PARK HOTELS & RESORTS First Quarter 2021 Supplemental Data ...

PARK HOTELS & RESORTS First Quarter 2021 Supplemental Data MARCH 31, 2021 Royal Palm South Beach Miami, a Tribute Portfolio Resort Parc 55 San Francisco, a Hilton Hotel Hilton Hawaiian Village Waikiki Beach Resort

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About Park and Safe Harbor Disclosure About Park Hotels & Resorts Inc.

Park (NYSE: PK) is the second largest publicly-traded lodging real estate company with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio consists of 56 premium-branded hotels and resorts with over 32,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information. Forward-Looking Statements This supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including the expected reopening dates for the Company’s hotels and dates that its properties will break even or achieve positive Hotel Adjusted EBITDA, the impact to the Company's business and financial condition and that of its hotel management companies, measures (including through potential alternative sources of revenue) being taken in response to COVID-19, the effects of competition and the effects of future legislation or regulations, the expected completion of anticipated dispositions, the declaration and payment of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors continues to be the adverse effect of COVID-19, including resurgences, on the Company’s financial condition, results of operations, cash flows and performance, its hotel management companies and its hotels’ tenants, and the global economy and financial markets. COVID-19 has significantly affected the Company’s business, and the extent to which COVID-19 continues to affect the Company, its hotel managers, tenants and guests at the Company’s hotels will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its effect, the emergence of virus variants, the efficacy, availability and deployment of vaccinations and other treatments to combat COVID-19, including public adoption rates of COVID-19 vaccines, additional closures that may be mandated or advisable even after the reopening of certain of the Company’s hotels on a limited basis, whether due to an increased number of COVID-19 cases or otherwise, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, investors are cautioned to interpret many of the risks identified in the risk factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19. Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2020, as such factors may be updated from time to time in Park’s filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Supplemental Financial Information Park refers to certain non-generally accepted accounting principles (“GAAP”) financial measures in this presentation, including Funds from (used in) Operations (“FFO”) calculated in accordance with the guidelines of the National Association of Real Estate Investment Trusts (“Nareit”), Adjusted FFO, FFO per share, Adjusted FFO per share, Earnings (loss) before interest expense, taxes and depreciation and amortization (“EBITDA”), Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin, Net debt and Net debt to Adjusted EBITDA ratio. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of its operating performance. Please see the schedules included in this presentation including the “Definitions” section for additional information and reconciliations of such non-GAAP financial measures.

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Table of Contents

1. Financial Statements 4 2. Supplementary Financial Information 7 3. Portfolio and Operating Metrics 18 4. Properties Acquired & Sold 37 5. Capital Structure 40 6. Definitions 42

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Financial Statements

Casa Marina, a Waldorf Astoria Resort Hilton Chicago Hyatt Regency Mission Bay Spa and Marina

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Financial Statements

Condensed Consolidated Balance Sheets

(in millions, except share and per share data) June 30, 2021 December 31, 2020 (unaudited)

ASSETS Property and equipment, net $ 8,820 9,193 Assets held for sale 77 — Investments in affiliates 13 14 Intangibles, net 44 45 Cash and cash equivalents 909 951 Restricted cash 35 30 Accounts receivable, net of allowance for doubtful accounts of $2 and $3 63 26 Prepaid expenses 35 39 Other assets 50 60 Operating lease right-of-use assets 220 229

TOTAL ASSETS (variable interest entities - $235 and $229) $ 10,266 $ 10,587 LIABILITIES AND EQUITY

Liabilities Debt $ 5,100 5,121 Accounts payable and accrued expenses 178 147 Due to hotel managers 90 88 Deferred income tax liabilities 10 10 Other liabilities 107 134 Operating lease liabilities 236 244

Total liabilities (variable interest entities - $217 and $213) 5,721 5,744

Stockholders' Equity Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 236,891,740 shares issued and 236,493,847 shares outstanding as of June 30, 2021 and 236,217,344 shares issued and 235,915,749 shares outstanding as of December 31, 2020 2 2 Additional paid-in capital 4,525 4,519 Retained earnings 70 376 Accumulated other comprehensive loss (3 ) (4 )

Total stockholders' equity 4,594 4,893 Noncontrolling interests (49 ) (50 )

Total equity 4,545 4,843 TOTAL LIABILITIES AND EQUITY $ 10,266 $ 10,587

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Financial Statements (continued)

Condensed Consolidated Statements of Operations

(unaudited, in millions, except per share data) Three Months Ended June 30, Six Months Ended June 30,

2021 2020 2019 2021 2020 2019 Revenues

Rooms $ 207 $ 21 $ 434 $ 313 $ 383 $ 837 Food and beverage 54 3 195 76 164 378 Ancillary hotel 50 15 55 79 72 110 Other 12 3 19 20 22 37

Total revenues 323 42 703 488 641 1,362 Operating expenses

Rooms 59 20 113 94 132 220 Food and beverage 42 14 130 63 137 254 Other departmental and support 101 60 151 179 232 300 Other property-level 52 56 49 100 116 98 Management fees 14 — 36 21 25 69 Impairment loss and casualty gain, net 5 — — 5 694 — Depreciation and amortization 71 75 61 145 150 123 Corporate general and administrative 16 14 22 34 30 39 Other 13 4 18 20 25 38

Total expenses 373 243 580 661 1,541 1,141 Gain (loss) on sales of assets, net 6 1 (12 ) 6 63 19

Operating (loss) income (44 ) (200 ) 111 (167 ) (837 ) 240

Interest income — 1 2 — 2 3 Interest expense (66 ) (50 ) (33 ) (129 ) (90 ) (65 ) Equity in (losses) earnings from investments in affiliates (2 ) (8 ) 10 (6 ) (9 ) 15 Other loss, net (2 ) (1 ) (1 ) (2 ) (3 ) —

(Loss) income before income taxes (114 ) (258 ) 89 (304 ) (937 ) 193 Income tax expense — (3 ) (5 ) (1 ) (13 ) (12 )

Net (loss) income(1) (114 ) (261 ) 84 (305 ) (950 ) 181 Net (income) loss attributable to noncontrolling interests (2 ) 2 (2 ) (1 ) 3 (3 ) Net (loss) income attributable to stockholders(1) $ (116 ) $ (259 ) $ 82 $ (306 ) $ (947 ) $ 178

(Loss) Earnings per share: (Loss) Earnings per share - Basic $ (0.49 ) $ (1.10 ) $ 0.40 $ (1.30 ) $ (4.01 ) $ 0.88 (Loss) Earnings per share - Diluted $ (0.49 ) $ (1.10 ) $ 0.40 $ (1.30 ) $ (4.01 ) $ 0.88 Weighted average shares outstanding - Basic 236 235 201 235 236 201 Weighted average shares outstanding - Diluted 236 235 202 236 236 202

_____________________________________________________________

(1) The six months ended June 30, 2020 includes $607 million and $88 million of impairment losses related to goodwill and long-lived assets, respectively.

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Supplementary Financial Information

Juniper Hotel Cupertino, Curio Collection Hotel Adagio, Autograph Collection The Reach Key West, Curio Collection

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Supplementary Financial Information

EBITDA and Adjusted EBITDA

(unaudited, in millions) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2019 2021 2020 2019

Net (loss) income $ (114 ) $ (261 ) $ 84 $ (305 ) $ (950 ) $ 181 Depreciation and amortization expense 71 75 61 145 150 123 Interest income — (1 ) (2 ) — (2 ) (3 ) Interest expense 66 50 33 129 90 65 Income tax expense — 3 5 1 13 12 Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 4 4 7 5 9 12

EBITDA 27 (130 ) 188 (25 ) (690 ) 390 (Gain) loss on sales of assets, net (6 ) (1 ) 12 (6 ) (63 ) (19 ) Acquisition costs — — 6 — 1 6 Severance expense — — 1 — 2 2 Share-based compensation expense 4 4 4 10 6 8 Impairment loss and casualty gain, net 5 — — 5 694 — Other items 3 5 (4 ) — 10 (4 )

Adjusted EBITDA $ 33 $ (122 ) $ 207 $ (16 ) $ (40 ) $ 383

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Supplementary Financial Information (continued)

Pro-forma Hotel Adjusted EBITDA and Pro-forma Hotel Adjusted EBITDA Margin

(unaudited, dollars in millions) Three Months Ended June 30, Six Months Ended June 30,

2021 2020 2019 2021 2020 2019 Adjusted EBITDA $ 33 $ (122 ) $ 207 $ (16 ) $ (40 ) $ 383

Less: Adjusted EBITDA from investments in affiliates (2 ) 4 (12 ) — — (22 ) Add: All other(1) 11 10 14 22 23 29

Hotel Adjusted EBITDA 42 (108 ) 209 6 (17 ) 390 Add: Adjusted EBITDA from hotels acquired — — 53 — — 90 Less: Adjusted EBITDA from hotels disposed of — 2 (20 ) 2 (2 ) (38 )

Pro-forma Hotel Adjusted EBITDA $ 42 $ (106 ) $ 242 $ 8 $ (19 ) $ 442

Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2019 2021 2020 2019

Total Revenues $ 323 $ 42 $ 703 $ 488 $ 641 $ 1,362 Less: Other revenue (12 ) (3 ) (19 ) (20 ) (22 ) (37 ) Add: Revenues from hotels acquired — — 151 — — 281 Less: Revenues from hotels disposed of (6 ) (2 ) (60 ) (10 ) (19 ) (123 )

Pro-forma Hotel Revenues $ 305 $ 37 $ 775 $ 458 $ 600 $ 1,483

Three Months Ended June 30, 2021 vs 2020 2021 vs 2019 2021 2020 2019 Change(2) Change(2)

Pro-forma Hotel Revenues $ 305 $ 37 $ 775 715.6 % (60.7 )% Pro-forma Hotel Adjusted EBITDA $ 42 $ (106 ) $ 242 NM(3) (82.8 )% Pro-forma Hotel Adjusted EBITDA margin(2) 13.7 % (282.7 )% 31.2 % NM(3) (1,750) bps

Six Months Ended June 30, 2021 vs 2020 2021 vs 2019 2021 2020 2019 Change(2) Change(2)

Pro-forma Hotel Revenues $ 458 $ 600 $ 1,483 (23.7 )% (69.1 )% Pro-forma Hotel Adjusted EBITDA $ 8 $ (19 ) $ 442 NM(3) (98.3 )% Pro-forma Hotel Adjusted EBITDA margin(2) 1.7 % (3.2 )% 29.8 % NM(3) (2,810) bps

(1) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the condensed consolidated statements of operations. (2) Percentages are calculated based on unrounded numbers. (3) Percentage change is not meaningful.

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Nareit FFO and Adjusted FFO

(unaudited, in millions, except per share data)

Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2019 2021 2020 2019

Net (loss) income attributable to stockholders $ (116 ) $ (259 ) $ 82 $ (306 ) $ (947 ) $ 178 Depreciation and amortization expense 71 75 61 145 150 123 Depreciation and amortization expense attributable to noncontrolling interests (1 ) (1 ) (1 ) (2 ) (2 ) (2 ) (Gain) loss on sales of assets, net (6 ) (1 ) 12 (6 ) (63 ) (19 ) Gain on sale of investments in affiliates(1) — (1 ) — — (1 ) — Impairment loss 5 — — 5 695 — Equity investment adjustments:

Equity in losses (earnings) from investments in affiliates 2 8 (10 ) 6 9 (15 ) Pro rata FFO of investments in affiliates — (4 ) 12 (2 ) (3 ) 21

Nareit FFO attributable to stockholders (45 ) (183 ) 156 (160 ) (162 ) 286 Severance expense — — 1 — 2 2 Acquisition costs — — 6 — 1 6 Share-based compensation expense 4 4 4 10 6 8 Other items(2) 3 5 (3 ) (1 ) 36 (2 )

Adjusted FFO attributable to stockholders $ (38 ) $ (174 ) $ 164 $ (151 ) $ (117 ) $ 300 Nareit FFO per share - Diluted(3) $ (0.19 ) $ (0.78 ) $ 0.77 $ (0.68 ) $ (0.69 ) $ 1.42 Adjusted FFO per share - Diluted(3) $ (0.16 ) $ (0.74 ) $ 0.81 $ (0.64 ) $ (0.50 ) $ 1.49 Weighted average shares outstanding - Diluted 236 235 202 236 236 202

_____________________________________________________________

(1) Included in other loss, net in the condensed consolidated statements of operations. (2) The six months ended June 30, 2020 includes $26 million of tax expense on hotels sold during the period. (3) Per share amounts are calculated based on unrounded numbers.

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Historical Pro-forma Hotel Metrics

The financial information below is for the 49 consolidated hotels owned as of August 5, 2021.

