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Exhibit 99.2
FOURTH QUARTER
  AND FULL YEAR 2025
SUPPLEMENTAL DATA
DECEMBER 31, 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 34 premium-branded hotels and resorts with approximately 23,000 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 use of proceeds from Park’s $800 million senior unsecured
delayed draw term loan facility (“2025 Delayed Draw Term Loan”) and the anticipated repayment and refinancing of certain of Park’s indebtedness, the completion
of capital allocation priorities and expected returns on such projects, 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 government shutdowns), the effects of competition and the effects of future legislation,
executive action or regulations, tariffs, the expected completion of anticipated dispositions, including of Park’s Non-Core hotels, and 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 . . . . . . . . . . . . . . . . . . . . . . . . . . .
Current Supplementary Financial Information . . . . . . . . . . . . .
Capital Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Analyst Coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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WALDORF ASTORIA ORLANDO
FINANCIAL
STATEMENTS
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HILTON WAIKOLOA VILLAGE
FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
December 31, 2025
December 31, 2024
ASSETS
Property and equipment, net
$6,955
$7,398
Assets held for sale, net
14
—
Contract asset
—
820
Intangibles, net
41
41
Cash and cash equivalents
232
402
Restricted cash
32
38
Accounts receivable, net of allowance for doubtful accounts of $2 and $4
116
131
Prepaid expenses
60
69
Other assets
80
71
Operating lease right-of-use assets
170
191
TOTAL ASSETS (variable interest entities – $207 and $223)
$7,700
$9,161
LIABILITIES AND EQUITY
Liabilities
Debt
$3,838
$3,841
Debt associated with hotels in receivership
—
725
Accrued interest associated with hotels in receivership
—
95
Accounts payable and accrued expenses
198
226
Dividends payable
56
138
Due to hotel managers
134
138
Other liabilities
189
179
Operating lease liabilities
209
225
Total liabilities (variable interest entities – $198 and $201)
4,624
5,567
Stockholders’ Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 200,938,658 shares
issued and 199,901,086 shares outstanding as of December 31, 2025 and 203,407,320 shares
issued and 202,553,194 shares outstanding as of December 31, 2024
2
2
Additional paid-in capital
4,031
4,063
Accumulated deficit
(902)
(420)
Total stockholders’ equity
3,131
3,645
Noncontrolling interests
(55)
(51)
Total equity
3,076
3,594
TOTAL LIABILITIES AND EQUITY
$7,700
$9,161
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HILTON WAIKOLOA VILLAGE
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except per share data)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Revenues
Rooms
$371
$376
$1,505
$1,569
Food and beverage
173
167
685
688
Ancillary hotel
61
60
259
256
Other
24
22
92
86
Total revenues
629
625
2,541
2,599
Operating expenses
Rooms
100
105
411
419
Food and beverage
121
118
478
474
Other departmental and support
145
151
596
605
Other property
53
57
216
231
Management fees
30
32
118
125
Impairment and casualty loss
249
1
319
14
Depreciation and amortization
67
65
336
257
Corporate general and administrative
18
17
72
69
Other
21
20
88
82
Total expenses
804
566
2,634
2,276
Gain on sale of assets, net
1
8
2
8
Gain on derecognition of assets
10
16
58
60
Operating (loss) income
(164)
83
(33)
391
Interest income
2
5
10
21
Interest expense
(51)
(53)
(209)
(214)
Interest expense associated with hotels in receivership
(10)
(16)
(58)
(60)
Equity in earnings from investments in affiliates
2
2
4
31
Other gain (loss), net
16
—
16
(4)
(Loss) income before income taxes
(205)
21
(270)
165
Income tax benefit (expense)
1
52
(7)
61
Net (loss) income
(204)
73
(277)
226
Net income attributable to noncontrolling interests
(1)
(7)
(6)
(14)
Net (loss) income attributable to stockholders
$(205)
$66
$(283)
$212
(Loss) earnings per share:
(Loss) earnings per share – Basic
$(1.04)
$0.32
$(1.43)
$1.02
(Loss) earnings per share – Diluted
$(1.04)
$0.32
$(1.43)
$1.01
Weighted average shares outstanding – Basic
199
204
199
207
Weighted average shares outstanding – Diluted
199
206
199
209
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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 December 31,
Year Ended December 31,
2025
2024
2025
2024
Net (loss) income
$(204)
$73
$(277)
$226
Depreciation and amortization expense
67
65
336
257
Interest income
(2)
(5)
(10)
(21)
Interest expense
51
53
209
214
Interest expense associated with hotels in receivership(1)
10
16
58
60
Income tax (benefit) expense
(1)
(52)
7
(61)
Interest income and expense, income tax and
depreciation and amortization included in equity in
earnings from investments in affiliates
1
1
7
10
EBITDA
(78)
151
330
685
Gain on sale of assets, net(2)
(17)
(8)
(18)
(27)
Gain on derecognition of assets(1)
(10)
(16)
(58)
(60)
Share-based compensation expense
5
5
19
19
Impairment and casualty loss
249
1
319
14
Other items
3
5
17
21
Adjusted EBITDA
$152
$138
$609
$652
_____________________________________
(1)For the three months and years ended December 31, 2025 and 2024, represents accrued interest expense associated with the default of the $725 million non-recourse CMBS loan (“SF Mortgage
Loan”), which was offset by a gain on derecognition for the corresponding increase of the contract asset on the consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of 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”), which were sold by the court-appointed
receiver on November 21, 2025.
