EX-99.2 3 supplementexhibit992-live.htm EX-99.2 Supplement Exhibit 99.2 - LIVE
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Exhibit 99.2
FIRST QUARTER 2026
SUPPLEMENTAL DATA
MARCH 31, 2026
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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 33 premium-branded hotels and resorts with over 22,000 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 Park’s $700 million delayed draw loan facility (“Bonnet Creek Mortgage Loan”), which will be
secured by the 1,009-room Signia by Hilton Orlando Bonnet Creek and 502-room Waldorf Astoria Bonnet Creek and associated golf course (collectively, the
“Bonnet Creek complex”) when drawn upon, and the anticipated repayment and refinancing 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 government and agency 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 (as defined below), 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, 2025, 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 . . . . . . . . . . . . . . . . . . . . . . . . . . .
Comparable 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
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
March 31, 2026
December 31, 2025
(unaudited)
ASSETS
Property and equipment, net
$6,976
$6,955
Assets held for sale, net
—
14
Intangibles, net
41
41
Cash and cash equivalents
156
232
Restricted cash
34
32
Accounts receivable, net of allowance for doubtful accounts of $3 and $2
142
116
Prepaid expenses
66
60
Other assets
77
80
Operating lease right-of-use assets
166
170
TOTAL ASSETS (variable interest entities – $207 and $207)
$7,658
$7,700
LIABILITIES AND EQUITY
Liabilities
Debt
$3,838
$3,838
Accounts payable and accrued expenses
225
198
Dividends payable
50
56
Due to hotel managers
104
134
Other liabilities
201
189
Operating lease liabilities
207
209
Total liabilities (variable interest entities – $197 and $198)
4,625
4,624
Stockholders’ Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 202,511,845 shares
issued and 201,249,407 shares outstanding as of March 31, 2026 and 200,938,658 shares issued
and 199,901,086 shares outstanding as of December 31, 2025
2
2
Additional paid-in capital
4,023
4,031
Accumulated deficit
(937)
(902)
Total stockholders’ equity
3,088
3,131
Noncontrolling interests
(55)
(55)
Total equity
3,033
3,076
TOTAL LIABILITIES AND EQUITY
$7,658
$7,700
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HILTON WAIKOLOA VILLAGE
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except per share data)
Three Months Ended March 31,
2026
2025
Revenues
Rooms
$356
$363
Food and beverage
182
182
Ancillary hotel
60
63
Other
24
22
Total revenues
622
630
Operating expenses
Rooms
97
100
Food and beverage
122
123
Other departmental and support
145
151
Other property
54
57
Management fees
30
30
Impairment
5
70
Depreciation and amortization
64
69
Corporate general and administrative
18
18
Other
24
21
Total expenses
559
639
Loss on sale of assets, net
(1)
—
Gain on derecognition of assets
—
16
Operating income
62
7
Interest income
1
3
Interest expense
(51)
(52)
Interest expense associated with hotels in receivership
—
(16)
Equity in earnings from investments in affiliates
1
—
Other gain, net
—
2
Income (loss) before income taxes
13
(56)
Income tax expense
(1)
(1)
Net income (loss)
12
(57)
Net income attributable to noncontrolling interests
(1)
—
Net income (loss) attributable to stockholders
$11
$(57)
Earnings (loss) per share:
Earnings (loss) per share – Basic
$0.05
$(0.29)
Earnings (loss) per share – Diluted
$0.05
$(0.29)
Weighted average shares outstanding – Basic
199
200
Weighted average shares outstanding – Diluted
200
200
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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 March 31,
2026
2025
Net income (loss)
$12
$(57)
Depreciation and amortization expense
64
69
Interest income
(1)
(3)
Interest expense
51
52
Interest expense associated with hotels in receivership(1)
—
16
Income tax expense
1
1
Interest income and expense, income tax and depreciation and amortization included in equity in earnings
from investments in affiliates
—
2
EBITDA
127
80
Loss on sale of assets, net
1
—
Gain on derecognition of assets(1)
—
(16)
Share-based compensation expense
4
4
Impairment
5
70
Other items
6
6
Adjusted EBITDA
$143
$144
_____________________________________
(1)For the three months ended March 31, 2025, 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 Park’s condensed 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.
