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Exhibit 99.2
THIRD QUARTER 2025
SUPPLEMENTAL DATA
SEPTEMBER 30, 2025
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ABOUT PARK AND SAFE HARBOR DISCLOSURE
About Park Hotels & Resorts Inc.
Park (NYSE: PK) 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 38 premium-branded hotels and resorts with over 24,000 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 the effects of Park’s decision to
cease payments on its $725 million non-recourse CMBS loan (“SF Mortgage Loan”) secured by two of Park’s San Francisco hotels – the 1,921-room Hilton San
Francisco Union Square and the 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the “Hilton San Francisco Hotels”) and Park’s expectation that
the hotels will be sold by the court-appointed receiver by November 21, 2025, with the buyer assuming the SF Mortgage Loan at that time, as well as Park’s
current expectations regarding the performance of its business, financial results, liquidity and capital resources, including the use of proceeds from Park’s new
$800 million senior unsecured delayed draw term loan facility (“2025 Delayed Draw Term Loan”) and the 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 or trends, including trade policy, travel barriers or changes in travel
preferences for U.S. destinations, including as a result of the government shutdown), 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, 2024, as such factors may be updated from time to time in Park’s
filings with the Securities and Exchange Commission (“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 presents certain non-generally accepted accounting principles (“GAAP”) financial measures in this presentation, 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, 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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HILTON NEW ORLEANS RIVERSIDE
TABLE OF CONTENTS
Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Supplementary Financial Information  . . . . . . . . . . . . . . . . . . . .
Outlook and Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Portfolio and Operating Metrics  . . . . . . . . . . . . . . . . . . . . . . . . .
Properties Acquired and Sold . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Analyst Coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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WALDORF ASTORIA ORLANDO
FINANCIAL
STATEMENTS
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HILTON WAIKOLOA VILLAGE
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
September 30, 2025
December 31, 2024
(unaudited)
ASSETS
Property and equipment, net
$7,174
$7,398
Contract asset
868
820
Intangibles, net
41
41
Cash and cash equivalents
278
402
Restricted cash
31
38
Accounts receivable, net of allowance for doubtful accounts of $3 and $4
124
131
Prepaid expenses
55
69
Other assets
78
71
Operating lease right-of-use assets
181
191
TOTAL ASSETS (variable interest entities – $209 and $223)
$8,830
$9,161
LIABILITIES AND EQUITY
Liabilities
Debt
$3,839
$3,841
Debt associated with hotels in receivership
725
725
Accrued interest associated with hotels in receivership
143
95
Accounts payable and accrued expenses
237
226
Dividends payable
56
138
Due to hotel managers
107
138
Other liabilities
182
179
Operating lease liabilities
215
225
Total liabilities (variable interest entities – $196 and $201)
5,504
5,567
Stockholders’ Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 200,945,761 shares
issued and 199,911,257 shares outstanding as of September 30, 2025 and 203,407,320 shares
issued and 202,553,194 shares outstanding as of December 31, 2024
2
2
Additional paid-in capital
4,027
4,063
Accumulated deficit
(647)
(420)
Total stockholders’ equity
3,382
3,645
Noncontrolling interests
(56)
(51)
Total equity
3,326
3,594
TOTAL LIABILITIES AND EQUITY
$8,830
$9,161
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HILTON WAIKOLOA VILLAGE
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Revenues
Rooms
$370
$403
$1,134
$1,193
Food and beverage
150
157
512
521
Ancillary hotel
67
68
198
196
Other
23
21
68
64
Total revenues
610
649
1,912
1,974
Operating expenses
Rooms
106
107
311
314
Food and beverage
112
112
357
356
Other departmental and support
148
154
451
454
Other property
56
65
163
174
Management fees
27
30
88
93
Impairment and casualty loss
—
—
70
13
Depreciation and amortization
78
63
269
192
Corporate general and administrative
17
17
54
52
Other
23
21
67
62
Total expenses
567
569
1,830
1,710
Gain on sale of assets, net
—
—
1
—
Gain on derecognition of assets
16
15
48
44
Operating income
59
95
131
308
Interest income
3
6
8
16
Interest expense
(53)
(54)
(158)
(161)
Interest expense associated with hotels in receivership
(16)
(15)
(48)
(44)
Equity in earnings from investments in affiliates
—
28
2
29
Other (loss) gain, net
(1)
(1)
—
(4)
(Loss) income before income taxes
(8)
59
(65)
144
Income tax (expense) benefit
(6)
(2)
(8)
9
Net (loss) income
(14)
57
(73)
153
Net income attributable to noncontrolling interests
(2)
(3)
(5)
(7)
Net (loss) income attributable to stockholders
$(16)
$54
$(78)
$146
(Loss) earnings per share:
(Loss) earnings per share – Basic
$(0.08)
$0.26
$(0.40)
$0.70
(Loss) earnings per share – Diluted
$(0.08)
$0.26
$(0.40)
$0.69
Weighted average shares outstanding – Basic
199
206
199
208
Weighted average shares outstanding – Diluted
199
208
199
210
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY
FINANCIAL
INFORMATION
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
EBITDA AND ADJUSTED EBITDA
(unaudited, in millions)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Net (loss) income
$(14)
$57
$(73)
$153
Depreciation and amortization expense
78
63
269
192
Interest income
(3)
(6)
(8)
(16)
Interest expense
53
54
158
161
Interest expense associated with hotels in receivership(1)
16
15
48
44
Income tax expense (benefit)
6
2
8
(9)
Interest income and expense, income tax and
depreciation and amortization included in equity in
earnings from investments in affiliates
2
4
6
9
EBITDA
138
189
408
534
Gain on sale of assets, net(2)
—
(19)
(1)
(19)
Gain on derecognition of assets(1)
(16)
(15)
(48)
(44)
Share-based compensation expense
5
5
14
14
Impairment and casualty loss
—
—
70
13
Other items
3
(1)
14
16
Adjusted EBITDA
$130
$159
$457
$514
_____________________________________
(1)For the three and nine months ended September 30, 2025 and 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on
derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets. Park expects the court-appointed receiver to sell the Hilton San Francisco Hotels by
November 21, 2025 and the SF Mortgage Loan to be assumed by the buyer at that time.
(2)For the three and nine months ended September 30, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates.
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
COMPARABLE HOTEL ADJUSTED EBITDA AND COMPARABLE HOTEL
    ADJUSTED EBITDA MARGIN
(unaudited, dollars in millions)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Adjusted EBITDA
$130
$159
$457
$514
Less: Adjusted EBITDA from investments in affiliates
(3)
(3)
(16)
(19)
Add: All other(1)
14
12
42
41
Hotel Adjusted EBITDA
141
168
483
536
Less: Adjusted EBITDA from hotels disposed of
—
(1)
—
(3)
Comparable Hotel Adjusted EBITDA
$141
$167
$483
$533
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Total Revenues
$610
$649
$1,912
$1,974
Less: Other revenue
(23)
(21)
(68)
(64)
Less: Revenues from hotels disposed of
(2)
(17)
(16)
(48)
Comparable Hotel Revenues
$585
$611
$1,828
$1,862
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
Change(2)
2025
2024
Change(2)
Total Revenues
$610
$649
(6.1)%
$1,912
$1,974
(3.1)%
Operating income
$59
$95
(37.5)%
$131
$308
(57.4)%
Operating income margin(2)
9.7%
14.6%
(490) bps
6.8%
15.6%
(880) bps
Comparable Hotel Revenues
$585
$611
(4.3)%
$1,828
$1,862
(1.8)%
Comparable Hotel Adjusted EBITDA
$141
$167
(15.9)%
$483
$533
(9.4)%
Comparable Hotel Adjusted EBITDA margin(2)
24.1%
27.4%
(330) bps
26.4%
28.6%
(220) bps
______________________________________________________________
(1)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated
statements of operations.
(2)Percentages are calculated based on unrounded numbers.
