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Park Hotels & Resorts Inc. – ‘8-K’ for 11/2/22 – ‘EX-99.2’

On: Wednesday, 11/2/22, at 4:22pm ET · For: 11/2/22 · Accession #: 950170-22-21268 · File #: 1-37795

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/02/22  Park Hotels & Resorts Inc.        8-K:2,9    11/02/22   12:17M                                    Donnelley … Solutions/FA

Current Report — Form 8-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     67K 
 2: EX-99.1     Miscellaneous Exhibit                               HTML   2.15M 
 3: EX-99.2     Miscellaneous Exhibit                               HTML  12.92M 
 7: R1          Document and Entity Information                     HTML     48K 
10: XML         IDEA XML File -- Filing Summary                      XML     12K 
 8: XML         XBRL Instance -- pk-20221102_htm                     XML     16K 
 9: EXCEL       IDEA Workbook of Financial Reports                  XLSX      8K 
 5: EX-101.LAB  XBRL Labels -- pk-20221102_lab                       XML     56K 
 6: EX-101.PRE  XBRL Presentations -- pk-20221102_pre                XML     35K 
 4: EX-101.SCH  XBRL Schema -- pk-20221102                           XSD     11K 
11: JSON        XBRL Instance as JSON Data -- MetaLinks               12±    19K 
12: ZIP         XBRL Zipped Folder -- 0000950170-22-021268-xbrl      Zip    361K

‘EX-99.2’ — Miscellaneous Exhibit

This Exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

EX-99.2

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 Resor


"
	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 47 premium-branded hotels and resorts with approximately 30,000 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 expected dates that its hotels will break even or achieve positive Hotel Adjusted EBITDA, the impact to the Company's business and financial condition and that of its hotel management companies, measures being taken in response to COVID-19, 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	18
		4. Portfolio and Operating Metrics	22
		5. Properties Acquired and Sold	41
		6. Capital Structure	44
		7. Definitions	46


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		Financial Statements

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


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	Financial Statements

	Condensed Consolidated Balance Sheets

(in millions, except share and per share data)


	September 30, 2022			December 31, 2021
	(unaudited)
ASSETS
Property and equipment, net	$	8,292		$	8,511
Investments in affiliates		4			15
Intangibles, net		43			44
Cash and cash equivalents		971			688
Restricted cash		29			75
Accounts receivable, net of allowance for doubtful accounts of $2 and $2		144			96
Prepaid expenses		40			35
Other assets		39			69
Operating lease right-of-use assets		224			210
TOTAL ASSETS (variable interest entities - $240 and $237)	$	9,786		$	9,743
LIABILITIES AND EQUITY
Liabilities
Debt	$	4,670		$	4,672
Accounts payable and accrued expenses		254			156
Due to hotel managers		123			111
Other liabilities		177			174
Operating lease liabilities		243			227
Total liabilities (variable interest entities - $220 and $219)		5,467			5,340
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 225,354,874 shares issued and 224,842,791 shares outstanding as of September 30, 2022 and 236,888,804 shares issued and 236,483,990 shares outstanding as of December 31, 2021		2			2
Additional paid-in capital		4,325			4,533
Retained earnings (accumulated deficit)		38			(83	)
Total stockholders' equity		4,365			4,452
Noncontrolling interests		(46	)		(49	)
Total equity		4,319			4,403
TOTAL LIABILITIES AND EQUITY	$	9,786		$	9,743


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	Financial Statements (continued)

	Condensed Consolidated Statements of Operations

(unaudited, in millions, except per share data)


	Three Months Ended September 30,									Nine Months Ended September 30,
	2022			2021			2019			2022			2021			2019
Revenues
Rooms	$	428		$	274		$	430		$	1,153		$	587		$	1,267
Food and beverage		148			76			156			431			152			534
Ancillary hotel		67			58			64			198			137			174
Other		19			15			22			54			35			59
Total revenues		662			423			672			1,836			911			2,034

Operating expenses
Rooms		115			76			114			298			170			334
Food and beverage		115			63			117			321			126			371
Other departmental and support		162			119			153			453			298			453
Other property-level		58			51			54			173			151			152
Management fees		30			19			32			84			40			101
Casualty and impairment loss, net		3			2			8			4			7			8
Depreciation and amortization		67			68			61			204			213			184
Corporate general and administrative		16			14			14			48			48			47
Acquisition costs		—			—			59			—			—			65
Other		18			14			23			52			34			61
Total expenses		584			426			635			1,637			1,087			1,776

Gain (loss) on sales of assets, net		14			(11	)		1			13			(5	)		20

Operating income (loss)		92			(14	)		38			212			(181	)		278

Interest income		4			—			2			5			—			5
Interest expense		(61	)		(66	)		(33	)		(185	)		(195	)		(98	)
Equity in earnings (losses) from investments in affiliates		1			—			3			6			(6	)		18
Other gain (loss), net		1			(5	)		(1	)		98			(7	)		(1	)

Income (loss) before income taxes		37			(85	)		9			136			(389	)		202
Income tax benefit (expense)		3			3			—			2			2			(12	)
Net income (loss)		40			(82	)		9			138			(387	)		190
Net income attributable to noncontrolling interests		(5	)		(4	)		(4	)		(10	)		(5	)		(7	)
Net income (loss) attributable to stockholders	$	35		$	(86	)	$	5		$	128		$	(392	)	$	183

Earnings (loss) per share:
Earnings (loss) per share – Basic	$	0.15		$	(0.36	)	$	0.02		$	0.55		$	(1.66	)	$	0.90
Earnings (loss) per share – Diluted	$	0.15		$	(0.36	)	$	0.02		$	0.55		$	(1.66	)	$	0.90

Weighted average shares outstanding – Basic		224			236			206			229			236			203
Weighted average shares outstanding – Diluted		224			236			207			229			236			204


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Supplementary Financial Information

Juniper Hotel Cupertino, Curio Collection Hotel Adagio, Autograph Collection The Reach Key West, Curio Collection


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	Supplementary Financial Information

	EBITDA and Adjusted EBITDA


(unaudited, in millions)	Three Months Ended September 30,									Nine Months Ended September 30,
	2022			2021			2019			2022			2021			2019
Net income (loss)	$	40		$	(82	)	$	9		$	138		$	(387	)	$	190
Depreciation and amortization expense		67			68			61			204			213			184
Interest income		(4	)		—			(2	)		(5	)		—			(5	)
Interest expense		61			66			33			185			195			98
Income tax (benefit) expense		(3	)		(3	)		—			(2	)		(2	)		12
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates		2			3			7			7			8			19
EBITDA		163			52			108			527			27			498
(Gain) loss on sales of assets, net		(14	)		11			(1	)		(13	)		5			(20	)
Gain on sale of investments in affiliates(1)		—			—			—			(92	)		—			—
Acquisition costs		—			—			59			—			—			65
Severance expense		—			—			—			—			—			2
Share-based compensation expense		4			5			4			13			15			12
Casualty and impairment loss, net		3			2			8			4			7			8
Other items		2			7			2			8			7			(2	)
Adjusted EBITDA	$	158		$	77		$	180		$	447		$	61		$	563

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


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	Supplementary Financial Information (continued)

	Pro-forma Hotel Adjusted EBITDA and Pro-forma Hotel Adjusted EBITDA Margin


(unaudited, dollars in millions)
	Three Months Ended September 30,									Nine Months Ended September 30,
	2022			2021			2019			2022			2021			2019
Adjusted EBITDA(1)	$	158		$	77		$	180		$	447		$	61		$	563
Less: Adjusted EBITDA from investments in affiliates		(4	)		(4	)		(9	)		(20	)		(4	)		(31	)
Add: All other(2)		13			11			12			37			33			41
Hotel Adjusted EBITDA		167			84			183			464			90			573
Add: Adjusted EBITDA from hotels acquired		—			—			39			—			—			129
Less: Adjusted EBITDA from hotels disposed of		(1	)		(3	)		(19	)		(4	)		1			(72	)
Pro-forma Hotel Adjusted EBITDA	$	166		$	81		$	203		$	460		$	91		$	630


	Three Months Ended September 30,									Nine Months Ended September 30,
	2022			2021			2019			2022			2021			2019
Total Revenues	$	662		$	423		$	672		$	1,836		$	911		$	2,034
Less: Other revenue		(19	)		(15	)		(22	)		(54	)		(35	)		(59	)
Add: Revenues from hotels acquired		—			—			125			—			—			406
Less: Revenues from hotels disposed of		(1	)		(11	)		(62	)		(17	)		(33	)		(228	)
Pro-forma Hotel Revenues	$	642		$	397		$	713		$	1,765		$	843		$	2,153


	Three Months Ended September 30,									2022 vs 2021			2022 vs 2019
	2022			2021			2019			Change(3)			Change(3)
Pro-forma Hotel Revenues	$	642		$	397		$	713			61.9	%		(10.0	)%
Pro-forma Hotel Adjusted EBITDA	$	166		$	81		$	203			104.5	%		(18.2	)%
Pro-forma Hotel Adjusted EBITDA margin(3)		25.9	%		20.5	%		28.5	%		540	bps		(260	) bps

	Nine Months Ended September 30,									2022 vs 2021			2022 vs 2019
	2022			2021			2019			Change(3)			Change(3)
Pro-forma Hotel Revenues	$	1,765		$	843		$	2,153			109.5	%		(18.0	)%
Pro-forma Hotel Adjusted EBITDA	$	460		$	91		$	630			406.7	%		(27.0	)%
Pro-forma Hotel Adjusted EBITDA margin(3)		26.1	%		10.8	%		29.3	%		1,530	bps		(320	) bps

(1) Includes EBITDA of $8 million for both the three and nine months ended September 30, 2019, for the period of ownership of the Chesapeake hotels.

The 18 Chesapeake hotels were 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 condensed 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 September 30,									Nine Months Ended September 30,
	2022			2021			2019			2022			2021			2019
Net income (loss) attributable to stockholders	$	35		$	(86	)	$	5		$	128		$	(392	)	$	183
Depreciation and amortization expense		67			68			61			204			213			184
Depreciation and amortization expense attributable to noncontrolling interests		(1	)		(1	)		(1	)		(3	)		(3	)		(3	)
(Gain) loss on sales of assets, net		(14	)		11			(1	)		(13	)		5			(20	)
Gain on sale of investments in affiliates(1)		—			—			—			(92	)		—			—
Impairment loss		—			—			—			—			5			—
Equity investment adjustments:
Equity in (earnings) losses from investments in affiliates		(1	)		—			(3	)		(6	)		6			(18	)
Pro rata FFO of investments in affiliates		1			3			6			11			1			27
Nareit FFO attributable to stockholders		87			(5	)		67			229			(165	)		353
Casualty loss, net		3			2			7			4			2			7
Severance expense		—			—			—			—			—			2
Acquisition costs		—			—			59			—			—			65
Share-based compensation expense		4			5			4			13			15			12
Other items		—			3			3			5			2			1
Adjusted FFO attributable to stockholders	$	94		$	5		$	140		$	251		$	(146	)	$	440
Nareit FFO per share – Diluted(2)	$	0.39		$	(0.02	)	$	0.33		$	1.00		$	(0.70	)	$	1.73
Adjusted FFO per share – Diluted(2)	$	0.42		$	0.02		$	0.68		$	1.09		$	(0.62	)	$	2.16
Weighted average shares outstanding – Diluted(3)		224			236			207			229			236			204

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

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

(3) Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of September 30, 2022, see page 5.


