Document

EX-99.2 3 supplementexhibit992-live.htm EX-99.2 Document

Exhibit 99.2



			关于Park和安全港披露

关于帕克酒店及度假酒店股份有限公司。

Park（纽交所: PK）是最大的上市住宿房地产投资信托（"REIT"）之一，拥有多元化的标志性和市场领先的酒店及度假村组合，具有显著的房地产价值。Park目前的投资组合包括41家高端品牌的酒店及度假村，拥有超过25,000间客房，主要位于主要城市中心和度假胜地。欲了解更多信息，请访问www.pkhotelsandresorts.com。

前瞻性声明

本补充材料包含《1933年证券法》第27A条及修正案和《1934年证券交易法》第21E条及修正案所规定的前瞻性声明。前瞻性声明包括但不限于与Park决定停止偿还其72500万美元的非追索性CMBS贷款（“SF Mortgage Loan”）有关的声明，该贷款由Park旧金山的两家酒店——拥有1,921间客房的旧金山希尔顿联合广场酒店和拥有1,024间客房的旧金山帕克55号酒店（Hilton Hotel）（统称为“旧金山希尔顿酒店”）抵押，以及债权人行使其救济措施，包括将这些酒店置于接管之下，以及Park有关业务绩效、财务业绩、流动性和资本资源的当前期望，包括即将偿还Park某些债务、完成资本分配优先事项、有关公司股票回购预期、宏观经济因素（包括通胀、升息的利率期货、潜在经济放缓或衰退以及地缘政治冲突等的影响），竞争的影响以及未来法规或法规的影响，有关预期处置完成、将来分红的宣布、支付和金额变更以及其他非历史性陈述的前瞻性声明。前瞻性声明包括所有非历史事实陈述，有时可以通过使用前瞻性术语辨认，比如“展望”，“相信”，“预期”，“潜力”，“持续”，“可能”，“将”，“应该”，“可能”，“寻求”，“项目”，“预测”，“意在”，“计划”，“估计”，“预测”，“希望”或这些词的否定形式或其他类似词语。您不应依赖前瞻性声明，因为它们涉及已知和未知的风险、不确定性和其他因素，有时超出Park的控制范围，可能会对其经营业绩、财务状况、现金流、绩效或未来成就或事件产生实质影响。

所有这些前瞻性声明都是基于管理层目前的预期，因此涉及到可能导致实际结果与这些前瞻性声明中表达的结果有实质差异的风险、不确定性和其他因素的估计和假设。您不应该对任何前瞻性声明过于依赖，并且Park敦促投资者仔细审阅Park在年报Form 10-K的第1A条“风险因素”中有关风险和不确定性的披露内容，截至2023年12月31日。由于这些因素可能会不时在Park向SEC提交的申报文件中更新，这些文件可在SEC网站www.sec.gov上查看。除非法律要求，Park不承担更新或公开修订任何前瞻性声明的义务，无论是因为新信息、未来事件或其他原因。

补充财务信息

Park在此演示中呈现了某些不被普遍接受的会计准则（“GAAP”）财务指标，包括归属于股东的Nareit FFO，归属于股东的调整后FFO，每股FFO，每股调整后FFO，EBITDA，调整后EBITDA，酒店调整后EBITDA，酒店调整后EBITDA利润率，净债务和净债务与调整后EBITDA比率。应将这些非GAAP财务指标与净利润作为其经营绩效的衡量标准一起考虑，而不是替代方案。请参阅此演示中包括的时间表，包括“定义”部分，获取有关这些非GAAP财务指标的进一步信息和调和。


2



			目录


			1. 财务报表			4
			2. 附加财务信息			7

			3。投资组合和运营指标			13
			4。已收购和已出售的物业			24
			5。可比的附加财务信息			27
			6。资本结构			33
			7. 定义			35
			8. 分析师覆盖			40


