First Quarter 2021

Supplemental Data

MARCH 31, 2021

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 59 premium-branded hotels and resorts with over 33,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

Forward-Looking Statements

This supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park's current expectations regarding the performance of its business, financial results, liquidity and capital resources, including the expected reopening dates for the Company's hotels and dates that its properties will break even or achieve positive Hotel Adjusted EBITDA, 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. Currently, one of the most significant factors continues to be the adverse effect of COVID-19, including possible resurgences, on the Company's financial condition, results of operations, cash flows and performance, its hotel management companies and its hotels' tenants, and the global economy and financial markets. COVID-19 has significantly affected the Company's business, and the extent to which COVID-19 continues to affect the Company, its hotel managers, tenants and guests at the Company's hotels will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its effect, the emergence of virus variants, the efficacy, availability and deployment of vaccinations and other treatments to combat COVID-19, including public adoption rates of COVID-19 vaccines, additional closures that may be mandated or advisable even after the reopening of certain of the Company's hotels on a limited basis, whether due to an increased number of COVID-19 cases or otherwise, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, investors are cautioned to interpret many of the risks identified in the risk factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may 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, 2020, 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.

Portfolio and Operating Metrics

17

4.

Properties Acquired & Sold

28

5.

Liquidity and Capital Structure

31

6.

Definitions

34

3 |

Financial Statements

4 |

Financial Statements

Condensed Consolidated Balance Sheets

(in millions, except share and per share data)

March 31, 2021

December 31, 2020

ASSETS

Property and equipment, net

$

9,125

9,193

Investments in affiliates

14

14

Intangibles, net

44

45

Cash and cash equivalents

868

951

Restricted cash

32

30

Accounts receivable, net of allowance for doubtful accounts of $2 and $3

38

26

Prepaid expenses

35

39

Other assets

53

60

Operating lease right-of-use assets

225

229

TOTAL ASSETS (variable interest entities - $228 and $229)

$

10,434

$

10,587

LIABILITIES AND EQUITY

Liabilities

Debt

$

5,121

5,121

Accounts payable and accrued expenses

196

147

Due to hotel managers

80

88

Deferred income tax liabilities

10

10

Other liabilities

134

134

Operating lease liabilities

240

244

Total liabilities (variable interest entities - $215 and $213)

5,781

5,744

Stockholders' Equity

Common stock, par value $0.01 per share, 6,000,000,000 shares

authorized, 236,832,708 shares issued and 236,435,153 shares outstanding

as of March 31, 2021 and 236,217,344 shares issued and 235,915,749

shares outstanding as of December 31, 2020

2

2

Additional paid-in capital

4,520

4,519

Retained earnings

185

376

Accumulated other comprehensive loss

(3)

(4)

Total stockholders' equity

4,704

4,893

Noncontrolling interests

(51)

(50)

Total equity

4,653

4,843

TOTAL LIABILITIES AND EQUITY

$

10,434

$

10,587

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Park Hotels & Resorts Inc. published this content on 06 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2021 20:22:05 UTC.