(2)For the three months and year ended December 31, 2025, includes a gain of $16 million on the sale of Park’s ownership interest in the Capital Hilton included in other gain (loss), net. 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.
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
COMPARABLE AND CORE HOTEL ADJUSTED EBITDA, HOTEL REVENUES AND
HOTEL ADJUSTED EBITDA MARGIN
(unaudited, dollars in millions)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Adjusted EBITDA
$152
$138
$609
$652
Less: Adjusted EBITDA from investments in affiliates
(3)
(4)
(19)
(23)
Add: All other(1)
12
13
54
54
Hotel Adjusted EBITDA
161
147
644
683
Less: Adjusted EBITDA from hotels disposed of
—
—
—
(3)
Comparable Hotel Adjusted EBITDA
161
147
644
680
Less: Adjusted EBITDA from Non-Core hotels
(10)
(13)
(58)
(77)
Core Hotel Adjusted EBITDA
$151
$134
$586
$603
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Total Revenues
$629
$625
$2,541
$2,599
Less: Other revenue
(24)
(22)
(92)
(86)
Less: Revenues from hotels disposed of
—
(10)
(16)
(58)
Comparable Hotel Revenues
605
593
2,433
2,455
Less: Hotel Revenues from Non-Core hotels
(100)
(108)
(427)
(446)
Core Hotel Revenues
$505
$485
$2,006
$2,009
Three Months Ended December 31,
Year Ended December 31,
2025
2024
Change(2)
2025
2024
Change(2)
Total Revenues
$629
$625
0.7%
$2,541
$2,599
(2.2)%
Operating (loss) income
$(164)
$83
(296.5)%
$(33)
$391
(108.4)%
Operating (loss) income margin(2)
(26.0)%
13.3%
(3,930) bps
(1.3)%
15.0%
(1,630) bps
Comparable Hotel Revenues
$605
$593
2.2%
$2,433
$2,455
(0.9)%
Comparable Hotel Adjusted EBITDA
$161
$147
9.3%
$644
$680
(5.4)%
Comparable Hotel Adjusted EBITDA margin(2)
26.6%
24.9%
170 bps
26.5%
27.8%
(130) bps
Core Hotel Revenues
$505
$485
4.3%
$2,006
$2,009
(0.1)%
Core Hotel Adjusted EBITDA
$151
$134
13.1%
$586
$603
(3.0)%
Core Hotel Adjusted EBITDA margin(2)
29.9%
27.6%
230 bps
29.2%
30.1%
(90) 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 consolidated statements
of operations.
(2)Percentages are calculated based on unrounded numbers.
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
COMPARABLE, CORE AND NON-CORE HOTEL ADJUSTED EBITDA
(dollars in millions)
Year Ended December 31, 2025
Total
Core Hotels
Non-Core Hotels
Rooms
$1,505
$1,201
$304
Food and beverage
685
578
107
Ancillary hotel
259
227
32
Total hotel revenues
2,449
2,006
443
Less:
Rooms expense
411
318
93
Food and beverage expense
478
398
80
Other departmental and support expense
596
452
144
Management fees
118
100
18
Other property expenses(1)
202
152
50
Total hotel expenses
1,805
1,420
385
Comparable Hotel Adjusted EBITDA
$644
$586
$58
______________________________________________________________
(1)Total other property expenses primarily include real and personal property taxes, other local taxes, ground rent, equipment rent and property insurance incurred in the normal course of business and
excludes $14 million of other items that management believes are not representative of the Company’s operating performance, primarily non-income taxes on TRS leases, which are included in other
property expenses in the consolidated statements of operations.
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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 December 31,
Year Ended December 31,
2025
2024
2025
2024
Net (loss) income attributable to stockholders
$(205)
$66
$(283)
$212
Depreciation and amortization expense
67
65
336
257
Depreciation and amortization expense attributable to
noncontrolling interests
—
(1)
(3)
(4)
Gain on sales of assets, net(1)
(17)
(8)
(18)
(27)
Gain on sale of assets, net, attributable to noncontrolling
interests
—
5
—
5
Gain on derecognition of assets(2)
(10)
(16)
(58)
(60)
Impairment loss
248
—
318
12
Equity investment adjustments:
Equity in earnings from investments in affiliates(3)
(2)
(2)
(4)
(12)
Pro rata FFO of investments in affiliates
2
2
7
16
Nareit FFO attributable to stockholders
83
111
295
399
Share-based compensation expense
5
5
19
19
Interest expense associated with hotels in receivership(2)
10
16
58
60
Release of deferred tax valuation allowance
—
(54)
—
(54)
Other items
5
2
22
6
Adjusted FFO attributable to stockholders
$103
$80
$394
$430
Nareit FFO per share – Diluted(4)
$0.42
$0.54
$1.47
$1.91
Adjusted FFO per share – Diluted(4)
$0.51
$0.39
$1.97
$2.06
Weighted average shares outstanding – Diluted(5)
200
206
200
209
__________________________________________________________________________
(1)For the three months and the year ended December 31, 2025, includes a gain of $16 million on the sale of Park’s ownership interest in the Capital Hilton included in other gain (loss), net. 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.
(2)For the three months and years ended December 31, 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 consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which
were sold by the court-appointed receiver on November 21, 2025.
(3)For the year ended December 31, 2024, the gain of $19 million on the sale of the Hilton La Jolla Torrey Pines is presented within gain on sale of assets, net above.
(4)Per share amounts are calculated based on unrounded numbers.
