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We continue to execute on our strategic priorities, disposing of three non-core assets in 2024, including the sale of two joint venture hotels for a combined $200 million, and since 2017, we have disposed of 45 hotels for over $3 billion as we continue to make significant progress reshaping our portfolio. Additionally, we returned over $400 million of capital back to our shareholders, including repurchasing 8.0 million shares of our common stock, addressed our 2025 debt maturities and reinvested nearly $230 million back into our portfolio. Building on this momentum, we are excited to announce the $100 million transformative renovation at the Royal Palm South Beach Miami, scheduled to begin late spring, alongside the second phase of guestroom renovations and room conversions at our Hawaii and New Orleans hotels. We remain laser-focused on creating long-term shareholder value, and despite expected renovation disruption at the Royal Palm South Beach Miami of 110 basis points to 2025 Comparable RevPAR, we expect Comparable RevPAR growth to be between 0.0% and 3.0%."

Additional Highlights

• During 2024, repurchased 8.0 million shares of common stock for a total purchase price of $116 million at an average purchase price of $14.44 per share;

• Declared a total of $1.40 of dividends to stockholders in 2024, which includes a dividend of $0.65 during the fourth quarter, comprised of a regular quarterly dividend and a top-off dividend based on 2024 operating results;

• Recognized by Newsweek as one of America's Most Responsible Companies in 2024 and 2025, the fifth time Park has been included in the annual survey, as well as one of America's Most Trustworthy Companies for 2024. Park also received the 2024 ENERGY STAR Partner of the Year Award for Energy Management for the second consecutive year, the only hotel company to once again earn this recognition for its energy management program;

• The Waldorf Astoria Orlando was ranked 9^th in the world by Condé Nast Traveler in its prestigious 2024 Readers’ Choice Awards for the Best Resorts in the World, following the over $220 million transformative expansion and full-scale renovation of the Waldorf Astoria Orlando and Signia by Hilton Orlando Bonnet Creek hotels, including the opening of the Waterside Ballroom, in January 2024;

• In December 2024, the consolidated joint venture that owned the 375-room DoubleTree Hotel Spokane City Center sold the hotel for gross proceeds of $35 million, or approximately $93,000 per key. When adjusted for Park’s anticipated capital expenditures ("capex"), the sale price represents a 6.2% capitalization rate on trailing 12-month net operating income (9.2% excluding capex), or 13.0x trailing 12-month EBITDA (8.7x excluding capex). Proceeds from the sale were used to repay the $13.5 million mortgage on the property and the approximately $10 million representing Park's pro rata share of the remaining net proceeds will be used for general corporate purposes;

• In August 2024, permanently closed the 360-room Hilton Oakland Airport, which incurred an EBITDA loss of nearly $4 million for the trailing twelve months, and subsequently terminated its ground lease, returning the property to the ground lessor;

• In July 2024, the unconsolidated joint venture that owned and operated the Hilton La Jolla Torrey Pines sold the hotel for gross proceeds of approximately $165 million, and the Company's pro-rata share of the gross proceeds was approximately $41 million, which was reduced by Park's portion of debt of approximately $17 million; and

• In May 2024, issued $550 million of 7.0% senior notes due 2030 ("2030 Senior Notes") and amended the Company's existing credit agreement to include a new $200 million senior unsecured term loan facility due May 2027 ("2024 Term Loan"). Net proceeds from the 2030 Senior Notes and the 2024 Term Loan were used to repurchase or redeem all of the $650 million of 7.5% senior notes due in 2025 ("2025 Senior Notes"), and the remainder was used for general corporate purposes.

Operational Update

Results for Park's Comparable hotels in each of the Company’s key markets and by hotel type are as follows:

During 2024, Park continued to see improvements in group demand at its resort hotels that benefited from comprehensive renovation and expansion projects, as well as certain of its urban hotels, with Comparable group revenues increasing by over 8% year-over-year despite the impact of strike and related labor activity primarily during the fourth quarter. During the fourth quarter, excluding the impact of strike and related labor activity, Comparable RevPAR growth was over 3% year-over-year, driven by increased group business at Park's Florida hotels. Following recent transformative renovations, group revenues at the Waldorf Astoria Orlando increased nearly 56%, driving an increase in RevPAR of over 76%, compared to the fourth quarter of 2023, and group revenues at the Casa Marina Key West, Curio Collection, increased by nearly 89%, driving RevPAR growth of nearly 77% as rooms were closed until December 2023. Additionally, the Hilton New York Midtown and the Hilton Chicago benefited from increased group revenues of 16% and 7%, respectively, compared to the fourth quarter of 2023, which drove increases in RevPAR of nearly 4% and 15%, respectively.

