hotels) 132 125 6.8 498 474 5.3 26.7 26.3 40 Total Non-Core Hotels (8 Hotels) 14 10 19.0 67 61 8.7 18.8 17.2 160 Total Comparable Hotels (28 Hotels) $ 146 $ 135 7.7 % $ 565 $ 535 5.7 % 25.7 % 25.2 % 50 bps _____________________________________ (1) Calculated based on unrounded numbers. (2) The Royal Palm suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026. PORTFOLIO AND OPERATING METRICS 22 HILTON WAIKOLOA VILLAGE
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COMPARABLE, CORE AND NON-CORE HOTELS: YTD Q3 2026 VS YTD Q3 2025 (unaudited) ADR Occupancy RevPAR Total RevPAR 2026 2025 Change(1) 2026 2025 Change 2026 2025 Change(1) 2026 2025 Change(1) Consolidated Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 289.66 $ 294.75 (1.7) % 87.7 % 81.3 % 6.4 % pts $ 253.96 $ 239.70 5.9 % $ 424.52 $ 388.91 9.2 % 2 Hilton Waikoloa Village 334.84 319.01 5.0 72.4 71.3 1.1 242.38 227.50 6.5 496.01 520.77 (4.8) 3 Signia by Hilton Orlando Bonnet Creek 246.98 239.86 3.0 77.1 72.9 4.2 190.34 174.72 8.9 498.66 474.15 5.2 4 Waldorf Astoria Orlando 410.62 396.84 3.5 79.8 70.9 8.9 327.74 281.32 16.5 621.47 535.93 16.0 5 New York Hilton Midtown 315.18 311.06 1.3 86.6 84.1 2.5 272.86 261.66 4.3 414.60 411.04 0.9 6 Hilton New Orleans Riverside 203.60 216.69 (6.0) 61.8 64.8 (3.0) 125.88 140.55 (10.4) 236.95 258.63 (8.4) 7 Caribe Hilton 306.99 286.73 7.1 85.7 89.6 (3.9) 263.00 256.87 2.4 406.60 389.41 4.4 8 Hilton Boston Logan Airport 271.59 257.93 5.3 93.6 92.5 1.1 254.33 238.60 6.6 312.28 292.70 6.7 9 Hyatt Regency Boston 291.35 276.39 5.4 88.2 84.7 3.5 256.93 234.01 9.8 319.94 287.04 11.5 10 Hilton Santa Barbara Beachfront Resort 334.37 329.72 1.4 83.4 70.4 13.0 278.72 231.95 20.2 446.20 374.65 19.1 11 Hyatt Regency Mission Bay Spa and Marina 257.39 242.43 6.2 79.9 80.4 (0.5) 205.65 194.94 5.5 374.63 346.88 8.0 12 Casa Marina Key West, Curio Collection 546.37 542.12 0.8 91.1 81.6 9.5 497.57 442.20 12.5 799.95 697.52 14.7 13 The Reach Key West, Curio Collection 459.13 479.31 (4.2) 88.7 81.0 7.7 407.46 388.60 4.9 604.00 600.33 0.6 14 Hilton Chicago 227.88 213.30 6.8 68.0 66.2 1.8 155.00 141.26 9.7 258.38 244.84 5.5 15 Hilton Denver City Center 192.09 181.42 5.9 73.9 71.9 2.0 141.92 130.46 8.8 203.63 195.22 4.3 16 DoubleTree Hotel Washington DC – Crystal City 210.92 189.04 11.6 76.3 71.4 4.9 161.02 135.05 19.2 210.52 181.53 16.0 17 Hilton McLean Tysons Corner 232.37 212.53 9.3 63.2 67.4 (4.2) 146.87 143.23 2.5 216.59 221.91 (2.4) 18 JW Marriott San Francisco Union Square 389.93 349.48 11.6 71.7 69.9 1.8 279.41 244.04 14.5 367.31 320.17 14.7 19 Juniper Hotel Cupertino, Curio Collection 226.10 204.39 10.6 74.5 69.4 5.1 168.33 141.70 18.8 186.70 159.04 17.4 Total Consolidated Core Hotels excluding Royal Palm 284.75 276.49 3.0 78.9 76.1 2.8 224.57 210.35 6.8 372.61 353.01 5.6 20 Royal Palm South Beach Miami(2) 244.12 342.29 (28.7) 4.8 38.7 (33.9) 11.82 132.54 (91.1) 18.07 170.23 (89.4) Total Consolidated Core Hotels (20 Hotels) 284.69 277.34 2.6 77.0 75.1 1.9 219.24 208.41 5.2 363.72 348.46 4.4 Total Non-Core Hotels (8 Hotels) 194.97 191.19 2.0 74.0 70.4 3.6 144.25 134.54 7.2 215.50 205.99 4.6 Total Comparable Hotels (28 Hotels) $ 268.59 $ 262.18 2.4 % 76.4 % 74.2 % 2.2 % pts $ 205.33 $ 194.69 5.5 % $ 336.23 $ 322.00 4.4 % _____________________________________ (1) Calculated based on unrounded numbers. (2) The Royal Palm suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026. PORTFOLIO AND OPERATING METRICS 23 HILTON WAIKOLOA VILLAGE
