Park Hotels & Resorts (PK) Investor presentation summary

Mission and investment strategy

• Aims to be a leading lodging REIT, delivering superior risk-adjusted returns through active asset management and a disciplined growth strategy.

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

• Emphasizes prudent capital allocation and maintaining a strong, flexible balance sheet.

Portfolio overview and segmentation

• Operates 30 hotels with over 21,000 rooms, with 21 core hotels accounting for 95%+ of portfolio value.

• Core hotels are concentrated in top U.S. markets such as Hawaii, Orlando, New York, and Key West.

• Core hotels deliver higher RevPAR ($220), EBITDA margin (30%), and EBITDA/key ($40K) than non-core hotels.

• Revenue is diversified across rooms, food & beverage, and ancillary services, with a strong leisure and group segment mix.

Financial performance and growth outlook

• Core portfolio expected to achieve 5%-7% EBITDA CAGR through 2029, with $90M near-term EBITDA upside.

• Attractive dividend yield of 6.6% and a 22% discount to consensus NAV, with implied market value per key at $348K.

• Over $1.6B invested in core hotels since 2018, with major ROI projects averaging 20%+ returns.

• 2026 outlook raised: RevPAR guidance $198-$201, Adjusted EBITDA $617M-$637M, and Adjusted FFO per share $1.90-$2.00.