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	Supplementary Financial Information (continued)

	Historical Pro-forma Hotel Metrics

The Pro-forma financial information below is for the 43 consolidated hotels owned as of November 2, 2022.


	Three Months Ended									Nine Months Ended
(unaudited)	March 31,			June 30,			September 30,			September 30
	2022			2022			2022			2022
Pro-forma RevPAR	$	117.48		$	173.30		$	171.27		$	154.21
Pro-forma Occupancy		51.4	%		70.9	%		71.7	%		64.8	%
Pro-forma ADR	$	228.52		$	244.34		$	238.87		$	238.16

Pro-forma Hotel Revenues (in millions)	$	455		$	668		$	642		$	1,765
Pro-forma Hotel Adjusted EBITDA (in millions)	$	88		$	206		$	166		$	460
Pro-forma Hotel Adjusted EBITDA margin(1)		19.3	%		30.8	%		25.9	%		26.1	%

	Three Months Ended												Full Year
	March 31,			June 30,			September 30,			December 31,			December 31,
	2021			2021			2021			2021			2021
Pro-forma RevPAR	$	41.45		$	78.75		$	105.93		$	111.02		$	84.54
Pro-forma Occupancy		26.1	%		41.6	%		50.8	%		52.0	%		42.7	%
Pro-forma ADR	$	158.99		$	189.40		$	208.51		$	213.37		$	197.91

Pro-forma Hotel Revenues (in millions)	$	150		$	296		$	397		$	427		$	1,270
Pro-forma Hotel Adjusted EBITDA (in millions)	$	(31	)	$	41		$	81		$	84		$	175
Pro-forma Hotel Adjusted EBITDA margin(1)		(21.1	)%		13.9	%		20.5	%		19.6	%		13.7	%


	Three Months Ended												Full Year
	March 31,			June 30,			September 30,			December 31,			December 31,
	2019			2019			2019			2019			2019
Pro-forma RevPAR	$	175.62		$	192.87		$	187.75		$	178.73		$	183.76
Pro-forma Occupancy		77.4	%		85.6	%		84.2	%		80.5	%		82.0	%
Pro-forma ADR	$	226.78		$	225.29		$	222.93		$	221.89		$	224.18

Pro-forma Hotel Revenues (in millions)	$	687		$	753		$	713		$	732		$	2,885
Pro-forma Hotel Adjusted EBITDA (in millions)	$	193		$	234		$	203		$	214		$	844
Pro-forma Hotel Adjusted EBITDA margin(1)		28.0	%		31.1	%		28.5	%		29.2	%		29.3	%

__________________________________________________________________________________

(1) Percentages are calculated based on unrounded numbers.


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	Supplementary Financial Information (continued)

	Historical Pro-Forma Hotel Adjusted EBITDA – YTD Q3 2022


	Three Months Ended									Nine Months Ended
(unaudited, in millions)	March 31,			June 30,			September 30,			September 30,
	2022			2022			2022			2022
Net (loss) income	$	(56	)	$	154		$	40		$	138
Depreciation and amortization expense		69			68			67			204
Interest income		—			(1	)		(4	)		(5	)
Interest expense		62			62			61			185
Income tax expense		—			1			(3	)		(2	)
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates		1			4			2			7
EBITDA		76			288			163			527
Loss (gain) on sales of assets, net		—			1			(14	)		(13	)
Gain on sale of investments in affiliates(1)		—			(92	)		—			(92	)
Share-based compensation expense		4			5			4			13
Casualty loss		—			1			3			4
Other items		2			4			2			8
Adjusted EBITDA		82			207			158			447
Less: Adjusted EBITDA from hotels disposed of		(1	)		(2	)		(1	)		(4	)
Less: Adjusted EBITDA from investments in affiliates disposed of		(2	)		(4	)		(2	)		(8	)
Pro-forma Adjusted EBITDA		79			201			155			435
Less: Adjusted EBITDA from investments in affiliates		(3	)		(7	)		(2	)		(12	)
Add: All other(2)		12			12			13			37
Pro-forma Hotel Adjusted EBITDA(3)	$	88		$	206		$	166		$	460

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

(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 condensed consolidated statements of operations.

(3) Includes the 43 consolidated hotels owned as of November 2, 2022.


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	Supplementary Financial Information (continued)

	Historical Pro-forma 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
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		5			(1	)		(3	)		(3	)		(2	)
Less: Adjusted EBITDA from investments in affiliates disposed of		2			—			(2	)		(1	)		(1	)
Pro-forma Adjusted EBITDA		(42	)		32			72			77			139
Less: Adjusted EBITDA from investments in affiliates		—			(2	)		(2	)		(2	)		(6	)
Add: All other(1)		11			11			11			9			42
Pro-forma Hotel Adjusted EBITDA(2)	$	(31	)	$	41		$	81		$	84		$	175

______________________________________________________________________________________

(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 condensed consolidated statements of operations.

(2) Includes the 43 consolidated hotels owned as of November 2, 2022.


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	Supplementary Financial Information (continued)

	Historical Pro-forma 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
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		(25	)		(28	)		(19	)		(15	)		(87	)
Less: Adjusted EBITDA from investments in affiliates disposed of		(3	)		(5	)		(5	)		(3	)		(16	)
Pro-forma Adjusted EBITDA(2)		185			227			195			205			812
Less: Adjusted EBITDA from investments in affiliates		(7	)		(7	)		(4	)		(3	)		(21	)
Add: All other(3)		15			14			12			12			53
Pro-forma Hotel Adjusted EBITDA(4)	$	193		$	234		$	203		$	214		$	844

______________________________________________________________________________________

(1) Included in other gain (loss), 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 Pro-forma Adjusted EBITDA would have been $797 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 43 consolidated hotels owned as of November 2, 2022.


14 \|


	Supplementary Financial Information (continued)

	Historical Pro-forma Hotel Revenues – 2022, 2021 and 2019

The Pro-forma financial information below is for the 43 consolidated hotels owned as of November 2, 2022.


	Three Months Ended									Nine Months Ended
(unaudited, in millions)	March 31,			June 30,			September 30,			September 30,
	2022			2022			2022			2022
Total Revenues	$	479		$	695		$	662		$	1,836
Less: Other revenue		(16	)		(19	)		(19	)		(54	)
Less: Revenues from hotels disposed of		(8	)		(8	)		(1	)		(17	)
Pro-forma Hotel Revenues	$	455		$	668		$	642		$	1,765


	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		(7	)		(15	)		(11	)		(8	)		(41	)
Pro-forma Hotel Revenues	$	150		$	296		$	397		$	427		$	1,270


	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		(84	)		(82	)		(62	)		(60	)		(288	)
Pro-forma Hotel Revenues	$	687		$	753		$	713		$	732		$	2,885


15 \|


	Supplementary Financial Information (continued)

	General and Administrative Expenses


(unaudited, in millions)	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Corporate general and administrative expenses	$	16	$	14	$	48	$	48
Less:
Share-based compensation expense		4		5		13		15
Other items		—		1		3		3
G&A, excluding expenses not included in Adjusted EBITDA	$	12	$	8	$	32	$	30


16 \|


	Supplementary Financial Information (continued)

	Net Debt and Net Debt to Pro-forma Adjusted EBITDA Ratio


(unaudited, in millions)
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			December 31, 2020
Debt	$	4,670		$	4,671		$	4,671		$	4,672		$	5,121
Add: unamortized deferred financing costs and discount		33			35			37			38			38
Less: unamortized premium		(3	)		(4	)		(4	)		(4	)		(3	)
Debt, excluding unamortized deferred financing cost, premiums and discounts		4,700			4,702			4,704			4,706			5,156
Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs		170			170			225			225			225
Less: cash and cash equivalents		(971	)		(758	)		(639	)		(688	)		(951	)
Less: restricted cash		(29	)		(109	)		(78	)		(75	)		(30	)
Net debt	$	3,870		$	4,005		$	4,212		$	4,168		$	4,400
2019 Pro-forma Adjusted EBITDA(1)	$	812		$	812		$	812		$	812		$	812
Net debt to Pro-forma Adjusted EBITDA ratio	4.77x			4.93x			5.19x			5.13x			5.42x

(1) See page 14 for Pro-forma Adjusted EBITDA for the year ended December 31, 2019.


17 \|



		Outlook


18 \|


	Outlook

	Q4 2022 and Full-Year 2022 Outlook and Assumptions


(unaudited, dollars in millions, except per share amounts and RevPAR)
	Q4 2022 Outlook						Full-Year 2022 Outlook
	as of November 2, 2022						as of November 2, 2022
Metric	Low			High			Low			High

RevPAR	$	163		$	166		$	156		$	157
RevPAR change vs. 2019		(9	)%		(7	)%		(15	)%		(14	)%

Net income	$	6		$	20		$	143		$	157
Net income attributable to stockholders	$	4		$	18		$	132		$	147
Earnings per share – Diluted(1)	$	0.02		$	0.08		$	0.58		$	0.64

Adjusted EBITDA	$	140		$	155		$	587		$	602
Hotel Adjusted EBITDA margin		24.0	%		25.0	%		25.6	%		25.8	%
Hotel Adjusted EBITDA margin change vs. 2019(2)		(520	) bps		(420	) bps		(370	) bps		(350	) bps
Adjusted FFO per share – Diluted(1)	$	0.35		$	0.43		$	1.45		$	1.52

(1)

Per share amounts are calculated based on unrounded numbers.

(2)

The fourth quarter 2019 margin benefited from $21 million of business interruption proceeds, or a 200 basis point impact, related to the loss of income in prior periods for Park’s Puerto Rico and Key West hotels.

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

•

Fully diluted weighted average shares are expected to be 224 million and 228 million for Q4 2022 and full-year 2022, respectively; and

•

Does not take into account potential future acquisitions and dispositions, which could result in a material change to Park’s outlook.

Park's fourth quarter and full-year 2022 outlook are based on a number of factors, many of which are outside the Company's control, including uncertainty surrounding any new disruptions from the COVID-19 pandemic and other macro-economic factors, including inflation, increases in interest rates, supply chain disruptions and the possibility of an economic recession or slowdown, all of which are subject to change.


