Park Hotels & Resorts (PK) investor relations material

Mission and investment strategy

• Aims to be a leading lodging REIT, delivering superior risk-adjusted returns through active asset management and a thoughtful growth strategy while maintaining a strong, flexible balance sheet.

• Focuses on upper-upscale and luxury, full-service hotels in premier urban and resort destinations, affiliated with dominant global brands.

• Emphasizes active asset management, prudent capital allocation, and maintaining a robust balance sheet.

Portfolio overview and segmentation

• Operates 32 hotels with approximately 22,000 rooms, with 21 core hotels accounting for over 95% of portfolio value.

• Core hotels are concentrated in top markets such as Hawaii, Orlando, New York, and Key West, generating the majority of EBITDA.

• Revenue is primarily driven by rooms (60%) and food & beverage, with core hotels contributing 84% of rooms revenue.

Core vs. non-core strategy and value creation

• Strategic focus on disposing of non-core hotels to enhance growth and portfolio quality; 11 non-core hotels remain, targeted for sale.

• Core hotels deliver higher RevPAR ($214), EBITDA margin (30%), and EBITDA per key ($39K) compared to non-core assets.

• Dispositions are expected to materially increase valuation and earnings upside, with a robust pipeline for further growth.