3



			基本报表


4



			基本报表


			汇编的综合资产负债表


（以百万计，除股份数和每股数据外）。	2024年9月30日		2023年12月31日
	(未经审计)
资产
资产和设备，净值	$	7,413	$	7,459
合同资产	804		760
无形资产，净额	42		42
现金及现金等价物	480		717
受限现金	38		33
应收账款，减少$3和$3的坏账准备	124		112
预付费用	57		59
其他	38		40
经营租赁权使用资产	177		197
资产总额（变量利益实体 - $231和$236）	$	9,173	$	9,419
负债和股东权益
负债
债务	$	3,855	$	3,765
与接管酒店相关的债务	725		725
与接管酒店相关的应计利息	79		35
应付账款及应计费用	240		210
分红派息应付款	57		362
由于酒店经理	111		131
其他负债	187		200
经营租赁负债	212		223
总负债（变量利益实体- 215美元和218美元）	5,466		5,651
股东权益
普通股，每股面值0.01美元，授权6,000,000,000股，截至2024年9月30日，发行207,257,541股，流通206,403,675股，截至2023年12月31日，发行210,676,264股，流通209,987,581股	2		2
额外实收资本	4,103		4,156
累积赤字	(353)		(344)
股东权益合计	3,752		3,814
非控制权益	(45)		(46)
股东权益总计	3,707		3,768
负债和所有者权益总计	$	9,173	$	9,419


5



			基本报表（续）


			简明的汇总操作表

			（未经审计，单位：百万美元，每股数据除外）


	截至9月30日的三个月				截至9月30日的九个月
	2024		2023			2024		2023
收入
客房	$	403	$	432		$	1,193	$	1,256
餐饮服务	157		159			521		518
Ancillary hotel	68		66			196		203
其他	21		22			64		64
总收入	649		679			1,974		2,041

营业费用
客房	107		119			314		343
餐饮服务	112		122			356		377
其他部门及支持	154		161			454		484
其他财产	65		59			174		182
管理费用	30		31			93		95
减值和意外损失	—		—			13		204
折旧和摊销	63		65			192		193
企业总管理费用	17		18			52		50

其他	21		19			62		61
总支出	569		594			1,710		1,989

出售资产的收益净额	—		—			—		15
资产转让收益	15		—			44		—

营业利润	95		85			308		67

利息收入	6		9			16		29
利息支出	(54)		(51)			(161)		(155)
与接管酒店相关的利息支出	(15)		(14)			(44)		(31)
从联营企业投资中的股权收益	28		2			29		9
其他损益(损失)：净额	(1)		—			(4)		4

税前收益（亏损）	59		31			144		(77)
所得税费用（收益）	(2)		—			9		(5)
	57		31			153		(82)
归属于非控股权益的净收入	(3)		(4)			(7)		(8)
归属于股东的净利润	$	54	$	27		$	146	$	(90)

每股收益（亏损）：
每股收益（亏损）-基本	$	0.26	$	0.13		$	0.70	$	(0.42)
每股收益（亏损）-稀释	$	0.26	$	0.13		$	0.69	$	(0.42)

105,123	206		212			208		216
加权平均已发行股份-摊薄	208		212			210		216


6



			Supplementary Financial Information


7



			Supplementary Financial Information


			EBITDA and Adjusted EBITDA


(unaudited, in millions)	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023			2024		2023
Net income (loss)	$	57	$	31		$	153	$	(82)
Depreciation and amortization expense	63		65			192		193
Interest income	(6)		(9)			(16)		(29)
Interest expense	54		51			161		155
Interest expense associated with hotels in receivership(1)	15		14			44		31
Income tax expense (benefit)	2		—			(9)		5
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	4		2			9		7
EBITDA	189		154			534		280
Gain on sale of assets, net(2)	(19)		—			(19)		(15)
Gain on derecognition of assets(1)	(15)		—			(44)		—
Gain on sale of investments in affiliates(3)	—		—			—		(3)


Share-based compensation expense	5		5			14		14
Impairment and casualty loss	—		—			13		204
Other items	(1)		4			16		16
Adjusted EBITDA	$	159	$	163		$	514	$	496

_____________________________________

(1)For the three and nine months ended September 30, 2024 and 2023, 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 beginning October 2023, as Park expects to be released from this obligation upon final resolution with the lender.

(2)For the three and nine months ended September 30, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates.

(3)Included in other (loss) gain, net in the condensed consolidated statements of operations.