19 \|


	Outlook (continued)

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


	Three Months Ending						Year Ending
(unaudited, in millions)	December 31, 2022						December 31, 2022
	Low Case			High Case			Low Case			High Case
Net income	$	6		$	20		$	143		$	157
Depreciation and amortization expense		66			66			270			270
Interest income		(7	)		(7	)		(12	)		(12	)
Interest expense		62			62			247			247
Income tax expense (benefit)		1			2			(1	)		—
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates		2			2			9			9
EBITDA		130			145			656			671
Gain on sale of assets, net		—			—			(13	)		(13	)
Gain on sale of investments in affiliates		—			—			(92	)		(92	)
Share-based compensation expense		5			5			17			17
Casualty loss		—			—			4			4
Other items		5			5			15			15
Adjusted EBITDA		140			155			587			602
Less: Adjusted EBITDA from investments in affiliates		(5	)		(5	)		(26	)		(26	)
Add: All other		15			15			49			49
Hotel Adjusted EBITDA	$	150		$	165		$	610		$	625

	Three Months Ending						Year Ending
	December 31, 2022						December 31, 2022
	Low Case			High Case			Low Case			High Case
Total Revenues	$	642		$	677		$	2,462		$	2,496
Less: Other revenue		(17	)		(17	)		(71	)		(71	)
Hotel Revenues	$	625		$	660		$	2,391		$	2,425

	Three Months Ending						Year Ending
	December 31, 2022						December 31, 2022
	Low Case			High Case			Low Case			High Case
Hotel Revenues	$	625		$	660		$	2,391		$	2,425
Hotel Adjusted EBITDA	$	150		$	165		$	610		$	625
Hotel Adjusted EBITDA margin(1)		24.0	%		25.0	%		25.6	%		25.8	%

(1) Percentages are calculated based on unrounded numbers.


20 \|


	Outlook (continued)

	Nareit FFO and Adjusted FFO


	Three Months Ending						Year Ending
(unaudited, in millions except per share data)	December 31, 2022						December 31, 2022
	Low Case			High Case			Low Case			High Case
Net income attributable to stockholders	$	4		$	18		$	132		$	147
Depreciation and amortization expense		66			66			270			270
Depreciation and amortization expense attributable to noncontrolling interests		(1	)		(1	)		(4	)		(4	)
Gain on sale of assets, net		—			—			(13	)		(13	)
Gain on sale of investments in affiliates		—			—			(92	)		(92	)
Equity investment adjustments:
Equity in earnings from investments in affiliates		(1	)		(1	)		(6	)		(6	)
Pro rata FFO of equity investments		2			2			12			12
Nareit FFO attributable to stockholders		70			84			299			314
Casualty loss		—			—			4			4
Share-based compensation expense		5			5			17			17
Other items		5			6			10			11
Adjusted FFO attributable to stockholders	$	80		$	95		$	330		$	346
Adjusted FFO per share – Diluted(1)	$	0.35		$	0.43		$	1.45		$	1.52
Weighted average diluted shares outstanding		224			224			228			228

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


21 \|

Portfolio and Operating Metrics

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


22 \|


	Portfolio and Operating Metrics

	Hotel Portfolio as of November 2, 2022


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		130,000	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%	$	57
Hilton Boston Logan Airport		604	Boston		30,000	Leasehold	100%		—
W Chicago – Lakeshore		520	Chicago		20,000	Fee Simple	100%		—
Hilton Miami Airport		508	Miami		30,000	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		33,000	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%	$	163
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.


23 \|


	Portfolio and Operating Metrics (continued)

	Hotel Portfolio as of November 2, 2022


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%	$	26
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 (43 Hotels)		27,062			2,196,000			$	2,497

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%	$	26
Total Unconsolidated Joint Venture Portfolio (4 Hotels)		2,656			318,000			$	170

TOTAL PARK HOTELS & RESORTS PORTFOLIO (47 Hotels)		29,718			2,514,000			$	2,667

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


24 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Hotels by Market: Q3 2022 vs. Q3 2021


(unaudited)				Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
	Hotels	Rooms		3Q22		3Q21		Change(1)			3Q22			3Q21			Change				3Q22		3Q21		Change(1)			3Q22		3Q21		Change(1)
Hawaii	2		3,507	$	319.46	$	282.63		13.0	%		89.6	%		75.8	%		13.8	%	pts	$	286.37	$	214.27		33.6	%	$	489.59	$	363.18		34.8	%
San Francisco	4		3,605		237.30		181.44		30.8			64.7			29.1			35.6				153.46		52.79		190.7			199.48		71.88		177.5
Orlando	3		2,325		188.84		185.53		1.8			59.2			49.0			10.2				111.82		90.92		23.0			224.75		188.81		19.0
New Orleans	1		1,622		175.06		137.86		27.0			55.6			50.0			5.6				97.37		69.00		41.1			177.75		108.98		63.1
Boston	3		1,536		252.53		194.67		29.7			85.1			69.2			15.9				214.94		134.83		59.4			268.84		170.24		57.9
New York	1		1,878		290.39		—		100.0			74.4			—			74.4				215.92		—		100.0			320.68		1.64		19,469.9
Southern California	5		1,773		278.65		260.31		7.0			79.3			72.8			6.5				220.86		189.38		16.6			316.81		265.20		19.5
Chicago	3		2,467		236.69		202.66		16.8			68.4			37.6			30.8				161.94		76.14		112.7			234.66		104.66		124.2
Key West	2		461		396.50		459.51		(13.7	)		66.4			68.7			(2.3	)			263.46		315.90		(16.6	)		391.68		442.78		(11.5	)
Denver	1		613		201.32		176.44		14.1			73.2			67.4			5.8				147.47		119.04		23.9			216.60		161.97		33.7
Miami	2		901		166.94		174.16		(4.1	)		79.3			66.5			12.8				132.41		115.87		14.3			185.11		159.26		16.2
Washington, D.C.	2		1,085		160.78		125.86		27.7			66.6			43.3			23.3				107.03		54.48		96.5			156.41		75.62		106.8
Seattle	2		1,246		187.53		151.42		23.8			68.3			56.7			11.6				128.04		85.82		49.2			166.40		113.42		46.7
Other	12		4,043		187.17		165.81		12.9			69.5			57.0			12.5				130.10		94.43		37.8			177.13		123.11		43.9
All Markets	43		27,062	$	238.87	$	208.51		14.6	%		71.7	%		50.8	%		20.9	%	pts	$	171.27	$	105.93		61.7	%	$	257.78	$	159.24		61.9	%

(1) Calculated based on unrounded numbers.


25 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Hotels by Market: Q3 2022 vs. Q3 2021


(unaudited, dollars in millions)				Pro-forma Hotel Adjusted EBITDA								Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
	Hotels	Rooms		3Q22		3Q21			Change(1)			3Q22		3Q21		Change(1)			3Q22			3Q21			Change
Hawaii	2		3,507	$	66	$	46			42.4	%	$	158	$	117		34.8	%		41.7	%		39.5	%		220		bps
San Francisco	4		3,605		6		(9	)		166.5			66		24		177.5			9.5			(39.7	)		4,920
Orlando	3		2,325		9		9			2.9			48		40		19.0			19.8			22.9			(310	)
New Orleans	1		1,622		7		4			77.9			27		16		63.1			25.3			23.2			210
Boston	3		1,536		14		7			102.9			38		24		57.9			35.5			27.6			790
New York	1		1,878		3		(14	)		122.9			55		—		19,469.9			5.7			(4,872.2	)		487,790
Southern California	5		1,773		19		17			16.0			52		43		19.5			37.1			38.2			(110	)
Chicago	3		2,467		13		2			652.2			53		24		124.2			23.8			7.1			1,670
Key West	2		461		4		6			(35.2	)		17		19		(11.5	)		24.7			33.7			(900	)
Denver	1		613		5		4			22.8			12		9		33.7			39.4			42.9			(350	)
Miami	2		901		3		3			11.1			15		13		16.2			22.6			23.6			(100	)
Washington, D.C.	2		1,085		3		—			792.9			16		8		106.8			19.3			(5.8	)		2,510
Seattle	2		1,246		3		1			182.2			19		13		46.7			18.0			9.4			860
Other	12		4,043		11		5			68.0			66		47		43.9			16.4			14.0			240
All Markets	43		27,062	$	166	$	81			104.5	%	$	642	$	397		61.9	%		25.9	%		20.5	%		540		bps

(1) Calculated based on unrounded numbers.


26 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Hotels by Market: YTD Q3 2022 vs. YTD Q3 2021


(unaudited)				Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
	Hotels	Rooms		2022		2021		Change(1)			2022			2021			Change				2022		2021		Change(1)			2022		2021		Change(1)
Hawaii	2		3,507	$	294.71	$	252.90		16.5	%		84.8	%		55.3	%		29.5	%	pts	$	249.89	$	139.91		78.6	%	$	437.40	$	242.40		80.4	%
San Francisco	4		3,605		239.61		174.19		37.6			46.9			15.9			31.0				112.39		27.65		306.5			151.78		37.04		309.7
Orlando	3		2,325		234.57		186.41		25.8			61.9			41.3			20.6				145.22		77.01		88.6			289.90		156.80		84.9
New Orleans	1		1,622		200.51		99.81		100.9			59.5			51.1			8.4				119.30		51.02		133.8			205.50		79.97		157.0
Boston	3		1,536		226.73		166.05		36.5			74.3			47.0			27.3				168.49		78.08		115.8			217.43		98.95		119.7
New York	1		1,878		286.64		—		100.0			59.3			—			59.3				169.86		—		100.0			264.80		2.01		13,104.9
Southern California	5		1,773		248.78		220.43		12.9			74.3			58.6			15.7				184.77		129.21		43.0			273.41		179.07		52.7
Chicago	3		2,467		222.65		191.41		16.3			51.9			17.7			34.2				115.62		33.85		241.5			175.18		45.71		283.2
Key West	2		461		576.54		494.18		16.7			74.8			81.8			(7.0	)			430.97		404.11		6.6			616.55		571.61		7.9
Denver	1		613		182.81		144.11		26.9			67.0			47.4			19.6				122.42		68.23		79.4			182.73		89.04		105.2
Miami	2		901		219.93		184.78		19.0			82.1			68.1			14.0				180.52		125.85		43.4			242.17		173.42		39.6
Washington, D.C.	2		1,085		158.69		119.03		33.3			62.6			39.3			23.3				99.33		46.76		112.4			143.61		59.87		139.9
Seattle	2		1,246		160.97		131.87		22.1			65.7			41.1			24.6				105.77		54.18		95.2			144.63		72.25		100.2
Other	12		4,043		189.33		151.61		24.9			64.5			49.2			15.3				122.21		74.67		63.7			168.17		97.26		72.9
All Markets	43		27,062	$	238.16	$	191.06		24.6	%		64.8	%		39.6	%		25.2	%	pts	$	154.21	$	75.61		103.9	%	$	238.97	$	114.05		109.5	%

(1) Calculated based on unrounded numbers.