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COMPARABLE, CORE AND NON-CORE HOTELS: YTD Q3 2026 VS YTD Q3 2025 (CONTINUED) (unaudited, dollars in millions) Hotel Adjusted EBITDA Hotel Revenue Hotel Adjusted EBITDA Margin 2026 2025 Change(1) 2026 2025 Change(1) 2026 2025 Change Consolidated Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 117 $ 108 8.6 % $ 334 $ 305 9.7 % 35.1 % 35.5 % (40) bps 2 Hilton Waikoloa Village(2) 22 27 (18.5) 90 93 (3.6) 24.9 29.5 (460) 3 Signia by Hilton Orlando Bonnet Creek 52 48 5.7 137 131 5.2 38.0 37.8 20 4 Waldorf Astoria Orlando 28 22 29.6 85 74 16.0 33.2 29.7 350 5 New York Hilton Midtown 24 28 (14.9) 213 211 0.9 11.1 13.2 (210) 6 Hilton New Orleans Riverside 34 41 (16.0) 105 115 (8.4) 32.7 35.7 (300) 7 Caribe Hilton 21 20 8.3 72 69 4.4 29.3 28.2 110 8 Hilton Boston Logan Airport 15 14 9.4 52 48 6.7 28.8 28.1 70 9 Hyatt Regency Boston 15 14 13.3 44 39 11.5 35.1 34.5 60 10 Hilton Santa Barbara Beachfront Resort 20 16 22.4 44 37 19.1 44.6 43.4 120 11 Hyatt Regency Mission Bay Spa and Marina 10 10 7.8 45 42 8.0 23.1 23.2 (10) 12 Casa Marina Key West, Curio Collection 31 25 21.1 68 59 14.7 44.9 42.5 240 13 The Reach Key West, Curio Collection 10 9 3.2 25 25 0.6 39.0 38.0 100 14 Hilton Chicago 19 17 10.7 109 103 5.5 17.4 16.6 80 15 Hilton Denver City Center 12 11 10.9 34 33 4.3 35.3 33.2 210 16 DoubleTree Hotel Washington DC – Crystal City 11 7 49.9 36 31 16.0 30.1 23.3 680 17 Hilton McLean Tysons Corner 4 5 (13.2) 27 28 (2.4) 15.1 17.0 (190) 18 JW Marriott San Francisco Union Square 9 5 93.3 35 30 14.7 26.1 15.5 1,060 19 Juniper Hotel Cupertino, Curio Collection 3 2 43.6 11 10 17.4 23.5 19.2 430 Total Consolidated Core Hotels excluding Royal Palm 457 429 6.7 1,566 1,483 5.7 29.2 28.9 30 20 Royal Palm South Beach Miami(2) (2) 6 (126.3) 2 18 (89.3) (80.9) 32.9 (11,380) Total Consolidated Core Hotels (20 Hotels) 455 435 4.8 1,568 1,501 4.5 29.1 29.0 10 Total Non-Core Hotels (8 Hotels) 48 42 11.2 211 201 4.6 22.3 21.0 130 Total Comparable Hotels (28 Hotels) $ 503 $ 477 5.4 % $ 1,779 $ 1,702 4.6 % 28.3 % 28.1 % 20 bps _____________________________________ (1) Calculated based on unrounded numbers. (2) The Royal Palm suspended operations in mid-May 2025 for a comprehensive renovation and reopened in July 2026. PORTFOLIO AND OPERATING METRICS 24 HILTON WAIKOLOA VILLAGE
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PROPERTIES ACQUIRED, SOLD AND DISPOSED 25 HILTON DENVER CITY CENTER
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TOTAL ACQUISITIONS Year Number of Hotels Room Count Total Consideration (in millions) 2019 18 5,981 $ 2,500.0 18 5,981 $ 2,500.0 TOTAL SALES / DISPOSITIONS Year Number of Hotels(1) Room Count Gross Proceeds(2) (in millions) 2018 14 4,053 $ 519.0 2019 9 2,725 496.9 2020 2 700 207.9 2021 6 1,303 476.6 2022 7 2,207 316.9 2023 4 3,635 846.8 2024 3 1,129 76.3 2025 5 2,236 120.0 2026 6 1,973 96.0 56 19,961 $ 3,156.4 ____________________________________ (1) Total sales/dispositions includes the sale of Park’s interest in 45 hotels. In addition, nine other properties were subject to ground leases that either expired or were terminated by Park or the landlord, and consequently turned over to the landlord. Further, the two Hilton San Francisco Hotels, which were placed into receivership in October 2023, were sold by the court-appointed receiver in November 2025. (2) Gross proceeds from the sale of joint ventures represent Park’s pro-rata share. PROPERTIES ACQUIRED, SOLD AND DISPOSED 26 HILTON DENVER CITY CENTER
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NON-CORE DISPOSITION INITIATIVE - STATUS SINCE JANUARY 1, 2026 (unaudited, dollars in millions) Status # of Hotels Room Count 2025 Hotel Adjusted EBITDA(1) Q1 Sale 1 193 $1 Q2 Sales/Dispositions 3 946 $9 Q3 Sale 1 314 $— Q4 Sale 1 520 $(2) Sold/Disposed in 2026 6 1,973 $8 Remaining Non-Core Hotels Targeted for Sale/Disposition 5 2,634 $37 Remaining Safehold Leases(2) 3 959 $16 Remaining Non-Core Hotels 8 3,593 $53 ____________________________________ (1) Includes Park’s share from its Non-Core unconsolidated joint venture sold during the second quarter of 2026. (2) Timing for the disposition of the Hilton Salt Lake City Center, DoubleTree Hotel San Diego - Mission Valley and DoubleTree Hotel Durango cannot be determined given ongoing litigation. PROPERTIES ACQUIRED, SOLD AND DISPOSED 27 HILTON DENVER CITY CENTER