8



			Supplementary Financial Information (continued)


			Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin


(unaudited, dollars in millions)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023			2024		2023
Adjusted EBITDA	$	159	$	163		$	514	$	496
Less: Adjusted EBITDA from investments in affiliates	(3)		(4)			(19)		(19)
Add: All other(1)	12		14			41		40
Hotel Adjusted EBITDA	168		173			536		517

Less: Adjusted EBITDA from hotels disposed of	2		1			3		—
Less: Adjusted EBITDA from the Hilton San Francisco Hotels	—		(1)			—		(5)
Comparable Hotel Adjusted EBITDA	$	170	$	173		$	539	$	512

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023			2024		2023
Total Revenues	$	649	$	679		$	1,974	$	2,041
Less: Other revenue	(21)		(22)			(64)		(64)

Less: Revenues from hotels disposed of	(3)		(4)			(9)		(20)
Less: Revenue from the Hilton San Francisco Hotels	—		(51)			—		(145)
Comparable Hotel Revenues	$	625	$	602		$	1,901	$	1,812


	Three Months Ended September 30,								Nine Months Ended September 30,
	2024			2023			Change(2)		2024			2023			Change(2)
Total Revenues	$	649		$	679		(4.4)	%	$	1,974		$	2,041		(3.3)	%
Operating income	$	95		$	85		12.3	%	$	308		$	67		358.9	%
Operating income margin(2)	14.6		%	12.5		%	210	bps	15.6		%	3.3		%	1,230	bps

Comparable Hotel Revenues	$	625		$	602		3.8	%	$	1,901		$	1,812		4.9	%
Comparable Hotel Adjusted EBITDA	$	170		$	173		(1.9)	%	$	539		$	512		5.2	%
Comparable Hotel Adjusted EBITDA margin(2)	27.2		%	28.8		%	(160)	bps	28.3		%	28.2		%	10	bps

______________________________________________________________

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

(2)Percentages are calculated based on unrounded numbers.


9



			Supplementary Financial Information (continued)


			Nareit FFO and Adjusted FFO


(unaudited, in millions, except per share data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023			2023		2022
Net income (loss) attributable to stockholders	$	54	$	27		$	146	$	(90)
Depreciation and amortization expense	63		65			192		193
Depreciation and amortization expense attributable to noncontrolling interests	(1)		(1)			(3)		(3)
Gain on sale of assets, net	—		—			—		(15)
Gain on derecognition of assets(1)	(15)		—			(44)		—
Gain on sale of investments in affiliates(2)	—		—			—		(3)
Impairment loss	—		—			12		202
Equity investment adjustments:
Equity in earnings from investments in affiliates	(28)		(2)			(29)		(9)
Pro rata FFO of investments in affiliates	9		2			14		12
Nareit FFO attributable to stockholders	82		91			288		287
Casualty loss	—		—			1		2


Share-based compensation expense	5		5			14		14
Interest expense associated with hotels in receivership(1)	15		6			44		8
Other items	—		6			3		18
Adjusted FFO attributable to stockholders	$	102	$	108		$	350	$	329
Nareit FFO per share – Diluted(3)	$	0.40	$	0.43		$	1.37	$	1.33
Adjusted FFO per share – Diluted(3)	$	0.49	$	0.51		$	1.67	$	1.52
Weighted average shares outstanding – Diluted(4)	208		212			210		216

_____________________________________

(1)For the three and nine months ended September 30, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets beginning October 2023, as Park expects to be released from this obligation upon final resolution with the lender. For the three and nine months ended September 30, 2023, reflects incremental default interest expense and late payment administrative fees associated with the default of the SF Mortgage Loan beginning in June 2023.

(2)Included in other (loss) gain, net in the condensed consolidated statements of operations.

(3)Per share amounts are calculated based on unrounded numbers.

(4)Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of September 30, 2024, see page 5.


10



			Supplementary Financial Information (continued)


			General and Administrative Expenses


(unaudited, in millions)	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Corporate general and administrative expenses	$	17	$	18	$	52	$	50
Less:
Share-based compensation expense	5		5		14		14
Other corporate expenses	1		—		3		2
G&A, excluding expenses not included in Adjusted EBITDA	$	11	$	13	$	35	$	34


11



			Supplementary Financial Information (continued)


			Net Debt and Net Debt to Comparable Adjusted EBITDA Ratio


(unaudited, in millions)
	September 30, 2024		December 31, 2023
Debt	$	3,855	$	3,765
Add: unamortized deferred financing costs and discount	25		22
Less: unamortized premium	—		(1)
Debt, excluding unamortized deferred financing cost, premiums and discounts	3,880		3,786
Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs(1)	157		147
Less: cash and cash equivalents(2)	(480)		(555)
Less: restricted cash	(38)		(33)
Net Debt	$	3,519	$	3,345
TTM Comparable Adjusted EBITDA(3)	$	679	$	652
Net Debt to TTM Comparable Adjusted EBITDA ratio	5.18x		5.13x

_____________________________________

(1)Excludes approximately $17 million of Park's share of debt that was repaid in connection with the sale of the Hilton La Jolla Torrey Pines in July 2024.