27 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Hotels by Market: YTD Q3 2022 vs. YTD Q3 2021


(unaudited, dollars in millions)				Pro-forma Hotel Adjusted EBITDA								Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
	Hotels	Rooms		2022		2021			Change(1)			2022		2021		Change(1)			2022			2021			Change
Hawaii	2		3,507	$	176	$	74			139.9	%	$	419	$	232		80.4	%		42.1	%		31.7	%		1,040		bps
San Francisco	4		3,605		1		(38	)		101.7			149		36		309.7			0.4			(104.6	)		10,500
Orlando	3		2,325		58		20			195.3			184		100		84.9			31.6			19.8			1,180
New Orleans	1		1,622		32		5			583.8			91		35		157.0			35.1			13.2			2,190
Boston	3		1,536		28		2			1,229.4			91		41		119.7			30.4			5.0			2,540
New York	1		1,878		—		(34	)		99.9			136		1		13,104.9			—			(3,307.6	)		330,760
Southern California	5		1,773		45		26			71.4			132		87		52.7			33.6			29.9			370
Chicago	3		2,467		9		(13	)		167.8			118		31		283.2			7.4			(42.1	)		4,950
Key West	2		461		33		32			2.5			78		72		7.9			42.6			44.8			(220	)
Denver	1		613		11		3			217.7			31		15		105.2			34.8			22.5			1,230
Miami	2		901		22		13			66.4			60		43		39.6			37.0			31.0			600
Washington, D.C.	2		1,085		8		(1	)		618.2			43		18		139.9			17.9			(8.3	)		2,620
Seattle	2		1,246		6		(2	)		384.1			49		25		100.2			12.9			(9.1	)		2,200
Other	12		4,043		31		4			571.0			184		107		72.9			17.5			4.5			1,300
All Markets	43		27,062	$	460	$	91			406.7	%	$	1,765	$	843		109.5	%		26.1	%		10.8	%		1,530		bps

(1) Calculated based on unrounded numbers.


28 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: Q3 2022 vs. Q3 2021


	(unaudited)	Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
		3Q22		3Q21		Change(1)			3Q22			3Q21			Change				3Q22		3Q21		Change(1)			3Q22		3Q21		Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	312.18	$	274.08		13.9	%		92.1	%		75.7	%		16.4	%	pts	$	287.56	$	207.38		38.7	%	$	461.45	$	326.61		41.3	%
2	Hilton Waikoloa Village		357.15		320.05		11.6			78.7			76.4			2.3				281.12		244.71		14.9			613.98		524.84		17.0
3	Hilton San Francisco Union Square		226.50		170.01		33.2			61.5			28.8			32.7				139.41		49.01		184.5			190.71		68.78		177.3
4	Parc 55 San Francisco – a Hilton Hotel		225.71		—		100.0			61.8			—			61.8				139.39		—		100.0			155.54		2.82		5,420.5
5	JW Marriott San Francisco Union Square		308.48		216.47		42.5			76.3			66.6			9.7				235.47		144.26		63.2			333.41		179.94		85.3
6	Hyatt Centric Fisherman's Wharf		242.86		175.03		38.8			80.4			84.2			(3.8	)			195.15		147.27		32.5			249.33		196.82		26.7
7	Signia by Hilton Orlando Bonnet Creek		167.35		164.66		1.6			59.1			54.8			4.3				98.97		90.21		9.7			225.08		217.31		3.6
8	Waldorf Astoria Orlando		297.50		303.60		(2.0	)		55.1			47.1			8.0				163.88		143.01		14.6			309.18		278.05		11.2
9	Hilton Orlando Lake Buena Vista		154.62		138.74		11.4			61.9			43.1			18.8				95.64		59.67		60.3			172.27		98.45		75.0
10	Hilton New Orleans Riverside		175.06		137.86		27.0			55.6			50.0			5.6				97.37		69.00		41.1			177.75		108.98		63.1
11	Hyatt Regency Boston		271.18		208.43		30.1			89.1			73.0			16.1				241.69		152.13		58.9			300.07		191.76		56.5
12	Hilton Boston Logan Airport		266.10		198.15		34.3			94.0			82.0			12.0				250.11		162.43		54.0			308.80		202.32		52.6
13	Boston Marriott Newton		197.61		161.22		22.6			68.0			47.1			20.9				134.31		75.88		77.0			176.27		100.06		76.2
14	New York Hilton Midtown		290.39		—		100.0			74.4			—			74.4				215.92		—		100.0			320.68		1.64		19,469.9
15	Hilton Santa Barbara Beachfront Resort		419.09		448.31		(6.5	)		88.9			82.6			6.3				372.55		370.13		0.7			528.20		493.54		7.0
16	Hyatt Regency Mission Bay Spa and Marina		377.70		294.30		28.3			66.0			66.4			(0.4	)			249.42		195.62		27.5			395.79		319.80		23.8
17	Hilton Checkers Los Angeles		226.70		186.61		21.5			74.2			50.0			24.2				168.20		93.36		80.2			190.75		109.10		74.8
18	Hilton Chicago		221.09		201.23		9.9			67.8			31.1			36.7				149.79		62.50		139.7			243.50		96.66		151.9
19	W Chicago – City Center		302.48		212.92		42.1			66.0			45.0			21.0				199.52		95.64		108.6			233.56		110.34		111.7
20	W Chicago – Lakeshore		233.60		198.25		17.8			72.3			51.2			21.1				168.88		101.53		66.3			209.25		124.04		68.7
21	Casa Marina Key West, Curio Collection		388.55		473.52		(17.9	)		63.6			66.4			(2.8	)			247.24		314.76		(21.5	)		374.30		436.97		(14.3	)
22	The Reach Key West, Curio Collection		411.00		433.22		(5.1	)		72.3			73.5			(1.2	)			297.11		318.26		(6.6	)		427.72		454.84		(6.0	)
23	Hilton Denver City Center		201.32		176.44		14.1			73.2			67.4			5.8				147.47		119.04		23.9			216.60		161.97		33.7
24	Royal Palm South Beach Miami		205.55		208.03		(1.2	)		75.0			69.6			5.4				154.22		144.83		6.5			211.36		200.17		5.6
25	DoubleTree Hotel Washington DC – Crystal City		150.42		123.88		21.4			72.3			39.7			32.6				108.81		49.21		121.1			149.00		64.79		130.0
26	DoubleTree Hotel San Jose		168.19		124.86		34.7			63.3			56.0			7.3				106.44		69.87		52.3			152.86		96.26		58.8
27	Juniper Hotel Cupertino, Curio Collection		227.23		125.04		81.7			79.2			54.7			24.5				180.02		68.48		162.9			201.28		83.19		142.0
	Sub-total Core Hotels	$	256.48	$	225.55		13.7	%		71.8	%		48.1	%		23.7	%	pts	$	184.12	$	108.60		69.5	%	$	282.04	$	168.64		67.2	%

	All Other Hotels	$	180.64	$	163.17		10.7	%		71.4	%		59.5	%		11.9	%	pts	$	129.01	$	97.12		32.8	%	$	177.96	$	128.32		38.7	%
	Total Consolidated Portfolio	$	238.87	$	208.51		14.6	%		71.7	%		50.8	%		20.9	%	pts	$	171.27	$	105.93		61.7	%	$	257.78	$	159.24		61.9	%

(1) Calculated based on unrounded numbers.


29 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: Q3 2022 vs. Q3 2021


	(unaudited, dollars in millions)	Pro-forma Hotel Adjusted EBITDA								Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
		3Q22		3Q21			Change(1)			3Q22		3Q21		Change(1)			3Q22			3Q21			Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	51	$	35			46.7	%	$	121	$	86		41.3	%		42.0	%		40.5	%		150		bps
2	Hilton Waikoloa Village		15		11			29.4			37		31		17.0			40.4			36.5			390
3	Hilton San Francisco Union Square		3		(6	)		143.7			34		12		177.3			7.8			(49.6	)		5,740
4	Parc 55 San Francisco – a Hilton Hotel		—		(4	)		105.5			15		—		5,420.5			1.4			(1,426.8	)		142,820
5	JW Marriott San Francisco Union Square		2		(1	)		279.8			11		6		85.3			14.7			(15.1	)		2,980
6	Hyatt Centric Fisherman's Wharf		2		1			56.9			7		6		26.7			26.2			21.2			500
7	Signia by Hilton Orlando Bonnet Creek		4		6			(28.7	)		21		20		3.6			19.4			28.2			(880	)
8	Waldorf Astoria Orlando		3		3			(2.1	)		14		13		11.2			18.9			21.5			(260	)
9	Hilton Orlando Lake Buena Vista		3		1			250.3			13		7		75.0			21.2			10.6			1,060
10	Hilton New Orleans Riverside		7		4			77.9			27		16		63.1			25.3			23.2			210
11	Hyatt Regency Boston		6		3			108.1			14		9		56.5			43.9			33.0			1,090
12	Hilton Boston Logan Airport		6		3			79.8			17		11		52.6			33.0			28.0			500
13	Boston Marriott Newton		2		1			200.3			7		4		76.2			25.3			14.8			1,050
14	New York Hilton Midtown		3		(14	)		122.9			55		—		19,469.9			5.7			(4,872.2	)		487,790
15	Hilton Santa Barbara Beachfront Resort		10		10			1.4			17		16		7.0			56.3			59.4			(310	)
16	Hyatt Regency Mission Bay Spa and Marina		5		4			25.6			16		13		23.8			29.1			28.7			40
17	Hilton Checkers Los Angeles		1		—			48,140.4			3		2		74.8			20.7			0.1			2,060
18	Hilton Chicago		9		1			719.5			35		14		151.9			25.5			7.9			1,760
19	W Chicago – City Center		2		—			687.8			9		4		111.7			23.6			6.4			1,720
20	W Chicago – Lakeshore		2		—			421.5			10		6		68.7			18.4			5.9			1,250
21	Casa Marina Key West, Curio Collection		3		4			(41.0	)		11		13		(14.3	)		23.4			34.0			(1,060	)
22	The Reach Key West, Curio Collection		2		2			(23.4	)		6		6		(6.0	)		26.9			33.0			(610	)
23	Hilton Denver City Center		5		4			22.8			12		9		33.7			39.4			42.9			(350	)
24	Royal Palm South Beach Miami		2		2			11.5			8		7		5.6			25.2			23.9			130
25	DoubleTree Hotel Washington DC – Crystal City		2		—			13,364.8			9		4		130.0			26.7			0.5			2,620
26	DoubleTree Hotel San Jose		—		—			272.2			7		4		58.8			3.7			(3.4	)		710
27	Juniper Hotel Cupertino, Curio Collection		1		—			955.0			4		2		142.0			33.1			(9.4	)		4,250
	Sub-total Core Hotels	$	151	$	70			112.7	%	$	540	$	321		67.2	%		27.4	%		21.6	%		580		bps

	All Other Hotels	$	15	$	11			56.7	%	$	102	$	76		38.7	%		18.2	%		16.1	%		210		bps
	Total Consolidated Portfolio	$	166	$	81			104.5	%	$	642	$	397		61.9	%		25.9	%		20.5	%		540		bps

(1) Calculated based on unrounded numbers.