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
NAREIT FFO AND ADJUSTED FFO
(unaudited, in millions, except per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Net (loss) income attributable to stockholders
$(16)
$54
$(78)
$146
Depreciation and amortization expense
78
63
269
192
Depreciation and amortization expense attributable to
noncontrolling interests
(1)
(1)
(3)
(3)
Gain on sales of assets, net
—
—
(1)
—
Gain on derecognition of assets(1)
(16)
(15)
(48)
(44)
Impairment loss
—
—
70
12
Equity investment adjustments:
Equity in earnings from investments in affiliates
—
(28)
(2)
(29)
Pro rata FFO of investments in affiliates
—
9
5
14
Nareit FFO attributable to stockholders
45
82
212
288
Casualty loss
—
—
—
1
Share-based compensation expense
5
5
14
14
Interest expense associated with hotels in receivership(1)
16
15
48
44
Other items
4
—
17
3
Adjusted FFO attributable to stockholders
$70
$102
$291
$350
Nareit FFO per share – Diluted(2)
$0.22
$0.40
$1.06
$1.37
Adjusted FFO per share – Diluted(2)
$0.35
$0.49
$1.45
$1.67
Weighted average shares outstanding – Diluted(3)
200
208
200
210
__________________________________________________________________________
(1)For the three and nine months ended September 30, 2025 and 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on
derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets. Park expects the court-appointed receiver to sell the Hilton San Francisco Hotels by
November 21, 2025 and the SF Mortgage Loan to be assumed by the buyer at that time.
(2)Per share amounts are calculated based on unrounded numbers.
(3)Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of September 30, 2025, see page 5.
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
GENERAL AND ADMINISTRATIVE EXPENSES
(unaudited, in millions)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Corporate general and administrative expenses
$17
$17
$54
$52
Less:
Share-based compensation expense
5
5
14
14
Other corporate expenses
1
1
3
3
G&A, excluding expenses not included in Adjusted EBITDA
$11
$11
$37
$35
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
NET DEBT AND NET DEBT TO COMPARABLE ADJUSTED EBITDA RATIO
(unaudited, in millions)
September 30, 2025
December 31, 2024
Debt
$3,839
$3,841
Add: unamortized deferred financing costs and discount
19
24
Debt, excluding unamortized deferred financing cost, premiums and discounts
3,858
3,865
Add: Park’s share of unconsolidated affiliates debt, excluding unamortized deferred financing costs
157
157
Less: cash and cash equivalents
(278)
(402)
Less: restricted cash
(31)
(38)
Net Debt
$3,706
$3,582
TTM Comparable Adjusted EBITDA(1)
$595
$647
Net Debt to TTM Comparable Adjusted EBITDA ratio
6.23x
5.54x
_____________________________________
(1)See pages 33 and 34 for trailing twelve months (“TTM”) Comparable Adjusted EBITDA as of September 30, 2025 and December 31, 2024, respectively.
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CASA MARINA KEY WEST, CURIO COLLECTION
OUTLOOK AND
ASSUMPTIONS
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CASA MARINA KEY WEST, CURIO COLLECTION
OUTLOOK AND ASSUMPTIONS
FULL-YEAR 2025 OUTLOOK
Park expects full-year 2025 operating results to be as follows:
(unaudited, dollars in millions, except per share amounts and RevPAR)
Full-Year 2025 Outlook
as of October 30, 2025
Full-Year 2025 Outlook
as of July 31, 2025
Change at
Midpoint
Metric
Low
High
Low
High
Comparable RevPAR
$184
$185
$184
$187
$(1)
Comparable RevPAR change vs. 2024
(2.5)%
(1.8)%
(2.0)%
0.0%
(110) bps
Comparable RevPAR, excluding the Royal Palm(1)
$186
$187
$185
$189
$(1)
Comparable RevPAR change vs. 2024, excluding the Royal Palm(1)
(1.5)%
(0.7)%
(1.0)%
1.0%
(110) bps
Net loss
$(60)
$(35)
$(53)
$(3)
$(20)
Net loss attributable to stockholders
$(66)
$(41)
$(60)
$(10)
$(19)
(Loss) per share – Diluted(2)
$(0.33)
$(0.21)
$(0.30)
$(0.05)
$(0.10)
Operating income
$206
$231
$212
$263
$(19)
Operating income margin
8.2%
9.1%
8.4%
10.2%
(70) bps
Adjusted EBITDA
$595
$620
$595
$645
$(13)
Comparable Hotel Adjusted EBITDA margin(2)
26.3%
26.9%
26.1%
27.5%
(20) bps
Comparable Hotel Adjusted EBITDA margin change vs. 2024(2)
(130) bps
(70) bps
(150) bps
(10) bps
(20) bps
Adjusted FFO per share – Diluted(2)
$1.85
$1.97
$1.82
$2.08
$(0.04)
__________________________________________________________________________
(1)Royal Palm South Beach Miami, a Tribute Portfolio Resort (“Royal Palm”).
(2)Amounts are calculated based on unrounded numbers.
Park’s outlook is based in part on the following assumptions:
•Adjusted FFO excludes $58 million of default interest and late payment administrative fees associated with the default of the SF Mortgage Loan that
began in June 2023 and are required to be recognized in interest expense until legal titles to the Hilton San Francisco Hotels are transferred, which is
currently expected by November 21, 2025 pursuant to a court-approved transaction;
•Reflects the impact of the government shutdown through October 2025 only;
•Fully diluted weighted average shares for the full-year 2025 of 200 million; and
•Park’s portfolio as of October 30, 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 several 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. Additionally, Park’s full-year 2025 outlook does not include assumptions around the incremental impact of tariff
announcements (including any foreign tariffs announced in response to changes in U.S. trade policy), changes in travel patterns to or in the United States as
a result of tariff or trade policy, or continued government shutdown beyond October 2025 as the net effect of such announcements or events cannot be
ascertained or quantified at this time.
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CASA MARINA KEY WEST, CURIO COLLECTION
OUTLOOK AND ASSUMPTIONS
EBITDA, ADJUSTED EBITDA, COMPARABLE HOTEL ADJUSTED EBITDA AND
    COMPARABLE HOTEL ADJUSTED EBITDA MARGIN
Year Ending
(unaudited, in millions)
December 31, 2025
Low Case
High Case
Net loss
$(60)
$(35)
Depreciation and amortization expense
334
334
Interest income
(9)
(9)
Interest expense
209
209
Interest expense associated with hotels in receivership
58
58
Income tax expense
11
11
Interest expense, income tax and depreciation and amortization included in equity in earnings
  from investments in affiliates
8
8
EBITDA
551
576
Gain on sale of assets, net
(1)
(1)
Gain on derecognition of assets
(58)
(58)
Share-based compensation expense
19
19
Impairment loss
70
70
Other items
14
14
Adjusted EBITDA
595
620
Less: Adjusted EBITDA from investments in affiliates
(18)
(20)
Add: All other
57
57
Comparable Hotel Adjusted EBITDA
$634
$657
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CASA MARINA KEY WEST, CURIO COLLECTION
OUTLOOK AND ASSUMPTIONS
EBITDA, ADJUSTED EBITDA, COMPARABLE HOTEL ADJUSTED EBITDA AND
    COMPARABLE HOTEL ADJUSTED EBITDA MARGIN (CONTINUED)
Year Ending
December 31, 2025
Low Case
High Case
Total Revenues
$2,521
$2,549
Less: Other revenue
(93)
(93)
Hotel Revenues
2,428
2,456
Less: Revenues from hotels disposed of
(15)
(15)
Comparable Hotel Revenues
$2,413
$2,441
Year Ending
December 31, 2025
Low Case
High Case
Total Revenues
$2,521
$2,549
Operating income
$206
$231
Operating income margin(1)
8.2%
9.1%
Comparable Hotel Revenues
$2,413
$2,441
Comparable Hotel Adjusted EBITDA
$634
$657
Comparable Hotel Adjusted EBITDA margin(1)
26.3%
26.9%
_______________________________________________________________________________
(1)Percentages are calculated based on unrounded numbers.
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CASA MARINA KEY WEST, CURIO COLLECTION
OUTLOOK AND ASSUMPTIONS
NAREIT FFO AND ADJUSTED FFO
Year Ending
(unaudited, in millions except per share data)
December 31, 2025
Low Case
High Case
Net loss attributable to stockholders
$(66)
$(41)
Depreciation and amortization expense
334
334
Depreciation and amortization expense attributable to noncontrolling interests
(4)
(4)
Gain on sale of assets, net
(1)
(1)
Gain on derecognition of assets
(58)
(58)
Impairment loss
70
70
Equity investment adjustments:
Equity in earnings from investments in affiliates
(3)
(4)
Pro rata FFO of equity investments
7
7
Nareit FFO attributable to stockholders
279
303
Share-based compensation expense
19
19
Interest expense associated with hotels in receivership
58
58
Other items
14
13
Adjusted FFO attributable to stockholders
$370
$393
Adjusted FFO per share – Diluted(1)
$1.85
$1.97
Weighted average diluted shares outstanding
200
200
_____________________________________
(1)Per share amounts are calculated based on unrounded numbers.