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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 March 31,
2026
2025
Adjusted EBITDA
$143
$144
Less: Adjusted EBITDA from investments in affiliates
(6)
(8)
Add: All other(1)
14
15
Hotel Adjusted EBITDA
151
151
Less: Adjusted EBITDA from hotels disposed of
1
2
Comparable Hotel Adjusted EBITDA
152
153
Less: Adjusted EBITDA from Non-Core hotels
(11)
(9)
Core Hotel Adjusted EBITDA
$141
$144
Three Months Ended March 31,
2026
2025
Total Revenues
$622
$630
Less: Other revenue
(24)
(22)
Less: Revenues from hotels disposed of
(7)
(27)
Comparable Hotel Revenues
591
581
Less: Hotel Revenues from Non-Core hotels
(81)
(79)
Core Hotel Revenues
$510
$502
Three Months Ended March 31,
2026
2025
Change(2)
Total Revenues
$622
$630
(1.4)%
Operating income
$62
$7
798.4%
Operating income margin(2)
9.9%
1.1%
880 bps
Comparable Hotel Revenues
$591
$581
1.8%
Comparable Hotel Adjusted EBITDA
$152
$153
(0.3)%
Comparable Hotel Adjusted EBITDA margin(2)
25.8%
26.4%
(60) bps
Core Hotel Revenues
$510
$502
1.7%
Core Hotel Adjusted EBITDA
$141
$144
(2.0)%
Core Hotel Adjusted EBITDA margin(2)
27.7%
28.7%
(100) bps
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(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
COMPARABLE, CORE AND NON-CORE HOTEL ADJUSTED EBITDA
(unaudited, in millions)
Three Months Ended March 31, 2026
Total
Core Hotels
Non-Core Hotels
Hotel Revenues
Rooms
$356
$299
$57
Food and beverage
182
157
25
Ancillary hotel
60
54
6
Total hotel revenues
598
510
88
Less:
Rooms expense
97
80
17
Food and beverage expense
122
106
16
Other departmental and support expense
145
117
28
Management fees
30
26
4
Other property expenses(1)
53
40
13
Total hotel expenses
447
369
78
Hotel Adjusted EBITDA
151
141
10
Less: Adjusted EBITDA from hotels disposed of
1
—
1
Comparable Hotel Adjusted EBITDA
$152
$141
$11
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(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.
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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 March 31,
2026
2025
Net income (loss) attributable to stockholders
$11
$(57)
Depreciation and amortization expense
64
69
Depreciation and amortization expense attributable to noncontrolling interests
(1)
(1)
Loss on sale of assets, net
1
—
Gain on derecognition of assets(1)
—
(16)
Impairment
5
70
Equity investment adjustments:
Equity in earnings from investments in affiliates
(1)
—
Pro rata FFO of investments in affiliates
—
1
Nareit FFO attributable to stockholders
79
66
Share-based compensation expense
4
4
Interest expense associated with hotels in receivership(1)
—
16
Other items
7
6
Adjusted FFO attributable to stockholders
$90
$92
Nareit FFO per share – Diluted(2)
$0.39
$0.33
Adjusted FFO per share – Diluted(2)
$0.45
$0.46
Weighted average shares outstanding – Diluted(3)
200
200
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(1)For the three months ended March 31, 2025, 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 Park’s condensed 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)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 March 31, 2026, see page 5.