(5)Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of December 31, 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 December 31,
Year Ended December 31,
2025
2024
2025
2024
Corporate general and administrative expenses
$18
$17
$72
$69
Less:
Share-based compensation expense
5
5
19
19
Other corporate expenses
2
1
5
4
G&A, excluding expenses not included in Adjusted EBITDA
$11
$11
$48
$46
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
NET DEBT AND NET DEBT TO CURRENT ADJUSTED EBITDA RATIO
(unaudited, in millions)
December 31, 2025
December 31, 2024
Debt
$3,838
$3,841
Add: unamortized deferred financing costs and discount
18
24
Debt, excluding unamortized deferred financing cost, premiums and discounts
3,856
3,865
Add: Park’s share of unconsolidated affiliates debt, excluding unamortized deferred financing costs
129
157
Less: cash and cash equivalents
(232)
(402)
Less: restricted cash
(32)
(38)
Net Debt
$3,721
$3,582
Full-Year Current Adjusted EBITDA(1)
$605
$639
Net Debt to Full-Year Current Adjusted EBITDA ratio
6.15x
5.61x
_____________________________________
(1)See pages 30 and 31 for full-year Current Adjusted EBITDA as of December 31, 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 2026 OUTLOOK
Park expects full-year 2026 operating results to be as follows:
(unaudited, dollars in millions, except per share amounts and RevPAR)
Full-Year 2026 Outlook
as of February 19, 2026
Metric
Low
High
RevPAR
$190
$194
RevPAR change vs. 2025
0.0%
2.0%
Net income
$69
$99
Net income attributable to stockholders
$62
$92
Earnings per share – Diluted(1)
$0.31
$0.46
Adjusted EBITDA
$580
$610
Adjusted FFO per share – Diluted(1)
$1.73
$1.89
__________________________________________________________________________
(1)Amounts are calculated based on unrounded numbers.
Park’s outlook is based in part on the following assumptions:
•Includes the impact of renovations at the Royal Palm South Beach Miami, a Tribute Portfolio Resort (“Royal Palm”) of 30 basis points to RevPAR
growth;
•Includes approximately $9 million of incremental interest expense from the expected refinancing of $1.4 billion of mortgage debt maturing in 2026;
•Operating expenses for Park’s hotels are expected to increase 2% to 3%;
•Fully diluted weighted average shares for the full-year 2026 of 201 million; and
•Park’s Current portfolio as of February 19, 2026 and does not take into account potential future acquisitions, dispositions or any financing transactions,
except as noted above, which could result in a material change to Park’s outlook.
Park’s full-year 2026 outlook is based on several factors, many of which are outside the Company’s control, including uncertainty surrounding
macroeconomic 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 2026 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 U.S. as
a result of disapproval of U.S. foreign or domestic policy, or government shutdowns 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 AND ADJUSTED EBITDA
Year Ending
(unaudited, in millions)
December 31, 2026
Low Case
High Case
Net income
$69
$99
Depreciation and amortization expense
254
254
Interest income
(6)
(6)
Interest expense
218
218
Income tax expense
8
8
Interest expense, income tax and depreciation and amortization included in equity in earnings
  from investments in affiliates
2
2
EBITDA
545
575
Share-based compensation expense
19
19
Other items
16
16
Adjusted EBITDA
$580
$610
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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, 2026
Low Case
High Case
Net income attributable to stockholders
$62
$92
Depreciation and amortization expense
254
254
Depreciation and amortization expense attributable to noncontrolling interests
(3)
(3)
Equity investment adjustments:
Equity in earnings from investments in affiliates
(5)
(5)
Pro rata FFO of equity investments
5
5
Nareit FFO attributable to stockholders
313
343
Share-based compensation expense
19
19
Other items
16
18
Adjusted FFO attributable to stockholders
$348
$380
Adjusted FFO per share – Diluted(1)
$1.73
$1.89
Weighted average diluted shares outstanding
201
201
_____________________________________
(1)Per share amounts are calculated based on unrounded numbers.
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HILTON WAIKOLOA VILLAGE
PORTFOLIO
AND
OPERATING
METRICS
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HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
CURRENT HOTEL PORTFOLIO AS OF FEBRUARY 19, 2026
Hotel Name
Total Rooms
Market
Meeting Space
(square feet)
Ownership
Equity
Ownership
Debt
(in millions)
Core Hotels
 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%
—
 Hilton Waikoloa Village
661
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%
—
 Hyatt Regency Boston
502
Boston
30,000
Fee Simple
100%
$121
 Waldorf Astoria Orlando
502
Orlando
121,000
Fee Simple
100%
—
 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%
—
 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%
$153
 JW Marriott San Francisco Union Square
344
San Francisco
12,000
Leasehold
100%
—
 Casa Marina Key West, Curio Collection
311
Key West
53,000
Fee Simple
100%
—
 Juniper Hotel Cupertino, Curio Collection
224
Other U.S.
5,000
Fee Simple
100%
—
 The Reach Key West, Curio Collection
150
Key West
18,000
Fee Simple
100%
—
Total Core Hotels (20 Hotels)
15,764
1,713,000
$1,600
slidelayoutv2a.jpg
20
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
CURRENT HOTEL PORTFOLIO AS OF FEBRUARY 19, 2026 (CONTINUED)
Hotel Name
Total Rooms
Market
Meeting Space
(square feet)
Ownership
Equity
Ownership
Debt(1)
(in millions)
Non-Core Hotels
 Hilton Orlando Lake Buena Vista
814
Orlando
87,000
Leasehold
100%
—
The Wade(2)
520
Chicago
21,000
Fee Simple
100%
—
 DoubleTree Hotel San Jose
505
Other U.S.