Three Months Ended Six Months

Ended

(unaudited) March 31, June 30, June 30, 2021 2021 2021

Pro-forma RevPAR $ 40.81 $ 78.46 $ 59.74 Pro-forma Occupancy 26.2 % 42.3 % 34.3 % Pro-forma ADR $ 155.60 $ 185.63 $ 174.21

Pro-forma Hotel Revenues (in millions) $ 153 $ 305 $ 458 Pro-forma Hotel Adjusted EBITDA (in millions) $ (34 ) $ 42 $ 8 Pro-forma Hotel Adjusted EBITDA margin(1) (22.2 )% 13.7 % 1.7 %

Three Months Ended Full Year (unaudited) March 31, June 30, September 30, December 31, December 31,

2020 2020 2020 2020 2020 Pro-forma RevPAR $ 135.91 $ 7.77 $ 25.93 $ 27.35 $ 49.11 Pro-forma Occupancy 61.6 % 6.1 % 18.9 % 20.3 % 26.7 % Pro-forma ADR $ 220.66 $ 128.34 $ 137.06 $ 134.83 $ 184.14

Pro-forma Hotel Revenues (in millions) $ 563 $ 37 $ 92 $ 106 $ 798 Pro-forma Hotel Adjusted EBITDA (in millions) $ 87 $ (106 ) $ (75 ) $ (53 ) $ (147 ) Pro-forma Hotel Adjusted EBITDA margin(1) 15.4 % (282.7 )% (81.6 )% (49.8 )% (18.4 )%

Three Months Ended Full Year

(unaudited) March 31, June 30, September 30, December 31, December 31, 2019 2019 2019 2019 2019

Pro-forma RevPAR $ 175.32 $ 192.27 $ 187.71 $ 177.79 $ 183.29 Pro-forma Occupancy 77.5 % 85.8 % 84.5 % 80.7 % 82.1 % Pro-forma ADR $ 226.28 $ 224.27 $ 222.13 $ 220.28 $ 223.19

Pro-forma Hotel Revenues (in millions) $ 708 $ 775 $ 736 $ 752 $ 2,971 Pro-forma Hotel Adjusted EBITDA (in millions) $ 200 $ 242 $ 212 $ 219 $ 873 Pro-forma Hotel Adjusted EBITDA margin(1) 28.2 % 31.2 % 28.8 % 29.2 % 29.4 %

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(1) Percentages are calculated based on unrounded numbers.

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Historical Pro-forma Hotel Adjusted EBITDA – YTD Q2 2021


Three Months Ended Six Months Ended

(unaudited, in millions) March 31, June 30, June 30, 2021 2021 2021

Net loss $ (191 ) $ (114 ) $ (305 ) Depreciation and amortization expense 74 71 145 Interest income — — — Interest expense 63 66 129 Income tax expense 1 — 1 Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 1 4 5

EBITDA (52 ) 27 (25 ) Gain on sales of assets, net — (6 ) (6 ) Share-based compensation expense 6 4 10 Impairment loss and casualty gain, net — 5 5 Other items (3 ) 3 —

Adjusted EBITDA (49 ) 33 (16 ) Less: Adjusted EBITDA from hotels disposed of 2 — 2

Pro-forma Adjusted EBITDA (47 ) 33 (14 ) Less: Adjusted EBITDA from investments in affiliates 2 (2 ) — Add: All other(1) 11 11 22

Pro-forma Hotel Adjusted EBITDA $ (34 ) $ 42 $ 8

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(1) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the consolidated statements of operations.

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Historical Pro-forma Hotel Adjusted EBITDA – Full Year 2020


Three Months Ended Full Year (unaudited, in millions) March 31, June 30, September 30, December 31, December 31,

2020 2020 2020 2020 2020 Net loss $ (689 ) $ (261 ) $ (276 ) $ (218 ) $ (1,444 )

Depreciation and amortization expense 75 75 75 73 298 Interest income (1 ) (1 ) — — (2 ) Interest expense 40 50 59 64 213 Income tax expense 10 3 1 (20 ) (6 ) Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 5 4 2 5 16

EBITDA (560 ) (130 ) (139 ) (96 ) (925 ) (Gain) loss on sales of assets, net (62 ) (1 ) 1 — (62 ) Gain on sale of investments in affiliates(1) — (1 ) — — (1 ) Acquisition costs 1 — 9 — 10 Severance expense 2 — 24 7 33 Share-based compensation expense 2 4 4 10 20 Impairment loss and casualty loss, net 694 — 2 — 696 Other items 5 6 10 14 35

Adjusted EBITDA 82 (122 ) (89 ) (65 ) (194 ) Less: Adjusted EBITDA from hotels disposed of (4 ) 2 1 1 —

Pro-forma Adjusted EBITDA 78 (120 ) (88 ) (64 ) (194 ) Less: Adjusted EBITDA from investments in affiliates (4 ) 4 2 1 3 Add: All other(2) 13 10 11 10 44

Pro-forma Hotel Adjusted EBITDA $ 87 $ (106 ) $ (75 ) $ (53 ) $ (147 )

_____________________________________________________________

(1) Included in other loss, net in the consolidated statements of operations. (2) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the consolidated statements of

operations.

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Historical Pro-forma Hotel Adjusted EBITDA – Full Year 2019



2019 2019 2019 2019 2019 Net income $ 97 $ 84 $ 9 $ 126 $ 316

Depreciation and amortization expense 62 61 61 80 264 Interest income (1 ) (2 ) (2 ) (1 ) (6 ) Interest expense 32 33 33 42 140 Income tax expense 7 5 — 23 35 Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 5 7 7 4 23

EBITDA 202 188 108 274 772 (Gain) loss on sales of assets, net (31 ) 12 (1 ) 1 (19 ) Gain on sale of investments in affiliates(1) — — — (44 ) (44 ) Acquisition costs — 6 59 5 70 Severance expense 1 1 — — 2 Share-based compensation expense 4 4 4 4 16 Casualty loss (gain) and impairment loss, net — — 8 (26 ) (18 ) Other items — (4 ) 2 9 7

Adjusted EBITDA 176 207 180 223 786 Add: Adjusted EBITDA from hotels acquired 37 53 39 — 129 Less: Adjusted EBITDA from hotels disposed of (18 ) (20 ) (10 ) (10 ) (58 ) Less: Adjusted EBITDA from investments in affiliates disposed of — (1 ) (1 ) — (2 )

Pro-forma Adjusted EBITDA 195 239 208 213 855 Less: Adjusted EBITDA from investments in affiliates (10 ) (11 ) (8 ) (6 ) (35 ) Add: All other(2) 15 14 12 12 53

Pro-forma Hotel Adjusted EBITDA $ 200 $ 242 $ 212 $ 219 $ 873

_____________________________________________________________

(1) Included in other loss, net in the consolidated statements of operations. (2) Includes other revenues and other expenses, non-income taxes on TRS leases included in other property-level expenses and corporate general and administrative expenses in the consolidated statements of

operations.

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Historical Pro-forma Hotel Revenues – 2021, 2020 and 2019


Three Months Ended Six Months

Ended (unaudited, in millions) March 31, June 30, June 30,

2021 2021 2021 Total Revenues $ 165 $ 323 $ 488

Less: Other revenue (8 ) (12 ) (20 ) Less: Revenues from hotels disposed of (4 ) (6 ) (10 )

Pro-forma Hotel Revenues $ 153 $ 305 $ 458


2020 2020 2020 2020 2020 Total Revenues $ 599 $ 42 $ 98 $ 113 $ 852

Less: Other revenue (19 ) (3 ) (3 ) (4 ) (29 ) Less: Revenues from hotels disposed of (17 ) (2 ) (3 ) (3 ) (25 )

Pro-forma Hotel Revenues $ 563 $ 37 $ 92 $ 106 $ 798

Three Months Ended Full Year March 31, June 30, September 30, December 31, December 31,

2019 2019 2019 2019 2019 Total Revenues $ 659 $ 703 $ 672 $ 810 $ 2,844

Less: Other revenue (18 ) (19 ) (22 ) (18 ) (77 ) Add: Revenues from hotels acquired 130 151 125 — 406 Less: Revenues from hotels disposed of (63 ) (60 ) (39 ) (40 ) (202 )

Pro-forma Hotel Revenues $ 708 $ 775 $ 736 $ 752 $ 2,971

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General and Administrative Expenses

(unaudited, in millions) Three Months Ended Six Months Ended June 30, June 30,

2021 2020 2021 2020 Corporate general and administrative expenses $ 16 $ 14 $ 34 $ 30 Less:

Share-based compensation expense 4 4 10 6 Acquisition costs — — — 1 Disposition costs — 1 — 1 Severance expense — — — 2 Other items 1 — 2 2

G&A, excluding expenses not included in Adjusted EBITDA or Adjusted FFO $ 11 $ 9 $ 22 $ 18

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Net Debt and Net Debt to Pro-forma Adjusted EBITDA Ratio

(unaudited, in millions) June 30, 2021 March 31, 2021 December 31, 2020

Debt $ 5,100 $ 5,121 $ 5,121 Add: unamortized deferred financing costs and discount 47 37 38 Less: unamortized premium (3 ) (3 ) (3 )

Long-term debt, including current maturities and excluding unamortized deferred financing cost, premiums and discounts

5,144 5,155 5,156

Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs

225 225 225

Less: cash and cash equivalents (909 ) (868 ) (951 ) Less: restricted cash (35 ) (32 ) (30 ) Net debt $ 4,425 $ 4,480 $ 4,400 2019 Pro-forma Adjusted EBITDA(1) $ 855 $ 855 $ 855 Net debt to Pro-forma Adjusted EBITDA ratio 5.18x 5.24x 5.15x

(1) See slide 14 for Pro-forma Adjusted EBITDA at December 31, 2019.

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Portfolio and Operating Metrics

Hilton Santa Barbara Beachfront Resort Hilton New Orleans Riverside Waldorf Astoria Orlando

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Portfolio and Operating Metrics

Hotel Portfolio as of August 5, 2021

Barbara Beachfront Resort Hilton New Orleans Riverside Waldorf Astoria Orlando

Hotel Name Total

Rooms Operating Status Reopening

Date(1) Market Meeting Space

(square feet) Ownership Equity

Ownership Debt

(in millions) Consolidated Portfolio

Hilton Hawaiian Village Waikiki Beach Resort 2,860 Open 12/15/2020 Hawaii 150,000 Fee Simple 100% $ 1,275 Hilton San Francisco Union Square 1,921 Open 5/24/2021 San Francisco 130,000 Fee Simple 100% $ 725 (2)

New York Hilton Midtown 1,878 Suspended Q3 2021 New York 151,000 Fee Simple 100% — Hilton New Orleans Riverside 1,622 Open 7/9/2020 New Orleans 130,000 Fee Simple 100% — Hilton Chicago 1,544 Open 6/10/2021 Chicago 234,000 Fee Simple 100% — Parc 55 San Francisco - a Hilton Hotel 1,024 Suspended Q4 2021 San Francisco 30,000 Fee Simple 100% — (2)

Signia by Hilton Orlando Bonnet Creek 1,009 Open 7/1/2020 Orlando 157,000 Fee Simple 100% — DoubleTree Hotel Seattle Airport 850 Open 3/21/2021 Seattle 34,000 Leasehold 100% — Hilton Orlando Lake Buena Vista 814 Open 11/2/2020 Orlando 78,000 Leasehold 100% — Caribe Hilton 652 Open 10/8/2020 Other U.S. 65,000 Fee Simple 100% — Hilton Waikoloa Village 647 Open 11/13/2020 Hawaii 235,000 Fee Simple 100% — DoubleTree Hotel Washington DC – Crystal City 627 Open Washington, D.C. 31,000 Fee Simple 100% — Hilton Denver City Center 613 Open 7/1/2020 Denver 50,000 Fee Simple 100% $ 59 Hilton Boston Logan Airport 604 Open Boston 30,000 Leasehold 100% — W Chicago - Lakeshore 520 Open Chicago 21,000 Fee Simple 100% — Hilton Miami Airport 508 Open 6/4/2020 Miami 32,000 Fee Simple 100% — DoubleTree Hotel San Jose 505 Open Other U.S. 48,000 Fee Simple 100% — Hyatt Regency Boston 502 Open 6/21/2020 Boston 30,000 Fee Simple 100% $ 138 Waldorf Astoria Orlando 502 Open 7/1/2020 Orlando 33,000 Fee Simple 100% — Hilton Salt Lake City Center 499 Open Other U.S. 24,000 Leasehold 100% — DoubleTree Hotel Ontario Airport 482 Open Southern California 27,000 Fee Simple 67% $ 30 Hilton McLean Tysons Corner 458 Open Washington, D.C. 27,000 Fee Simple 100% — Hyatt Regency Mission Bay Spa and Marina 438 Open 6/25/2020 Southern California 24,000 Leasehold 100% — Boston Marriott Newton 430 Open Boston 34,000 Fee Simple 100% — W Chicago - City Center 403 Open 5/13/2021 Chicago 13,000 Fee Simple 100% $ 75 Hilton Seattle Airport & Conference Center 396 Open Seattle 40,000 Leasehold 100% — Royal Palm South Beach Miami, a Tribute Portfolio Resort 393 Open 6/1/2020 Miami 11,000 Fee Simple 100% — DoubleTree Hotel Spokane City Center 375 Open Other U.S. 21,000 Fee Simple 10% $ 14 Hilton Santa Barbara Beachfront Resort 360 Open Southern California 40,000 Fee Simple 50% $ 165 Hilton Oakland Airport 360 Open Other U.S. 16,000 Leasehold 100% — Le Meridien San Francisco(3) 360 Open 3/29/2021 San Francisco 14,000 Fee Simple 100% — JW Marriott San Francisco Union Square 344 Open San Francisco 12,000 Leasehold 100% — Hyatt Centric Fisherman's Wharf 316 Open San Francisco 19,000 Fee Simple 100% — Hilton Short Hills 314 Suspended Q3 2021 Other U.S. 14,000 Fee Simple 100% — Casa Marina, A Waldorf Astoria Resort 311 Open 6/1/2020 Key West 23,000 Fee Simple 100% — DoubleTree Hotel San Diego – Mission Valley 300 Open 9/14/2020 Southern California 24,000 Leasehold 100% —

(1) For hotels that are suspended as of August 5, 2021, the current projected reopening dates are estimated.