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
GENERAL AND ADMINISTRATIVE EXPENSES
(unaudited, in millions)
Three Months Ended March 31,
2026
2025
Corporate general and administrative expenses
$18
$18
Less:
Share-based compensation expense
4
4
Other corporate expenses
1
1
G&A, excluding expenses not included in Adjusted EBITDA
$13
$13
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NEW YORK HILTON MIDTOWN
SUPPLEMENTARY FINANCIAL INFORMATION
NET DEBT AND NET DEBT TO COMPARABLE ADJUSTED EBITDA RATIO
(unaudited, in millions)
March 31, 2026
December 31, 2025
Debt
$3,838
$3,838
Add: unamortized deferred financing costs and discount
16
18
Debt, excluding unamortized deferred financing cost, premiums and discounts
3,854
3,856
Add: Park’s share of unconsolidated affiliates debt, excluding unamortized deferred financing costs
130
129
Less: cash and cash equivalents
(156)
(232)
Less: restricted cash
(34)
(32)
Net Debt
$3,794
$3,721
TTM Comparable Adjusted EBITDA(1)
$601
$602
Net Debt to TTM Comparable Adjusted EBITDA ratio
6.31x
6.18x
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(1)See pages 28 and 29 for trailing twelve months (“TTM”) Comparable Adjusted EBITDA as of March 31, 2026 and December 31, 2025, 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 April 30, 2026
Full-Year 2026 Outlook
as of February 19, 2026
Change at
Midpoint
Metric
Low
High
Low
High
RevPAR
$192
$196
$190
$194
$2
RevPAR change vs. 2025
0.5%
2.5%
0.0%
2.0%
50 bps
Net income
$66
$96
$69
$99
$(3)
Net income attributable to stockholders
$58
$88
$62
$92
$(4)
Earnings per share – Diluted(1)
$0.29
$0.44
$0.31
$0.46
$(0.02)
Adjusted EBITDA
$587
$617
$580
$610
$7
Adjusted FFO per share – Diluted(1)
$1.74
$1.90
$1.73
$1.89
$0.01
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(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 $13 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 2.4% to 3.4%;
•Fully diluted weighted average shares for the full-year 2026 of 200 million; and
•Park’s current portfolio as of April 30, 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 foreign conflicts,
disapproval of U.S. foreign or domestic policy, or government or agency 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
$66
$96
Depreciation and amortization expense
252
252
Interest income
(5)
(5)
Interest expense
222
222
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
Loss on sales of assets, net
2
2
Share-based compensation expense
19
19
Impairment
5
5
Other items
16
16
Adjusted EBITDA
$587
$617
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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
$58
$88
Depreciation and amortization expense
252
252
Depreciation and amortization expense attributable to noncontrolling interests
(3)
(3)
Loss on sales of assets, net
2
2
Impairment
5
5
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
314
344
Share-based compensation expense
19
19
Other items
16
18
Adjusted FFO attributable to stockholders
$349
$381
Adjusted FFO per share – Diluted(1)
$1.74
$1.90
Weighted average diluted shares outstanding
200
200
_____________________________________
(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
HOTEL PORTFOLIO AS OF APRIL 30, 2026
Hotel Name
Total Rooms
Market
Meeting Space
(square feet)
Ownership
Equity
Ownership
Debt
(in millions)
Consolidated Core Hotels
 Hilton Hawaiian Village Waikiki Beach Resort
2,886
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%
$50
 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%
$152
 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 Consolidated Core Hotels (20 Hotels)
15,778
1,713,000
$1,598
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HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
HOTEL PORTFOLIO AS OF APRIL 30, 2026 (CONTINUED)
Hotel Name
Total Rooms
Market
Meeting Space
(square feet)
Ownership
Equity
Ownership
Debt(1)
(in millions)
Consolidated Non-Core Hotels
 Hilton Orlando Lake Buena Vista
814
Orlando
87,000
Leasehold
100%
—
The Wade
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
403
Chicago
13,000
Fee Simple
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 Consolidated Non-Core Hotels (11 Hotels)
4,689
321,000
$30
Unconsolidated Joint Ventures
 Hilton Orlando(2)
1,424
Orlando
236,000
Fee Simple
20%
$105
 Embassy Suites Alexandria Old Town(3)
288
Washington, D.C.