48,000
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
 Boston Marriott Newton
430
Boston
35,000
Fee Simple
100%
—
The Midland Hotel, a Tribute Portfolio Hotel(3)
403
Chicago
13,000
Fee Simple
100%
—
 Hilton Seattle Airport & Conference Center
396
Seattle
40,000
Leasehold
100%
—
 Hilton Short Hills
314
Other U.S.
22,000
Fee Simple
100%
—
 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 Durango
159
Other U.S.
7,000
Leasehold
100%
—
Total Non-Core Hotels (12 Hotels)
5,085
361,000
$30
Unconsolidated Joint Ventures
 Hilton Orlando(4)
1,424
Orlando
236,000
Fee Simple
20%
$105
 Embassy Suites Alexandria Old Town
288
Washington, D.C.
11,000
Fee Simple
50%
$24
Total Unconsolidated Joint Ventures (2 Hotels)
1,712
247,000
$129
Grand Total (34 Hotels)
22,561
2,321,000
$1,759
_____________________________________
(1)Debt related to unconsolidated joint ventures is presented on a pro-rata basis.
(2)In February 2025, the W Chicago – Lakeshore was converted to The Wade.
(3)In January 2025, the W Chicago – City Center was converted to The Midland Hotel, a Tribute Portfolio Hotel.
(4)Included in Park’s Core portfolio.
slidelayoutv2a.jpg
21
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE, CORE AND NON-CORE HOTELS: Q4 2025 VS Q4 2024
(unaudited)
ADR
Occupancy
RevPAR
Total RevPAR
4Q25
4Q24
Change(1)
4Q25
4Q24
Change
4Q25
4Q24
Change(1)
4Q25
4Q24
Change(1)
Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort
$292.14
$292.16
—%
79.8%
65.7%
14.1% pts
$233.15
$191.95
21.5%
$379.44
$304.75
24.5%
2
Hilton Waikoloa Village
327.37
315.62
3.7
55.6
64.9
(9.3)
181.92
204.87
(11.2)
408.66
458.38
(10.8)
3
Signia by Hilton Orlando Bonnet Creek
232.27
233.98
(0.7)
77.2
71.5
5.7
179.38
167.44
7.1
455.90
413.62
10.2
4
Waldorf Astoria Orlando
441.07
402.33
9.6
79.9
79.7
0.2
352.55
320.96
9.8
609.31
556.06
9.6
5
New York Hilton Midtown
412.83
402.05
2.7
94.4
90.7
3.7
389.69
364.48
6.9
569.57
554.00
2.8
6
Hilton New Orleans Riverside
205.57
221.16
(7.0)
62.2
59.5
2.7
127.93
131.69
(2.9)
240.55
246.80
(2.5)
7
Caribe Hilton
287.09
298.30
(3.8)
77.1
71.3
5.8
221.44
212.90
4.0
371.93
355.90
4.5
8
Hilton Boston Logan Airport
248.46
250.25
(0.7)
89.2
86.7
2.5
221.74
217.05
2.2
276.94
269.11
2.9
9
Hyatt Regency Boston
272.70
264.37
3.1
81.3
86.3
(5.0)
221.69
228.11
(2.8)
277.83
286.72
(3.1)
10
Hilton Santa Barbara Beachfront Resort
306.18
307.48
(0.4)
66.5
65.1
1.4
203.50
199.92
1.8
337.18
331.02
1.9
11
Hyatt Regency Mission Bay Spa and Marina
206.17
212.02
(2.8)
69.4
72.4
(3.0)
143.09
153.44
(6.7)
279.58
276.72
1.0
12
Casa Marina Key West, Curio Collection
524.67
562.09
(6.7)
80.9
74.4
6.5
424.29
417.97
1.5
692.51
651.25
6.3
13
The Reach Key West, Curio Collection
459.75
491.67
(6.5)
79.6
70.4
9.2
365.80
345.74
5.8
545.96
532.41
2.5
14
Hilton Chicago
221.12
224.74
(1.6)
66.0
61.4
4.6
145.99
137.96
5.8
260.58
238.55
9.2
15
Hilton Denver City Center
179.30
177.98
0.7
62.2
56.8
5.4
111.50
101.05
10.3
160.60
150.24
6.9
16
Royal Palm South Beach Miami(2)
—
257.11
(100.0)
—
76.8
(76.8)
—
197.44
(100.0)
—
259.28
(100.0)
17
DoubleTree Hotel Washington DC – Crystal City
180.90
183.74
(1.5)
55.0
65.3
(10.3)
99.56
120.05
(17.1)
140.45
162.67
(13.7)
18
Hilton McLean Tysons Corner
227.33
211.44
7.5
54.8
64.6
(9.8)
124.68
136.60
(8.7)
237.69
246.88
(3.7)
19
JW Marriott San Francisco Union Square
317.46
250.84
26.6
64.3
81.1
(16.8)
204.24
203.55
0.3
259.64
253.24
2.5
20
Juniper Hotel Cupertino, Curio Collection
193.99
203.13
(4.5)
68.0
67.6
0.4
131.83
137.16
(3.9)
155.38
158.84
(2.2)
Total Core Hotels (20 Hotels)
291.68
287.98
1.3
72.0
70.7
1.3
210.15
203.73
3.2
348.72
334.65
4.2
Total Non-Core Hotels (15 Hotels)(3)
173.84
182.17
(4.6)
65.6
68.7
(3.1)
114.11
125.23
(8.9)
170.76
184.43
(7.4)
Total Comparable Hotels (35 Hotels)
$259.95
$258.10
0.7%
70.2%
70.2%
—% pts
$182.49
$181.10
0.8%
$297.47
$291.35
2.1%
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.