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18
HILTON WAIKOLOA VILLAGE
PORTFOLIO
AND
OPERATING
METRICS
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HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
HOTEL PORTFOLIO AS OF OCTOBER 30, 2025
Hotel Name
Total Rooms
Market
Meeting Space
(square feet)
Ownership
Equity
Ownership
Debt
(in millions)
Comparable Portfolio
 Hilton Hawaiian Village Waikiki Beach Resort
2,872
Hawaii
150,000
Fee Simple
100%
$1,275
 New York Hilton Midtown
1,878
New York
151,000
Fee Simple
100%
—
 Hilton New Orleans Riverside
1,622
New Orleans
158,000
Fee Simple
100%
—
 Hilton Chicago
1,544
Chicago
234,000
Fee Simple
100%
—
 Signia by Hilton Orlando Bonnet Creek
1,009
Orlando
234,000
Fee Simple
100%
—
 DoubleTree Hotel Seattle Airport
850
Seattle
41,000
Leasehold
100%
—
 Hilton Orlando Lake Buena Vista
814
Orlando
87,000
Leasehold
100%
—
 Hilton Waikoloa Village
653
Hawaii
241,000
Fee Simple
100%
—
 Caribe Hilton
652
Puerto Rico
65,000
Fee Simple
100%
—
 DoubleTree Hotel Washington DC – Crystal City
627
Washington, D.C.
36,000
Fee Simple
100%
—
 Hilton Denver City Center
613
Denver
50,000
Fee Simple
100%
$51
 Hilton Boston Logan Airport
604
Boston
30,000
Leasehold
100%
—
The Wade(1)
520
Chicago
21,000
Fee Simple
100%
—
 DoubleTree Hotel San Jose
505
Other U.S.
48,000
Fee Simple
100%
—
 Hyatt Regency Boston
502
Boston
30,000
Fee Simple
100%
$122
 Waldorf Astoria Orlando
502
Orlando
121,000
Fee Simple
100%
—
 Hilton Salt Lake City Center
500
Other U.S.
24,000
Leasehold
100%
—
 DoubleTree Hotel Ontario Airport
482
Southern California
27,000
Fee Simple
67%
$30
 Hilton McLean Tysons Corner
458
Washington, D.C.
28,000
Fee Simple
100%
—
 Hyatt Regency Mission Bay Spa and Marina
438
Southern California
24,000
Leasehold
100%
—
 Boston Marriott Newton
430
Boston
35,000
Fee Simple
100%
—
The Midland Hotel, a Tribute Portfolio Hotel(2)
403
Chicago
13,000
Fee Simple
100%
—
 Hilton Seattle Airport & Conference Center
396
Seattle
40,000
Leasehold
100%
—
 Royal Palm South Beach Miami, a Tribute Portfolio Resort
393
Miami
11,000
Fee Simple
100%
—
 Hilton Santa Barbara Beachfront Resort
360
Southern California
62,000
Fee Simple
50%
$154
 JW Marriott San Francisco Union Square
344
San Francisco
12,000
Leasehold
100%
—
 Hilton Short Hills
314
Other U.S.
22,000
Fee Simple
100%
—
 Casa Marina Key West, Curio Collection
311
Key West
53,000
Fee Simple
100%
—
_____________________________________
(1)In February 2025, the W Chicago – Lakeshore was converted to The Wade.
(2)In January 2025, the W Chicago – City Center was converted to The Midland Hotel, a Tribute Portfolio Hotel.
slidelayoutv2a.jpg
20
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
HOTEL PORTFOLIO AS OF OCTOBER 30, 2025 (CONTINUED)
Hotel Name
Total Rooms
Market
Meeting Space
(square feet)
Ownership
Equity
Ownership
Debt(1)
(in millions)
Comparable Portfolio (continued)
 DoubleTree Hotel San Diego – Mission Valley
300
Southern California
35,000
Leasehold
100%
—
 Embassy Suites Austin Downtown South Congress
262
Other U.S.
2,000
Leasehold
100%
—
 DoubleTree Hotel Sonoma Wine Country
245
Other U.S.
43,000
Leasehold
100%
—
 Juniper Hotel Cupertino, Curio Collection
224
Other U.S.
5,000
Fee Simple
100%
—
 Hilton Checkers Los Angeles
193
Southern California
3,000
Fee Simple
100%
—
 DoubleTree Hotel Durango
159
Other U.S.
7,000
Leasehold
100%
—
 The Reach Key West, Curio Collection
150
Key West
18,000
Fee Simple
100%
—
Total Comparable Portfolio (35 Hotels)
22,129
2,161,000
$1,632
Unconsolidated Joint Venture Portfolio
 Hilton Orlando
1,424
Orlando
236,000
Fee Simple
20%
$105
 Capital Hilton
559
Washington, D.C.
30,000
Fee Simple
25%
$27
 Embassy Suites Alexandria Old Town
288
Washington, D.C.
11,000
Fee Simple
50%
$25
Total Unconsolidated Joint Venture Portfolio (3 Hotels)
2,271
277,000
$157
Grand Total (38 Hotels)
24,400
2,438,000
$1,789
_____________________________________
(1)Debt related to unconsolidated joint ventures is presented on a pro-rata basis.
slidelayoutv2a.jpg
21
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE HOTELS BY MARKET: Q3 2025 VS Q3 2024
(unaudited)
Comparable ADR
Comparable Occupancy
Comparable RevPAR
Comparable Total RevPAR
Hotels
Rooms
3Q25
3Q24
Change(1)
3Q25
3Q24
Change
3Q25
3Q24
Change(1)
3Q25
3Q24
Change(1)
Hawaii
2
3,525
$295.48
$312.86
(5.6)%
81.4%
87.0%
(5.6)% pts
$240.57
$272.29
(11.6)%
$408.36
$449.95
(9.2)%
Orlando
3
2,325
207.43
201.39
3.0
64.4
65.1
(0.7)
133.67
131.18
1.9
301.21
289.13
4.2
New York
1
1,878
320.25
304.42
5.2
89.9
91.0
(1.1)
287.95
277.19
3.9
465.10
419.61
10.8
New Orleans
1
1,622
168.64
173.42
(2.8)
56.0
64.2
(8.2)
94.46
111.44
(15.2)
187.00
214.56
(12.8)
Boston
3
1,536
266.30
281.13
(5.3)
88.0
87.5
0.5
234.46
246.23
(4.8)
284.47
299.59
(5.0)
Southern California
5
1,773
235.96
250.89
(5.9)
80.6
85.0
(4.4)
190.13
213.29
(10.9)
291.79
318.08
(8.3)
Key West
2
461
341.44
362.17
(5.7)
69.7
65.3
4.4
238.06
236.53
0.6
401.05
384.78
4.2
Chicago
3
2,467
229.31
237.93
(3.6)
78.1
77.1
1.0
179.10
183.56
(2.4)
261.51
278.83
(6.2)
Puerto Rico
1
652
241.04
264.86
(9.0)
84.0
68.5
15.5
202.55
181.39
11.7
315.39
295.95
6.6
Washington, D.C.
2
1,085
181.83
181.93
(0.1)
63.0
75.0
(12.0)
114.64
136.56
(16.1)
170.80
193.12
(11.6)
Denver
1
613
184.67
204.78
(9.8)
77.9
74.4
3.5
143.84
152.25
(5.5)
202.55
227.29
(10.9)
Miami(2)
1
393
—
185.86
(100.0)
—
72.9
(72.9)
—
135.57
(100.0)
—
191.88
(100.0)
Seattle
2
1,246
181.15
182.67
(0.8)
88.7
86.0
2.7
160.69
157.16
2.2
205.76
198.72
3.5
San Francisco
1
344
294.09
271.12
8.5
72.1
68.9
3.2
211.96
186.79
13.5
270.09
242.91
11.2
Other
7
2,209
193.44
191.67
0.9
66.6
72.2
(5.6)
128.77
138.40
(7.0)
176.58
188.14
(6.1)
All Markets
35
22,129
$242.25
$246.38
(1.7)%
74.7%
78.2%
(3.5)% pts
$180.93
$192.59
(6.1)%
$287.20
$300.29
(4.4)%
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.
slidelayoutv2a.jpg
22
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE HOTELS BY MARKET: Q3 2025 VS Q3 2024 (CONTINUED)
(unaudited, dollars in millions)
Comparable Hotel Adjusted EBITDA
Comparable Hotel Revenue
Comparable Hotel Adjusted EBITDA Margin
Hotels
Rooms
3Q25
3Q24
Change(1)
3Q25
3Q24
Change(1)
3Q25
3Q24
Change
Hawaii
2
3,525
$45
$56
(20.4)%
$132
$145
(8.8)%
33.8%
38.7%
(490)
bps
Orlando
3
2,325
15
14
7.7
64
62
4.2
22.1
21.4
70
New York
1
1,878
16
13
19.0
80
72
10.8
19.5
18.2
130
New Orleans
1
1,622
7
9
(26.5)
28
32
(12.8)
23.3
27.7
(440)
Boston
3
1,536
13
15
(10.7)
40
42
(5.0)
33.3
35.4
(210)
Southern California
5
1,773
14
18
(20.4)
48
52
(8.3)
30.3
34.9
(460)
Key West
2
461
3
3
4.8
17
16
4.2
21.6
21.5
10
Chicago
3
2,467
12
16
(22.7)
59
63
(6.2)
20.3
24.6
(430)
Puerto Rico
1
652
4
3
13.9
19
18
6.6
19.2
18.0
120
Washington, D.C.