(2) Single $725 million CMBS loan secured by Hilton San Francisco Union Square and Parc 55 San Francisco – a Hilton Hotel. (3) In June 2021, Park entered into an agreement to sell the Le Meridien San Francisco, and the sale is expected to close during the third quarter of 2021.

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Portfolio and Operating Metrics (continued)

Hotel Portfolio as of August 5, 2021

Hotel Name Total

Rooms Operating Status Reopening

Date(1) Market Meeting Space

(square feet) Ownership Equity

Ownership Debt(2)

(in millions) Consolidated Portfolio (continued) Embassy Suites Kansas City Plaza 266 Open 7/16/2020 Other U.S. 11,000 Leasehold 100% — Embassy Suites Austin Downtown South Congress 262 Open 7/1/2020 Other U.S. 2,000 Leasehold 100% — DoubleTree Hotel Sonoma Wine Country 245 Open 6/4/2020 Other U.S. 50,000 Leasehold 100% — Juniper Hotel Cupertino, Curio Collection 224 Open 7/9/2020 Other U.S. 5,000 Fee Simple 100% — Hilton Chicago/Oak Brook Suites 211 Open Chicago 3,000 Fee Simple 100% — Homewood Suites by Hilton Seattle Convention Center Pike Street 195 Open Seattle 1,000 Fee Simple 100% — Hilton Checkers Los Angeles 193 Open 7/20/2020 Southern California 3,000 Fee Simple 100% $ 27 Embassy Suites Phoenix Airport 182 Open 6/12/2020 Other U.S. 5,000 Leasehold 100% — Hilton Garden Inn LAX/El Segundo 162 Open 7/1/2020 Southern California 3,000 Fee Simple 100% — DoubleTree Hotel Durango 159 Open 6/1/2020 Other U.S. 6,000 Leasehold 100% — The Reach Key West, Curio Collection 150 Open 6/1/2020 Key West 22,000 Fee Simple 100% — Hampton Inn & Suites Memphis – Shady Grove 131 Open Other U.S. 1,000 Fee Simple 100% — Hilton Garden Inn Chicago/Oak Brook Terrace 128 Open 6/1/2021 Chicago 2,000 Fee Simple 100% — Total Consolidated Portfolio (49 Hotels) 28,249 2,166,000 $ 2,508

Unconsolidated Joint Venture Portfolio

Hilton Orlando 1,424 Open Orlando 236,000 Fee Simple 20% $ 95 Hilton San Diego Bayfront 1,190 Open 8/15/2020 Southern California 165,000 Leasehold 25% $ 55 Capital Hilton 550 Open 8/20/2020 Washington, D.C. 30,000 Fee Simple 25% $ 25 Hilton La Jolla Torrey Pines 394 Open Southern California 41,000 Leasehold 25% $ 24 Embassy Suites Alexandria Old Town 288 Open 7/1/2020 Washington, D.C. 7,000 Fee Simple 50% $ 26 Embassy Suites Secaucus Meadowlands 261 Open Other U.S. 1,000 Leasehold 50% — DoubleTree Hotel Las Vegas Airport 190 Open Other U.S. 3,000 Fee Simple 50% — Total Unconsolidated Joint Venture Portfolio 4,297 483,000 $ 225

TOTAL PARK HOTELS & RESORTS PORTFOLIO (56 Hotels) 32,546 2,649,000 $ 2,733 (1) For hotels that are suspended as of August 5, 2021, the current projected reopening dates are estimated. (2) Debt related to unconsolidated joint ventures is presented on a pro-rata basis.

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Pro-forma Hotels by Market: Q2 2021 vs. Q2 2020

(unaudited) Pro-forma ADR Pro-forma Occupancy Pro-forma RevPAR Pro-forma Total RevPAR Hotels Rooms 2Q21 2Q20 Change(1) 2Q21 2Q20 Change 2Q21 2Q20 Change(1) 2Q21 2Q20 Change(1)

Hawaii 2 3,507 $ 238.09 $ 117.48 102.7 % 64.6 % 0.5 % 64.1 % pts $ 153.85 $ 0.59 25,858.0 % $ 269.22 $ 10.90 2,368.8 % San Francisco 5 3,965 170.56 140.54 21.4 16.1 2.7 13.4 27.39 3.73 635.0 33.69 11.67 188.7 Orlando 3 2,325 192.93 — 100.0 48.4 — 48.4 93.44 (0.10 ) 93,131.3 186.65 8.84 2,011.0 New Orleans 1 1,622 99.29 (2,818.06 ) 103.5 52.5 — 52.5 52.14 (1.22 ) 4,367.0 85.19 3.81 2,137.1 Boston 3 1,536 150.32 132.91 13.1 45.0 12.9 32.1 67.67 17.11 295.6 85.27 20.29 320.3 New York 1 1,878 — — — — — — — (0.33 ) 100.0 2.92 6.08 (52.0 ) Southern California 6 1,935 201.21 157.87 27.5 66.6 12.1 54.5 134.05 19.20 598.0 179.86 30.40 491.6 Chicago 5 2,806 146.44 138.32 5.9 15.5 2.6 12.9 22.69 3.64 522.7 28.02 5.61 399.7 Key West 2 461 495.04 321.11 54.2 92.4 15.3 77.1 457.58 49.13 831.3 663.25 75.88 774.0 Denver 1 613 119.54 — 100.0 50.3 — 50.3 60.08 (0.43 ) 14,041.4 73.93 0.29 25,459.1 Miami 2 901 197.96 111.81 77.0 72.1 9.6 62.5 142.77 10.79 1,222.9 196.33 18.81 943.6 Washington, D.C. 2 1,085 116.32 100.62 15.6 30.4 20.7 9.7 35.34 20.82 69.7 47.65 24.74 92.6 Seattle 3 1,441 118.64 111.43 6.5 50.8 18.7 32.1 60.25 20.84 189.0 79.56 27.95 184.7 Other 13 4,174 153.70 109.94 39.8 52.7 10.3 42.4 80.97 11.28 617.7 105.69 15.08 600.9

All Markets 49 28,249 $ 185.63 $ 128.34 44.6 % 42.3 % 6.1 % 36.2 % pts $ 78.46 $ 7.77 909.7 % $ 118.53 $ 14.53 715.6 %

(1) Calculated based on unrounded numbers.

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Pro-forma Hotels by Market: Q2 2021 vs. Q2 2020

(unaudited, dollars in millions) Pro-forma Hotel

Adjusted EBITDA Pro-forma Hotel Revenue Pro-forma Hotel Adjusted

EBITDA Margin Hotels Rooms 2Q21 2Q20 Change(1) 2Q21 2Q20 Change(2) 2Q21 2Q20 Change(1)

Hawaii 2 3,507 $ 29 $ (16 ) NM $ 86 $ 3 2,368.8 % 33.8 % (448.7 )% NM San Francisco 5 3,965 (15 ) (19 ) NM 12 4 188.7 (122.8 ) (439.5 ) NM Orlando 3 2,325 11 (7 ) NM 39 2 2,011.0 27.2 (395.8 ) NM New Orleans 1 1,622 1 (3 ) NM 13 1 2,137.1 11.8 (655.2 ) NM Boston 3 1,536 — (5 ) NM 12 3 320.3 (2.5 ) (168.2 ) NM New York 1 1,878 (11 ) (15 ) NM — 1 (52.0 ) (2,227.8 ) (1,397.8 ) NM Southern California 6 1,935 10 (4 ) NM 32 5 491.6 30.9 (81.5 ) NM Chicago 5 2,806 (7 ) (10 ) NM 7 1 399.7 (92.5 ) (708.9 ) NM Key West 2 461 13 (2 ) NM 28 3 774.0 48.2 (50.7 ) NM Denver 1 613 1 (2 ) NM 4 — 25,459.1 13.6 (11,055.3 ) NM Miami 2 901 6 (3 ) NM 16 2 943.6 35.2 (168.3 ) NM Washington, D.C. 2 1,085 (1 ) (3 ) NM 5 2 92.6 (24.5 ) (142.8 ) NM Seattle 3 1,441 — (3 ) NM 10 4 184.7 2.9 (81.4 ) NM Other 13 4,174 5 (14 ) NM 41 6 525.1 11.8 (247.1 ) NM

All Markets 49 28,249 $ 42 $ (106 ) NM $ 305 $ 37 715.6 % 13.7 % (282.7 )% NM

(1) Percentage change is not meaningful. (2) Calculated based on unrounded numbers.

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Pro-forma Hotels by Market: YTD Q2 2021 vs. YTD Q2 2020

(unaudited) Pro-forma ADR Pro-forma Occupancy Pro-forma RevPAR Pro-forma Total RevPAR Hotels Rooms 2021 2020 Change(1) 2021 2020 Change 2021 2020 Change(1) 2021 2020 Change(1)

Hawaii 2 3,507 $ 227.39 $ 260.65 (12.8 )% 44.9 % 38.8 % 6.1 % pts $ 102.12 $ 101.17 0.9 % $ 181.02 $ 181.10 (0.0 )% San Francisco 5 3,965 165.44 306.44 (46.0 ) 10.4 32.2 (21.8 ) 17.23 98.57 (82.5 ) 21.58 138.91 (84.5 ) Orlando 3 2,325 187.00 243.47 (23.2 ) 37.4 32.1 5.3 69.94 78.06 (10.4 ) 140.53 170.51 (17.6 ) New Orleans 1 1,622 81.07 211.76 (61.7 ) 51.7 27.1 24.6 41.88 57.29 (26.9 ) 65.23 105.30 (38.0 ) Boston 3 1,536 137.85 158.82 (13.2 ) 35.7 37.1 (1.4 ) 49.24 58.96 (16.5 ) 62.71 83.58 (25.0 ) New York 1 1,878 — 206.47 (100.0 ) — 30.6 (30.6 ) — 63.10 (100.0 ) 2.19 117.40 (98.1 ) Southern California 6 1,935 182.59 171.00 6.8 52.4 39.6 12.8 95.60 67.63 41.4 130.01 107.77 20.6 Chicago 5 2,806 138.79 140.58 (1.3 ) 10.6 21.0 (10.4 ) 14.70 29.48 (50.1 ) 18.35 50.66 (63.8 ) Key West 2 461 507.89 449.75 12.9 88.4 45.0 43.4 448.94 202.51 121.7 637.09 297.92 113.8 Denver 1 613 114.24 155.89 (26.7 ) 37.1 30.6 6.5 42.40 47.72 (11.1 ) 51.97 74.13 (29.9 ) Miami 2 901 190.00 228.48 (16.8 ) 68.9 42.4 26.5 130.92 96.96 35.0 180.62 132.43 36.4 Washington, D.C. 2 1,085 115.00 141.02 (18.5 ) 37.2 37.0 0.2 42.83 52.29 (18.1 ) 51.86 76.83 (32.5 ) Seattle 3 1,441 111.29 125.67 (11.4 ) 39.1 40.4 (1.3 ) 43.57 50.83 (14.3 ) 56.62 73.50 (23.0 ) Other 13 4,174 140.74 167.49 (16.0 ) 45.3 35.5 9.8 64.37 59.12 8.9 83.27 77.42 7.6

All Markets 49 28,249 $ 174.21 $ 212.40 (18.0 )% 34.3 % 33.8 % 0.5 % pts $ 59.74 $ 71.84 (16.8 )% $ 89.57 $ 116.76 (23.3 )%


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EBITDA Margin Hotels Rooms 2021 2020 Change(1) 2021 2020 Change(2) 2021 2020 Change(1)

Hawaii 2 3,507 $ 27 $ 18 NM $ 115 $ 116 (0.6 )% 23.8 % 15.9 % NM San Francisco 5 3,965 (31 ) 1 NM 15 100 (83.9 ) (201.9 ) 1.3 NM Orlando 3 2,325 10 14 NM 59 72 (18.0 ) 17.7 19.6 NM New Orleans 1 1,622 1 6 NM 19 31 (38.4 ) 4.7 18.9 NM Boston 3 1,536 (5 ) (4 ) NM 17 23 (25.4 ) (26.2 ) (16.7 ) NM New York 1 1,878 (20 ) (30 ) NM 1 40 98.1 (2,713.0 ) (75.3 ) NM Southern California 6 1,935 10 1 NM 46 39 20.0 21.4 3.6 NM Chicago 5 2,806 (15 ) (22 ) NM 9 26 (64.0 ) (162.1 ) (83.5 ) NM Key West 2 461 26 7 NM 53 25 112.7 48.7 26.3 NM Denver 1 613 (1 ) — NM 6 8 (30.3 ) (9.8 ) (2.2 ) NM Miami 2 901 10 6 NM 29 22 35.6 34.4 26.6 NM Washington, D.C. 2 1,085 (1 ) (4 ) NM 10 15 (32.9 ) (10.2 ) (23.9 ) NM Seattle 3 1,441 (3 ) (3 ) NM 15 19 (23.4 ) (18.7 ) (15.3 ) NM Other 13 4,174 — (9 ) NM 64 64 (2.4 ) (2.1 ) (15.6 ) NM