(3)Includes the DoubleTree Hotel Sonoma Wine Country and the DoubleTree Hotel Seattle Airport, which were surrendered to the ground lessor upon expiration of its ground leases on December 31, 2025,
and the hotel sold in 2026.
slidelayoutv2a.jpg
22
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE, CORE AND NON-CORE HOTELS: Q4 2025 VS Q4 2024 (CONTINUED)
(unaudited, dollars in millions)
Hotel Adjusted EBITDA
Hotel Revenue
Hotel Adjusted EBITDA Margin
4Q25
4Q24
Change(1)
4Q25
4Q24
Change(1)
4Q25
4Q24
Change
Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort
$34
$18
93.6%
$100
$80
25.0%
33.9%
21.9%
1,200
bps
2
Hilton Waikoloa Village
5
8
(33.4)
25
27
(10.0)
22.0
29.7
(770)
3
Signia by Hilton Orlando Bonnet Creek
16
14
14.6
42
38
10.2
36.8
35.4
140
4
Waldorf Astoria Orlando
10
8
15.2
28
26
9.6
36.2
34.4
180
5
New York Hilton Midtown
30
28
8.6
98
96
2.8
30.7
29.1
160
6
Hilton New Orleans Riverside
13
13
(3.0)
36
37
(2.5)
35.5
35.7
(20)
7
Caribe Hilton
5
5
5.8
22
22
4.5
24.2
23.9
30
8
Hilton Boston Logan Airport
3
3
(27.0)
15
15
2.9
18.5
26.1
(760)
9
Hyatt Regency Boston
4
4
6.6
13
13
(3.1)
30.9
28.1
280
10
Hilton Santa Barbara Beachfront Resort
5
4
4.4
11
11
1.9
41.5
40.5
100
11
Hyatt Regency Mission Bay Spa and Marina
1
2
(4.3)
11
11
1.0
14.4
15.2
(80)
12
Casa Marina Key West, Curio Collection
9
8
13.0
20
19
6.3
44.3
41.7
260
13
The Reach Key West, Curio Collection
3
2
5.0
8
7
2.5
37.8
36.9
90
14
Hilton Chicago
8
5
57.4
37
34
9.2
22.2
15.4
680
15
Hilton Denver City Center
2
3
(6.8)
9
8
6.9
27.4
31.4
(400)
16
Royal Palm South Beach Miami(2)
(1)
3
(143.4)
—
9
(100.0)
—
31.3
(3,130)
17
DoubleTree Hotel Washington DC – Crystal City
1
2
(45.6)
8
9
(13.7)
12.3
19.5
(720)
18
Hilton McLean Tysons Corner
2
3
(2.0)
10
11
(3.7)
22.3
21.9
40
19
JW Marriott San Francisco Union Square
—
—
68.7
8
8
2.5
(1.2)
(3.9)
270
20
Juniper Hotel Cupertino, Curio Collection
1
1
(23.1)
4
4
(2.2)
17.0
21.6
(460)
Total Core Hotels (20 Hotels)
151
134
13.1
505
485
4.3
29.9
27.6
230
Total Non-Core Hotels (15 Hotels)(3)
10
13
(28.0)
100
108
(7.4)
9.8
12.6
(280)
Total Comparable Hotels (35 Hotels)
$161
$147
9.3%
$605
$593
2.2%
26.6%
24.9%
170
bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.
(3)Includes the DoubleTree Hotel Sonoma Wine Country and the DoubleTree Hotel Seattle Airport, which were surrendered to the ground lessor upon expiration of its ground leases on December 31, 2025,
and the hotel sold in 2026.
slidelayoutv2a.jpg
23
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE, CORE AND NON-CORE HOTELS: Full-Year 2025 VS Full-Year 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
$294.10
$303.95
(3.2)%
80.9%
84.1%
(3.2)% pts
$238.05
$255.69
(6.9)%
$386.52
$406.39
(4.9)%
2
Hilton Waikoloa Village
320.74
321.28
(0.2)
67.3
74.7
(7.4)
216.01
240.12
(10.0)
492.51
524.91
(6.2)
3
Signia by Hilton Orlando Bonnet Creek
237.86
233.06
2.1
73.9
72.8
1.1
175.90
169.71
3.6
469.55
433.00
8.4
4
Waldorf Astoria Orlando
409.02
383.24
6.7
73.2
66.3
6.9
299.27
254.15
17.8
554.43
477.56
16.1
5
New York Hilton Midtown
338.99
322.03
5.3
86.7
86.3
0.4
293.93
277.92
5.8
451.00
434.48
3.8
6
Hilton New Orleans Riverside
213.97
210.65
1.6
64.2
66.3
(2.1)
137.37
139.64
(1.6)
254.07
253.71
0.1
7
Caribe Hilton
286.82
302.02
(5.0)
86.4
74.5
11.9
247.94
225.25
10.1
385.01
351.76
9.5
8
Hilton Boston Logan Airport
255.61
258.15
(1.0)
91.7
91.3
0.4
234.35
235.72
(0.6)
288.73
290.82
(0.7)
9
Hyatt Regency Boston
275.49
273.73
0.6
83.8
85.3
(1.5)
230.91
233.65
(1.2)
284.72
293.92
(3.1)
10
Hilton Santa Barbara Beachfront Resort
324.04
331.55
(2.3)
69.4
72.0
(2.6)
224.78
238.55
(5.8)
365.21
375.12
(2.6)
11