2
1,085
2
4
(44.4)
17
19
(11.6)
13.3
21.2
(790)
Denver
1
613
4
5
(16.1)
11
13
(10.9)
35.4
37.6
(220)
Miami(2)
1
393
(2)
1
(244.4)
—
7
(100.0)
—
15.5
(1,550)
Seattle
2
1,246
3
4
(22.6)
24
23
3.5
14.7
19.7
(500)
San Francisco
1
344
—
—
96.3
9
8
11.2
(0.2)
(5.4)
520
Other
7
2,209
5
6
(35.5)
37
39
(6.1)
11.5
16.7
(520)
All Markets
35
22,129
$141
$167
(15.9)%
$585
$611
(4.3)%
24.1%
27.4%
(330)
bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.
slidelayoutv2a.jpg
23
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE HOTELS BY MARKET: YTD Q3 2025 VS YTD Q3 2024
(unaudited)
Comparable ADR
Comparable Occupancy
Comparable RevPAR
Comparable Total RevPAR
Hotels
Rooms
2025
2024
Change(1)
2025
2024
Change
2025
2024
Change(1)
2025
2024
Change(1)
Hawaii
2
3,525
$298.78
$309.45
(3.4)%
79.5%
88.1%
(8.6)% pts
$237.44
$272.45
(12.9)%
$413.34
$460.21
(10.2)%
Orlando
3
2,325
252.68
243.32
3.8
73.0
69.2
3.8
184.52
168.41
9.6
409.65
373.27
9.7
New York
1
1,878
311.06
293.33
6.0
84.1
84.8
(0.7)
261.66
248.86
5.1
411.04
394.35
4.2
New Orleans
1
1,622
216.69
207.59
4.4
64.9
68.6
(3.7)
140.55
142.30
(1.2)
258.63
256.03
1.0
Boston
3
1,536
248.90
253.61
(1.9)
83.2
82.6
0.6
206.97
209.46
(1.2)
262.33
269.14
(2.5)
Southern California
5
1,773
219.91
226.08
(2.7)
78.4
80.5
(2.1)
172.42
181.99
(5.3)
275.41
284.33
(3.1)
Key West
2
461
521.77
542.07
(3.7)
81.4
75.4
6.0
424.76
409.00
3.9
665.90
621.24
7.2
Chicago
3
2,467
219.42
225.56
(2.7)
63.1
63.3
(0.2)
138.48
142.70
(3.0)
214.95
221.04
(2.8)
Puerto Rico
1
652
286.73
303.20
(5.4)
89.6
75.7
13.9
256.87
229.40
12.0
389.41
350.36
11.1
Washington, D.C.
2
1,085
198.62
192.97
2.9
69.7
74.5
(4.8)
138.50
143.90
(3.7)
198.58
209.07
(5.0)
Denver
1
613
181.42
194.39
(6.7)
71.9
69.1
2.8
130.46
134.34
(2.9)
195.22
202.43
(3.6)
Miami(2)
1
393
342.29
267.10
28.2
38.7
81.1
(42.4)
132.54
216.65
(38.8)
170.23
285.94
(40.5)
Seattle
2
1,246
163.02
162.96
—
77.8
77.6
0.2
126.78
126.37
0.3
170.46
170.13
0.2
San Francisco
1
344
349.48
321.07
8.8
69.8
68.5
1.3
244.04
220.07
10.9
320.17
292.33
9.5
Other
7
2,209
193.67
193.07
0.3
64.2
68.9
(4.7)
124.26
132.89
(6.5)
175.40
183.16
(4.2)
All Markets
35
22,129
$252.45
$252.19
0.1%
73.6%
75.8%
(2.2)% pts
$185.85
$191.31
(2.9)%
$302.56
$307.35
(1.6)%
____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.
slidelayoutv2a.jpg
24
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE HOTELS BY MARKET: YTD Q3 2025 VS YTD Q3 2024 (CONTINUED)
(unaudited, dollars in millions)
Comparable Hotel Adjusted EBITDA
Comparable Hotel Revenue
Comparable Hotel Adjusted EBITDA Margin
Hotels
Rooms
2025
2024
Change(1)
2025
2024
Change(1)
2025
2024
Change
Hawaii(2)
2
3,525
$135
$176
(23.2)%
$398
$442
(10.1)%
34.0%
39.8%
(580)
bps
Orlando
3
2,325
87
75
16.1
260
238
9.3
33.5
31.5
200
New York
1
1,878
28
25
12.9
211
203
3.9
13.2
12.1
110
New Orleans
1
1,622
41
39
5.8
115
114
0.6
35.7
33.9
180
Boston(3)
3
1,536
33
41
(19.0)
110
113
(2.9)
30.0
36.0
(600)
Southern California
5
1,773
37
42
(12.3)
133
138
(3.5)
27.5
30.3
(280)
Key West
2
461
34
31
9.9
84
78
6.8
41.2
40.0
120
Chicago
3
2,467
17
21
(19.1)
145
149
(3.1)
11.6
13.9
(230)
Puerto Rico
1
652
20
17
17.1
69
63
10.7
28.3
26.8
150
Washington, D.C.
2
1,085
12
16
(25.3)
59
62
(5.4)
20.3
25.7
(540)
Denver
1
613
11
12
(9.7)
33
34
(3.9)
33.2
35.3
(210)
Miami(4)
1
393
6
11
(47.2)
18
31
(40.7)
32.9
37.0
(410)
Seattle
2
1,246
5
7
(30.0)
58
58
(0.2)
8.2
11.7
(350)
San Francisco
1
344
5
3
71.0
30
28
9.1
15.5
9.9
560
Other
7
2,209
12
17
(29.5)
105
111
(4.6)
12.0
16.2
(420)
All Markets
35
22,129
$483
$533
(9.4)%
$1,828
$1,862
(1.8)%
26.4%
28.6%
(220)
bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)During Q1 2024, Park’s Hawaii hotels benefited from a state unemployment tax refund of approximately $4 million.
(3)During Q1 2024, Park’s Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation’s Hotel & Motel Relief Grant Program.
(4)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.