All Markets 49 28,249 $ 8 $ (19 ) NM $ 458 $ 600 (23.7 )% 1.7 % (3.2 )% NM


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Pro-forma Core Hotels: Q2 2021 vs. Q2 2020

(unaudited) Pro-forma ADR Pro-forma Occupancy Pro-forma RevPAR Pro-forma Total RevPAR 2Q21 2Q20 Change(1) 2Q21 2Q20 Change 2Q21 2Q20 Change(1) 2Q21 2Q20 Change(1) Core Hotels

1 Hilton Hawaiian Village Waikiki Beach Resort $ 235.93 $ 123.32 91.3 % 61.6 % 0.5 % 61.1 % pts $ 145.44 $ 0.69 20,837.6 % $ 230.77 $ 7.89 2,825.6 % 2 Hilton Waikoloa Village 245.65 58.04 323.2 77.8 0.3 77.5 191.01 0.14 134,452.1 439.16 24.24 1,711.7 3 Hilton San Francisco Union Square 165.23 226.15 (26.9 ) 6.6 0.6 6.0 10.95 1.51 623.5 14.32 15.32 (6.5 ) 4 Parc 55 San Francisco - a Hilton Hotel — 2,168.62 (100.0 ) — — — — 0.19 (100.0 ) 0.18 1.11 (83.9 ) 5 Le Meridien San Francisco 177.59 — 100.0 45.0 — 45.0 79.83 0.21 37,174.8 86.24 3.22 2,581.4 6 JW Marriott San Francisco Union Square 191.22 117.51 62.7 46.3 19.5 26.8 88.58 22.99 285.3 106.76 26.41 304.3 7 Hyatt Centric Fisherman's Wharf 150.63 148.30 1.6 59.6 7.9 51.7 89.74 11.69 667.9 120.62 17.32 596.3 8 Signia by Hilton Orlando Bonnet Creek 171.36 — 100.0 51.8 — 51.8 88.72 (0.20 ) 45,592.5 197.64 16.42 1,103.7 9 Waldorf Astoria Orlando 335.01 — 100.0 45.0 — 45.0 150.73 (0.07 ) 218,127.7 299.88 8.58 3,394.7

10 Hilton Orlando Lake Buena Vista 137.82 — 100.0 46.4 — 46.4 63.97 — 100.0 103.20 (0.39 ) 26,619.9 11 Hilton New Orleans Riverside 99.29 (2,818.06 ) 103.5 52.5 — 52.5 52.14 (1.22 ) 4,367.0 85.19 3.81 2,137.1 12 Hyatt Regency Boston 149.77 118.20 26.7 43.9 1.9 42.0 65.76 2.27 2,791.5 80.85 3.71 2,078.9 13 Hilton Boston Logan Airport 158.10 138.88 13.8 55.9 24.6 31.3 88.36 34.08 159.2 109.20 40.12 172.2 14 Boston Marriott Newton 131.54 114.25 15.1 31.0 9.2 21.8 40.82 10.58 286.0 56.82 11.79 381.9 15 New York Hilton Midtown — — — — — — — (0.33 ) 100.0 2.92 6.08 (52.0 ) 16 Hilton Santa Barbara Beachfront Resort 359.61 222.25 61.8 77.2 29.1 48.1 277.48 64.53 330.0 355.45 84.32 321.6 17 Hyatt Regency Mission Bay Spa and Marina 234.94 192.04 22.3 54.0 1.8 52.2 126.92 3.45 3,579.0 208.66 24.32 757.9 18 Hilton Checkers Los Angeles 154.72 — 100.0 39.6 — 39.6 61.24 — 100.0 70.70 — 100.0 19 Hilton Chicago 165.70 — 100.0 2.8 — 2.8 4.59 0.13 3,448.2 7.53 1.99 278.0 20 W Chicago - City Center 186.47 — 100.0 11.4 — 11.4 21.22 0.10 21,753.3 24.93 1.65 1,413.4 21 W Chicago - Lakeshore 171.21 156.19 9.6 36.3 8.6 27.7 62.22 13.54 359.6 74.59 16.50 352.2 22 Casa Marina, A Waldorf Astoria Resort 511.96 331.54 54.4 92.0 15.1 76.9 471.17 50.06 841.2 681.00 73.46 827.1 23 The Reach Key West, Curio Collection 460.41 300.35 53.3 93.3 15.8 77.5 429.41 47.22 809.4 626.45 80.91 674.2 24 Hilton Denver City Center 119.54 — 100.0 50.3 — 50.3 60.08 (0.43 ) 14,041.4 73.93 0.29 25,459.1 25 Royal Palm South Beach Miami 231.57 122.10 89.6 78.2 13.3 64.9 181.00 16.17 1,019.6 251.23 30.59 721.2 26 DoubleTree Hotel Washington DC – Crystal City 118.96 113.48 4.8 26.7 20.5 6.2 31.70 23.18 36.8 41.00 24.78 65.4 27 DoubleTree Hotel San Jose 116.97 131.51 (11.1 ) 38.8 18.2 20.6 45.36 23.95 89.4 62.70 27.83 125.3 28 Juniper Hotel Cupertino, Curio Collection 105.88 — 100.0 43.5 — 43.5 46.07 — 100.0 53.53 0.16 33,156.9 Sub-total Core Hotels $ 206.64 $ 155.47 32.9 % 37.6 % 3.9 % 33.7 % pts $ 77.73 $ 6.05 1,185.3 % $ 123.09 $ 13.45 815.3 % All Other Hotels $ 143.89 $ 103.27 39.3 % 56.0 % 12.5 % 43.5 % pts $ 80.63 $ 12.87 526.5 % $ 105.04 $ 17.74 492.0 % Total Consolidated Portfolio $ 185.63 $ 128.34 44.6 % 42.3 % 6.1 % 36.2 % pts $ 78.46 $ 7.77 909.7 % $ 118.53 $ 14.53 715.6 %


26 |



(unaudited, dollars in millions) Pro-forma Hotel Adjusted EBITDA Pro-forma Hotel Revenue Pro-forma Hotel Adjusted

EBITDA Margin 2Q21 2Q20 Change(1) 2Q21 2Q20 Change(2) 2Q21 2Q20 Change(1)

Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 20 $ (12 ) NM $ 60 $ 2 2,825.6 % 34.1 % (613.2 )% NM 2 Hilton Waikoloa Village 9 (3 ) NM 26 2 1,711.7 33.1 (212.0 ) NM 3 Hilton San Francisco Union Square (8 ) (8 ) NM 3 3 (6.5 ) (335.3 ) (290.4 ) NM 4 Parc 55 San Francisco - a Hilton Hotel (4 ) (5 ) NM — — (83.9 ) (25,087.8 ) (4,702.6 ) NM 5 Le Meridien San Francisco (1 ) (1 ) NM 3 — 2,581.4 (28.7 ) (1,480.2 ) NM 6 JW Marriott San Francisco Union Square (2 ) (3 ) NM 3 1 304.3 (49.3 ) (402.0 ) NM 7 Hyatt Centric Fisherman's Wharf — (1 ) NM 3 — 596.3 2.3 (201.6 ) NM 8 Signia by Hilton Orlando Bonnet Creek 5 (2 ) NM 18 2 1,103.7 29.1 (143.5 ) NM 9 Waldorf Astoria Orlando 4 (2 ) NM 14 — 3,394.7 30.2 (612.0 ) NM 10 Hilton Orlando Lake Buena Vista 1 (3 ) NM 8 — 26,619.9 17.5 9,857.8 NM 11 Hilton New Orleans Riverside 1 (3 ) NM 13 1 2,137.1 11.8 (655.2 ) NM 12 Hyatt Regency Boston — (2 ) NM 4 — 2,078.9 (8.3 ) (1,302.9 ) NM 13 Hilton Boston Logan Airport — (2 ) NM 6 2 172.2 4.2 (78.8 ) NM 14 Boston Marriott Newton — (1 ) NM 2 1 381.9 (10.8 ) (178.7 ) NM 15 New York Hilton Midtown (11 ) (15 ) NM — 1 (52.0 ) (2,227.8 ) (1,397.8 ) NM 16 Hilton Santa Barbara Beachfront Resort 6 — NM 12 3 321.6 53.5 14.0 NM 17 Hyatt Regency Mission Bay Spa and Marina 2 (1 ) NM 8 1 757.9 18.8 (186.2 ) NM 18 Hilton Checkers Los Angeles — (1 ) NM 1 — 100.0 (31.1 ) — NM 19 Hilton Chicago (4 ) (6 ) NM 1 — 278.0 (424.6 ) (2,074.0 ) NM 20 W Chicago - City Center (1 ) (1 ) NM 1 — 1,413.4 (124.9 ) (2,654.5 ) NM 21 W Chicago - Lakeshore (1 ) (2 ) NM 4 1 352.2 (31.1 ) (271.7 ) NM 22 Casa Marina, A Waldorf Astoria Resort 9 (1 ) NM 19 2 827.1 48.9 (47.7 ) NM 23 The Reach Key West, Curio Collection 4 (1 ) NM 9 1 674.2 46.7 (56.2 ) NM 24 Hilton Denver City Center 1 (2 ) NM 4 — 25,459.1 13.6 (11,055.3 ) NM 25 Royal Palm South Beach Miami 3 (1 ) NM 9 1 721.2 36.5 (78.4 ) NM 26 DoubleTree Hotel Washington DC – Crystal City — (2 ) NM 2 1 65.4 (14.5 ) (106.6 ) NM 27 DoubleTree Hotel San Jose (1 ) (1 ) NM 3 1 125.3 (22.4 ) (74.3 ) NM 28 Juniper Hotel Cupertino, Curio Collection — (1 ) NM 1 — 33,156.9 (37.8 ) (26,890.1 ) NM Sub-total Core Hotels $ 32 $ (83 ) NM $ 237 $ 26 815.3 % 13.3 % (324.3 )% NM All Other Hotels $ 10 $ (23 ) NM $ 68 $ 11 492.0 % 14.9 % (189.3 )% NM Total Consolidated Portfolio $ 42 $ (106 ) NM $ 305 $ 37 715.6 % 13.7 % (282.7 )% NM


27 |


Pro-forma Core Hotels: YTD Q2 2021 vs. YTD Q2 2020

(unaudited) Pro-forma ADR Pro-forma Occupancy Pro-forma RevPAR Pro-forma Total RevPAR 2021 2020 Change(1) 2021 2020 Change 2021 2020 Change(1) 2021 2020 Change(1)

Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 226.85 $ 259.12 (12.5 )% 41.6 % 38.5 % 3.1 % pts $ 94.35 $ 99.78 (5.4 )% $ 149.87 $ 165.63 (9.5 )% 2 Hilton Waikoloa Village 229.07 267.12 (14.2 ) 59.6 40.2 19.4 136.43 107.33 27.1 318.70 249.47 27.8 3 Hilton San Francisco Union Square 164.87 306.92 (46.3 ) 3.3 29.8 (26.5 ) 5.49 91.68 (94.0 ) 7.61 146.62 (94.8 ) 4 Parc 55 San Francisco - a Hilton Hotel — 291.04 (100.0 ) — 30.3 (30.3 ) (0.01 ) 88.27 (100.0 ) 0.74 105.08 (99.3 ) 5 Le Meridien San Francisco 177.21 349.78 (49.3 ) 23.0 33.8 (10.8 ) 40.80 118.28 (65.5 ) 44.05 147.67 (70.2 ) 6 JW Marriott San Francisco Union Square 183.16 368.52 (50.3 ) 36.3 43.3 (7.0 ) 66.45 159.67 (58.4 ) 79.28 212.73 (62.7 ) 7 Hyatt Centric Fisherman's Wharf 143.17 223.03 (35.8 ) 44.7 38.1 6.6 63.95 84.86 (24.6 ) 85.67 111.29 (23.0 ) 8 Signia by Hilton Orlando Bonnet Creek 161.08 231.90 (30.5 ) 41.4 31.4 10.0 66.67 72.72 (8.3 ) 145.46 186.01 (21.8 ) 9 Waldorf Astoria Orlando 338.60 366.76 (7.7 ) 34.7 29.6 5.1 117.64 108.68 8.3 240.26 216.83 10.8 10 Hilton Orlando Lake Buena Vista 130.74 191.10 (31.6 ) 34.1 34.4 (0.3 ) 44.58 65.80 (32.3 ) 72.91 122.74 (40.6 ) 11 Hilton New Orleans Riverside 81.07 211.76 (61.7 ) 51.7 27.1 24.6 41.88 57.29 (26.9 ) 65.23 105.30 (38.0 ) 12 Hyatt Regency Boston 130.39 156.96 (16.9 ) 35.5 36.1 (0.6 ) 46.34 56.71 (18.3 ) 59.12 77.99 (24.2 ) 13 Hilton Boston Logan Airport 147.00 160.90 (8.6 ) 45.3 45.4 (0.1 ) 66.53 72.93 (8.8 ) 82.51 97.58 (15.4 ) 14 Boston Marriott Newton 125.74 156.81 (19.8 ) 22.5 26.7 (4.2 ) 28.32 41.96 (32.5 ) 39.10 70.44 (44.5 ) 15 New York Hilton Midtown — 206.47 (100.0 ) — 30.6 (30.6 ) — 63.10 (100.0 ) 2.19 117.40 (98.1 ) 16 Hilton Santa Barbara Beachfront Resort 323.94 232.70 39.2 59.8 44.8 15.0 193.73 104.34 85.7 255.84 165.12 54.9 17 Hyatt Regency Mission Bay Spa and Marina 214.66 169.35 26.8 40.3 29.6 10.7 86.46 50.08 72.6 147.13 108.15 36.0 18 Hilton Checkers Los Angeles 143.26 230.85 (37.9 ) 30.8 32.8 (2.0 ) 44.15 75.72 (41.7 ) 51.13 88.28 (42.1 ) 19 Hilton Chicago 165.36 129.56 27.6 1.4 18.6 (17.2 ) 2.30 24.08 (90.4 ) 4.44 54.95 (91.9 ) 20 W Chicago - City Center 186.89 211.41 (11.6 ) 5.7 22.8 (17.1 ) 10.69 48.15 (77.8 ) 12.52 60.80 (79.4 ) 21 W Chicago - Lakeshore 158.88 141.13 12.6 27.4 21.7 5.7 43.51 30.55 42.4 51.82 38.59 34.3 22 Casa Marina, A Waldorf Astoria Resort 530.04 470.90 12.6 87.7 45.0 42.7 464.72 211.80 119.4 661.62 311.90 112.1 23 The Reach Key West, Curio Collection 463.09 406.05 14.0 89.9 45.1 44.8 416.24 183.24 127.1 586.23 268.92 118.0 24 Hilton Denver City Center 114.24 155.89 (26.7 ) 37.1 30.6 6.5 42.40 47.72 (11.1 ) 51.97 74.13 (29.9 ) 25 Royal Palm South Beach Miami 226.62 270.45 (16.2 ) 80.1 45.8 34.3 181.46 123.87 46.5 251.96 169.59 48.6 26 DoubleTree Hotel Washington DC – Crystal City 117.51 134.87 (12.9 ) 35.2 34.5 0.7 41.37 46.52 (11.1 ) 48.34 57.67 (16.2 ) 27 DoubleTree Hotel San Jose 114.27 190.08 (39.9 ) 32.9 40.9 (8.0 ) 37.62 77.72 (51.6 ) 50.45 115.61 (56.4 ) 28 Juniper Hotel Cupertino, Curio Collection 98.11 248.07 (60.5 ) 38.3 28.9 9.4 37.59 71.70 (47.6 ) 42.63 88.04 (51.6 ) Sub-total Core Hotels $ 196.18 $ 237.36 (17.4 )% 29.9 % 32.6 % (2.7 )% pts $ 58.58 $ 77.27 (24.2 )% $ 92.29 $ 128.77 (28.3 )% All Other Hotels $ 133.27 $ 148.41 (10.2 )% 47.4 % 37.6 % 9.8 % pts $ 63.19 $ 55.77 13.3 % $ 81.52 $ 81.21 0.4 % Total Consolidated Portfolio $ 174.21 $ 212.40 (18.0 )% 34.3 % 33.8 % 0.5 % pts $ 59.74 $ 71.84 (16.8 )% $ 89.57 $ 116.76 (23.3 )%


28 |



(unaudited, dollars in millions) Pro-forma Hotel Adjusted EBITDA Pro-forma Hotel Revenue Pro-forma Hotel Adjusted EBITDA Margin 2021 2020 Change(1) 2021 2020 Change(2) 2021 2020 Change(1)

Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 17 $ 15 NM $ 78 $ 86 (10.0 )% 22.5 % 17.2 % NM 2 Hilton Waikoloa Village 10 4 NM 37 29 27.0 26.4 12.3 NM 3 Hilton San Francisco Union Square (16 ) 2 NM 3 51 (94.8 ) (594.0 ) 3.6 NM 4 Parc 55 San Francisco - a Hilton Hotel (8 ) (1 ) NM — 20 (99.3 ) (5,892.7 ) (7.7 ) NM 5 Le Meridien San Francisco (3 ) 1 NM 3 10 (70.3 ) (91.1 ) 14.0 NM 6 JW Marriott San Francisco Union Square (4 ) — NM 5 13 (62.9 ) (82.0 ) 1.3 NM 7 Hyatt Centric Fisherman's Wharf (1 ) (1 ) NM 5 6 (23.4 ) (16.1 ) (8.0 ) NM 8 Signia by Hilton Orlando Bonnet Creek 5 9 NM 27 34 (22.2 ) 18.9 26.4 NM 9 Waldorf Astoria Orlando 5 3 NM 22 20 10.2 24.4 14.0 NM 10 Hilton Orlando Lake Buena Vista — 2 NM 11 18 (40.9 ) 1.1 13.0 NM 11 Hilton New Orleans Riverside 1 6 NM 19 31 (38.4 ) 4.7 18.9 NM 12 Hyatt Regency Boston (2 ) (2 ) NM 5 7 (24.6 ) (35.4 ) (23.0 ) NM 13 Hilton Boston Logan Airport (1 ) (2 ) NM 9 11 (15.9 ) (16.1 ) (15.7 ) NM 14 Boston Marriott Newton (1 ) (1 ) NM 3 6 (44.8 ) (39.8 ) (10.5 ) NM 15 New York Hilton Midtown (20 ) (30 ) NM 1 40 (98.1 ) (2,713.0 ) (75.3 ) NM 16 Hilton Santa Barbara Beachfront Resort 8 3 NM 16 11 54.1 46.6 24.5 NM 17 Hyatt Regency Mission Bay Spa and Marina 1 (1 ) NM 11 9 35.3 9.8 (15.9 ) NM 18 Hilton Checkers Los Angeles (1 ) — NM 2 3 (42.4 ) (58.5 ) (3.3 ) NM 19 Hilton Chicago (9 ) (13 ) NM 1 15 (92.0 ) (735.3 ) (87.9 ) NM 20 W Chicago - City Center (2 ) (2 ) NM 1 4 (79.5 ) (258.2 ) (53.3 ) NM 21 W Chicago - Lakeshore (3 ) (5 ) NM 5 4 33.6 (64.4 ) (132.6 ) NM 22 Casa Marina, A Waldorf Astoria Resort 19 5 NM 37 18 111.0 50.1 29.8 NM 23 The Reach Key West, Curio Collection 7 1 NM 16 7 116.8 45.4 17.8 NM 24 Hilton Denver City Center (1 ) — NM 6 8 (30.3 ) (9.8 ) (2.2 ) NM 25 Royal Palm South Beach Miami 7 4 NM 18 12 47.7 38.3 35.4 NM 26 DoubleTree Hotel Washington DC – Crystal City — (2 ) NM 5 7 (16.6 ) 4.5 (33.9 ) NM 27 DoubleTree Hotel San Jose (2 ) 1 NM 5 11 (56.6 ) (43.6 ) 7.7 NM 28 Juniper Hotel Cupertino, Curio Collection (1 ) — NM 2 4 (51.8 ) (68.6 ) (3.9 ) NM Sub-total Core Hotels $ 5 $ (4 ) NM $ 353 $ 495 (28.7 )% 1.4 % (1.0 )% NM All Other Hotels $ 3 $ (15 ) NM $ 105 $ 105 (0.2 )% 2.4 % (13.5 )% NM Total Consolidated Portfolio $ 8 $ (19 ) NM $ 458 $ 600 (23.7 )% 1.7 % (3.2 )% NM


29 |


Pro-Forma Hotels by Market: Q2 2021 vs. Q2 2019

(unaudited) Pro-forma ADR Pro-forma Occupancy Pro-forma RevPAR Pro-forma Total RevPAR Hotels Rooms 2Q21 2Q19 Change(1) 2Q21 2Q19 Change 2Q21 2Q19 Change(1) 2Q21 2Q19 Change(1)

Hawaii 2 3,507 $ 238.09 $ 246.19 (3.3 )% 64.6 % 89.4 % (24.8 )% pts $ 153.85 $ 220.07 (30.1 )% $ 269.22 $ 388.73 (30.7 )% San Francisco 5 3,965 170.56 276.01 (38.2 ) 16.1 93.2 (77.1 ) 27.39 257.26 (89.4 ) 33.69 334.63 (89.9 ) Orlando 3 2,325 192.93 194.90 (1.0 ) 48.4 81.2 (32.8 ) 93.44 158.25 (41.0 ) 186.65 330.46 (43.5 ) New Orleans 1 1,622 99.29 189.83 (47.7 ) 52.5 80.3 (27.8 ) 52.14 152.36 (65.8 ) 85.19 257.84 (67.0 ) Boston 3 1,536 150.32 257.47 (41.6 ) 45.0 90.8 (45.8 ) 67.67 233.92 (71.1 ) 85.27 311.08 (72.6 ) New York 1 1,878 — 288.87 (100.0 ) — 94.5 (94.5 ) — 272.95 (100.0 ) 2.92 468.53 (99.4 ) Southern California 6 1,935 201.21 188.83 6.6 66.6 87.1 (20.5 ) 134.05 164.50 (18.5 ) 179.86 252.72 (28.8 ) Chicago 5 2,806 146.44 216.93 (32.5 ) 15.5 85.4 (69.9 ) 22.69 185.21 (87.7 ) 28.02 276.80 (89.9 ) Key West 2 461 495.04 363.89 36.0 92.4 84.8 7.6 457.58 308.65 48.3 663.25 483.31 37.2 Denver 1 613 119.54 185.90 (35.7 ) 50.3 88.8 (38.5 ) 60.08 165.04 (63.6 ) 73.93 250.19 (70.4 ) Miami 2 901 197.96 161.30 22.7 72.1 90.4 (18.3 ) 142.77 145.78 (2.1 ) 196.33 213.79 (8.2 ) Washington, D.C. 2 1,085 116.32 187.71 (38.0 ) 30.4 86.4 (56.0 ) 35.34 162.09 (78.2 ) 47.65 240.35 (80.2 ) Seattle 3 1,441 118.64 162.19 (26.9 ) 50.8 80.9 (30.1 ) 60.25 131.18 (54.1 ) 79.56 176.27 (54.9 ) Other 13 4,174 153.70 182.64 (15.8 ) 52.7 73.7 (21.0 ) 80.97 134.69 (39.9 ) 105.69 180.94 (41.6 )

All Markets 49 28,249 $ 185.63 $ 224.27 (17.2 )% 42.3 % 85.8 % (43.5 )% pts $ 78.46 $ 192.27 (59.2 )% $ 118.53 $ 296.70 (60.1 )%


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Pro-Forma Hotels by Market: Q2 2021 vs. Q2 2019



EBITDA Margin Hotels Rooms 2Q21 2Q19 Change(1) 2Q21 2Q19 Change(1) 2Q21 2Q19 Change

Hawaii 2 3,507 $ 29 $ 51 (43.1 )% $ 86 $ 140 (38.8 )% 33.8 % 36.4 % (260 ) bps San Francisco 5 3,965 (15 ) 37 (140.8 ) 12 121 (89.9 ) (122.8 ) 30.3 (15,310 ) Orlando 3 2,325 11 23 (52.5 ) 39 70 (43.5 ) 27.2 32.4 (520 ) New Orleans 1 1,622 1 15 (90.1 ) 13 38 (67.0 ) 11.8 39.6 (2,780 ) Boston 3 1,536 — 17 (101.8 ) 12 43 (72.6 ) (2.5 ) 38.7 (4,120 ) New York 1 1,878 (11 ) 18 (161.6 ) — 80 (99.4 ) (2,227.8 ) 22.5 (225,030 ) Southern California 6 1,935 10 14 (31.1 ) 32 44 (28.8 ) 30.9 31.9 (100 ) Chicago 5 2,806 (7 ) 23 (128.6 ) 7 71 (89.9 ) (92.5 ) 32.8 (12,530 ) Key West 2 461 13 8 73.9 28 20 37.2 48.2 38.0 1,020 Denver 1 613 1 6 (91.0 ) 4 14 (70.4 ) 13.6 44.5 (3,090 ) Miami 2 901 6 5 3.8 16 18 (8.2 ) 35.2 31.2 400 Washington, D.C. 2 1,085 (1 ) 7 (115.6 ) 5 24 (80.2 ) (24.5 ) 31.2 (5,570 ) Seattle 3 1,441 — 5 (94.5 ) 10 23 (54.9 ) 2.9 23.4 (2,050 ) Other 13 4,174 5 13 (33.9 ) 41 69 (41.6 ) 11.8 18.0 (620 )