Hyatt Regency Mission Bay Spa and Marina
234.26
244.85
(4.3)
77.6
78.4
(0.8)
181.87
192.02
(5.3)
329.91
337.25
(2.2)
12
Casa Marina Key West, Curio Collection
537.75
555.92
(3.3)
81.4
74.7
6.7
437.68
415.20
5.4
696.26
638.29
9.1
13
The Reach Key West, Curio Collection
474.45
512.03
(7.3)
80.7
75.2
5.5
382.85
384.93
(0.5)
586.63
579.21
1.3
14
Hilton Chicago
215.27
214.93
0.2
66.2
64.5
1.7
142.45
138.68
2.7
248.81
241.92
2.8
15
Hilton Denver City Center
180.94
190.84
(5.2)
69.5
66.0
3.5
125.68
125.97
(0.2)
186.49
189.31
(1.5)
16
Royal Palm South Beach Miami(2)
342.29
264.69
29.3
29.0
80.1
(51.1)
99.13
211.82
(53.2)
127.33
279.24
(54.4)
17
DoubleTree Hotel Washington DC – Crystal City
187.36
184.99
1.3
67.3
74.1
(6.8)
126.10
137.14
(8.0)
171.18
186.04
(8.0)
18
Hilton McLean Tysons Corner
215.71
205.96
4.7
64.2
69.4
(5.2)
138.56
143.10
(3.2)
225.89
234.14
(3.5)
19
JW Marriott San Francisco Union Square
341.89
301.10
13.5
68.4
71.7
(3.3)
234.01
215.92
8.4
304.91
282.50
7.9
20
Juniper Hotel Cupertino, Curio Collection
201.81
200.25
0.8
69.0
71.9
(2.9)
139.21
144.03
(3.3)
158.12
163.12
(3.1)
Total Core Hotels (20 Hotels)
280.84
278.12
1.0
74.4
76.1
(1.7)
208.85
211.58
(1.3)
348.52
348.43
—
Total Non-Core Hotels (15 Hotels)(3)
183.26
188.10
(2.6)
68.8
70.4
(1.6)
126.04
132.35
(4.8)
184.46
191.95
(3.9)
Total Comparable Hotels (35 Hotels)
$254.27
$253.59
0.3%
72.8%
74.5%
(1.7)% pts
$185.00
$188.75
(2.0)%
$301.27
$303.33
(0.7)%
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.
(3)Includes the DoubleTree Hotel Sonoma Wine Country and the DoubleTree Hotel Seattle Airport, which were surrendered to the ground lessor upon expiration of its ground leases on December 31, 2025,
and the hotel sold in 2026.
slidelayoutv2a.jpg
24
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE, CORE AND NON-CORE HOTELS: Full-Year 2025 VS Full-Year 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)
$142
$161
(11.9)%
$405
$425
(4.8)%
35.0%
37.8%
(280)
bps
2
Hilton Waikoloa Village(2)
33
41
(19.7)
117
124
(5.6)
27.9
32.8
(490)
3
Signia by Hilton Orlando Bonnet Creek
65
57
13.9
173
160
8.1
37.5
35.6
190
4
Waldorf Astoria Orlando
32
25
27.4
102
88
15.8
31.5
28.6
290
5
New York Hilton Midtown
58
53
10.6
309
299
3.5
18.8
17.6
120
6
Hilton New Orleans Riverside
54
52
3.6
150
151
(0.1)
35.7
34.4
130
7
Caribe Hilton
25
22
14.5
92
84
9.2
27.3
26.0
130
8
Hilton Boston Logan Airport (3)
16
20
(17.7)
64
64
(1.0)
25.7
30.9
(520)
9
Hyatt Regency Boston(3)
18
21
(15.9)
52
54
(3.4)
33.6
38.6
(500)
10
Hilton Santa Barbara Beachfront Resort
21
22
(6.5)
48
49
(2.9)
42.9
44.5
(160)
11
Hyatt Regency Mission Bay Spa and Marina
11
12
(10.1)
53
54
(2.4)
21.3
23.1
(180)
12
Casa Marina Key West, Curio Collection
34
30
13.3
79
73
8.8
43.0
41.3
170
13
The Reach Key West, Curio Collection
12
12
2.4
32
32
1.0
37.9
37.4
50
14
Hilton Chicago
25
22
17.0
140
137
2.6
18.1
15.9
220
15
Hilton Denver City Center
13
15
(9.2)
42
42
(1.8)
32.0
34.6
(260)
16
Royal Palm South Beach Miami(4)
5
14
(66.9)
19
41
(54.5)
25.9
35.6
(970)
17
DoubleTree Hotel Washington DC – Crystal City
8
11
(29.0)
39
43
(8.2)
21.0
27.1
(610)
18
Hilton McLean Tysons Corner
7
8
(18.4)
38
39
(3.8)
18.4
21.7
(330)
19
JW Marriott San Francisco Union Square
5
2
89.2
38
36
7.6
11.9
6.8
510
20
Juniper Hotel Cupertino, Curio Collection
2
3
(24.8)
14
14
(3.3)
18.7
24.1
(540)
Total Core Hotels (20 Hotels)
586
603
(3.0)
2,006
2,009
(0.1)
29.2
30.1
(90)
Total Non-Core Hotels (15 Hotels)(5)
58
77
(24.2)
427
446
(4.2)
13.5
17.1
(360)
Total Comparable Hotels (35 Hotels)
$644
$680
(5.4)%
$2,433
$2,455
(0.9)%
26.5%
27.8%
(130)
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.