slidelayoutv2a.jpg
25
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
CORE HOTELS: Q3 2025 VS Q3 2024
(unaudited)
ADR
Occupancy
RevPAR
Total RevPAR
3Q25
3Q24
Change(1)
3Q25
3Q24
Change
3Q25
3Q24
Change(1)
3Q25
3Q24
Change(1)
Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort
$292.83
$313.56
(6.6)%
87.2%
89.8%
(2.6)% pts
$255.27
$281.46
(9.3)%
$406.17
$437.63
(7.2)%
2
Hilton Waikoloa Village
313.63
309.16
1.4
56.1
75.0
(18.9)
175.89
231.76
(24.1)
417.97
504.39
(17.1)
3
Signia by Hilton Orlando Bonnet Creek
197.75
191.36
3.3
66.5
68.1
(1.6)
131.56
130.32
1.0
350.90
325.94
7.7
4
Waldorf Astoria Orlando
319.64
305.04
4.8
64.2
64.2
—
205.14
195.74
4.8
414.68
400.42
3.6
5
New York Hilton Midtown
320.25
304.42
5.2
89.9
91.0
(1.1)
287.95
277.19
3.9
465.10
419.61
10.8
6
Hilton New Orleans Riverside
168.64
173.42
(2.8)
56.0
64.2
(8.2)
94.46
111.44
(15.2)
187.00
214.56
(12.8)
7
Caribe Hilton
241.04
264.86
(9.0)
84.0
68.5
15.5
202.55
181.39
11.7
315.39
295.95
6.6
8
Hilton Boston Logan Airport
287.01
298.36
(3.8)
93.9
92.6
1.3
269.57
276.39
(2.5)
320.54
327.49
(2.1)
9
Hyatt Regency Boston
289.58
304.37
(4.9)
92.9
93.4
(0.5)
269.04
284.33
(5.4)
321.68
341.49
(5.8)
10
Hilton Santa Barbara Beachfront Resort
380.64
404.88
(6.0)
76.8
82.5
(5.7)
292.49
334.00
(12.4)
437.08
496.97
(12.1)
11
Hyatt Regency Mission Bay Spa and Marina
259.70
288.98
(10.1)
84.4
86.8
(2.4)
219.09
250.78
(12.6)
382.79
408.64
(6.3)
12
Casa Marina Key West, Curio Collection
354.09
374.06
(5.3)
71.2
66.7
4.5
252.29
249.52
1.1
425.90
399.92
6.5
13
The Reach Key West, Curio Collection
313.37
335.83
(6.7)
66.6
62.5
4.1
208.57
209.60
(0.5)
349.54
353.41
(1.1)
14
Hilton Chicago
229.33
221.52
3.5
78.6
80.7
(2.1)
180.33
178.78
0.9
289.48
302.42
(4.3)
15
Hilton Denver City Center
184.67
204.78
(9.8)
77.9
74.4
3.5
143.84
152.25
(5.5)
202.55
227.29
(10.9)
16
Royal Palm South Beach Miami(2)
—
185.86
(100.0)
—
72.9
(72.9)
—
135.57
(100.0)
—
191.88
(100.0)
17
DoubleTree Hotel Washington DC – Crystal City
162.17
167.88
(3.4)
63.3
76.5
(13.2)
102.61
128.39
(20.1)
137.67
168.82
(18.5)
18
Hilton McLean Tysons Corner
208.98
202.03
3.4
62.7
73.1
(10.4)
131.11
147.75
(11.3)
216.17
226.40
(4.5)
19
JW Marriott San Francisco Union Square
294.09
271.12
8.5
72.1
68.9
3.2
211.96
186.79
13.5
270.09
242.91
11.2
20
Juniper Hotel Cupertino, Curio Collection
186.47
186.82
(0.2)
75.7
75.1
0.6
141.16
140.28
0.6
162.19
154.96
4.7
Total Core Hotels (20 Hotels)
263.85
266.09
(0.8)
74.9
79.3
(4.4)
197.65
210.93
(6.3)
325.89
340.00
(4.1)
All Other Hotels (15 Hotels)
188.28
195.24
(3.6)
74.1
75.4
(1.3)
139.59
147.30
(5.2)
191.52
202.22
(5.3)
Total Comparable Hotels (35 Hotels)
$242.25
$246.38
(1.7)%
74.7%
78.2%
(3.5)% pts
$180.93
$192.59
(6.1)%
$287.20
$300.29
(4.4)%
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.
slidelayoutv2a.jpg
26
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
CORE HOTELS: Q3 2025 VS Q3 2024 (CONTINUED)
(unaudited, dollars in millions)
Hotel Adjusted EBITDA
Hotel Revenue
Hotel Adjusted EBITDA Margin
3Q25
3Q24
Change(1)
3Q25
3Q24
Change(1)
3Q25
3Q24
Change
Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort
$40
$47
(16.6)%
$107
$115
(6.8)%
36.7%
41.0%
(430)
bps
2
Hilton Waikoloa Village
5
9
(40.5)
25
30
(16.4)
21.2
29.8
(860)
3
Signia by Hilton Orlando Bonnet Creek
9
8
19.7
33
30
7.7
28.3
25.5
280
4
Waldorf Astoria Orlando
4
4
(2.9)
19
18
3.6
18.3
19.5
(120)
5
New York Hilton Midtown
16
13
19.0
80
72
10.8
19.5
18.2
130
6
Hilton New Orleans Riverside
7
9
(26.5)
28
32
(12.8)
23.3
27.7
(440)
7
Caribe Hilton
4
3
13.9
19
18
6.6
19.2
18.0
120
8
Hilton Boston Logan Airport
5
6
(9.2)
18
18
(2.1)
30.7
33.1
(240)
9
Hyatt Regency Boston
6
7
(16.3)
15
16
(5.8)
37.3
42.0
(470)
10
Hilton Santa Barbara Beachfront Resort
7
9
(20.6)
14
16
(12.1)
49.4
54.7
(530)
11
Hyatt Regency Mission Bay Spa and Marina
4
5
(13.6)
15
16
(6.3)
26.8
29.0
(220)
12
Casa Marina Key West, Curio Collection
3
3
12.1
12
11
6.5
24.3
23.1
120
13
The Reach Key West, Curio Collection
—
—
(17.7)
5
5
(1.1)
14.6
17.5
(290)
14
Hilton Chicago
10
11
(13.2)
41
44
(4.3)
24.0
26.5
(250)
15
Hilton Denver City Center
4
5
(16.1)
11
13
(10.9)
35.4
37.6
(220)
16
Royal Palm South Beach Miami(2)
(2)
1
(244.4)
—
7
(100.0)
—
15.5
(1,550)
17
DoubleTree Hotel Washington DC – Crystal City
1
2
(60.8)
8
10
(18.5)
10.8
22.5
(1,170)
18
Hilton McLean Tysons Corner
1
2
(25.3)
9
10
(4.5)
15.4
19.7
(430)
19
JW Marriott San Francisco Union Square
—
—
96.3
9
8
11.2
(0.2)
(5.4)
520
20
Juniper Hotel Cupertino, Curio Collection
1
1
(2.9)
4
4
4.7
17.3
18.7
(140)
Total Core Hotels (20 Hotels)
125
145
(13.7)
472
493
(4.0)
26.3
29.3
(300)
All Other Hotels (15 Hotels)
16
22
(29.6)
113
118
(5.3)
14.4
19.4
(500)
Total Comparable Hotels (35 Hotels)
$141
$167
(15.9)%
$585
$611
(4.3)%
24.1%
27.4%
(330)
bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.
slidelayoutv2a.jpg
27
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
CORE HOTELS: YTD Q3 2025 VS YTD Q3 2024
(unaudited)
ADR
Occupancy
RevPAR
Total RevPAR
2025
2024
Change(1)
2025
2024
Change
2025
2024
Change(1)
2025
2024
Change(1)
Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort
$294.75
$306.83
(3.9)%
81.3%
90.3%
(9.0)% pts
$239.70
$277.09
(13.5)%
$388.91
$440.52
(11.7)%
2
Hilton Waikoloa Village
319.01
322.86
(1.2)
71.3
78.0
(6.7)
227.50
251.95
(9.7)
520.77
547.24
(4.8)
3
Signia by Hilton Orlando Bonnet Creek
239.86
232.76
3.1
72.8
73.2
(0.4)
174.72
170.47
2.5
474.15
439.50
7.9
4
Waldorf Astoria Orlando
396.84
374.96
5.8
70.9
61.8
9.1
281.32
231.72
21.4
535.93
451.20
18.8
5
New York Hilton Midtown
311.06
293.33
6.0
84.1
84.8
(0.7)
261.66
248.86
5.1
411.04
394.35
4.2
6
Hilton New Orleans Riverside
216.69
207.59
4.4
64.9
68.6
(3.7)
140.55
142.30
(1.2)
258.63
256.03
1.0
7
Caribe Hilton
286.73
303.20
(5.4)
89.6
75.7
13.9
256.87
229.40
12.0
389.41
350.36
11.1
8
Hilton Boston Logan Airport
257.93
260.63
(1.0)
92.5
92.8
(0.3)
238.60
241.99
(1.4)
292.70
298.11
(1.8)
9
Hyatt Regency Boston
276.39
276.91
(0.2)
84.7
85.1
(0.4)
234.01
235.51
(0.6)
287.04
296.34
(3.1)
10
Hilton Santa Barbara Beachfront Resort
329.72
338.62
(2.6)
70.3
74.2
(3.9)
231.95
251.52
(7.8)
374.65
389.93
(3.9)
11
Hyatt Regency Mission Bay Spa and Marina
242.43
254.76
(4.8)
80.4
80.4
—
194.94
204.97
(4.9)
346.88
357.58
(3.0)
12
Casa Marina Key West, Curio Collection
542.12
553.85
(2.1)
81.6
74.8
6.8
442.20
414.27
6.7
697.52
633.94
10.0
13
The Reach Key West, Curio Collection
479.31
518.29
(7.5)
81.1
76.8
4.3
388.60
398.08
(2.4)
600.33
594.93
0.9
14
Hilton Chicago
213.30
211.84
0.7
66.2
65.6
0.6
141.26
138.92
1.7
244.84
243.05
0.7
15
Hilton Denver City Center
181.42
194.39
(6.7)
71.9
69.1
2.8
130.46
134.34
(2.9)
195.22
202.43
(3.6)
16
Royal Palm South Beach Miami(2)
342.29
267.10
28.2
38.7
81.1
(42.4)
132.54
216.65
(38.8)
170.23
285.94
(40.5)
17
DoubleTree Hotel Washington DC – Crystal City
189.04
185.34
2.0
71.4
77.1
(5.7)
135.05
142.88
(5.5)
181.53
193.89
(6.4)
18
Hilton McLean Tysons Corner
212.53
204.29
4.0
67.4
71.1
(3.7)
143.23
145.29
(1.4)
221.91
229.86
(3.5)
19
JW Marriott San Francisco Union Square
349.48
321.07
8.8
69.8
68.5
1.3
244.04
220.07
10.9
320.17
292.33
9.5
20
Juniper Hotel Cupertino, Curio Collection
204.39
199.36
2.5
69.3
73.4
(4.1)
141.70
146.33
(3.2)
159.04
164.56
(3.4)
Total Core Hotels (20 Hotels)
277.34
275.11
0.8
75.1
77.8
(2.7)
208.41
214.22
(2.7)
348.46
353.06
(1.3)
All Other Hotels (15 Hotels)
186.24
190.03
(2.0)
69.8
70.9
(1.1)
130.06
134.74
(3.5)
189.08
194.47
(2.8)
Total Comparable Hotels (35 Hotels)