All Markets 49 28,249 $ 42 $ 242 (82.8 )% $ 305 $ 775 (60.7 )% 13.7 % 31.2 % (1,750 ) bps


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Pro-Forma Hotels by Market: YTD Q2 2021 vs. YTD Q2 2019

(unaudited) Pro-forma ADR Pro-forma Occupancy Pro-forma RevPAR Pro-forma Total RevPAR Hotels Rooms 2021 2019 Change(1) 2021 2019 Change 2021 2019 Change(1) 2021 2019 Change(1)

Hawaii 2 3,507 $ 227.39 $ 250.70 (9.3 )% 44.9 % 89.7 % (44.8 )% pts $ 102.12 $ 224.95 (54.6 )% $ 181.02 $ 389.20 (53.5 )% San Francisco 5 3,965 165.44 299.58 (44.8 ) 10.4 90.6 (80.2 ) 17.23 271.51 (93.7 ) 21.58 353.39 (93.9 ) Orlando 3 2,325 187.00 213.00 (12.2 ) 37.4 83.6 (46.2 ) 69.94 178.18 (60.7 ) 140.53 372.12 (62.2 ) New Orleans 1 1,622 81.07 202.37 (59.9 ) 51.7 78.2 (26.5 ) 41.88 158.20 (73.5 ) 65.23 271.71 (76.0 ) Boston 3 1,536 137.85 222.35 (38.0 ) 35.7 83.8 (48.1 ) 49.24 186.29 (73.6 ) 62.71 254.98 (75.4 ) New York 1 1,878 — 261.26 (100.0 ) — 86.8 (86.8 ) — 226.86 (100.0 ) 2.19 388.75 (99.4 ) Southern California 6 1,935 182.59 181.73 0.5 52.4 84.5 (32.1 ) 95.60 153.52 (37.7 ) 130.01 240.26 (45.9 ) Chicago 5 2,806 138.79 186.83 (25.7 ) 10.6 70.4 (59.8 ) 14.70 131.53 (88.8 ) 18.35 205.81 (91.1 ) Key West 2 461 507.89 415.35 22.3 88.4 87.7 0.7 448.94 364.31 23.2 637.09 540.26 17.9 Denver 1 613 114.24 175.58 (34.9 ) 37.1 81.7 (44.6 ) 42.40 143.55 (70.5 ) 51.97 219.16 (76.3 ) Miami 2 901 190.00 199.09 (4.6 ) 68.9 90.6 (21.7 ) 130.92 180.44 (27.4 ) 180.62 253.04 (28.6 ) Washington, D.C. 2 1,085 115.00 177.35 (35.2 ) 37.2 76.1 (38.9 ) 42.83 135.01 (68.3 ) 51.86 201.59 (74.3 ) Seattle 3 1,441 111.29 151.85 (26.7 ) 39.1 78.6 (39.5 ) 43.57 119.47 (63.5 ) 56.62 165.87 (65.9 ) Other 13 4,174 140.74 182.73 (23.0 ) 45.3 68.5 (23.2 ) 64.37 125.18 (48.6 ) 83.27 170.11 (51.0 )

All Markets 49 28,249 $ 174.21 $ 225.22 (22.6 )% 34.3 % 81.6 % (47.3 )% pts $ 59.74 $ 183.84 (67.5 )% $ 89.57 $ 285.45 (68.6 )%


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EBITDA Margin Hotels Rooms 2021 2019 Change(1) 2021 2019 Change(1) 2021 2019 Change

Hawaii 2 3,507 $ 27 $ 102 (73.2 )% $ 115 $ 280 (58.9 )% 23.8 % 36.4 % (1,260 ) bps San Francisco 5 3,965 (31 ) 83 (137.9 ) 15 254 (93.9 ) (201.9 ) 32.6 (23,450 ) Orlando 3 2,325 10 57 (81.7 ) 59 157 (62.2 ) 17.7 36.6 (1,890 ) New Orleans 1 1,622 1 33 (97.2 ) 19 80 (76.0 ) 4.7 41.0 (3,630 ) Boston 3 1,536 (5 ) 22 (120.6 ) 17 71 (75.4 ) (26.2 ) 31.4 (5,760 ) New York 1 1,878 (20 ) 16 (227.1 ) 1 132 (99.4 ) (2,713.0 ) 12.0 (272,500 ) Southern California 6 1,935 10 25 (60.5 ) 46 84 (45.8 ) 21.4 29.3 (790 ) Chicago 5 2,806 (15 ) 18 (185.4 ) 9 105 (91.1 ) (162.1 ) 16.9 (17,900 ) Key West 2 461 26 19 36.0 53 45 17.9 48.7 42.2 650 Denver 1 613 (1 ) 10 (105.8 ) 6 24 (76.3 ) (9.8 ) 40.1 (4,990 ) Miami 2 901 10 17 (38.6 ) 29 41 (28.6 ) 34.4 40.0 (560 ) Washington, D.C. 2 1,085 (1 ) 9 (111.0 ) 10 40 (74.3 ) (10.2 ) 23.7 (3,390 ) Seattle 3 1,441 (3 ) 9 (132.6 ) 15 43 (65.9 ) (18.7 ) 19.6 (3,830 ) Other 13 4,174 — 22 (94.2 ) 64 127 (51.0 ) (2.1 ) 18.6 (2,070 )

All Markets 49 28,249 $ 8 $ 442 (98.3 )% $ 458 $ 1,483 (69.1 )% 1.7 % 29.8 % (2,810 ) bps


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(unaudited) Pro-forma ADR Pro-forma Occupancy Pro-forma RevPAR Pro-forma Total RevPAR 2Q21 2Q19 Change(1) 2Q21 2Q19 Change 2Q21 2Q19 Change(1) 2Q21 2Q19 Change(1)

Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 235.93 $ 257.84 (8.5 )% 61.6 % 93.8 % (32.2 )% pts $ 145.44 $ 242.09 (39.9 )% $ 230.77 $ 399.60 (42.2 )% 2 Hilton Waikoloa Village 245.65 209.95 17.0 77.8 77.8 — 191.01 163.33 16.9 439.16 360.73 21.7 3 Hilton San Francisco Union Square 165.23 266.70 (38.0 ) 6.6 92.4 (85.8 ) 10.95 246.41 (95.6 ) 14.32 351.95 (95.9 ) 4 Parc 55 San Francisco - a Hilton Hotel — 269.37 (100.0 ) — 91.8 (91.8 ) — 247.30 (100.0 ) 0.18 286.57 (99.9 ) 5 Le Meridien San Francisco 177.59 306.92 (42.1 ) 45.0 96.5 (51.5 ) 79.83 295.91 (73.0 ) 86.24 348.91 (75.3 ) 6 JW Marriott San Francisco Union Square 191.22 328.07 (41.7 ) 46.3 94.6 (48.3 ) 88.58 310.46 (71.5 ) 106.76 375.14 (71.5 ) 7 Hyatt Centric Fisherman's Wharf 150.63 260.13 (42.1 ) 59.6 97.5 (37.9 ) 89.74 253.60 (64.6 ) 120.62 324.69 (62.9 ) 8 Signia by Hilton Orlando Bonnet Creek 171.36 182.71 (6.2 ) 51.8 80.3 (28.5 ) 88.72 146.66 (39.5 ) 197.64 351.35 (43.7 ) 9 Waldorf Astoria Orlando 335.01 279.17 20.0 45.0 79.5 (34.5 ) 150.73 221.79 (32.0 ) 299.88 433.66 (30.8 ) 10 Hilton Orlando Lake Buena Vista 137.82 159.94 (13.8 ) 46.4 83.4 (37.0 ) 63.97 133.42 (52.1 ) 103.20 240.91 (57.2 ) 11 Hilton New Orleans Riverside 99.29 189.83 (47.7 ) 52.5 80.3 (27.8 ) 52.14 152.36 (65.8 ) 85.19 257.84 (67.0 ) 12 Hyatt Regency Boston 149.77 290.06 (48.4 ) 43.9 95.8 (51.9 ) 65.76 277.77 (76.3 ) 80.85 352.96 (77.1 ) 13 Hilton Boston Logan Airport 158.10 269.57 (41.4 ) 55.9 90.6 (34.7 ) 88.36 244.29 (63.8 ) 109.20 309.88 (64.8 ) 14 Boston Marriott Newton 131.54 196.79 (33.2 ) 31.0 85.4 (54.4 ) 40.82 168.15 (75.7 ) 56.82 263.88 (78.5 ) 15 New York Hilton Midtown — 288.87 (100.0 ) — 94.5 (94.5 ) — 272.95 (100.0 ) 2.92 468.53 (99.4 ) 16 Hilton Santa Barbara Beachfront Resort 359.61 277.29 29.7 77.2 84.2 (7.0 ) 277.48 233.43 18.9 355.45 373.85 (4.9 ) 17 Hyatt Regency Mission Bay Spa and Marina 234.94 190.80 23.1 54.0 78.7 (24.7 ) 126.92 150.16 (15.5 ) 208.66 276.26 (24.5 ) 18 Hilton Checkers Los Angeles 154.72 224.12 (31.0 ) 39.6 95.5 (55.9 ) 61.24 214.08 (71.4 ) 70.70 244.23 (71.1 ) 19 Hilton Chicago 165.70 217.77 (23.9 ) 2.8 88.3 (85.5 ) 4.59 192.14 (97.6 ) 7.53 321.10 (97.7 ) 20 W Chicago - City Center 186.47 286.72 (35.0 ) 11.4 78.8 (67.4 ) 21.22 225.81 (90.6 ) 24.93 280.05 (91.1 ) 21 W Chicago - Lakeshore 171.21 228.08 (24.9 ) 36.3 82.5 (46.2 ) 62.22 188.16 (66.9 ) 74.59 242.98 (69.3 ) 22 Casa Marina, A Waldorf Astoria Resort 511.96 375.70 36.3 92.0 84.8 7.2 471.17 318.79 47.8 681.00 509.58 33.6 23 The Reach Key West, Curio Collection 460.41 339.39 35.7 93.3 84.8 8.5 429.41 287.65 49.3 626.45 428.85 46.1 24 Hilton Denver City Center 119.54 185.90 (35.7 ) 50.3 88.8 (38.5 ) 60.08 165.04 (63.6 ) 73.93 250.19 (70.4 ) 25 Royal Palm South Beach Miami 231.57 185.01 25.2 78.2 94.8 (16.6 ) 181.00 175.37 3.2 251.23 246.59 1.9 26 DoubleTree Hotel Washington DC – Crystal City 118.96 184.47 (35.5 ) 26.7 87.1 (60.4 ) 31.70 160.51 (80.2 ) 41.00 217.11 (81.1 ) 27 DoubleTree Hotel San Jose 116.97 236.99 (50.6 ) 38.8 87.8 (49.0 ) 45.36 208.02 (78.2 ) 62.70 286.73 (78.1 ) 28 Juniper Hotel Cupertino, Curio Collection 105.88 250.97 (57.8 ) 43.5 87.6 (44.1 ) 46.07 219.81 (79.0 ) 53.53 258.91 (79.3 ) Sub-total Core Hotels $ 206.64 $ 242.92 (14.9 )% 37.6 % 88.2 % (50.6 )% pts $ 77.73 $ 214.33 (63.7 )% $ 123.09 $ 336.66 (63.4 )% All Other Hotels $ 143.89 $ 160.63 (10.4 )% 56.0 % 78.2 % (22.2 )% pts $ 80.63 $ 125.57 (35.8 )% $ 105.04 $ 175.87 (40.3 )% Total Consolidated Portfolio $ 185.63 $ 224.27 (17.2 )% 42.3 % 85.8 % (43.5 )% pts $ 78.46 $ 192.27 (59.2 )% $ 118.53 $ 296.70 (60.1 )%


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EBITDA Margin 2Q21 2Q19 Change(1) 2Q21 2Q19 Change(1) 2Q21 2Q19 Change Core Hotels

1 Hilton Hawaiian Village Waikiki Beach Resort $ 20 $ 41 (50.5 )% $ 60 $ 104 (42.2 )% 34.1 % 39.8 % (570 ) bps 2 Hilton Waikoloa Village 9 10 (12.0 ) 26 37 (29.0 ) 33.1 26.6 650 3 Hilton San Francisco Union Square (8 ) 18 (146.3 ) 3 62 (95.9 ) (335.3 ) 29.4 (36,470 ) 4 Parc 55 San Francisco - a Hilton Hotel (4 ) 9 (148.6 ) — 27 (99.9 ) (25,087.8 ) 32.1 (2,511,990 ) 5 Le Meridien San Francisco (1 ) 4 (120.5 ) 3 11 (75.3 ) (28.7 ) 34.6 (6,330 ) 6 JW Marriott San Francisco Union Square (2 ) 3 (156.8 ) 3 12 (71.5 ) (49.3 ) 24.7 (7,400 ) 7 Hyatt Centric Fisherman's Wharf — 3 (97.3 ) 3 9 (62.9 ) 2.3 32.2 (2,990 ) 8 Signia by Hilton Orlando Bonnet Creek 5 12 (56.3 ) 18 32 (43.7 ) 29.1 37.5 (840 ) 9 Waldorf Astoria Orlando 4 5 (18.7 ) 14 20 (30.8 ) 30.2 25.6 460