11,000
Fee Simple
50%
$25
Total Unconsolidated Joint Ventures (2 Hotels)
1,712
247,000
$130
Grand Total (33 Hotels)
22,179
2,281,000
$1,758
_____________________________________
(1)Debt related to unconsolidated joint ventures is presented on a pro-rata basis.
(2)Included in Park’s Core portfolio.
(3)Included in Park’s Non-Core portfolio.
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HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE, CORE AND NON-CORE HOTELS: Q1 2026 VS Q1 2025
(unaudited)
ADR
Occupancy
RevPAR
Total RevPAR
1Q26
1Q25
Change(1)
1Q26
1Q25
Change
1Q26
1Q25
Change(1)
1Q26
1Q25
Change(1)
Consolidated Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort
$280.09
$294.20
(4.8)%
82.2%
77.5%
4.7% pts
$230.18
$228.03
0.9%
$388.56
$375.14
3.6%
2
Hilton Waikoloa Village
347.02
342.90
1.2
85.7
82.1
3.6
297.23
281.38
5.6
600.61
620.37
(3.2)
3
Signia by Hilton Orlando Bonnet Creek
296.25
282.00
5.1
84.3
78.0
6.3
249.73
220.06
13.5
650.57
589.74
10.3
4
Waldorf Astoria Orlando
489.06
471.63
3.7
85.3
74.9
10.4
417.28
353.35
18.1
762.98
639.58
19.3
5
New York Hilton Midtown
265.67
269.13
(1.3)
78.2
70.5
7.7
207.88
189.87
9.5
320.18
304.26
5.2
6
Hilton New Orleans Riverside
225.43
260.85
(13.6)
68.0
69.0
(1.0)
153.24
180.02
(14.9)
284.35
323.96
(12.2)
7
Caribe Hilton
375.67
341.93
9.9
94.0
92.2
1.8
353.12
315.29
12.0
524.09
456.78
14.7
8
Hilton Boston Logan Airport
217.53
201.80
7.8
91.3
90.4
0.9
198.65
182.39
8.9
256.05
235.51
8.7
9
Hyatt Regency Boston
191.16
198.14
(3.5)
74.3
68.7
5.6
142.02
136.02
4.4
194.85
179.83
8.4
10
Hilton Santa Barbara Beachfront Resort
267.68
260.95
2.6
78.1
65.4
12.7
209.18
170.74
22.5
350.11
284.34
23.1
11
Hyatt Regency Mission Bay Spa and Marina
226.49
215.94
4.9
78.6
73.4
5.2
178.01
158.57
12.3
333.53
292.34
14.1
12
Casa Marina Key West, Curio Collection
737.33
712.26
3.5
94.1
89.0
5.1
693.60
633.58
9.5
1,019.99
931.20
9.5
13
The Reach Key West, Curio Collection
641.32
634.57
1.1
93.2
88.6
4.6
598.00
562.23
6.4
835.25
830.59
0.6
14
Hilton Chicago
158.35
166.23
(4.7)
44.9
48.5
(3.6)
71.16
80.72
(11.8)
139.78
166.71
(16.2)
15
Hilton Denver City Center
174.46
166.01
5.1
65.0
57.7
7.3
113.38
95.77
18.4
165.65
154.19
7.4
16
DoubleTree Hotel Washington DC – Crystal City
192.11
191.95
0.1
65.3
71.5
(6.2)
125.38
137.11
(8.6)
178.93
186.86
(4.2)
17
Hilton McLean Tysons Corner
216.74
211.82
2.3
54.6
65.5
(10.9)
118.32
138.75
(14.7)
183.49
217.55
(15.7)
18
JW Marriott San Francisco Union Square
563.55
471.60
19.5
66.8
62.8
4.0
376.59
296.35
27.1
512.11
405.93
26.2
19
Juniper Hotel Cupertino, Curio Collection
247.47
221.00
12.0
69.6
60.5
9.1
172.23
133.75
28.8
192.60
148.17
30.0
Total Consolidated Core Hotels excluding
Royal Palm
288.30
285.35
1.0
74.9
71.8
3.1
215.90
204.89
5.4
368.02
352.27
4.5
20
Royal Palm South Beach Miami(2)
—
358.65
(100.0)
—
86.4
(86.4)
—
309.76
(100.0)
—
400.66
(100.0)
Total Consolidated Core Hotels (20 Hotels)
288.30
287.54
0.3
73.0
72.1
0.9
210.52
207.50
1.5
358.86
353.48
1.5
Total Consolidated Non-Core Hotels       
(11 Hotels)
186.68
188.61
(1.0)
67.2
62.5
4.7
125.52
117.92
6.4
193.69
188.61
2.7
Total Comparable Hotels (31 Hotels)
$266.47
$267.26
(0.3)%
71.7%
70.0%
1.7% pts
$191.05
$186.96
2.2%
$321.02
$315.66
1.7%
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.