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COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION 28 SIGNIA BY HILTON ORLANDO BONNET CREEK
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HISTORICAL COMPARABLE TTM HOTEL METRICS Three Months Ended TTM (unaudited, dollars in millions) December 31, March 31, June 30 September 30, September 30, 2025 2026 2026 2026 2026 Comparable RevPAR $ 194.25 $ 196.45 $ 218.46 $ 201.02 $ 202.54 Comparable Occupancy 71.4 % 72.7 % 80.2 % 76.4 % 75.2 % Comparable ADR $ 272.13 $ 270.27 $ 272.27 $ 263.19 $ 269.43 Total Revenues $ 629 $ 622 $ 680 $ 602 $ 2,533 Operating (loss) income $ (164) $ 62 $ 95 $ 38 $ 31 Operating (loss) income margin(1) (26.0) % 9.9 % 14.0 % 6.4 % 1.2 % Comparable Hotel Revenues $ 569 $ 579 $ 635 $ 565 $ 2,348 Comparable Hotel Adjusted EBITDA $ 163 $ 156 $ 201 $ 146 $ 666 Comparable Hotel Adjusted EBITDA margin(1) 28.6 % 26.9 % 31.7 % 25.7 % 28.3 % Three Months Ended Full Year March 31, June 30, September 30, December 31, December 31, 2025 2025 2025 2025 2025 Comparable RevPAR $ 192.42 $ 206.28 $ 185.46 $ 194.25 $ 194.58 Comparable Occupancy 71.0 % 77.4 % 74.0 % 71.4 % 73.5 % Comparable ADR $ 269.56 $ 266.55 $ 250.70 $ 272.13 $ 264.62 Total Revenues $ 630 $ 672 $ 610 $ 629 $ 2,541 Operating income (loss) $ 7 $ 65 $ 59 $ (164) $ (33) Operating income (loss) margin(1) 1.1 % 9.6 % 9.7 % (26.0) % (1.3) % Comparable Hotel Revenues $ 569 $ 598 $ 535 $ 569 $ 2,271 Comparable Hotel Adjusted EBITDA $ 157 $ 185 $ 135 $ 163 $ 640 Comparable Hotel Adjusted EBITDA margin(1) 27.6 % 30.9 % 25.2 % 28.6 % 28.2 % ________________________________________ (1) Percentages are calculated based on unrounded numbers. COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION 29 SIGNIA BY HILTON ORLANDO BONNET CREEK
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HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – TTM 2026 Three Months Ended TTM (unaudited, in millions) December 31, March 31, June 30 September 30, September 30, 2025 2026 2026 2026 2026 Net (loss) income $ (204) $ 12 $ 50 $ (15) $ (157) Depreciation and amortization expense 67 64 66 74 271 Interest income (2) (1) (2) (2) (7) Interest expense 51 51 52 55 209 Interest expense associated with hotels in receivership(1) 10 — — — 10 Income tax (benefit) expense (1) 1 5 (1) 4 Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 1 — 1 1 3 EBITDA (78) 127 172 112 333 (Gain) loss on sales of assets, net(2) (17) 1 (2) 1 (17) Gain on derecognition of assets(1) (10) — — — (10) Severance expense 1 — — 3 4 Share-based compensation expense 5 4 6 5 20 Impairment and casualty loss 249 5 22 8 284 Other items 2 6 — 6 14 Adjusted EBITDA 152 143 198 135 628 Less: Adjusted EBITDA from hotels disposed of 2 5 (7) — — Less: Adjusted EBITDA from investments in affiliates disposed of (1) (1) (1) — (3) Comparable Adjusted EBITDA 153 147 190 135 625 Less: Adjusted EBITDA from investments in affiliates (2) (5) (4) (3) (14) Add: All other(3) 12 14 15 14 55 Comparable Hotel Adjusted EBITDA $ 163 $ 156 $ 201 $ 146 $ 666 _____________________________________ (1) Represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on Park’s condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which were sold by the court-appointed receiver in November 2025. (2) For the three months ended December 31, 2025, includes a gain of $16 million on the sale of Park’s ownership interest in the Capital Hilton included in other gain (loss), net in the condensed consolidated statements of operations. For the three months ended June 30, 2026, includes a $4 million gain on the sale of Park’s ownership interest in the Embassy Suites by Hilton Alexandria Old Town included in other gain (loss), net in Park’s condensed consolidated statements of operations. (3) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated statements of operations. COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION 30 SIGNIA BY HILTON ORLANDO BONNET CREEK