$252.45
$252.19
0.1%
73.6%
75.8%
(2.2)% pts
$185.85
$191.31
(2.9)%
$302.56
$307.35
(1.6)%
_______________________________________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.
slidelayoutv2a.jpg
28
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
CORE HOTELS: YTD Q3 2025 VS YTD Q3 2024 (CONTINUED)
(unaudited, dollars in millions)
Hotel Adjusted EBITDA
Hotel Revenue
Hotel Adjusted EBITDA Margin
2025
2024
Change(1)
2025
2024
Change(1)
2025
2024
Change
Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort(2)
$108
$143
(24.8)%
$305
$345
(11.7)%
35.4%
41.6%
(620)
bps
2
Hilton Waikoloa Village(2)
27
33
(16.3)
93
97
(4.3)
29.4
33.6
(420)
3
Signia by Hilton Orlando Bonnet Creek
48
43
13.7
131
122
7.5
37.8
35.7
210
4
Waldorf Astoria Orlando
22
16
34.0
73
62
18.3
29.7
26.2
350
5
New York Hilton Midtown
28
25
12.9
211
203
3.9
13.2
12.1
110
6
Hilton New Orleans Riverside
41
39
5.8
115
114
0.6
35.7
33.9
180
7
Caribe Hilton
20
17
17.1
69
63
10.7
28.3
26.8
150
8
Hilton Boston Logan Airport(3)
14
16
(15.4)
48
49
(2.2)
28.0
32.4
(440)
9
Hyatt Regency Boston(3)
14
17
(20.8)
39
41
(3.5)
34.5
42.0
(750)
10
Hilton Santa Barbara Beachfront Resort
16
18
(9.2)
37
38
(4.3)
43.4
45.8
(240)
11
Hyatt Regency Mission Bay Spa and Marina
10
11
(11.0)
41
43
(3.3)
23.2
25.2
(200)
12
Casa Marina Key West, Curio Collection
25
22
13.3
59
54
9.6
42.5
41.1
140
13
The Reach Key West, Curio Collection
9
9
1.6
25
24
0.5
38.0
37.6
40
14
Hilton Chicago
17
16
4.2
103
103
0.4
16.6
16.0
60
15
Hilton Denver City Center
11
12
(9.7)
33
34
(3.9)
33.2
35.3
(210)
16
Royal Palm South Beach Miami(4)
6
11
(47.2)
18
31
(40.7)
32.9
37.0
(410)
17
DoubleTree Hotel Washington DC – Crystal City
7
10
(25.9)
31
33
(6.7)
23.3
29.3
(600)
18
Hilton McLean Tysons Corner
5
6
(24.3)
28
28
(3.8)
17.0
21.6
(460)
19
JW Marriott San Francisco Union Square
5
3
71.0
30
28
9.1
15.5
9.9
560
20
Juniper Hotel Cupertino, Curio Collection
2
3
(25.3)
10
10
(3.7)
19.2
24.8
(560)
Total Core Hotels (20 Hotels)
435
470
(7.5)
1,499
1,522
(1.6)
29.0
30.9
(190)
All Other Hotels (15 Hotels)
48
63
(23.4)
329
340
(3.1)
14.6
18.5
(390)
Total Comparable Hotels (35 Hotels)
$483
$533
(9.4)%
$1,828
$1,862
(1.8)%
26.4%
28.6%
(220)
bps
____________________________________________________
(1)Calculated based on unrounded numbers.
(2)During Q1 2024, Park’s Hawaii hotels benefited from a state unemployment tax refund of approximately $4 million.
(3)During Q1 2024, Park’s Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation’s Hotel & Motel Relief Grant Program.
(4)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.
supplementlayouta.jpg
29
HILTON DENVER CITY CENTER
PROPERTIES
ACQUIRED AND
SOLD
slidelayoutv2a.jpg
30
HILTON DENVER CITY CENTER
PROPERTIES ACQUIRED AND SOLD
TOTAL ACQUISITIONS
Year
Number of Hotels
Room Count
Total Consideration
(in millions)
2019
18
5,981
$2,500.0
18
5,981
$2,500.0
TOTAL SALES
Year
Number of Hotels
Room Count
Gross Proceeds(1)
(in millions)
2018
13
3,193
$519.0
2019
8
2,597
496.9
2020
2
700
207.9
2021
5
1,042
476.6
2022
7
2,207
316.9
2023
1
508
118.3
2024
2
769
76.3
2025
1
316
80.0
39(2)
11,332
$2,291.9
2025 SALES
Hotel
Location
Month Sold
Room Count
Gross Proceeds
(in millions)
Hyatt Centric Fisherman’s Wharf
San Francisco, California
May 2025
316
$80.0
316
$80.0
____________________________________
(1)Gross proceeds from the sale of joint ventures represent Park’s pro-rata share.
(2)To date, Park has sold its interest in 39 hotels. In addition, six other properties were subject to ground leases that either expired or were terminated by Park or the landlord, and consequently
turned over to the landlord. Further, the two Hilton San Francisco Hotels were placed into receivership in October 2023.
signiaa.jpg
31
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE
SUPPLEMENTARY
FINANCIAL
INFORMATION
slidelayoutv2a.jpg
32
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE TTM HOTEL METRICS
Three Months Ended
TTM
(unaudited, dollars in millions)
December 31,
March 31,
June 30,
September 30,
September 30,
2024
2025
2025
2025
2025
Comparable RevPAR
$181.10
$179.66
$196.94
$180.93
$184.65
Comparable Occupancy
70.2%
69.4%
76.7%
74.7%
72.7%
Comparable ADR
$258.10
$258.84
$256.78
$242.25
$253.82
Total Revenues
$625
$630
$672
$610
$2,537
Operating income
$83
$7
$65
$59
$214
Operating income margin(1)
13.3%
1.1%
9.6%
9.7%
8.4%
Comparable Hotel Revenues
$593
$601
$642
$585
$2,421
Comparable Hotel Adjusted EBITDA
$147
$152
$190
$141
$630
Comparable Hotel Adjusted EBITDA margin(1)
24.9%
25.2%
29.6%
24.1%
26.0%
Three Months Ended
Full-Year
March 31,
June 30,
September 30,
December 31,
December 31,
2024
2024
2024
2024
2024
Comparable RevPAR
$181.13
$200.20
$192.59
$181.10
$188.75
Comparable Occupancy
71.8%
77.6%
78.2%
70.2%
74.4%
Comparable ADR
$252.39
$257.91
$246.38
$258.10
$253.59
Total Revenues
$639
$686
$649
$625
$2,599
Operating income
$92
$121
$95
$83
$391
Operating income margin(1)
14.5%
17.5%
14.6%
13.3%
15.0%
Comparable Hotel Revenues
$604
$647
$611
$593
$2,455
Comparable Hotel Adjusted EBITDA
$169
$197
$167
$147
$680
Comparable Hotel Adjusted EBITDA margin(1)
28.0%
30.4%
27.4%
24.9%
27.7%
_____________________________________
(1)Percentages are calculated based on unrounded numbers.