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22
HILTON WAIKOLOA VILLAGE
PORTFOLIO AND OPERATING METRICS
COMPARABLE, CORE AND NON-CORE HOTELS: Q1 2026 VS Q1 2025 (CONTINUED)
(unaudited, dollars in millions)
Hotel Adjusted EBITDA
Hotel Revenue
Hotel Adjusted EBITDA Margin
1Q26
1Q25
Change(1)
1Q26
1Q25
Change(1)
1Q26
1Q25
Change
Consolidated Core Hotels
1
Hilton Hawaiian Village Waikiki Beach Resort
$34
$32
4.1%
$101
$97
4.1%
33.4%
33.4%
—
bps
2
Hilton Waikoloa Village
11
13
(15.2)
36
36
(2.0)
31.7
36.6
(490)
3
Signia by Hilton Orlando Bonnet Creek
26
23
14.2
59
54
10.3
44.5
43.0
150
4
Waldorf Astoria Orlando
14
11
32.7
34
29
19.3
40.8
36.7
410
5
New York Hilton Midtown
(5)
(4)
(10.0)
54
51
5.2
(8.9)
(8.5)
(40)
6
Hilton New Orleans Riverside
16
20
(21.0)
42
47
(12.2)
37.9
42.1
(420)
7
Caribe Hilton
12
9
29.8
31
27
14.7
38.8
34.3
450
8
Hilton Boston Logan Airport
2
2
(4.3)
14
13
8.7
15.3
17.4
(210)
9
Hyatt Regency Boston
1
1
(54.6)
9
8
8.4
5.7
13.7
(800)
10
Hilton Santa Barbara Beachfront Resort
4
3
40.7
11
9
23.1
31.5
27.6
390
11
Hyatt Regency Mission Bay Spa and Marina
2
2
29.2
13
12
14.1
19.0
16.8
220
12
Casa Marina Key West, Curio Collection
15
13
12.1
29
26
9.5
51.5
50.3
120
13
The Reach Key West, Curio Collection
5
5
3.6
11
11
0.6
48.6
47.2
140
14
Hilton Chicago
(6)
(3)
(98.1)
19
23
(16.2)
(33.4)
(14.1)
(1,930)
15
Hilton Denver City Center
2
2
49.8
9
9
7.4
26.5
19.0
750
16
DoubleTree Hotel Washington DC – Crystal City
2
3
(14.0)
10
11
(4.2)
22.5
25.1
(260)
17
Hilton McLean Tysons Corner
—
1
(65.7)
8
9
(15.7)
6.5
16.0
(950)
18
JW Marriott San Francisco Union Square
6
4
46.7
16
13
26.2
35.3
30.4
490
19
Juniper Hotel Cupertino, Curio Collection
1
—
125.0
4
3
30.0
27.8
16.0
1,180
Total Consolidated Core Hotels excluding Royal Palm
142
137
4.0
510
488
4.6
28.0
28.2
(20)
20
Royal Palm South Beach Miami(2)
(1)
7
(116.8)
—
14
(100.0)
—
50.2
(5,020)
Total Consolidated Core Hotels (20 Hotels)
141
144
(2.0)
510
502
1.7
27.7
28.7
(100)
Total Consolidated Non-Core Hotels (11 Hotels)
11
9
26.7
81
79
2.7
13.4
10.9
250
Total Comparable Hotels (31 Hotels)
$152
$153
(0.3)%
$591
$581
1.8%
25.8%
26.4%
(60)
bps
_____________________________________
(1)Calculated based on unrounded numbers.