30 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: YTD Q3 2022 vs. YTD Q3 2021


	(unaudited)	Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma 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	$	284.59	$	249.54		14.0	%		86.5	%		53.1	%		33.4	%	pts	$	246.10	$	132.44		85.8	%	$	398.78	$	209.43		90.4	%
2	Hilton Waikoloa Village		344.72		264.99		30.1			77.4			65.3			12.1				266.65		172.92		54.2			608.11		388.17		56.7
3	Hilton San Francisco Union Square		233.89		169.06		38.4			48.0			11.9			36.1				112.28		20.16		457.0			159.79		28.22		466.2
4	Parc 55 San Francisco – a Hilton Hotel		235.41		—		100.0			29.2			—			29.2				68.85		—		100.0			78.28		1.44		5,327.9
5	JW Marriott San Francisco Union Square		293.69		199.24		47.4			68.8			46.5			22.3				202.11		92.67		118.1			277.97		113.20		145.6
6	Hyatt Centric Fisherman's Wharf		212.60		158.75		33.9			73.6			58.0			15.6				156.50		92.03		70.1			203.84		123.13		65.5
7	Signia by Hilton Orlando Bonnet Creek		211.47		162.52		30.1			61.3			45.9			15.4				129.58		74.60		73.7			299.40		169.67		76.5
8	Waldorf Astoria Orlando		377.11		324.32		16.3			59.7			38.9			20.8				224.99		126.19		78.3			412.84		252.99		63.2
9	Hilton Orlando Lake Buena Vista		180.11		133.86		34.5			64.1			37.1			27.0				115.42		49.67		132.4			202.31		81.52		148.2
10	Hilton New Orleans Riverside		200.51		99.81		100.9			59.5			51.1			8.4				119.30		51.02		133.8			205.50		79.97		157.0
11	Hyatt Regency Boston		254.60		170.25		49.5			71.9			48.1			23.8				183.17		81.99		123.4			233.98		103.82		125.4
12	Hilton Boston Logan Airport		225.93		171.52		31.7			89.6			57.6			32.0				202.41		98.85		104.8			254.18		122.89		106.8
13	Boston Marriott Newton		186.46		144.02		29.5			55.6			30.8			24.8				103.68		44.35		133.8			146.51		59.64		145.6
14	New York Hilton Midtown		286.64		—		100.0			59.3			—			59.3				169.86		—		100.0			264.80		2.01	13,104.9
15	Hilton Santa Barbara Beachfront Resort		377.74		375.22		0.7			79.6			67.5			12.1				300.72		253.18		18.8			434.22		335.94		29.3
16	Hyatt Regency Mission Bay Spa and Marina		310.68		250.99		23.8			63.0			49.1			13.9				195.85		123.24		58.9			327.33		205.32		59.4
17	Hilton Checkers Los Angeles		222.70		162.85		36.7			66.5			37.3			29.2				148.01		60.74		143.7			168.66		70.67		138.7
18	Hilton Chicago		209.50		198.32		5.6			51.5			11.4			40.1				107.91		22.59		377.8			185.55		35.52		422.4
19	W Chicago – City Center		290.20		207.70		39.7			49.7			18.9			30.8				144.29		39.32		267.0			172.69		45.49		279.6
20	W Chicago – Lakeshore		211.85		178.07		19.0			54.9			35.4			19.5				116.26		63.06		84.4			146.29		76.16		92.1
21	Casa Marina Key West, Curio Collection		574.03		514.31		11.6			73.6			80.5			(6.9	)			422.69		414.18		2.1			607.59		585.91		3.7
22	The Reach Key West, Curio Collection		581.53		454.33		28.0			77.1			84.4			(7.3	)			448.15		383.22		16.9			635.15		541.95		17.2
23	Hilton Denver City Center		182.81		144.11		26.9			67.0			47.4			19.6				122.42		68.23		79.4			182.73		89.04		105.2
24	Royal Palm South Beach Miami		285.68		220.92		29.3			77.7			76.6			1.1				221.91		169.12		31.2			288.64		234.51		23.1
25	DoubleTree Hotel Washington DC – Crystal City		151.87		119.83		26.7			69.1			36.8			32.3				104.89		44.01		138.3			140.88		53.88		161.4
26	DoubleTree Hotel San Jose		163.38		119.18		37.1			58.2			40.7			17.5				95.03		48.49		96.0			136.91		65.89		107.8
27	Juniper Hotel Cupertino, Curio Collection		200.19		109.44		82.9			64.9			43.8			21.1				129.95		48.00		170.7			150.92		56.30		168.1
	Sub-total Core Hotels	$	257.19	$	209.52		22.8	%		63.7	%		36.1	%		27.6	%	pts	$	163.92	$	75.64		116.7	%	$	259.47	$	118.57		118.8	%

	All Other Hotels	$	179.54	$	148.08		21.2	%		68.1	%		51.0	%		17.1	%	pts	$	122.26	$	75.53		61.9	%	$	171.51	$	99.18		72.9	%
	Total Consolidated Portfolio	$	238.16	$	191.06		24.6	%		64.8	%		39.6	%		25.2	%	pts	$	154.21	$	75.61		103.9	%	$	238.97	$	114.05		109.5	%

(1) Calculated based on unrounded numbers.


31 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: YTD Q3 2022 vs. YTD Q3 2021


	(unaudited, dollars in millions)	Pro-forma Hotel Adjusted EBITDA									Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
		2022			2021			Change(1)			2022		2021		Change(1)			2022			2021			Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	134		$	52			156.1	%	$	311	$	164		90.4	%		43.0	%		32.0	%		1,100		bps
2	Hilton Waikoloa Village		43			21			100.0			107		69		56.7			39.6			31.0			860
3	Hilton San Francisco Union Square		—			(22	)		99.4			84		15		466.2			(0.2	)		(146.9	)		14,670
4	Parc 55 San Francisco – a Hilton Hotel		(6	)		(12	)		50.1			22		—		100.0			(27.1	)		(2,952.6	)		292,550
5	JW Marriott San Francisco Union Square		3			(5	)		165.2			26		11		145.6			12.3			(46.1	)		5,840
6	Hyatt Centric Fisherman's Wharf		4			—			728.6			18		11		65.5			20.0			4.0			1,600
7	Signia by Hilton Orlando Bonnet Creek		27			11			152.3			82		47		76.5			32.8			22.9			990
8	Waldorf Astoria Orlando		18			8			117.9			57		35		63.2			31.1			23.3			780
9	Hilton Orlando Lake Buena Vista		14			1			1,400.9			45		18		148.2			30.1			5.0			2,510
10	Hilton New Orleans Riverside		32			5			583.8			91		35		157.0			35.1			13.2			2,190
11	Hyatt Regency Boston		12			1			1,089.9			32		14		125.4			37.9			7.2			3,070
12	Hilton Boston Logan Airport		12			2			600.2			42		20		106.8			28.2			8.3			1,990
13	Boston Marriott Newton		4			(1	)		698.9			17		7		145.6			21.8			(8.9	)		3,070
14	New York Hilton Midtown		—			(34	)		99.9			136		1		13,104.9			—			(3,307.6	)		330,760
15	Hilton Santa Barbara Beachfront Resort		21			17			22.2			43		33		29.3			50.0			52.9			(290	)
16	Hyatt Regency Mission Bay Spa and Marina		11			5			119.3			39		25		59.4			27.1			19.7			740
17	Hilton Checkers Los Angeles		2			(1	)		265.4			9		4		138.7			19.4			(28.1	)		4,750
18	Hilton Chicago		8			(8	)		205.0			78		15		422.4			10.8			(53.8	)		6,460
19	W Chicago – City Center		1			(2	)		161.8			19		5		279.6			6.8			(42.0	)		4,880
20	W Chicago – Lakeshore		(1	)		(3	)		64.8			21		11		92.1			(4.7	)		(25.7	)		2,100
21	Casa Marina Key West, Curio Collection		22			23			(5.0	)		52		50		3.7			42.2			46.0			(380	)
22	The Reach Key West, Curio Collection		11			9			21.0			26		22		17.2			43.3			41.9			140
23	Hilton Denver City Center		11			3			217.7			31		15		105.2			34.8			22.5			1,230
24	Royal Palm South Beach Miami		12			9			43.6			31		25		23.1			39.9			34.2			570
25	DoubleTree Hotel Washington DC – Crystal City		6			—			100.0			24		9		161.4			26.6			2.9			2,370
26	DoubleTree Hotel San Jose		—			(2	)		109.1			19		9		107.8			1.0			(23.9	)		2,490
27	Juniper Hotel Cupertino, Curio Collection		2			(1	)		254.0			9		3		168.1			22.5			(39.1	)		6,160
	Sub-total Core Hotels	$	403		$	76			421.4	%	$	1,471	$	673		118.8	%		27.3	%		11.5	%		1,580		bps

	All Other Hotels	$	57		$	15			324.2	%	$	294	$	170		72.9	%		19.7	%		8.0	%		1,170		bps
	Total Consolidated Portfolio	$	460		$	91			406.7	%	$	1,765	$	843		109.5	%		26.1	%		10.8	%		1,530		bps

(1) Calculated based on unrounded numbers.