slidelayouta.jpg
33
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – TTM 2025
Three Months Ended
TTM
(unaudited, in millions)
December 31,
March 31,
June 30,
September 30,
September 30,
2024
2025
2025
2025
2025
Net income (loss)
$73
$(57)
$(2)
$(14)
$—
Depreciation and amortization expense
65
69
122
78
334
Interest income
(5)
(3)
(2)
(3)
(13)
Interest expense
53
52
53
53
211
Interest expense associated with hotels in receivership(1)
16
16
16
16
64
Income tax (benefit) expense
(52)
1
1
6
(44)
Interest expense, income tax and depreciation and amortization
  included in equity in earnings from investments in affiliates
1
2
2
2
7
EBITDA
151
80
190
138
559
Gain on sales of assets, net
(8)
—
(1)
—
(9)
Gain on derecognition of assets(1)
(16)
(16)
(16)
(16)
(64)
Share-based compensation expense
5
4
5
5
19
Impairment and casualty loss
1
70
—
—
71
Other items
5
6
5
3
19
Adjusted EBITDA
138
144
183
130
595
Less: Adjusted EBITDA from hotels disposed of
—
1
(1)
—
—
Comparable Adjusted EBITDA
138
145
182
130
595
Less: Adjusted EBITDA from investments in affiliates
(4)
(8)
(5)
(3)
(20)
Add: All other(2)
13
15
13
14
55
Comparable Hotel Adjusted EBITDA
$147
$152
$190
$141
$630
_____________________________________
(1)Represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the
condensed consolidated balance sheets. Park expects the court-appointed receiver to sell the Hilton San Francisco Hotels by November 21, 2025 and the SF Mortgage Loan to be assumed by the
buyer at that time.
(2)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated
statements of operations.
slidelayoutv2a.jpg
34
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – FULL-YEAR 2024
Three Months Ended
Full-Year
(unaudited, in millions)
March 31,
June 30,
September 30,
December 31,
December 31,
2024
2024
2024
2024
2024
Net income
$29
$67
$57
$73
$226
Depreciation and amortization expense
65
64
63
65
257
Interest income
(5)
(5)
(6)
(5)
(21)
Interest expense
53
54
54
53
214
Interest expense associated with hotels in receivership(1)
14
15
15
16
60
Income tax expense (benefit)
1
(12)
2
(52)
(61)
Interest expense, income tax and depreciation and amortization
included in equity in earnings from investments in affiliates
3
2
4
1
10
EBITDA
160
185
189
151
685
Gain on sales of assets, net
—
—
—
(8)
(8)
Gain on derecognition of assets(1)
(14)
(15)
(15)
(16)
(60)
Gain on sale of investments in affiliates(2)
—
—
(19)
—
(19)
Share-based compensation expense
4
5
5
5
19
Impairment and casualty loss
6
7
—
1
14
Other items
6
11
(1)
5
21
Adjusted EBITDA
162
193
159
138
652
Less: Adjusted EBITDA from hotels disposed of
—
(2)
(1)
—
(3)
Less: Adjusted EBITDA from investments in affiliates disposed of
(1)
(1)
—
—
(2)
Comparable Adjusted EBITDA
161
190
158
138
647
Less: Adjusted EBITDA from investments in affiliates
(7)
(7)
(3)
(4)
(21)
Add: All other(3)
15
14
12
13
54
Comparable Hotel Adjusted EBITDA
$169
$197
$167
$147
$680
_____________________________________
(1)For the year ended December 31, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding
increase of the contract asset on the condensed consolidated balance sheets. Park expects the court-appointed receiver to sell the Hilton San Francisco Hotels by November 21, 2025 and the SF
Mortgage Loan to be assumed by the buyer at that time.
(2)For the year ended December 31, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates in the condensed
consolidated statements of operations.
(3)Includes other revenues and other expenses, non-income taxes on TRS leases included in other property expenses and corporate general and administrative expenses in the condensed consolidated
statements of operations.
slidelayoutv2a.jpg
35
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE TTM HOTEL REVENUES – 2025 AND 2024
Three Months Ended
TTM
(unaudited, in millions)
December 31,
2024
March 31,
2025
June 30,
2025
September 30,
2025
September 30,
2025
Total Revenues
$625
$630
$672
$610
$2,537
Less: Other revenue
(22)
(22)
(23)
(23)
(90)
Less: Revenues from hotels disposed of
(10)
(7)
(7)
(2)
(26)
Comparable Hotel Revenues
$593
$601
$642
$585
$2,421
Three Months Ended
Full-Year
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
December 31,
2024
Total Revenues
$639
$686
$649
$625
$2,599
Less: Other revenue
(21)
(22)
(21)
(22)
(86)
Less: Revenues from hotels disposed of
(14)
(17)
(17)
(10)
(58)
Comparable Hotel Revenues
$604
$647
$611
$593
$2,455
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ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO
CAPITAL
STRUCTURE
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ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO
CAPITAL STRUCTURE
FIXED AND VARIABLE RATE DEBT
(unaudited, dollars in millions)
As of September 30,
2025
Debt(1)
Collateral
Interest Rate
Maturity Date
Fixed Rate Debt
Mortgage loan
Hilton Denver City Center
4.90%
March 2026(2)
$51
Mortgage loan
Hyatt Regency Boston
4.25%
July 2026
122
Mortgage loan
Hilton Hawaiian Village Beach Resort
4.20%
November 2026
1,275
Mortgage loan
Hilton Santa Barbara Beachfront Resort
4.17%
December 2026
154
Mortgage loan
DoubleTree Hotel Ontario Airport
5.37%
May 2027
30
2028 Senior Notes
Unsecured
5.88%
October 2028
725
2029 Senior Notes
Unsecured
4.88%
May 2029
750
2030 Senior Notes
Unsecured
7.00%
February 2030
550
Finance lease obligations
7.04%
2026 to 2028
1
Total Fixed Rate Debt
5.11%(3)
3,658
Variable Rate Debt
Revolver(4)
Unsecured
SOFR + 2.00%
September 2029
—
2024 Term Loan
Unsecured
SOFR + 1.95%
May 2027
200
2025 Delayed Draw Term Loan(4)
Unsecured
SOFR + 1.95%
January 2030
—
Total Variable Rate Debt
6.09%
200
Less: unamortized deferred financing costs and discount
(19)
Total Debt(1)(5)
5.16%(3)
$3,839
_____________________________________
(1)Excludes the SF Mortgage Loan secured by the Hilton San Francisco Hotels, which is included in debt associated with hotels in receivership in Park’s condensed consolidated balance sheets. In
October 2023, the Hilton San Francisco Hotels were placed into court-ordered receivership, and thus, Park has no further economic interest in the operations of the hotels. Park expects the court-
appointed receiver to sell the Hilton San Francisco Hotels by November 21, 2025 and the SF Mortgage Loan to be assumed by the buyer at that time.
(2)The loan matures in August 2042 but became callable by the lender in August 2022 with six months notice. As of September 30, 2025, Park had not received notice from the lender.
(3)Calculated on a weighted average basis.
(4)As of October 30, 2025, Park has $1 billion of available capacity under the Revolver with no outstanding letters of credit and $800 million of its 2025 Delayed Draw Term Loan available.
(5)Excludes $157 million of Park’s share of debt of its unconsolidated joint ventures.
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ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO
CAPITAL STRUCTURE
CREDIT FACILITY AMENDMENTS
In September 2025, Park amended and restated its credit agreement to provide additional liquidity to address $1.4 billion
of mortgage loans maturing in the second half of 2026:
$1 Billion Revolver
•Upsized from $950 million to $1 billion;
•Extended its maturity from December 1, 2026 to September 17, 2029, with an option to extend by one year as
either (i) a one-year extension or (ii) two six-month extensions;
•Bears interest based upon the secured overnight financing rate (“SOFR”), plus an applicable margin based on
Park’s leverage ratio; and
•Incurs an unused facility fee of between 0.20% and 0.25%, based on Park’s level of usage.