At the end of December 2024, Comparable Group Revenue Pace and room night bookings for 2025 increased nearly 6% and 2%, respectively, as compared to what 2024 group bookings were at the end of December 2023, with 2025 average Comparable group rates projected to exceed 2024 average Comparable group rates by nearly 4% for the same time period.

Strike and Related Labor Activity Update

Beginning in late September 2024, the operations at four of Park's hotels were impacted by strike and related labor activity including: the 2,860-room Hilton Hawaiian Village Waikiki Beach Resort; the 604-room Hilton Boston Logan Airport; the 850-room DoubleTree Hotel Seattle Airport; and the 396-room Hilton Seattle Airport & Conference Center. Following negotiations between the operators and labor unions at these hotels, in November 2024, long-term labor agreements were ratified, and standard hotel operations resumed. Park experienced $32 million of Comparable Hotel Adjusted EBITDA disruption related to strike and related labor activity during the full-year ended December 31, 2024, with minimal impact expected on 2025 performance.

The impact of strike and related labor activity on quarterly and full-year 2024 Comparable RevPAR and Comparable Hotel Adjusted EBITDA margin is outlined below:

Balance Sheet and Liquidity

As of December 31, 2024, Park's liquidity was approximately $1.4 billion, including $950 million of available capacity under the Company's revolving credit facility ("Revolver"). In addition, Park's Net Debt was approximately $3.6 billion, which excludes the $725 million non-recourse CMBS Loan ("SF Mortgage Loan") secured by the 1,921-room Hilton San Francisco Union Square and 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the "Hilton San Francisco Hotels"), which were placed in receivership in October 2023.

As of December 31, 2024, the weighted average maturity of Park's consolidated debt, excluding the SF Mortgage Loan, is 3.2 years.

Park had the following debt outstanding as of December 31, 2024:

Capital Investments

In January 2024, Park completed the over $220 million project at its Bonnet Creek Orlando complex. The project included the addition of the Waterside Ballroom and Central Park Ballroom, as well as renovations to guestrooms, existing meeting space, lobbies, food and beverage outlets, the golf course, and other recreational amenities. In November 2024, Park completed phase one of guestroom renovations totaling $16 million at the Main Tower at the Hilton New Orleans Riverside, and, thus far in 2025, Park has completed the first phase of guestroom renovations and room conversions of the Rainbow Tower at the Hilton Hawaiian Village Waikiki Beach Resort and of the Palace Tower at the Hilton Waikoloa Village, totaling nearly $76 million. During 2024, Park spent nearly $230 million on capital improvements at its hotels, with nearly $65 million spent during the fourth quarter.

During 2025, Park expects to spend approximately $310 million to $330 million in capital expenditures, including the $100 million transformative renovation at the Royal Palm South Beach Miami, a Tribute Portfolio Resort, as well as continuing the second phase of guestroom renovations and room conversions at its Hawaii and New Orleans hotels.

The transformative renovation at the Royal Palm South Beach Miami, a Tribute Portfolio Resort, will include a full renovation of all 393 guestrooms at the oceanfront hotel, along with the addition of 11 new guestrooms. The project is expected to generate a 15% to 20% return on investment. Hotel operations are currently expected to be suspended in mid-May 2025, with reopening planned for May 2026, resulting in an anticipated $17 million of disruption to Hotel Adjusted EBITDA for 2025.

Recent and upcoming renovations and return on investment projects ("ROI") include:

Dividends

Park declared a fourth quarter 2024 cash dividend of $0.65 per share to stockholders of record as of December 31, 2024, which included Park’s regular quarterly dividend of $0.25 coupled with a $0.40 top off dividend based on 2024 operating results. The fourth quarter 2024 cash dividend was paid on January 15, 2025. The fourth quarter dividend, together with the regular cash dividends declared for the first three quarters of 2024, represent an annual yield of 10% based on the closing stock price as of December 31, 2024.

On February 14, 2025, Park declared a first quarter 2025 cash dividend of $0.25 per share to be paid on April 15, 2025 to stockholders of record as of March 31, 2025.

Full-Year 2025 Outlook

Park expects full-year 2025 operating results to be as follows:

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

• Except where noted, includes the impact of renovations at the Royal Palm South Beach Miami, a Tribute Portfolio Resort, of approximately $17 million of Hotel Adjusted EBITDA and 40 bps of Comparable Hotel Adjusted EBITDA margin;

• Adjusted FFO excludes $35 million of default interest and late payment administrative fees associated with default of the SF Mortgage Loan through July 15, 2025 (when foreclosure is expected), which began in June 2023 and is required to be recognized in interest expense until legal title to the Hilton San Francisco Hotels are transferred;

• Fully diluted weighted average shares for the full-year 2025 of 202 million; and

• Park's portfolio as of February 19, 2025 and does not take into account potential future acquisitions, dispositions or any financing transactions, which could result in a material change to Park’s outlook.