32 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Hotels by Market: Q3 2022 vs. Q3 2019


(unaudited)				Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
	Hotels	Rooms		3Q22		3Q19		Change(1)			3Q22			3Q19			Change				3Q22		3Q19		Change(1)			3Q22		3Q19		Change(1)
Hawaii	2		3,507	$	319.46	$	274.08		16.6	%		89.6	%		92.6	%		(3.0	)%	pts	$	286.37	$	253.90		12.8	%	$	489.59	$	431.34		13.5	%
San Francisco	4		3,605		237.30		277.25		(14.4	)		64.7			93.3			(28.6	)			153.46		258.65		(40.7	)		199.48		324.01		(38.4	)
Orlando	3		2,325		188.84		161.62		16.8			59.2			67.0			(7.8	)			111.82		108.29		3.3			224.75		222.66		0.9
New Orleans	1		1,622		175.06		167.90		4.3			55.6			66.9			(11.3	)			97.37		112.37		(13.4	)		177.75		198.52		(10.5	)
Boston	3		1,536		252.53		251.34		0.5			85.1			89.9			(4.8	)			214.94		226.01		(4.9	)		268.84		286.64		(6.2	)
New York	1		1,878		290.39		270.97		7.2			74.4			95.5			(21.1	)			215.92		258.62		(16.5	)		320.68		380.64		(15.8	)
Southern California	5		1,773		278.65		207.92		34.0			79.3			90.8			(11.5	)			220.86		188.75		17.0			316.81		282.66		12.1
Chicago	3		2,467		236.69		217.59		8.8			68.4			83.7			(15.3	)			161.94		182.09		(11.1	)		234.66		275.54		(14.8	)
Key West	2		461		396.50		287.78		37.8			66.4			58.3			8.1				263.46		167.92		56.9			391.68		253.08		54.8
Denver	1		613		201.32		183.39		9.8			73.2			94.6			(21.4	)			147.47		173.59		(15.0	)		216.60		248.71		(12.9	)
Miami	2		901		166.94		131.87		26.6			79.3			84.5			(5.2	)			132.41		111.45		18.8			185.11		161.10		14.9
Washington, D.C.	2		1,085		160.78		163.52		(1.7	)		66.6			74.7			(8.1	)			107.03		122.13		(12.4	)		156.41		174.64		(10.4	)
Seattle	2		1,246		187.53		175.52		6.8			68.3			85.7			(17.4	)			128.04		150.30		(14.8	)		166.40		195.82		(15.0	)
Other	12		4,043		187.17		181.12		3.3			69.5			78.2			(8.7	)			130.10		141.63		(8.1	)		177.13		208.65		(15.1	)
All Markets	43		27,062	$	238.87	$	222.93		7.2	%		71.7	%		84.2	%		(12.5	)%	pts	$	171.27	$	187.75		(8.8	)%	$	257.78	$	281.47		(8.4	)%

(1) Calculated based on unrounded numbers.


33 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Hotels by Market: Q3 2022 vs. Q3 2019


(unaudited, dollars in millions)				Pro-forma Hotel Adjusted EBITDA							Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
	Hotels	Rooms		3Q22		3Q19		Change(1)			3Q22		3Q19		Change(1)			3Q22			3Q19			Change
Hawaii	2		3,507	$	66	$	62		5.8	%	$	158	$	158		0.3	%		41.7	%		39.5	%		220		bps
San Francisco	4		3,605		6		31		(79.9	)		66		107		(38.4	)		9.5			29.1			(1,960	)
Orlando	3		2,325		9		8		14.8			48		48		0.9			19.8			17.4			240
New Orleans	1		1,622		7		10		(32.9	)		27		30		(10.5	)		25.3			33.7			(840	)
Boston	3		1,536		14		15		(7.6	)		38		41		(6.2	)		35.5			36.1			(60	)
New York	1		1,878		3		9		(63.9	)		55		66		(15.8	)		5.7			13.3			(760	)
Southern California	5		1,773		19		16		17.7			52		46		12.1			37.1			35.3			180
Chicago	3		2,467		13		16		(20.1	)		53		63		(14.8	)		23.8			25.4			(160	)
Key West	2		461		4		2		167.6			17		11		54.8			24.7			14.3			1,040
Denver	1		613		5		5		(12.5	)		12		14		(12.9	)		39.4			39.2			20
Miami	2		901		3		2		42.1			15		13		14.9			22.6			18.3			430
Washington, D.C.	2		1,085		3		3		3.3			16		17		(10.4	)		19.3			16.7			260
Seattle	2		1,246		3		6		(38.5	)		19		22		(15.0	)		18.0			24.9			(690	)
Other	12		4,043		11		18		(41.1	)		66		77		(15.1	)		16.4			23.6			(720	)
All Markets	43		27,062	$	166	$	203		(18.2	)%	$	642	$	713		(10.0	)%		25.9	%		28.5	%		(260	)	bps

(1) Calculated based on unrounded numbers.


34 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Hotels by Market: YTD Q3 2022 vs. YTD Q3 2019


(unaudited)				Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
	Hotels	Rooms		2022		2019		Change(1)			2022			2019			Change				2022		2019		Change(1)			2022		2019		Change(1)
Hawaii	2		3,507	$	294.71	$	258.75		13.9	%		84.8	%		90.7	%		(5.9	)%	pts	$	249.89	$	234.70		6.5	%	$	437.40	$	403.40		8.4	%
San Francisco	4		3,605		239.61		289.68		(17.3	)		46.9			91.3			(44.4	)			112.39		264.35		(57.5	)		151.78		342.16		(55.6	)
Orlando	3		2,325		234.57		198.13		18.4			61.9			78.0			(16.1	)			145.22		154.62		(6.1	)		289.90		321.75		(9.9	)
New Orleans	1		1,622		200.51		191.92		4.5			59.5			74.4			(14.9	)			119.30		142.76		(16.4	)		205.50		247.05		(16.8	)
Boston	3		1,536		226.73		232.59		(2.5	)		74.3			85.8			(11.5	)			168.49		199.69		(15.6	)		217.43		265.66		(18.2	)
New York	1		1,878		286.64		264.74		8.3			59.3			89.8			(30.5	)			169.86		237.56		(28.5	)		264.80		386.01		(31.4	)
Southern California	5		1,773		248.78		192.53		29.2			74.3			86.3			(12.0	)			184.77		166.11		11.2			273.41		259.48		5.4
Chicago	3		2,467		222.65		205.25		8.5			51.9			74.3			(22.4	)			115.62		152.55		(24.2	)		175.18		238.23		(26.5	)
Key West	2		461		576.54		383.11		50.5			74.8			77.9			(3.1	)			430.97		298.13		44.6			616.55		443.48		39.0
Denver	1		613		182.81		178.48		2.4			67.0			86.1			(19.1	)			122.42		153.67		(20.3	)		182.73		229.12		(20.2	)
Miami	2		901		219.93		177.47		23.9			82.1			88.6			(6.5	)			180.52		157.19		14.8			242.17		222.06		9.1
Washington, D.C.	2		1,085		158.69		172.75		(8.1	)		62.6			75.7			(13.1	)			99.33		130.67		(24.0	)		143.61		192.51		(25.4	)
Seattle	2		1,246		160.97		156.44		2.9			65.7			81.4			(15.7	)			105.77		127.41		(17.0	)		144.63		177.10		(18.3	)
Other	12		4,043		189.33		183.53		3.2			64.5			71.6			(7.1	)			122.21		131.41		(7.0	)		168.17		184.70		(9.0	)
All Markets	43		27,062	$	238.16	$	224.94		5.9	%		64.8	%		82.5	%		(17.7	)%	pts	$	154.21	$	185.46		(16.8	)%	$	238.97	$	286.50		(16.6	)%

(1) Calculated based on unrounded numbers.


35 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Hotels by Market: YTD Q3 2022 vs. YTD Q3 2019


(unaudited, dollars in millions)				Pro-forma Hotel Adjusted EBITDA							Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
	Hotels	Rooms		2022		2019		Change(1)			2022		2019		Change(1)			2022			2019			Change
Hawaii	2		3,507	$	176	$	164		7.5	%	$	419	$	437		(4.2	)%		42.1	%		37.5	%		460		bps
San Francisco	4		3,605		1		105		(99.4	)		149		337		(55.6	)		0.4			31.1			(3,070	)
Orlando	3		2,325		58		66		(11.2	)		184		204		(9.9	)		31.6			32.1			(50	)
New Orleans	1		1,622		32		43		(25.1	)		91		109		(16.8	)		35.1			39.0			(390	)
Boston	3		1,536		28		37		(24.7	)		91		111		(18.1	)		30.4			33.1			(270	)
New York	1		1,878		—		25		(100.1	)		136		198		(31.4	)		—			12.5			(1,250	)
Southern California	5		1,773		45		39		13.6			132		125		5.4			33.6			31.2			240
Chicago	3		2,467		9		32		(72.6	)		118		160		(26.5	)		7.4			19.9			(1,250	)
Key West	2		461		33		21		60.6			78		56		39.0			42.6			36.9			570
Denver	1		613		11		15		(30.2	)		31		38		(20.2	)		34.8			39.7			(490	)
Miami	2		901		22		19		16.4			60		55		9.1			37.0			34.6			240
Washington, D.C.	2		1,085		8		12		(38.1	)		43		57		(25.4	)		17.9			21.6			(370	)
Seattle	2		1,246		6		12		(46.9	)		49		60		(18.3	)		12.9			19.8			(690	)
Other	12		4,043		31		40		(22.0	)		184		206		(8.9	)		17.5			20.4			(290	)
All Markets	43		27,062	$	460	$	630		(27.0	)%	$	1,765	$	2,153		(18.0	)%		26.1	%		29.3	%		(320	)	bps

(1) Calculated based on unrounded numbers.