10 Hilton Orlando Lake Buena Vista 1 5 (75.5 ) 8 18 (57.2 ) 17.5 30.6 (1,310 ) 11 Hilton New Orleans Riverside 1 15 (90.1 ) 13 38 (67.0 ) 11.8 39.6 (2,780 ) 12 Hyatt Regency Boston — 7 (104.1 ) 4 16 (77.1 ) (8.3 ) 46.3 (5,460 ) 13 Hilton Boston Logan Airport — 6 (95.6 ) 6 17 (64.8 ) 4.2 33.5 (2,930 ) 14 Boston Marriott Newton — 4 (106.5 ) 2 10 (78.5 ) (10.8 ) 35.6 (4,640 ) 15 New York Hilton Midtown (11 ) 18 (161.6 ) — 80 (99.4 ) (2,227.8 ) 22.5 (225,030 ) 16 Hilton Santa Barbara Beachfront Resort 6 6 14.7 12 12 (4.9 ) 53.5 44.4 910 17 Hyatt Regency Mission Bay Spa and Marina 2 3 (36.1 ) 8 11 (24.5 ) 18.8 22.2 (340 ) 18 Hilton Checkers Los Angeles — 2 (124.5 ) 1 4 (71.1 ) (31.1 ) 36.6 (6,770 ) 19 Hilton Chicago (4 ) 14 (131.4 ) 1 45 (97.7 ) (424.6 ) 31.7 (45,630 ) 20 W Chicago - City Center (1 ) 4 (128.7 ) 1 10 (91.1 ) (124.9 ) 38.7 (16,360 ) 21 W Chicago - Lakeshore (1 ) 4 (128.9 ) 4 12 (69.3 ) (31.1 ) 33.0 (6,410 ) 22 Casa Marina, A Waldorf Astoria Resort 9 5 72.4 19 15 33.6 48.9 37.9 1,100 23 The Reach Key West, Curio Collection 4 2 77.7 9 6 46.1 46.7 38.4 830 24 Hilton Denver City Center 1 6 (91.0 ) 4 14 (70.4 ) 13.6 44.5 (3,090 ) 25 Royal Palm South Beach Miami 3 3 11.6 9 9 1.9 36.5 33.4 310 26 DoubleTree Hotel Washington DC – Crystal City — 4 (108.0 ) 2 12 (81.1 ) (14.5 ) 34.3 (4,880 ) 27 DoubleTree Hotel San Jose (1 ) 4 (115.7 ) 3 13 (78.1 ) (22.4 ) 31.2 (5,360 ) 28 Juniper Hotel Cupertino, Curio Collection — 2 (120.9 ) 1 5 (79.3 ) (37.8 ) 37.5 (7,530 )

Sub-total Core Hotels $ 32 $ 219 (85.6 )% $ 237 $ 661 (64.2 )% 13.3 % 33.1 % (1,980 ) bps All Other Hotels $ 10 $ 23 (56.3 )% $ 68 $ 114 (40.3 )% 14.9 % 20.3 % (540 ) bps Total Consolidated Portfolio $ 42 $ 242 (82.8 )% $ 305 $ 775 (60.7 )% 13.7 % 31.2 % (1,750 ) bps


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(unaudited) Pro-forma ADR Pro-forma Occupancy Pro-forma RevPAR Pro-forma Total RevPAR 2021 2019 Change(1) 2021 2019 Change 2021 2019 Change(1) 2021 2019 Change(1)

Core Hotels 1 Hilton Hawaiian Village Waikiki Beach Resort $ 226.85 $ 259.07 (12.4 )% 41.6 % 93.2 % (51.6 )% pts $ 94.35 $ 241.54 (60.9 )% $ 149.87 $ 393.33 (61.9 )% 2 Hilton Waikoloa Village 229.07 225.79 1.5 59.6 80.7 (21.1 ) 136.43 182.18 (25.1 ) 318.70 378.56 (15.8 ) 3 Hilton San Francisco Union Square 164.87 292.10 (43.6 ) 3.3 88.7 (85.4 ) 5.49 259.12 (97.9 ) 7.61 367.71 (97.9 ) 4 Parc 55 San Francisco - a Hilton Hotel — 288.68 (100.0 ) — 89.7 (89.7 ) (0.01 ) 259.05 (100.0 ) 0.74 297.67 (99.8 ) 5 Le Meridien San Francisco 177.21 331.66 (46.6 ) 23.0 94.7 (71.7 ) 40.80 314.16 (87.0 ) 44.05 373.50 (88.2 ) 6 JW Marriott San Francisco Union Square 183.16 375.61 (51.2 ) 36.3 93.5 (57.2 ) 66.45 351.18 (81.1 ) 79.28 448.43 (82.3 ) 7 Hyatt Centric Fisherman's Wharf 143.17 258.56 (44.6 ) 44.7 97.5 (52.8 ) 63.95 251.95 (74.6 ) 85.67 320.52 (73.3 ) 8 Signia by Hilton Orlando Bonnet Creek 161.08 203.71 (20.9 ) 41.4 82.8 (41.4 ) 66.67 168.71 (60.5 ) 145.46 404.33 (64.0 ) 9 Waldorf Astoria Orlando 338.60 306.46 10.5 34.7 78.8 (44.1 ) 117.64 241.69 (51.3 ) 240.26 473.70 (49.3 )

10 Hilton Orlando Lake Buena Vista 130.74 172.01 (24.0 ) 34.1 87.6 (53.5 ) 44.58 150.74 (70.4 ) 72.91 269.55 (73.0 ) 11 Hilton New Orleans Riverside 81.07 202.37 (59.9 ) 51.7 78.2 (26.5 ) 41.88 158.20 (73.5 ) 65.23 271.71 (76.0 ) 12 Hyatt Regency Boston 130.39 234.29 (44.3 ) 35.5 93.5 (58.0 ) 46.34 219.17 (78.9 ) 59.12 283.28 (79.1 ) 13 Hilton Boston Logan Airport 147.00 235.26 (37.5 ) 45.3 84.2 (38.9 ) 66.53 197.89 (66.4 ) 82.51 259.45 (68.2 ) 14 Boston Marriott Newton 125.74 183.10 (31.3 ) 22.5 71.9 (49.4 ) 28.32 131.67 (78.5 ) 39.10 215.68 (81.9 ) 15 New York Hilton Midtown — 261.26 (100.0 ) — 86.8 (86.8 ) — 226.86 (100.0 ) 2.19 388.75 (99.4 ) 16 Hilton Santa Barbara Beachfront Resort 323.94 256.64 26.2 59.8 80.0 (20.2 ) 193.73 205.44 (5.7 ) 255.84 334.20 (23.4 ) 17 Hyatt Regency Mission Bay Spa and Marina 214.66 178.04 20.6 40.3 76.1 (35.8 ) 86.46 135.46 (36.2 ) 147.13 257.84 (42.9 ) 18 Hilton Checkers Los Angeles 143.26 227.46 (37.0 ) 30.8 85.9 (55.1 ) 44.15 195.39 (77.4 ) 51.13 223.45 (77.1 ) 19 Hilton Chicago 165.36 187.54 (11.8 ) 1.4 71.6 (70.2 ) 2.30 134.25 (98.3 ) 4.44 240.43 (98.2 ) 20 W Chicago - City Center 186.89 245.84 (24.0 ) 5.7 68.6 (62.9 ) 10.69 168.82 (93.7 ) 12.52 214.15 (94.2 ) 21 W Chicago - Lakeshore 158.88 191.50 (17.0 ) 27.4 64.3 (36.9 ) 43.51 123.02 (64.6 ) 51.82 160.39 (67.7 ) 22 Casa Marina, A Waldorf Astoria Resort 530.04 427.78 23.9 87.7 88.2 (0.5 ) 464.72 377.10 23.2 661.62 567.40 16.6 23 The Reach Key West, Curio Collection 463.09 389.15 19.0 89.9 86.8 3.1 416.24 337.78 23.2 586.23 483.99 21.1 24 Hilton Denver City Center 114.24 175.58 (34.9 ) 37.1 81.7 (44.6 ) 42.40 143.55 (70.5 ) 51.97 219.16 (76.3 ) 25 Royal Palm South Beach Miami 226.62 231.08 (1.9 ) 80.1 95.9 (15.8 ) 181.46 221.45 (18.1 ) 251.96 301.22 (16.4 ) 26 DoubleTree Hotel Washington DC – Crystal City 117.51 170.20 (31.0 ) 35.2 74.8 (39.6 ) 41.37 127.27 (67.5 ) 48.34 172.67 (72.0 ) 27 DoubleTree Hotel San Jose 114.27 234.42 (51.3 ) 32.9 85.6 (52.7 ) 37.62 200.61 (81.2 ) 50.45 280.64 (82.0 ) 28 Juniper Hotel Cupertino, Curio Collection 98.11 261.27 (62.4 ) 38.3 83.7 (45.4 ) 37.59 218.82 (82.8 ) 42.63 258.27 (83.5 ) Sub-total Core Hotels $ 196.18 $ 244.28 (19.7 )% 29.9 % 84.2 % (54.3 )% pts $ 58.58 $ 205.60 (71.5 )% $ 92.29 $ 324.47 (71.6 )% All Other Hotels $ 133.27 $ 159.63 (16.5 )% 47.4 % 74.0 % (26.6 )% pts $ 63.19 $ 118.06 (46.5 )% $ 81.52 $ 167.44 (51.3 )% Total Consolidated Portfolio $ 174.21 $ 225.22 (22.6 )% 34.3 % 81.6 % (47.3 )% pts $ 59.74 $ 183.84 (67.5 )% $ 89.57 $ 285.45 (68.6 )%


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EBITDA Margin 2021 2019 Change(1) 2021 2019 Change(1) 2021 2019 Change Core Hotels

1 Hilton Hawaiian Village Waikiki Beach Resort $ 17 $ 80 (78.2 )% $ 78 $ 204 (61.9 )% 22.5 % 39.3 % (1,680 ) bps 2 Hilton Waikoloa Village 10 22 (55.2 ) 37 76 (50.9 ) 26.4 28.9 (250 ) 3 Hilton San Francisco Union Square (16 ) 41 (138.3 ) 3 128 (97.9 ) (594.0 ) 32.1 (62,610 ) 4 Parc 55 San Francisco - a Hilton Hotel (8 ) 19 (143.7 ) — 55 (99.8 ) (5,892.7 ) 33.7 (592,640 ) 5 Le Meridien San Francisco (3 ) 9 (129.1 ) 3 24 (88.2 ) (91.1 ) 37.0 (12,810 ) 6 JW Marriott San Francisco Union Square (4 ) 8 (148.4 ) 5 28 (82.3 ) (82.0 ) 29.9 (11,190 ) 7 Hyatt Centric Fisherman's Wharf (1 ) 6 (113.8 ) 5 18 (73.3 ) (16.1 ) 31.0 (4,710 ) 8 Signia by Hilton Orlando Bonnet Creek 5 30 (83.2 ) 27 74 (64.0 ) 18.9 40.4 (2,150 ) 9 Waldorf Astoria Orlando 5 14 (61.1 ) 22 43 (49.3 ) 24.4 31.8 (740 )

10 Hilton Orlando Lake Buena Vista — 14 (99.1 ) 11 40 (73.0 ) 1.1 34.6 (3,350 ) 11 Hilton New Orleans Riverside 1 33 (97.2 ) 19 80 (76.0 ) 4.7 41.0 (3,630 ) 12 Hyatt Regency Boston (2 ) 10 (118.7 ) 5 26 (79.1 ) (35.4 ) 39.3 (7,470 ) 13 Hilton Boston Logan Airport (1 ) 7 (119.6 ) 9 28 (68.1 ) (16.1 ) 26.2 (4,230 ) 14 Boston Marriott Newton (1 ) 5 (125.9 ) 3 17 (81.9 ) (39.8 ) 27.9 (6,770 ) 15 New York Hilton Midtown (20 ) 16 (227.1 ) 1 132 (99.4 ) (2,713.0 ) 12.0 (272,500 ) 16 Hilton Santa Barbara Beachfront Resort 8 9 (9.8 ) 16 22 (23.4 ) 46.6 39.6 700 17 Hyatt Regency Mission Bay Spa and Marina 1 4 (70.2 ) 11 20 (42.7 ) 9.8 18.9 (910 ) 18 Hilton Checkers Los Angeles (1 ) 3 (141.2 ) 2 8 (77.1 ) (58.5 ) 32.5 (9,100 ) 19 Hilton Chicago (9 ) 11 (182.2 ) 1 67 (98.2 ) (735.3 ) 16.5 (75,180 ) 20 W Chicago - City Center (2 ) 3 (166.7 ) 1 16 (94.2 ) (258.2 ) 22.6 (28,080 ) 21 W Chicago - Lakeshore (3 ) 1 (310.8 ) 5 15 (67.7 ) (64.4 ) 9.9 (7,430 ) 22 Casa Marina, A Waldorf Astoria Resort 19 13 38.8 37 32 16.6 50.1 42.0 810 23 The Reach Key West, Curio Collection 7 5 29.3 16 13 21.1 45.4 42.5 290 24 Hilton Denver City Center (1 ) 10 (105.8 ) 6 24 (76.3 ) (9.8 ) 40.1 (4,990 ) 25 Royal Palm South Beach Miami 7 9 (25.0 ) 18 21 (16.4 ) 38.3 42.8 (450 ) 26 DoubleTree Hotel Washington DC – Crystal City — 5 (94.8 ) 5 20 (72.0 ) 4.5 24.4 (1,990 ) 27 DoubleTree Hotel San Jose (2 ) 8 (125.7 ) 5 26 (82.0 ) (43.6 ) 30.6 (7,420 ) 28 Juniper Hotel Cupertino, Curio Collection (1 ) 4 (130.0 ) 2 10 (83.5 ) (68.6 ) 37.6 (10,620 )