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HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – FULL-YEAR 2025 Three Months Ended Full-Year (unaudited, in millions) March 31, June 30, September 30, December 31, December 31, 2025 2025 2025 2025 2025 Net income $ (57) $ (2) $ (14) $ (204) $ (277) Depreciation and amortization expense 69 122 78 67 336 Interest income (3) (2) (3) (2) (10) Interest expense 52 53 53 51 209 Interest expense associated with hotels in receivership(1) 16 16 16 10 58 Income tax expense (benefit) 1 1 6 (1) 7 Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 2 2 2 1 7 EBITDA 80 190 138 (78) 330 Gain on sales of assets, net(2) — (1) — (17) (18) Gain on derecognition of assets(1) (16) (16) (16) (10) (58) Severance expense — — — 1 1 Share-based compensation expense 4 5 5 5 19 Impairment and casualty loss 70 — — 249 319 Other items 6 5 3 2 16 Adjusted EBITDA 144 183 130 152 609 Less: Adjusted EBITDA from hotels disposed of 6 (6) (6) 2 (4) Less: Adjusted EBITDA from investments in affiliates disposed of (2) (3) (1) (1) (7) Comparable Adjusted EBITDA 148 174 123 153 598 Less: Adjusted EBITDA from investments in affiliates (6) (2) (2) (2) (12) Add: All other(3) 15 13 14 12 54 Comparable Hotel Adjusted EBITDA $ 157 $ 185 $ 135 $ 163 $ 640 _____________________________________ (1) For the year ended December 31, 2025, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on Park’s condensed consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which were sold by the court- appointed receiver in November 2025. (2) For the year ended December 31, 2025, includes a gain of $16 million on the sale of Park’s ownership interest in the Capital Hilton included in other gain (loss), net in the condensed consolidated statements of operations. (3) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated statements of operations. COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION 31 SIGNIA BY HILTON ORLANDO BONNET CREEK
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HISTORICAL COMPARABLE TTM HOTEL REVENUES – 2026 AND 2025 Three Months Ended TTM (unaudited, in millions) December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2026 Total Revenues $ 629 $ 622 $ 680 $ 602 $ 2,533 Less: Other revenue (24) (24) (24) (25) (97) Less: Revenues from hotels disposed of (36) (19) (21) (12) (88) Comparable Hotel Revenues $ 569 $ 579 $ 635 $ 565 $ 2,348 Three Months Ended Full-Year March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2025 Total Revenues $ 630 $ 672 $ 610 $ 629 $ 2,541 Less: Other revenue (22) (23) (23) (24) (92) Less: Revenues from hotels disposed of (39) (51) (52) (36) (178) Comparable Hotel Revenues $ 569 $ 598 $ 535 $ 569 $ 2,271 COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION 32 SIGNIA BY HILTON ORLANDO BONNET CREEK
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CAPITAL STRUCTURE 33 ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO RESORT
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FIXED AND VARIABLE RATE DEBT (unaudited, dollars in millions) As of September 30, 2026 Extended Maturity Date(1)Debt Collateral Interest Rate Maturity Date Fixed Rate Debt Mortgage loan Hilton Denver City Center 4.90% March 2027(2) None $ 49 Mortgage loan Hilton Santa Barbara Beachfront Resort 4.17% December 2026 None 150 Mortgage loan DoubleTree Hotel Ontario Airport 5.37% May 2027 None 30 2028 Senior Notes Unsecured 5.88% October 2028 None 725 2029 Senior Notes Unsecured 4.88% May 2029 None 750 2030 Senior Notes Unsecured 7.00% February 2030 None 550 Finance lease obligations 6.88% 2027 to 2030 None 1 Total Fixed Rate Debt 5.67%(3) 2,255 