36 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: Q3 2022 vs. Q3 2019


	(unaudited)	Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma Total RevPAR
		3Q22		3Q19		Change(1)			3Q22			3Q19			Change				3Q22		3Q19		Change(1)			3Q22		3Q19		Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	312.18	$	280.09		11.5	%		92.1	%		95.6	%		(3.5	)%	pts	$	287.56	$	267.85		7.4	%	$	461.45	$	419.26		10.1	%
2	Hilton Waikoloa Village		357.15		256.63		39.2			78.7			84.9			(6.2	)			281.12		217.95		29.0			613.98		462.45		32.8
3	Hilton San Francisco Union Square		226.50		269.14		(15.8	)		61.5			92.6			(31.1	)			139.41		249.44		(44.1	)		190.71		338.65		(43.7	)
4	Parc 55 San Francisco – a Hilton Hotel		225.71		272.95		(17.3	)		61.8			92.6			(30.8	)			139.39		252.65		(44.8	)		155.54		278.06		(44.1	)
5	JW Marriott San Francisco Union Square		308.48		338.49		(8.9	)		76.3			95.6			(19.3	)			235.47		323.57		(27.2	)		333.41		373.99		(10.8	)
6	Hyatt Centric Fisherman's Wharf		242.86		271.91		(10.7	)		80.4			96.9			(16.5	)			195.15		263.38		(25.9	)		249.33		329.54		(24.3	)
7	Signia by Hilton Orlando Bonnet Creek		167.35		148.31		12.8			59.1			65.2			(6.1	)			98.97		96.81		2.2			225.08		221.92		1.4
8	Waldorf Astoria Orlando		297.50		228.46		30.2			55.1			71.0			(15.9	)			163.88		162.27		1.0			309.18		306.81		0.8
9	Hilton Orlando Lake Buena Vista		154.62		133.84		15.5			61.9			66.7			(4.8	)			95.64		89.22		7.2			172.27		171.68		0.3
10	Hilton New Orleans Riverside		175.06		167.90		4.3			55.6			66.9			(11.3	)			97.37		112.37		(13.4	)		177.75		198.52		(10.5	)
11	Hyatt Regency Boston		271.18		281.77		(3.8	)		89.1			96.6			(7.5	)			241.69		272.28		(11.2	)		300.07		333.89		(10.1	)
12	Hilton Boston Logan Airport		266.10		260.55		2.1			94.0			91.9			2.1				250.11		239.36		4.5			308.80		291.19		6.0
13	Boston Marriott Newton		197.61		193.11		2.3			68.0			79.4			(11.4	)			134.31		153.25		(12.4	)		176.27		225.09		(21.7	)
14	New York Hilton Midtown		290.39		270.97		7.2			74.4			95.5			(21.1	)			215.92		258.62		(16.5	)		320.68		380.64		(15.8	)
15	Hilton Santa Barbara Beachfront Resort		419.09		323.88		29.4			88.9			93.1			(4.2	)			372.55		301.45		23.6			528.20		450.12		17.3
16	Hyatt Regency Mission Bay Spa and Marina		377.70		209.30		80.5			66.0			89.2			(23.2	)			249.42		186.75		33.6			395.79		324.80		21.9
17	Hilton Checkers Los Angeles		226.70		217.56		4.2			74.2			90.2			(16.0	)			168.20		196.28		(14.3	)		190.75		227.01		(16.0	)
18	Hilton Chicago		221.09		203.52		8.6			67.8			84.2			(16.4	)			149.79		171.31		(12.6	)		243.50		284.86		(14.5	)
19	W Chicago – City Center		302.48		258.43		17.0			66.0			82.9			(16.9	)			199.52		214.06		(6.8	)		233.56		262.12		(10.9	)
20	W Chicago – Lakeshore		233.60		228.39		2.3			72.3			82.9			(10.6	)			168.88		189.31		(10.8	)		209.25		258.29		(19.0	)
21	Casa Marina Key West, Curio Collection		388.55		290.17		33.9			63.6			73.8			(10.2	)			247.24		214.37		15.3			374.30		328.98		13.8
22	The Reach Key West, Curio Collection		411.00		273.76		50.1			72.3			26.2			46.1				297.11		71.61		314.9			427.72		95.70		346.9
23	Hilton Denver City Center		201.32		183.39		9.8			73.2			94.6			(21.4	)			147.47		173.59		(15.0	)		216.60		248.71		(12.9	)
24	Royal Palm South Beach Miami		205.55		147.40		39.4			75.0			90.1			(15.1	)			154.22		132.88		16.1			211.36		197.17		7.2
25	DoubleTree Hotel Washington DC – Crystal City		150.42		153.60		(2.1	)		72.3			73.8			(1.5	)			108.81		113.38		(4.0	)		149.00		155.68		(4.3	)
26	DoubleTree Hotel San Jose		168.19		220.54		(23.7	)		63.3			84.5			(21.2	)			106.44		186.37		(42.9	)		152.86		257.96		(40.7	)
27	Juniper Hotel Cupertino, Curio Collection		227.23		242.05		(6.1	)		79.2			83.8			(4.6	)			180.02		202.91		(11.3	)		201.28		240.17		(16.2	)
	Sub-total Core Hotels	$	256.48	$	239.26		7.2	%		71.8	%		85.3	%		(13.5	)%	pts	$	184.12	$	204.15		(9.8	)%	$	282.04	$	307.84		(8.4	)%

	All Other Hotels	$	180.64	$	164.70		9.7	%		71.4	%		80.5	%		(9.1	)%	pts	$	129.01	$	132.59		(2.7	)%	$	177.96	$	192.78		(7.7	)%
	Total Consolidated Portfolio	$	238.87	$	222.93		7.2	%		71.7	%		84.2	%		(12.5	)%	pts	$	171.27	$	187.75		(8.8	)%	$	257.78	$	281.47		(8.4	)%

(1) Calculated based on unrounded numbers.


37 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: Q3 2022 vs. Q3 2019


	(unaudited, dollars in millions)	Pro-forma Hotel Adjusted EBITDA								Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
		3Q22		3Q19			Change(1)			3Q22		3Q19		Change(1)			3Q22			3Q19			Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	51	$	44			15.3	%	$	121	$	110		10.1	%		42.0	%		40.1	%		190		bps
2	Hilton Waikoloa Village		15		18			(17.5	)		37		47		(22.6	)		40.4			37.9			250
3	Hilton San Francisco Union Square		3		17			(84.7	)		34		60		(43.7	)		7.8			28.8			(2,100	)
4	Parc 55 San Francisco – a Hilton Hotel		—		8			(97.4	)		15		26		(44.1	)		1.4			30.4			(2,900	)
5	JW Marriott San Francisco Union Square		2		3			(44.4	)		11		12		(10.8	)		14.7			23.6			(890	)
6	Hyatt Centric Fisherman's Wharf		2		3			(41.5	)		7		10		(24.3	)		26.2			33.9			(770	)
7	Signia by Hilton Orlando Bonnet Creek		4		3			19.5			21		21		1.4			19.4			16.5			290
8	Waldorf Astoria Orlando		3		3			8.0			14		14		0.8			18.9			17.6			130
9	Hilton Orlando Lake Buena Vista		3		2			15.1			13		13		0.3			21.2			18.5			270
10	Hilton New Orleans Riverside		7		10			(32.9	)		27		30		(10.5	)		25.3			33.7			(840	)
11	Hyatt Regency Boston		6		7			(9.2	)		14		15		(10.1	)		43.9			43.5			40
12	Hilton Boston Logan Airport		6		5			7.3			17		16		6.0			33.0			32.6			40
13	Boston Marriott Newton		2		3			(33.3	)		7		9		(21.7	)		25.3			29.7			(440	)
14	New York Hilton Midtown		3		9			(63.9	)		55		66		(15.8	)		5.7			13.3			(760	)
15	Hilton Santa Barbara Beachfront Resort		10		8			22.2			17		15		17.3			56.3			54.0			230
16	Hyatt Regency Mission Bay Spa and Marina		5		3			37.1			16		13		21.9			29.1			25.8			330
17	Hilton Checkers Los Angeles		1		1			(45.5	)		3		4		(16.0	)		20.7			31.9			(1,120	)
18	Hilton Chicago		9		10			(7.7	)		35		40		(14.5	)		25.5			23.6			190
19	W Chicago – City Center		2		3			(23.0	)		9		10		(10.9	)		23.6			27.3			(370	)
20	W Chicago – Lakeshore		2		4			(50.1	)		10		12		(19.0	)		18.4			29.9			(1,150	)
21	Casa Marina Key West, Curio Collection		3		2			16.7			11		9		13.8			23.4			22.8			60
22	The Reach Key West, Curio Collection		2		(1	)		356.4			6		1		346.9			26.9			(46.9	)		7,380
23	Hilton Denver City Center		5		5			(12.5	)		12		14		(12.9	)		39.4			39.2			20
24	Royal Palm South Beach Miami		2		2			20.9			8		7		7.2			25.2			22.3			290
25	DoubleTree Hotel Washington DC – Crystal City		2		2			40.4			9		9		(4.3	)		26.7			18.2			850
26	DoubleTree Hotel San Jose		—		4			(92.6	)		7		12		(40.7	)		3.7			29.6			(2,590	)
27	Juniper Hotel Cupertino, Curio Collection		1		2			(20.0	)		4		5		(16.2	)		33.1			34.7			(160	)
	Sub-total Core Hotels	$	151	$	180			(17.6	)%	$	540	$	600		(10.4	)%		27.4	%		29.8	%		(240	)	bps

	All Other Hotels	$	15	$	23			(22.6	)%	$	102	$	113		(7.7	)%		18.2	%		21.7	%		(350	)	bps
	Total Consolidated Portfolio	$	166	$	203			(18.2	)%	$	642	$	713		(10.0	)%		25.9	%		28.5	%		(260	)	bps

(1) Calculated based on unrounded numbers.


38 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: YTD Q3 2022 vs. YTD Q3 2019


	(unaudited)	Pro-forma ADR							Pro-forma Occupancy										Pro-forma RevPAR							Pro-forma 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	$	284.59	$	266.28		6.9	%		86.5	%		94.1	%		(7.6	)%	pts	$	246.10	$	250.41		(1.7	)%	$	398.78	$	402.07		(0.8	)%
2	Hilton Waikoloa Village		344.72		236.54		45.7			77.4			82.2			(4.8	)			266.65		194.23		37.3			608.11		406.83		49.5
3	Hilton San Francisco Union Square		233.89		284.13		(17.7	)		48.0			90.0			(42.0	)			112.28		255.86		(56.1	)		159.79		357.92		(55.4	)
4	Parc 55 San Francisco – a Hilton Hotel		235.41		283.27		(16.9	)		29.2			90.6			(61.4	)			68.85		256.89		(73.2	)		78.28		291.06		(73.1	)
5	JW Marriott San Francisco Union Square		293.69		362.92		(19.1	)		68.8			94.2			(25.4	)			202.11		341.88		(40.9	)		277.97		423.35		(34.3	)
6	Hyatt Centric Fisherman's Wharf		212.60		263.04		(19.2	)		73.6			97.2			(23.6	)			156.50		255.80		(38.8	)		203.84		323.56		(37.0	)
7	Signia by Hilton Orlando Bonnet Creek		211.47		187.86		12.6			61.3			76.9			(15.6	)			129.58		144.48		(10.3	)		299.40		342.86		(12.7	)
8	Waldorf Astoria Orlando		377.11		281.97		33.7			59.7			76.3			(16.6	)			224.99		214.93		4.7			412.84		417.45		(1.1	)
9	Hilton Orlando Lake Buena Vista		180.11		161.37		11.6			64.1			80.6			(16.5	)			115.42		130.01		(11.2	)		202.31		236.57		(14.5	)
10	Hilton New Orleans Riverside		200.51		191.92		4.5			59.5			74.4			(14.9	)			119.30		142.76		(16.4	)		205.50		247.05		(16.8	)
11	Hyatt Regency Boston		254.60		250.63		1.6			71.9			94.5			(22.6	)			183.17		237.07		(22.7	)		233.98		300.34		(22.1	)
12	Hilton Boston Logan Airport		225.93		244.31		(7.5	)		89.6			86.7			2.9				202.41		211.89		(4.5	)		254.18		270.17		(5.9	)
13	Boston Marriott Newton		186.46		186.69		(0.1	)		55.6			74.4			(18.8	)			103.68		138.94		(25.4	)		146.51		218.85		(33.1	)
14	New York Hilton Midtown		286.64		264.74		8.3			59.3			89.8			(30.5	)			169.86		237.56		(28.5	)		264.80		386.01		(31.4	)
15	Hilton Santa Barbara Beachfront Resort		377.74		281.62		34.1			79.6			84.4			(4.8	)			300.72		237.79		26.5			434.22		373.27		16.3
16	Hyatt Regency Mission Bay Spa and Marina		310.68		189.75		63.7			63.0			80.5			(17.5	)			195.85		152.79		28.2			327.33		280.48		16.7
17	Hilton Checkers Los Angeles		222.70		224.02		(0.6	)		66.5			87.4			(20.9	)			148.01		195.69		(24.4	)		168.66		224.65		(24.9	)
18	Hilton Chicago		209.50		193.52		8.3			51.5			75.8			(24.3	)			107.91		146.74		(26.5	)		185.55		255.40		(27.3	)
19	W Chicago – City Center		290.20		250.63		15.8			49.7			73.4			(23.7	)			144.29		184.06		(21.6	)		172.69		230.31		(25.0	)
20	W Chicago – Lakeshore		211.85		206.11		2.8			54.9			70.5			(15.6	)			116.26		145.36		(20.0	)		146.29		193.38		(24.4	)
21	Casa Marina Key West, Curio Collection		574.03		386.68		48.5			73.6			83.3			(9.7	)			422.69		322.26		31.2			607.59		487.05		24.7
22	The Reach Key West, Curio Collection		581.53		373.83		55.6			77.1			66.4			10.7				448.15		248.09		80.6			635.15		353.14		79.9
23	Hilton Denver City Center		182.81		178.48		2.4			67.0			86.1			(19.1	)			122.42		153.67		(20.3	)		182.73		229.12		(20.2	)
24	Royal Palm South Beach Miami		285.68		204.01		40.0			77.7			93.9			(16.2	)			221.91		191.60		15.8			288.64		266.16		8.4
25	DoubleTree Hotel Washington DC – Crystal City		151.87		164.65		(7.8	)		69.1			74.5			(5.4	)			104.89		122.59		(14.4	)		140.88		166.94		(15.6	)
26	DoubleTree Hotel San Jose		163.38		229.78		(28.9	)		58.2			85.3			(27.1	)			95.03		195.81		(51.5	)		136.91		273.00		(49.8	)
27	Juniper Hotel Cupertino, Curio Collection		200.19		254.79		(21.4	)		64.9			83.8			(18.9	)			129.95		213.46		(39.1	)		150.92		252.17		(40.2	)
	Sub-total Core Hotels	$	257.19	$	241.47		6.5	%		63.7	%		84.4	%		(20.7	)%	pts	$	163.92	$	203.89		(19.6	)%	$	259.47	$	318.31		(18.5	)%