New $800 Million 2025 Delayed Draw Term Loan
•Added the $800 million 2025 Delayed Draw Term Loan maturing January 2, 2030, with an option to extend its
maturity by one year;
•Available for up to three draws through September 17, 2026;
•Bears interest based upon SOFR, plus an applicable margin based on Park’s leverage ratio; and
•Incurs a 0.25% ticking fee on the undrawn portion.
The amended and restated credit agreement includes the option to increase the Revolver and increase or add new term
loans by up to $1 billion in the aggregate, subject to obtaining additional lender commitments and the satisfaction of
certain customary conditions.
Park expects to draw from the 2025 Delayed Draw Term Loan in 2026 to fully repay the $122 million secured mortgage
loan encumbering the Hyatt Regency Boston hotel maturing in July 2026, and, together with a subsequent financing
transaction planned in the first half of 2026, fully repay the $1.275 billion secured mortgage loan encumbering the Hilton
Hawaiian Village Waikiki Beach Resort maturing in November 2026.
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HYATT REGENCY BOSTON
DEFINITIONS
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HYATT REGENCY BOSTON
DEFINITIONS
Comparable
The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable
Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable
Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing
operating performance of its hotels. The Company’s Comparable metrics include results from hotels that were active and operating in Park’s
portfolio since January 1st of the previous year and property acquisitions as though such acquisitions occurred on the earliest period
presented. Additionally, Comparable metrics exclude results from property dispositions that have occurred through October 30, 2025 and the
Hilton San Francisco Hotels, which were placed into receivership at the end of October 2023 and are expected to be sold by the court-
appointed receiver by November 21, 2025.
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin
Earnings before interest expense, taxes and depreciation and amortization (“EBITDA”), presented herein, reflects net income (loss) excluding
depreciation and amortization, interest income, interest expense, income taxes and also interest income and expense, income tax and
depreciation and amortization included in equity in earnings from investments in affiliates.
Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude the following items that are
not reflective of Park’s ongoing operating performance or incurred in the normal course of business, and thus, excluded from management’s
analysis in making day-to-day operating decisions and evaluations of Park’s operating performance against other companies within its
industry:
•Gains or losses on sales of assets for both consolidated and unconsolidated investments;
•Costs associated with hotel acquisitions or dispositions expensed during the period;
•Severance expense;
•Share-based compensation expense;
•Impairment losses and casualty gains or losses; and
•Other items that management believes are not representative of the Company’s current or future operating
performance.
Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company’s
consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company’s profitability. The
Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the
Company’s consolidated hotels.
Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (“U.S.”)
GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in
accordance with U.S. GAAP. In addition, the Company’s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted
EBITDA margin may not be comparable to similarly titled measures of other companies.
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HYATT REGENCY BOSTON
DEFINITIONS
(CONTINUED)
The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful
information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA,
Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company’s
management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by
removing the effect of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its
operating results; and (ii) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are frequently used by
securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations
across companies in the industry.
EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be
considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company’s operating performance and
results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be
considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be
available to the Company to meet its obligations. Further, the Company does not use or present EBITDA, Adjusted EBITDA, Hotel Adjusted
EBITDA and Hotel Adjusted EBITDA margin as measures of liquidity or cash flows.
Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – Diluted and Adjusted FFO per
share – Diluted
Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP
measures of the Company’s performance. The Company calculates funds from (used in) operations (“FFO”) attributable to stockholders for a
given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), as
net income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or
losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated
joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect the Company’s pro rata share of the FFO of those
entities on the same basis.
As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper – 2018 Restatement,” since real estate values
historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real
estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in
order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to
investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs.
The Company’s presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the
current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as
Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.
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HYATT REGENCY BOSTON
DEFINITIONS
(CONTINUED)
The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance
because management believes that the exclusion of certain additional items described below provides useful supplemental information to
investors regarding the Company’s ongoing operating performance. Management historically has made the adjustments detailed below in
evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful
supplemental information that is beneficial to an investor’s complete understanding of operating performance. The Company adjusts Nareit
FFO attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO
attributable to stockholders:
•Costs associated with hotel acquisitions or dispositions expensed during the period;
•Severance expense;
•Share-based compensation expense;
•Casualty gains or losses; and
•Other items that management believes are not representative of the Company’s current or future operating
performance.
Net Debt
Net Debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net Debt is
calculated as (i) debt excluding unamortized deferred financing costs; and (ii) the Company’s share of investments in affiliate debt, excluding
unamortized deferred financing costs; reduced by (a) cash and cash equivalents; and (b) restricted cash and cash equivalents. Net Debt also
excludes Debt associated with hotels in receivership.
The Company believes Net Debt provides useful information about its indebtedness to investors as it is frequently used by securities
analysts, investors and other interested parties to compare the indebtedness of companies. Net Debt should not be considered as a
substitute to debt presented in accordance with U.S. GAAP. Net Debt may not be comparable to a similarly titled measure of other
companies.
Net Debt to Adjusted EBITDA Ratio
Net Debt to Adjusted EBITDA ratio, presented herein, is a non-GAAP financial measure and is included as it is frequently used by securities
analysts, investors and other interested parties to compare the financial condition of companies. Net Debt to Adjusted EBITDA ratio should
not be considered as an alternative to measures of financial condition derived in accordance with U.S. GAAP and it may not be comparable
to a similarly titled measure of other companies.
Occupancy
Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels.
Occupancy measures the utilization of the Company’s hotels’ available capacity. Management uses Occupancy to gauge demand at a
specific hotel or group of hotels in a given period. Occupancy levels also help management determine achievable Average Daily Rate (“ADR”)
levels as demand for rooms increases or decreases.
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HYATT REGENCY BOSTON
DEFINITIONS
(CONTINUED)
Average Daily Rate
ADR (or rate) represents rooms revenue divided by total number of room nights sold in a given period. ADR measures average room price
attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a
hotel or group of hotels. ADR is a commonly used performance measure in the hotel industry, and management uses ADR to assess pricing
levels that the Company is able to generate by type of customer, as changes in rates have a more pronounced effect on overall revenues and
incremental profitability than changes in Occupancy, as described above.
Revenue per Available Room
Revenue per Available Room (“RevPAR”) represents rooms revenue divided by the total number of room nights available to guests for a
given period. Management considers RevPAR to be a meaningful indicator of the Company’s performance as it provides a metric correlated
to two primary and key factors of operations at a hotel or group of hotels: Occupancy and ADR. RevPAR is also a useful indicator in
measuring performance over comparable periods.
Total RevPAR
Total RevPAR represents rooms, food and beverage and other hotel revenues divided by the total number of room nights available to guests
for a given period. Management considers Total RevPAR to be a meaningful indicator of the Company’s performance as approximately one-
third of revenues are earned from food and beverage and other hotel revenues. Total RevPAR is also a useful indicator in measuring
performance over comparable periods. 
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HILTON SANTA BARBARA BEACHFRONT RESORT
ANALYST
COVERAGE
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HILTON SANTA BARBARA BEACHFRONT RESORT
  ANALYST COVERAGE
Analyst
Company
Phone
Email
Dany Asad
Bank of America Merrill Lynch
(646) 855-5238
dany.asad@bofa.com
Ari Klein
BMO Capital Markets
(212) 885-4103
ari.klein@bmo.com
Jay Kornreich
Cantor Fitzgerald & Co.
(602) 214-6027
jay.kornreich@cantor.com
Smedes Rose
Citi Research
(212) 816-6243
smedes.rose@citi.com
Ken Billingsley
Compass Point
(202) 534-1393
kbillingsley@compasspointllc.com
Chris Woronka
Deutsche Bank
(212) 250-9376
chris.woronka@db.com
Duane Pfennigwerth
Evercore ISI
(212) 497-0817
duane.pfennigwerth@evercoreisi.com
Christopher Darling
Green Street Advisors
(949) 640-8780
cdarling@greenstreet.com
David Katz
Jefferies
(212) 323-3355
dkatz@jefferies.com
Daniel Politzer
JP Morgan
(212) 622-0110
daniel.politzer@jpmorgan.com
Stephen Grambling
Morgan Stanley
(212) 761-1010
stephen.grambling@morganstanley.com
RJ Milligan
Raymond James
(727) 567-2585
rjmilligan@raymondjames.com
Patrick Scholes
Truist
(212) 319-3915
patrick.scholes@truist.com
Robin Farley
UBS Investment Bank
(212) 713-2060
robin.farley@ubs.com
Cooper Clark
Wells Fargo Securities
(212) 214-1146
cooper.clark@wellsfargo.com
Logan Epstein
Wolfe Research
(646) 582-9267
lepstein@wolferesearch.com