(5)Includes the DoubleTree Hotel Sonoma Wine Country and the DoubleTree Hotel Seattle Airport, which were surrendered to the ground lessor upon expiration of its ground leases on December 31, 2025,
and the hotel sold in 2026.
supplementlayouta.jpg
25
HILTON DENVER CITY CENTER
PROPERTIES
ACQUIRED AND
SOLD
slidelayoutv2a.jpg
26
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
2
875
120.0
2026
1
193
12.5
41(2)
12,084
$2,344.4
____________________________________
(1)Gross proceeds from the sale of joint ventures represent Park’s pro-rata share.
(2)To date, Park has sold its interest in 41 hotels. In addition, eight 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, which were placed into receivership in October 2023, were sold by the court-appointed receiver in
November 2025.
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27
HILTON DENVER CITY CENTER
PROPERTIES ACQUIRED AND SOLD
NON-CORE DISPOSITION INITIATIVE - STATUS SINCE JANUARY 1, 2026
(unaudited, dollars in millions)
Status
# of Hotels
Room Count
2025 Hotel Adjusted
EBITDA(1)
Sold in 2026
1
193
$1
Remaining Non-Core Hotels To Be Sold
10
4,414
$44
Remaining Safehold Leases(2)
3
959
$16
Total
14
5,566
$61
____________________________________
(1)Includes Park’s share from its Non-Core unconsolidated joint venture.
(2)Timing for the disposition of the Hilton Salt Lake City Center, DoubleTree Hotel San Diego - Mission Valley and DoubleTree Hotel Durango cannot be determined given ongoing litigation.
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28
SIGNIA BY HILTON ORLANDO BONNET CREEK
CURRENT
SUPPLEMENTARY
FINANCIAL
INFORMATION
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29
SIGNIA BY HILTON ORLANDO BONNET CREEK
CURRENT SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL CURRENT FULL-YEAR HOTEL METRICS
Three Months Ended
Full-Year
(unaudited, dollars in millions)
March 31,
June 30,
September 30,
December 31,
December 31,
2025
2025
2025
2025
2025
Current RevPAR(1)
$185.44
$201.93
$183.32
$189.04
$189.92
Current Occupancy
70.0%
77.0%
74.3%
71.1%
73.1%
Current ADR
$265.02
$262.10
$246.84
$265.99
$259.83
Total Revenues
$630
$672
$610
$629
$2,541
Operating income (loss)
$7
$65
$59
$(164)
$(33)
Operating income (loss) margin(2)
1.1%
9.6%
9.7%
(26.0)%
(1.3)%
Current Hotel Revenues (in millions)
$587
$624
$563
$593
$2,367
Current Hotel Adjusted EBITDA (in millions)
$153
$189
$139
$163
$644
Current Hotel Adjusted EBITDA margin(2)
26.1%
30.3%
24.6%
27.5%
27.2%
Three Months Ended
Full Year
March 31,
June 30,
September 30,
December 31,
December 31,
2024
2024
2024
2024
2024
Current RevPAR
$186.64
$204.65
$195.51
$186.67
$193.35
Current Occupancy
72.1%
77.6%
78.0%
70.5%
74.5%
Current ADR
$258.90
$263.60
$250.72
$264.87
$259.39
Total Revenues
$639
$686
$649
$625
$2,599
Operating income
$92
$121
$95
$83
$391
Operating income margin(2)
14.5%
17.5%
14.6%
13.3%
15.0%
Current Hotel Revenues (in millions)
$589
$627
$589
$578
$2,383
Current Hotel Adjusted EBITDA (in millions)
$169
$195
$164
$149
$677
Current Hotel Adjusted EBITDA margin(2)
28.8%
31.0%
27.8%
25.8%
28.4%
________________________________________
(1)Current RevPAR, excluding the Royal Palm, which suspended operations in mid-May 2025 for a comprehensive renovation, increased 3.3% for the three months ended December 31, 2025 and
decreased (0.7)% for the full-year ended December 31, 2025 compared to the same periods in 2024.
(2)Percentages are calculated based on unrounded numbers.
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30
SIGNIA BY HILTON ORLANDO BONNET CREEK
CURRENT SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL CURRENT HOTEL ADJUSTED EBITDA – FULL-YEAR 2025
Three Months Ended
Full-Year
(unaudited, in millions)
March 31,
June 30,
September 30,
December 31,
December 31,
2025
2025
2025
2025
2025
Net loss
$(57)
$(2)
$(14)
$(204)
$(277)
Depreciation and amortization expense
69
122
78
67
336
Interest income
(3)
(2)
(3)
(2)
(10)
Interest expense
52
53
53
51
209
Interest expense associated with hotels in receivership(1)
16
16
16
10
58
Income tax expense (benefit)
1
1
6
(1)
7
Interest expense, income tax and depreciation and amortization
  included in equity in earnings from investments in affiliates
2
2
2
1
7
EBITDA
80
190
138
(78)
330
Gain on sales of assets, net(2)
—
(1)
—
(17)
(18)
Gain on derecognition of assets(1)
(16)
(16)
(16)
(10)
(58)
Share-based compensation expense
4
5
5
5
19
Impairment and casualty loss
70
—
—
249
319
Other items
6
5
3
3
17
Adjusted EBITDA
144
183
130
152
609
Less: Adjusted EBITDA from hotels disposed of
2
(2)
(2)
2
—
Less: Adjusted EBITDA from investments in affiliates disposed of
(1)
(2)
—
(1)
(4)
Current Adjusted EBITDA
145
179
128
153
605
Less: Adjusted EBITDA from investments in affiliates
(7)
(3)
(3)
(2)
(15)
Add: All other(3)
15
13
14
12
54
Current Hotel Adjusted EBITDA
$153
$189
$139
$163
$644
_____________________________________
(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
consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which were sold by the court-appointed receiver on November 21, 2025.