	All Other Hotels	$	179.54	$	162.97		10.2	%		68.1	%		75.8	%		(7.7	)%	pts	$	122.26	$	123.46		(1.0	)%	$	171.51	$	179.49		(4.4	)%
	Total Consolidated Portfolio	$	238.16	$	224.94		5.9	%		64.8	%		82.5	%		(17.7	)%	pts	$	154.21	$	185.46		(16.8	)%	$	238.97	$	286.50		(16.6	)%

(1) Calculated based on unrounded numbers.


39 \|


	Portfolio and Operating Metrics (continued)

	Pro-forma Core Hotels: YTD Q3 2022 vs. YTD Q3 2019


	(unaudited, dollars in millions)	Pro-forma Hotel Adjusted EBITDA								Pro-forma Hotel Revenue							Pro-forma Hotel Adjusted EBITDA Margin
		2022			2019		Change(1)			2022		2019		Change(1)			2022			2019			Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	134		$	124		7.7	%	$	311	$	314		(0.8	)%		43.0	%		39.6	%		340		bps
2	Hilton Waikoloa Village		43			40		6.7			107		123		(12.9	)		39.6			32.3			730
3	Hilton San Francisco Union Square		—			58		(100.2	)		84		188		(55.4	)		(0.2	)		31.0			(3,120	)
4	Parc 55 San Francisco – a Hilton Hotel		(6	)		27		(122.4	)		22		81		(73.1	)		(27.1	)		32.6			(5,970	)
5	JW Marriott San Francisco Union Square		3			11		(71.3	)		26		40		(34.3	)		12.3			28.1			(1,580	)
6	Hyatt Centric Fisherman's Wharf		4			9		(60.7	)		18		28		(37.0	)		20.0			32.0			(1,200	)
7	Signia by Hilton Orlando Bonnet Creek		27			33		(18.6	)		82		94		(12.7	)		32.8			35.2			(240	)
8	Waldorf Astoria Orlando		18			16		8.8			57		57		(1.1	)		31.1			28.3			280
9	Hilton Orlando Lake Buena Vista		14			16		(16.0	)		45		53		(14.5	)		30.1			30.6			(50	)
10	Hilton New Orleans Riverside		32			43		(25.1	)		91		109		(16.8	)		35.1			39.0			(390	)
11	Hyatt Regency Boston		12			17		(27.8	)		32		41		(22.1	)		37.9			40.9			(300	)
12	Hilton Boston Logan Airport		12			13		(6.7	)		42		44		(5.7	)		28.2			28.5			(30	)
13	Boston Marriott Newton		4			7		(48.9	)		17		26		(33.1	)		21.8			28.5			(670	)
14	New York Hilton Midtown		—			25		(100.1	)		136		198		(31.4	)		—			12.5			(1,250	)
15	Hilton Santa Barbara Beachfront Resort		21			17		28.2			43		37		16.3			50.0			45.4			460
16	Hyatt Regency Mission Bay Spa and Marina		11			7		47.0			39		33		17.1			27.1			21.6			550
17	Hilton Checkers Los Angeles		2			4		(54.8	)		9		12		(24.9	)		19.4			32.2			(1,280	)
18	Hilton Chicago		8			21		(59.0	)		78		108		(27.3	)		10.8			19.2			(840	)
19	W Chicago – City Center		1			6		(79.0	)		19		25		(25.0	)		6.8			24.4			(1,760	)
20	W Chicago – Lakeshore		(1	)		5		(119.0	)		21		27		(24.4	)		(4.7	)		18.9			(2,360	)
21	Casa Marina Key West, Curio Collection		22			16		39.7			52		41		24.7			42.2			37.7			450
22	The Reach Key West, Curio Collection		11			5		126.4			26		14		79.9			43.3			34.4			890
23	Hilton Denver City Center		11			15		(30.2	)		31		38		(20.2	)		34.8			39.7			(490	)
24	Royal Palm South Beach Miami		12			11		14.8			31		29		8.4			39.9			37.7			220
25	DoubleTree Hotel Washington DC – Crystal City		6			6		—			24		29		(15.6	)		26.6			22.4			420
26	DoubleTree Hotel San Jose		—			11		(98.3	)		19		38		(49.8	)		1.0			30.2			(2,920	)
27	Juniper Hotel Cupertino, Curio Collection		2			6		(63.4	)		9		15		(40.2	)		22.5			36.8			(1,430	)
	Sub-total Core Hotels	$	403		$	569		(29.3	)%	$	1,471	$	1,842		(20.3	)%		27.3	%		30.8	%		(350	)	bps

	All Other Hotels	$	57		$	61		(6.1	)%	$	294	$	311		(4.4	)%		19.7	%		20.1	%		(40	)	bps
	Total Consolidated Portfolio	$	460		$	630		(27.0	)%	$	1,765	$	2,153		(18.0	)%		26.1	%		29.3	%		(320	)	bps

(1) Calculated based on unrounded numbers.


40 \|

Properties Acquired and Sold

Hyatt Regency Boston Caribe Hilton W New Orleans - French Quarter


41 \|


	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.


42 \|


	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

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(4)	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(5)	Las Vegas, Nevada	October 2022		190		11.2
2022 Total (7 Hotels)				2,207	$	316.9

Grand Total(6) (35 Hotels)				9,739	$	2,017.3

__________________________________________________________________________________

(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.

(4) 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.

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

(6) To date, Park has sold its interest in 35 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.


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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


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	Capital Structure

	Fixed and Variable Rate Debt


(unaudited, dollars in millions)
Debt	Collateral	Interest Rate	Maturity Date	As of September 30, 2022
Fixed Rate Debt
Mortgage loan	Hilton Denver City Center	4.90%	March 2023(1)	$	57
Mortgage loan	Hilton Checkers Los Angeles	4.11%	March 2023		26
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		163
Mortgage loan	DoubleTree Hotel Ontario Airport	5.37%	May 2027		30
2025 Senior Secured Notes		7.50%	June 2025		650
2028 Senior Secured Notes		5.88%	October 2028		725
2029 Senior Secured Notes		4.88%	May 2029		750
Total Fixed Rate Debt		5.04%(2)			4,622

Variable Rate Debt
Revolver(3)	Unsecured	L + 1.80%(4)	December 2023		—
2019 Term Facility	Unsecured	L + 1.70%(4)	August 2024		78
Total Variable Rate Debt		4.51%(2)			78

Add: unamortized premium					3
Less: unamortized deferred financing costs and discount					(33	)
Total Debt(5)		5.03%(2)		$	4,670

(1) The loan matures in August 2042 but is callable by the lender with six months of notice. As of September 30, 2022, Park had not received notice from the lender.

(2) Calculated on a weighted average basis.

(3) Park has $901 million of available capacity under the revolving credit facility (“Revolver”).

(4) Upon exiting the covenant relief period under Park’s credit facilities in July 2022, the applicable margins of the Revolver and 2019 Term Facility decreased by 1.20% and 0.95%, respectively.

(5) Excludes $170 million of Park’s share of debt of its unconsolidated joint ventures.


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		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


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	Definitions

Pro-forma

The Company presents certain data for its consolidated hotels on a Pro-forma hotel basis as supplemental information for investors: Pro-forma Hotel Revenues, Pro-forma RevPAR, Pro-forma Total RevPAR, Pro-forma occupancy, Pro-forma ADR, Pro-forma Adjusted EBITDA, Pro-forma Hotel Adjusted EBITDA and Pro-forma Hotel Adjusted EBITDA Margin and Net debt to Pro-forma Adjusted EBITDA ratio. The Company presents Pro-forma hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s Pro-forma metrics exclude results from property dispositions that have occurred through November 2, 2022 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:

• 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.


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	Definitions (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. 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.


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	Definitions (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; 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. 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 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.


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	Definitions (continued)

Average Daily Rate

ADR 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 total number of room nights available to guests for a given period. Room nights available to guests have not been adjusted for 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 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.


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	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
Neil Malkin	Capital One Securities	(571) 633-8191	neil.malkin@capitalone.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


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Dates Referenced Herein and Documents Incorporated by Reference

This ‘8-K’ Filing	Date	Other Filings

	12/31/22
Filed on / For Period end:	11/2/22
	9/30/22
	6/30/22	10-Q
	3/31/22	10-Q
	12/31/21	10-K, 5
	12/31/20	10-K
	12/31/19	10-K
	9/30/19	10-Q, 4
	9/18/19	3, 4, 8-K
		List all Filings

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Filing Submission 0000950170-22-021268 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Park Hotels & Resorts Inc. – ‘8-K’ for 11/2/22 – ‘EX-99.2’

On: Wednesday, 11/2/22, at 4:22pm ET · For: 11/2/22 · Accession #: 950170-22-21268 · File #: 1-37795

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