Sub-total Core Hotels $ 5 $ 399 (98.7 )% $ 353 $ 1,267 (72.2 )% 1.4 % 31.4 % (3,000 ) bps All Other Hotels $ 3 $ 43 (94.3 )% $ 105 $ 216 (51.3 )% 2.4 % 20.2 % (1,780 ) bps Total Consolidated Portfolio $ 8 $ 442 (98.3 )% $ 458 $ 1,483 (69.1 )% 1.7 % 29.8 % (2,810 ) bps


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Properties Acquired & Sold

Hyatt Regency Boston Caribe Hilton W New Orleans - French Quarter

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Properties Acquired and Sold

Properties Acquired

Hotel Location Room Count 2019 Acquisitions:

Chesapeake Lodging Trust Acquisition(1)

Hilton Denver City Center Denver, CO 613 W Chicago – Lakeshore Chicago, IL 520 Hyatt Regency Boston Boston, MA 502 Hyatt Regency Mission Bay Spa and Marina San Diego, CA 438 Boston Marriott Newton Newton, MA 430 Le Meridien New Orleans(2) New Orleans, LA 410 W Chicago – City Center Chicago, IL 403 Royal Palm South Beach Miami, a Tribute Portfolio Resort Miami Beach, FL 393 Le Meridien San Francisco(3) San Francisco, CA 360 JW Marriott San Francisco Union Square San Francisco, CA 344 Hyatt Centric Fisherman’s Wharf San Francisco, CA 316 Hotel Indigo San Diego Gaslamp Quarter(4) San Diego, CA 210 Courtyard Washington Capitol Hill/Navy Yard(4) Washington, DC 204 Homewood Suites by Hilton Seattle Convention Center Pike Street Seattle, WA 195 Hilton Checkers Los Angeles Los Angeles, CA 193 Ace Hotel Downtown Los Angeles(2) Los Angeles, CA 182 Hotel Adagio, Autograph Collection(5) San Francisco, CA 171 W New Orleans – French Quarter(6) New Orleans, LA 97

5,981 (1) Park’s acquisition by merger of Chesapeake Lodging Trust closed in September 2019 for total consideration of approximately $2.5 billion, including acquisition costs. (2) Sold in December 2019. (3) In June 2021, Park entered into an agreement to sell the Le Meridien San Francisco, and the sale is expected to close during the third quarter of 2021. (4) Sold in June 2021. (5) Sold in July 2021. (6) Sold in April 2021.

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Properties Acquired and Sold (continued)

Properties Sold

Hotel Location Month Sold Room Count Gross Proceeds (in millions)

2018 Sales: Hilton Rotterdam Rotterdam, Netherlands January 2018 254 $ 62.2 Embassy Suites Portfolio - 3 Hotels Domestic US February 2018 676 95.8 UK Portfolio - 7 Hotels United Kingdom February 2018 1,334 188.5 Hilton Durban Durban, South Africa February 2018 328 32.5 Hilton Berlin(1) Berlin, Germany May 2018 601 140.0

2018 Total 3,193 $ 519.0

2019 Sales: Pointe Hilton Squaw Peak Resort Phoenix, Arizona February 2019 563 $ 51.4 Hilton Nuremberg Nuremberg, Germany March 2019 152 17.5 Hilton Atlanta Airport Atlanta, Georgia June 2019 507 101.0 Hilton New Orleans Airport(2) New Orleans, Louisiana June 2019 317 48.0 Embassy Suites Parsippany(2) Parsippany, New Jersey June 2019 274 17.0 Conrad Dublin(3) Dublin, Ireland November 2019 192 61.0 Ace Hotel Downtown Los Angeles Los Angeles, California December 2019 182 117.0 Le Meridien New Orleans New Orleans, Louisiana December 2019 410 84.0

2019 Total 2,597 $ 496.9 2020 Sales:

Hilton São Paulo Morumbi São Paulo, Brazil February 2020 503 $ 117.5 Embassy Suites Washington DC Georgetown Washington, D.C. February 2020 197 90.4

2020 Total 700 $ 207.9 2021 Sales:

W New Orleans - French Quarter New Orleans, Louisiana April 2021 97 $ 24.1 Hotel Indigo San Diego Gaslamp Quarter(2) San Diego, California June 2021 210 78.0 Courtyard Washington Capitol Hill/Navy Yard(2) Washington, District of Columbia June 2021 204 71.0 Hotel Adagio, Autograph Collection San Francisco, California July 2021 171 82.0

2021 Total 682 $ 255.1 Grand Total(4) 7,172 $ 1,478.9

(1) The unconsolidated hotel was sold for total gross proceeds of approximately $350 million, of which $140 million represents Park’s pro rata share. (2) Hotels were sold as a portfolio in the same transaction. (3) The unconsolidated hotel was sold for total gross proceeds of approximately $128 million, of which $61 million represents Park’s pro rata share. (4) To date, Park has sold a total of 27 hotels. In addition, in December 2019, Park terminated the ground lease on the Hilton Sheffield Hotel.

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Capital Structure

Debt Summary Casa Marina, a Waldorf Astoria Resort Hilton Orlando Bonnet Creek New York Hilton Midtown asa Marina, a Waldorf Astoria Resort Hilton Orlando Bonnet Creek New York Hilton Midtown

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Capital Structure

Fixed and Variable Rate Debt

(unaudited, dollars in millions) Debt Collateral Interest Rate Maturity Date As of June 30, 2021

Fixed Rate Debt Mortgage loan DoubleTree Hotel Spokane City

Center 3.62% July 2026(1) $ 14 Mortgage loan Hilton Denver City Center 4.90% August 2022(2) 59 Mortgage loan Hilton Checkers Los Angeles 4.11% March 2023 27 Mortgage loan W Chicago - City Center 8.25% August 2023(3) 75 Commercial mortgage-backed securities loan

Hilton San Francisco Union Square, Parc 55 San Francisco - a Hilton Hotel 4.11% November 2023 725

Mortgage loan Hyatt Regency Boston 4.25% July 2026 138 Commercial mortgage-backed securities loan

Hilton Hawaiian Village Beach Resort 4.20% November 2026 1,275

Mortgage loan Hilton Santa Barbara Beachfront Resort 4.17% December 2026 165

2025 Senior Secured Notes 7.50% June 2025 650 2028 Senior Secured Notes 5.88% October 2028 725 2029 Senior Secured Notes 4.88% May 2029 750 Finance lease obligations 3.07% 2021 to 2022 1

Total Fixed Rate Debt 5.10%(4) 4,604

Variable Rate Debt Revolving credit facility(5)(6) Unsecured L + 3.00% 2021 to 2023 13 Mortgage loan(7) DoubleTree Hotel Ontario Airport L + 3.00% May 2022 30 2019 Term Facility(5)(8) Unsecured L + 2.65% August 2024 497

Total Variable Rate Debt 2.95%(4) 540

Add: unamortized premium 3 Less: unamortized deferred financing costs and discount (47 ) Total Debt(9) 4.94%(4) $ 5,100

(1) In June 2021, Park’s joint venture repaid the $12 million loan secured by the Doubletree Spokane with proceeds from the issuance of a $14 million loan with a maturity date of July 1, 2026. (2) The loan matures in August 2042 but is callable by the lender beginning August 2022. (3) In January 2021, Park ceased making debt service payments toward the $75 million mortgage loan secured by the W Chicago City Center and has received a notice of an event of default. The default

interest rate on the loan is 8.25% and the stated interest rate is 4.25%. While Park hopes to negotiate an amendment with the lender, there can be no assurances that an agreement will be reached. (4) Calculated on a weighted average basis. (5) In May 2020, Park amended its credit and term loan facilities to add a LIBOR floor of 25 basis points. (6) In September 2020, Park increased its aggregate commitments under the Revolver by $75 million to $1.075 billion and extended the maturity date with respect to $901 million of the aggregate commitments

for two years to December 2023, including all $75 million of the increased Revolver commitments. The maturity date for the remaining $174 million of commitments under the Revolver is December 2021. In July 2021, Park fully repaid the outstanding balance of the Revolver with net proceeds from the sale of the Hotel Indigo San Diego Gaslamp Quarter and Courtyard Washington Capitol Hill Navy Yard.

(7) In April 2021, the joint venture that owns the property amended its $30 million mortgage loan secured by the Doubletree Hotel Ontario Airport to extend its maturity to May 28, 2022 and modified the interest rate to one-month LIBOR plus 3.00%, with a LIBOR floor of 25 basis points.

(8) Following the sale of the Hotel Adagio, Autograph Collection in July 2021, Park repaid $77 million of the 2019 Term Facility, and as a result of the expected sale of the Le Meridien San Francisco, Park expects to further reduce the outstanding balance of the 2019 Term Facility by approximately $208 million.

(9) Excludes $225 million of Park’s share of debt of its unconsolidated joint ventures.

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Definitions

Definitions Hilton Orlando Bonnet Creek Hilton Denver City Center W Chicago –City Center Hilton Orlando Bonnet Creek Hilton Denver City Center W Chicago - City Center

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Definitions

Pro-forma

The Company presents certain data for its consolidated hotels on a pro-forma hotel basis as supplemental information for investors: Pro-forma Hotel Revenues, Pro-forma RevPAR, Pro-forma Total RevPAR, Pro-forma Occupancy, Pro-forma ADR, Pro-forma Adjusted EBITDA, Pro-forma Hotel Adjusted EBITDA and Pro-forma Hotel Adjusted EBITDA Margin and Net debt to Pro-forma Adjusted EBITDA ratio. The Company presents pro-forma hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s pro-forma metrics exclude results from property dispositions that have occurred through August 5, 2021 and include results from property acquisitions as though such acquisitions occurred on the earliest period presented. EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin

Earnings (loss) 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 interest expense, income tax and depreciation and amortization included in equity in earnings (losses) from investments in affiliates.

Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude:

• Gains or losses on sales of assets for both consolidated and unconsolidated investments; • Transition expense related to the Company’s establishment as an independent, publicly-traded company; • Costs associated with hotel acquisitions or dispositions expensed during the period; • Severance expense; • Share-based compensation expense; • Casualty gains or losses; • Impairment 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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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. 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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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) long-term debt, including current maturities and 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. Room nights available to guests have not been adjusted for suspended or reduced operations at certain of Park’s hotels as a result of COVID-19. 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 hotel rooms increases or decreases.

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Average Daily Rate

ADR 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 total number of room nights available to guests for a given period. Room nights available to guests have not been adjusted for suspended or reduced operations at certain of Park’s hotels as a result of COVID-19. 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. Room nights available to guests have not been adjusted for suspended or reduced operations at certain of Park’s hotels as a result of COVID-19. 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. References to RevPAR, Total RevPAR and ADR are presented on a currency neutral basis (prior periods are reflected using current period exchange rates), unless otherwise noted.

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Analyst Coverage

Analyst Company Phone Email

Shaun Kelley Bank of America (646) 855-1005 [email protected] Anthony Powell Barclays (212) 526-8768 [email protected] Ari Klein BMO Capital Markets (212) 885-4103 [email protected] Neil Malkin Capital One Securities (571) 633-8191 [email protected] Smedes Rose Citi Research (212) 816-6243 [email protected] Floris Van Dijkum Compass Point (646) 757-2621 [email protected] Chris Woronka Deutsche Bank (212) 250-9376 [email protected] Richard Hightower Evercore ISI (212) 752-0886 [email protected] Stephen Grambling Goldman Sachs (212) 902-7832 [email protected] Lukas Hartwich Green Street (949) 640-8780 [email protected] David Katz Jefferies (212) 323-3355 [email protected] Brandt Montour JP Morgan (212) 622-1111 [email protected] Bill Crow Raymond James (727) 567-2594 [email protected] Patrick Scholes Truist Securities (212) 319-3915 [email protected] Robin Farley UBS (212) 713-2060 [email protected] Dori Kesten Wells Fargo (617) 603-4262 [email protected]

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PARK HOTELS & RESORTS First Quarter 2021 Supplemental Data ...

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