Third Quarter 2021 Supplemental Data

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 54 premium-branded hotels and resorts with approximately 32,000 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 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 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 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	18
4.	Properties Acquired & Sold	37
5.	Capital Structure	40
6.	Definitions	42

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Financial Statements

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Financial Statements

Condensed Consolidated Balance Sheets

(in millions, except share and per share data)		September 30, 2021		December 31, 2020
ASSETS		(unaudited)
Property and equipment, net	$	8,549					9,193
Investments in affiliates		14				14
Intangibles, net		44				45
Cash and cash equivalents		772					951
Restricted cash		70				30
Accounts receivable, net of allowance for doubtful accounts of $2 and $3		62					26
Prepaid expenses		34				39
Other assets		34				60
Operating lease right-of-use assets		215					229
TOTAL ASSETS (variable interest entities - $239 and $229)	$	9,794				$	10,587
LIABILITIES AND EQUITY
Liabilities
Debt	$	4,670					5,121
Accounts payable and accrued expenses		204				147
Due to hotel managers		96				88
Deferred income tax liabilities		9				10
Other liabilities		115				134
Operating lease liabilities		232				244
Total liabilities (variable interest entities - $218 and $213)		5,326					5,744
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares
authorized, 236,884,447 shares issued and 236,479,696 shares outstanding
as of September 30, 2021 and 236,217,344 shares issued and 235,915,749
shares outstanding as of December 31, 2020		2				2
Additional paid-in capital		4,529					4,519
(Accumulated deficit) retained earnings		(16)				376
Accumulated other comprehensive loss		-		(4)
Total stockholders' equity		4,515					4,893
Noncontrolling interests		(47)				(50)
Total equity		4,468					4,843
TOTAL LIABILITIES AND EQUITY	$	9,794				$	10,587

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