(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.
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23
HILTON DENVER CITY CENTER
PROPERTIES
ACQUIRED AND
SOLD
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24
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
2
589
30.5
42(2)
12,480
$2,362.4
____________________________________
(1)Gross proceeds from the sale of joint ventures represent Park’s pro-rata share.
(2)To date, Park has sold its interest in 42 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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25
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
2
589
$4
Remaining Non-Core Hotels To Be Sold
9
4,018
$41
Remaining Safehold Leases(2)
3
959
$16
Total Remaining Non-Core Hotels
12
4,977
$57
____________________________________
(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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26
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE
SUPPLEMENTARY
FINANCIAL
INFORMATION
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27
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE TTM HOTEL METRICS
Three Months Ended
TTM
(unaudited, dollars in millions)
June 30,
September 30,
December 31,
March 31,
March 31,
2025
2025
2025
2026
2026
Comparable RevPAR(1)
$203.11
$183.49
$190.83
$191.05
$192.10
Comparable Occupancy
77.0%
74.0%
71.1%
71.7%
73.4%
Comparable ADR
$263.94
$248.07
$268.53
$266.47
$261.64
Total Revenues
$672
$610
$629
$622
$2,533
Operating income (loss)
$65
$59
$(164)
$62
$22
Operating income (loss) margin(2)
9.6%
9.7%
(26.0)%
9.9%
0.9%
Comparable Hotel Revenues (in millions)
$617
$554
$587
$591
$2,349
Comparable Hotel Adjusted EBITDA (in millions)
$188
$137
$163
$152
$640
Comparable Hotel Adjusted EBITDA margin(2)
30.5%
24.6%
27.7%
25.8%
27.2%
Three Months Ended
Full Year
March 31,
June 30,
September 30,
December 31,
December 31,
2025
2025
2025
2025
2025
Comparable RevPAR
$186.96
$203.11
$183.49
$190.83
$191.09
Comparable Occupancy
70.0%
77.0%
74.0%
71.1%
73.0%
Comparable ADR
$267.26
$263.94
$248.07
$268.53
$261.80
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)%
Comparable Hotel Revenues (in millions)
$581
$617
$554
$587
$2,339
Comparable Hotel Adjusted EBITDA (in millions)
$153
$188
$137
$163
$641
Comparable Hotel Adjusted EBITDA margin(2)
26.4%
30.5%
24.6%
27.7%
27.4%
________________________________________
(1)Comparable RevPAR, excluding the Royal Palm, which suspended operations in mid-May 2025 for a comprehensive renovation, increased 5.5% for the three months ended March 31, 2026 compared to
the same period in 2025.
(2)Percentages are calculated based on unrounded numbers.