Variable Rate Debt 2024 Term Loan Unsecured SOFR + 2.20% May 2027 None 200 Bonnet Creek Mortgage Loan Bonnet Creek complex SOFR + 2.25% April 2029 April 2031 700 Revolver(4) Unsecured SOFR + 2.25% September 2029 September 2030 — 2025 Delayed Draw Term Loan Unsecured SOFR + 2.20% January 2030 January 2031 800 Total Variable Rate Debt 6.12%(3) 1,700 Less: unamortized deferred financing costs and discount (32) Total Debt(5) 5.87%(3) $ 3,923 _____________________________________ (1) The extension options are exercisable subject to compliance with certain covenants. (2) The loan matures in August 2042 but became callable by the lender in August 2022 with six months notice. As of September 30, 2026, Park had not received notice from the lender. (3) Calculated on a weighted average basis. (4) As of November 4, 2026, Park has $1 billion of available capacity under the Revolver with no outstanding letters of credit. (5) Excludes $105 million of Park’s share of its unconsolidated joint venture debt. CAPITAL STRUCTURE 34 ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO RESORT
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DEFINITIONS 35 HYATT REGENCY BOSTON
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Comparable The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, 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 hotel financial data includes results from Park’s consolidated hotels and property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable hotel financial data excludes results from property dispositions that have occurred prior to November 4, 2026. Core/Non-Core The Company’s Core portfolio includes 20 of Park’s consolidated hotels and one unconsolidated hotel and consists primarily of hotels and resorts that cater to group and leisure demand . As of September 30, 2026 , Park’s Non-Core portfolio included 9 consolidated hotels. As of November 4, 2026, Park had 8 hotels remaining in its Non-Core portfolio . Financial data presented for Park’s Core and Non-Core hotels are based on its consolidated hotels only. EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin Earnings 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 also interest income and expense, income tax and depreciation and amortization included in equity in earnings 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 from 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. 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. DEFINITIONS 36 HYATT REGENCY BOSTON
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(CONTINUED) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (“U.S.”) GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, the Company’s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company’s management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by removing the effect of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results; and (ii) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in the industry. EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company’s operating performance and results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available to the Company to meet its obligations. Further, the Company does not use or present EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin as measures of liquidity or cash flows. Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – Diluted and Adjusted FFO per share – Diluted Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP measures of the Company’s performance. The Company calculates funds from (used in) operations (“FFO”) attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), as net income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect the Company’s pro rata share of the FFO of those entities on the same basis. As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper – 2018 Restatement,” since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company’s presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period. DEFINITIONS 37 HYATT REGENCY BOSTON