Park's full-year 2025 outlook is based on a number of factors, many of which are outside the Company's control, including uncertainty surrounding macro-economic factors, such as inflation, changes in interest rates and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of which are subject to change.

Supplemental Disclosures

In conjunction with this release, Park has furnished a financial supplement with additional disclosures on its website. Visit www.pkhotelsandresorts.com for more information. Park has no obligation to update any of the information provided to conform to actual results or changes in Park’s portfolio, capital structure or future expectations.

Corporate Responsibility

In December 2024, Park published its 2024 Annual Corporate Responsibility Report ("CR Report"), which aligns with globally utilized frameworks including the Task Force on Climate-Related Financial Disclosures ("TCFD"), Sustainability Accounting Standards Board ("SASB"), United Nations Sustainable Development Goals ("UNSDGs") and Global Reporting Initiative ("GRI"). The 2024 CR Report details Park's energy, carbon, water and waste metrics and also highlights the Company's sustainability and corporate responsibility efforts, including the efforts of Park's subcommittees - the Green Park Committee and the Park Cares Committee.

Park participated in the 2024 Global Real Estate Sustainability Benchmark ("GRESB") assessment for the fifth consecutive year, demonstrating the Company's continued support of its overall corporate responsibility program and desire to make meaningful improvements toward decarbonization. Park ranked in the top 30% of all publicly listed GRESB participant companies in the Americas and registered a one-point increase over 2023. Since 2020, Park’s GRESB Real Estate Assessment score has increased nine points overall. Furthermore, Park continued to achieve a GRESB Public Disclosure score of "A" in 2024.

Additionally, Park was recognized by Newsweek as one of America's Most Responsible Companies in 2024 and 2025, the fifth time Park has been included in the annual survey, as well as one of America's Most Trustworthy Companies for 2024. The Company was named an ENERGY STAR® Partner of the Year in 2024 for Energy Management for its outstanding contributions in the transition to a clean energy economy for the second consecutive year. Furthermore, eight of Park's properties earned the ENERGY STAR® Certification for Superior Energy Performance during 2024, including its largest hotel, the Hilton Hawaiian Village Waikiki Beach Resort.

Conference Call

Park will host a conference call for investors and other interested parties to discuss fourth quarter and full-year 2024 results on February 20, 2025 beginning at 11 a.m. Eastern Time. Participants may listen to the live webcast by logging onto the Investors section of the website at www.pkhotelsandresorts.com. Alternatively, participants may listen to the live call by dialing (877) 451-6152 in the United States or (201) 389-0879 internationally and requesting Park Hotels & Resorts’ Fourth Quarter and Full-Year 2024 Earnings Conference Call. Participants are encouraged to dial into the call or link to the webcast at least ten minutes prior to the scheduled start time.

A replay of the webcast will be available within 24 hours after the live event on the Investors section of Park’s website.

Annual Stockholders Meeting

Park will host its 2025 Annual Stockholders Meeting on April 25, 2025 at 8:00 am ET at 1775 Tysons Boulevard, Tysons, Virginia. Park's Board has established the close of business on March 3, 2025 as the record date for determining those stockholders that are entitled to vote at the 2025 Annual Stockholders Meeting.

Forward-Looking Statements

This press release 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 the effects of Park's decision to cease payments on its $725 million SF Mortgage Loan secured by the Hilton San Francisco Hotels and the lender's exercise of its remedies, including placing such hotels into receivership, the impact of strike and related labor activity on Park (and its third-party managers' ability to rebook group events that have been cancelled as a result of such activity) or any future strike or related labor activity, as well as Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including anticipated repayment of certain of Park's indebtedness, the completion of capital allocation priorities, the expected repurchase of Park's stock, the impact from macroeconomic factors (including elevated inflation and interest rates, potential economic slowdown or a recession and geopolitical conflicts), the effects of competition and the effects of future legislation, executive action or regulations, tariffs, the expected completion of anticipated dispositions, the declaration, payment and any change in amounts of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," "hopes" or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Park’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events.

All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: "Risk Factors" in Park’s Annual Report on Form 10-K for the year ended December 31, 2023, 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.

Non-GAAP Financial Measures

Park presents certain non-GAAP financial measures in this press release, including Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, FFO per share, Adjusted FFO per share, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin and Net Debt. 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 press release including the "Definitions" section for additional information and reconciliations of such non-GAAP financial measures.

About Park

Park is one of the largest publicly-traded lodging real estate investment trusts ("REIT") with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 40 premium-branded hotels and resorts with approximately 25,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.