(2)For the three months and year ended December 31, 2025, includes a gain of $16 million on the sale of Park’s ownership interest in the Capital Hilton included in other gain (loss), net.
(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 consolidated statements
of operations.
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SIGNIA BY HILTON ORLANDO BONNET CREEK
CURRENT SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL CURRENT 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
—
(4)
(4)
2
(6)
Less: Adjusted EBITDA from investments in affiliates disposed of
(2)
(3)
(1)
(1)
(7)
Current Adjusted EBITDA
160
186
154
139
639
Less: Adjusted EBITDA from investments in affiliates
(6)
(5)
(2)
(3)
(16)
Add: All other(3)
15
14
12
13
54
Current Hotel Adjusted EBITDA
$169
$195
$164
$149
$677
_____________________________________
(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 consolidated balance sheets. The SF Mortgage Loan was assumed by the buyer of the Hilton San Francisco Hotels, which were sold by the court-appointed receiver
on November 21, 2025.
(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 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 consolidated statements of
operations.
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SIGNIA BY HILTON ORLANDO BONNET CREEK
CURRENT SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL CURRENT FULL-YEAR HOTEL REVENUES – 2025 AND 2024
Three Months Ended
Full-Year
(unaudited, in millions)
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
December 31,
2025
Total Revenues
$630
$672
$610
$629
$2,541
Less: Other revenue
(22)
(23)
(23)
(24)
(92)
Less: Revenues from hotels disposed of
(21)
(25)
(24)
(12)
(82)
Current Hotel Revenues
$587
$624
$563
$593
$2,367
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
(29)
(37)
(39)
(25)
(130)
Current Hotel Revenues
$589
$627
$589
$578
$2,383
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33
ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO
CAPITAL
STRUCTURE
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34
ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO
CAPITAL STRUCTURE
FIXED AND VARIABLE RATE DEBT
(unaudited, dollars in millions)
As of December 31, 2025
Debt
Collateral
Interest Rate
Maturity Date
Fixed Rate Debt
Mortgage loan
Hilton Denver City Center
4.90%
June 2026(1)
$51
Mortgage loan
Hyatt Regency Boston
4.25%
July 2026
121
Mortgage loan
Hilton Hawaiian Village Waikiki Beach
Resort
4.20%
November 2026
1,275
Mortgage loan
Hilton Santa Barbara Beachfront Resort
4.17%
December 2026
153
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
6.88%
2026 to 2030
1
Total Fixed Rate Debt
5.11%(2)
3,656
Variable Rate Debt
Revolver(3)
Unsecured
SOFR + 2.25%
September 2029
—
2024 Term Loan
Unsecured
SOFR + 2.20%
May 2027
200
2025 Delayed Draw Term Loan(3)
Unsecured
SOFR + 2.20%
January 2030
—
Total Variable Rate Debt
5.93%
200
Less: unamortized deferred financing costs and discount
(18)
Total Debt(4)
5.15%(2)
$3,838
_____________________________________
(1)The loan matures in August 2042 but became callable by the lender in August 2022 with six months notice. As of December 31, 2025, Park had not received notice from the lender.
(2)Calculated on a weighted average basis.
(3)As of February 19, 2026, Park has $1 billion of available capacity under the senior unsecured revolving credit facility (“Revolver”) with no outstanding letters of credit and $800 million of its 2025
Delayed Draw Term Loan available.
(4)Excludes $129 million of Park’s share of debt of its unconsolidated joint ventures.
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35
HYATT REGENCY BOSTON
DEFINITIONS
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36
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 hotel financial data includes results from Park’s consolidated hotels and
property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable hotel financial data
excludes results from property dispositions that have occurred prior to December 31, 2025.
Current
The Company presents certain data for its consolidated hotels on a Current basis as supplemental information for investors: Current Hotel
Revenues, Current RevPAR, Current Occupancy, Current ADR, Current Hotel Adjusted EBITDA and Current Hotel Adjusted EBITDA Margin.
The Company presents Current hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels.
The Company’s Current hotel financial data includes results from Park’s consolidated hotels and property acquisitions as though such
acquisitions occurred on the earliest period presented. Additionally, Current hotel financial data excludes results from property dispositions
that have occurred through February 19, 2026.
Core/Non-Core
The Company’s Core portfolio includes 20 of Park’s consolidated hotels and 1 of Park’s unconsolidated hotels and consists primarily of hotels
and resorts that cater to group and leisure demand. As of December 31, 2025, Park’s Non-Core portfolio included 15 consolidated hotels and
1 unconsolidated hotel. As of February 19, 2026, Park had 12 consolidated hotels and 1 unconsolidated hotel remaining in its Non-Core
portfolio. Financial data presented for Park’s Core and Non-Core hotels are based on its consolidated hotels only.
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.
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HYATT REGENCY BOSTON
DEFINITIONS
(CONTINUED)
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.
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.
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38
HYATT REGENCY BOSTON
DEFINITIONS
(CONTINUED)
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.
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.
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.
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39
HYATT REGENCY BOSTON
DEFINITIONS
(CONTINUED)
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.
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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40
HILTON SANTA BARBARA BEACHFRONT RESORT
ANALYST
COVERAGE
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41
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
Rich Hightower
Barclays
(212) 526-8768
richard.hightower@barclays.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