Full-Year 2023 Outlook

Park is not providing a full year 2023 outlook for net income, net income attributable to stockholders, earnings per share, operating income and operating income margin and the accompanying reconciliations as all the information necessary for the calculation of the gain (loss) on derecognition of assets and income tax expense resulting from the Hilton San Francisco Hotels being placed into receivership is not yet available, and Park is unable to reasonably estimate such amounts without unreasonable burden or efforts. These amounts are expected to be material; however, they are not expected to materially affect Park's outlook for Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin, Adjusted FFO or Adjusted FFO per share. Park expects full-year 2023 operating results to be as follows:

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(1) Park did not provide Comparable metrics in its full year 2023 outlook as of August 2, 2023.
(2) Amounts are calculated based on unrounded numbers.

Park's outlook is based in part on the following assumptions:

• Comparable RevPAR for the fourth quarter of 2023 is expected to be between $170 and $180;
• Comparable Hotel Adjusted EBITDA margin for the fourth quarter of 2023 is expected to be between 26.9% and 28.9%;
• Adjusted EBITDA includes Hotel Adjusted EBITDA for the two Hilton San Francisco Hotels of $3 million from January 2023 to October 2023, the period prior to the hotels being placed into receivership;
• Adjusted FFO excludes an incremental $20 million of default interest and late payment administrative fees associated with default of the SF Mortgage Loan beginning in June 2023, which is required to be recognized in interest expense until legal title to the Hilton San Francisco Hotels are transferred;
• Fully diluted weighted average shares for the full-year 2023 are expected to be 214 million, while fully diluted weighted average shares for the fourth quarter of 2023 are expected to be 210 million;
• Includes $15 million of Hotel Adjusted EBITDA disruption from a full-scale renovation at the Casa Marina Key West, Curio Collection, which is expected to be completed in the fourth quarter of 2023; and
• Comparable portfolio as of November 1, 2023 and does not take into account potential future acquisitions and dispositions, which could result in a material change to Park's outlook.
  

Park's full-year 2023 outlook is based on a number of factors, many of which are outside the Company's control, including uncertainty surrounding macro-economic factors, such as inflation, increases in interest rates, supply chain disruptions and the possibility of an economic recession or slowdown, as well as the assumptions set forth above, all of which are subject to change.