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28
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE HOTEL ADJUSTED EBITDA – TTM 2026
Three Months Ended
TTM
(unaudited, in millions)
June 30,
September 30,
December 31,
March 31,
March 31,
2025
2025
2025
2026
2026
Net (loss) income
$(2)
$(14)
$(204)
$12
$(208)
Depreciation and amortization expense
122
78
67
64
331
Interest income
(2)
(3)
(2)
(1)
(8)
Interest expense
53
53
51
51
208
Interest expense associated with hotels in receivership(1)
16
16
10
—
42
Income tax expense (benefit)
1
6
(1)
1
7
Interest expense, income tax and depreciation and amortization
  included in equity in earnings from investments in affiliates
2
2
1
—
5
EBITDA
190
138
(78)
127
377
(Gain) loss on sales of assets, net(2)
(1)
—
(17)
1
(17)
Gain on derecognition of assets(1)
(16)
(16)
(10)
—
(42)
Share-based compensation expense
5
5
5
4
19
Impairment and casualty loss
—
—
249
5
254
Other items
5
3
3
6
17
Adjusted EBITDA
183
130
152
143
608
Less: Adjusted EBITDA from hotels disposed of
(3)
(4)
2
1
(4)
Less: Adjusted EBITDA from investments in affiliates disposed of
(2)
—
(1)
—
(3)
Comparable Adjusted EBITDA
178
126
153
144
601
Less: Adjusted EBITDA from investments in affiliates
(3)
(3)
(2)
(6)
(14)
Add: All other(3)
13
14
12
14
53
Comparable Hotel Adjusted EBITDA
$188
$137
$163
$152
$640
_____________________________________
(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. 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 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 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.
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29
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE 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 income
$(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
(3)
(4)
2
(3)
Less: Adjusted EBITDA from investments in affiliates disposed of
(1)
(2)
—
(1)
(4)
Comparable Adjusted EBITDA
145
178
126
153
602
Less: Adjusted EBITDA from investments in affiliates
(7)
(3)
(3)
(2)
(15)
Add: All other(3)
15
13
14
12
54
Comparable Hotel Adjusted EBITDA
$153
$188
$137
$163
$641
_____________________________________
(1)For the year ended December 31, 2025, 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 Park’s condensed 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, 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 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.
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30
SIGNIA BY HILTON ORLANDO BONNET CREEK
COMPARABLE SUPPLEMENTARY FINANCIAL INFORMATION
HISTORICAL COMPARABLE TTM HOTEL REVENUES – 2026 AND 2025
Three Months Ended
TTM
(unaudited, in millions)
June 30,
2025
September 30,
2025
December 31,
2025
March 31,
2026
March 31,
2026
Total Revenues
$672
$610
$629
$622
$2,533
Less: Other revenue
(23)
(23)
(24)
(24)
(94)
Less: Revenues from hotels disposed of
(32)
(33)
(18)
(7)
(90)
Comparable Hotel Revenues
$617
$554
$587
$591
$2,349
Three Months Ended
Full-Year
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
(27)
(32)
(33)
(18)
(110)
Comparable Hotel Revenues
$581
$617
$554
$587
$2,339
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31
ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO
CAPITAL
STRUCTURE
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32
ROYAL PALM SOUTH BEACH MIAMI, A TRIBUTE PORTFOLIO
CAPITAL STRUCTURE
FIXED AND VARIABLE RATE DEBT
(unaudited, dollars in millions)
As of March 31, 2026
Debt
Collateral
Interest Rate
Maturity Date
Fixed Rate Debt
Mortgage loan
Hilton Denver City Center
4.90%
September 2026(1)
$50
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
152
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%
2027 to 2030
1
Total Fixed Rate Debt
5.11%(2)
3,654
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
5.88%
200
Less: unamortized deferred financing costs and discount
(16)
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 March 31, 2026, Park had not received notice from the lender.
(2)Calculated on a weighted average basis.
(3)As of April 30, 2026, Park has approximately $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 $130 million of Park’s share of debt of its unconsolidated joint ventures.
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33
HYATT REGENCY BOSTON
DEFINITIONS
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34
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 April 30, 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 March 31, 2026, Park’s Non-Core portfolio included 12 consolidated hotels and 1
unconsolidated hotel. As of April 30, 2026, Park had 11 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.
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.
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HYATT REGENCY BOSTON
DEFINITIONS
(CONTINUED)
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.
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.
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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38
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
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
Floris van Dijkum
Ladenburg Thalmann
(212) 409-2075
fvandijkum@ladenburg.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