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(CONTINUED) The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding the Company’s ongoing operating performance. Management historically has made the adjustments detailed below in evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful supplemental information that is beneficial to an investor’s complete understanding of operating performance. The Company adjusts Nareit FFO attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO attributable to stockholders: • Costs associated with hotel acquisitions or dispositions expensed during the period; • Severance expense; • Share-based compensation expense; • 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) debt excluding unamortized deferred financing costs; and (ii) the Company’s share of investments in affiliate debt, excluding unamortized deferred financing costs; reduced by (a) cash and cash equivalents; and (b) restricted cash and cash equivalents. The Company believes Net Debt provides useful information about its indebtedness to investors as it is frequently used by securities analysts, investors and other interested parties to compare the indebtedness of companies. Net Debt should not be considered as a substitute to debt presented in accordance with U.S. GAAP. Net Debt may not be comparable to a similarly titled measure of other companies. Net Debt to Adjusted EBITDA Ratio Net Debt to Adjusted EBITDA ratio, presented herein, is a non-GAAP financial measure and is included as it is frequently used by securities analysts, investors and other interested parties to compare the financial condition of companies. Net Debt to Adjusted EBITDA ratio should not be considered as an alternative to measures of financial condition derived in accordance with U.S. GAAP and it may not be comparable to a similarly titled measure of other companies. Occupancy Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. 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 rooms increases or decreases. DEFINITIONS 38 HYATT REGENCY BOSTON
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(CONTINUED) 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. 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. 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. DEFINITIONS 39 HYATT REGENCY BOSTON
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ANALYST COVERAGE 40 HILTON SANTA BARBARA BEACHFRONT RESORT
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Analyst Company Phone Email Shaun Kelley Bank of America (646) 855-1005 shaun.kelley@bofa.com Rich Hightower Barclays (212) 526-8768 richard.hightower@barclays.com Ari Klein BMO Capital Markets (212) 885-4103 ari.klein@bmo.com Jay Kornreich Cantor Fitzgerald & Co. (602) 214-6027 jay.kornreich@cantor.com Smedes Rose Citi Research (212) 816-6243 smedes.rose@citi.com Ken Billingsley Compass Point (202) 534-1393 kbillingsley@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 Advisors (949) 640-8780 cdarling@greenstreet.com David Katz Jefferies (212) 323-3355 dkatz@jefferies.com Daniel Politzer JP Morgan (212) 622-0110 daniel.politzer@jpmorgan.com Floris van Dijkum Ladenburg Thalmann (212) 409-2075 fvandijkum@ladenburg.com Stephen Grambling Morgan Stanley (212) 761-1010 stephen.grambling@morganstanley.com RJ Milligan Raymond James (727) 567-2585 rjmilligan@raymondjames.com Patrick Scholes Truist (212) 319-3915 patrick.scholes@truist.com Robin Farley UBS Investment Bank (212) 713-2060 robin.farley@ubs.com Conor Peaks Wells Fargo Securities (212) 214-8281 conor.m.peaks@wellsfargo.com Logan Epstein Wolfe Research (646) 582-9267 lepstein@wolferesearch.com ANALYST COVERAGE 41 HILTON SANTA BARBARA BEACHFRONT RESORT