(2)As of December 31, 2023, considers the additional distribution of $162 million (or approximately $0.77 per share) in connection with the effective exit from the Hilton San Francisco Hotels. The cash dividend of $0.77 per share was declared on October 27, 2023 and paid on January 16, 2024 to stockholders of record as of December 29, 2023.

(3)See pages 29 and 30 for trailing twelve months ("TTM") Comparable Adjusted EBITDA as of September 30, 2024 and December 31, 2023, respectively.


12



			Portfolio and Operating Metrics


13



			Portfolio and Operating Metrics


			Hotel Portfolio as of October 29, 2024


Hotel Name	Total Rooms	Market	Meeting Space (square feet)	Ownership	Equity Ownership	Debt (in millions)
Comparable Portfolio

Hilton Hawaiian Village Waikiki Beach Resort	2,860	Hawaii	150,000	Fee Simple	100%	$	1,275
New York Hilton Midtown	1,878	New York	151,000	Fee Simple	100%	—
Hilton New Orleans Riverside	1,622	New Orleans	158,000	Fee Simple	100%	—
Hilton Chicago	1,544	Chicago	234,000	Fee Simple	100%	—
Signia by Hilton Orlando Bonnet Creek	1,009	Orlando	234,000	Fee Simple	100%	—
DoubleTree Hotel Seattle Airport	850	Seattle	41,000	Leasehold	100%	—
Hilton Orlando Lake Buena Vista	814	Orlando	86,000	Leasehold	100%	—
Caribe Hilton	652	Puerto Rico	65,000	Fee Simple	100%	—
Hilton Waikoloa Village	647	Hawaii	241,000	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%	$	53
Hilton Boston Logan Airport	604	Boston	30,000	Leasehold	100%	—
W Chicago – Lakeshore	520	Chicago	20,000	Fee Simple	100%	—
DoubleTree Hotel San Jose	505	Other U.S.	48,000	Fee Simple	100%	—
Hyatt Regency Boston	502	Boston	30,000	Fee Simple	100%	$	125
Waldorf Astoria Orlando	502	Orlando	62,000	Fee Simple	100%	—
Hilton Salt Lake City Center	500	Other U.S.	24,000	Leasehold	100%	—
DoubleTree Hotel Ontario Airport	482	Southern California	27,000	Fee Simple	67%	$	30
Hilton McLean Tysons Corner	458	Washington, D.C.	28,000	Fee Simple	100%	—
Hyatt Regency Mission Bay Spa and Marina	438	Southern California	24,000	Leasehold	100%	—
Boston Marriott Newton	430	Boston	34,000	Fee Simple	100%	—
W Chicago – City Center	403	Chicago	13,000	Fee Simple	100%	—
Hilton Seattle Airport & Conference Center	396	Seattle	40,000	Leasehold	100%	—
Royal Palm South Beach Miami, a Tribute Portfolio Resort	393	Miami	11,000	Fee Simple	100%	—
DoubleTree Hotel Spokane City Center	375	Other U.S.	21,000	Fee Simple	10%	$	14
Hilton Santa Barbara Beachfront Resort	360	Southern California	62,000	Fee Simple	50%	$	157
JW Marriott San Francisco Union Square	344	San Francisco	12,000	Leasehold	100%	—
Hyatt Centric Fisherman's Wharf	316	San Francisco	19,000	Fee Simple	100%	—
Hilton Short Hills	314	Other U.S.	21,000	Fee Simple	100%	—
Casa Marina Key West, Curio Collection	311	Key West	53,000	Fee Simple	100%	—


14



			Portfolio and Operating Metrics (continued)


			Hotel Portfolio as of October 29, 2024


Hotel Name	Total Rooms	Market	Meeting Space (square feet)	Ownership	Equity Ownership	Debt(1) (in millions)
Comparable Portfolio (continued)

DoubleTree Hotel San Diego – Mission Valley	300	Southern California	24,000	Leasehold	100%	—
Embassy Suites Kansas City Plaza	266	Other U.S.	11,000	Leasehold	100%	—
Embassy Suites Austin Downtown South Congress	262	Other U.S.	2,000	Leasehold	100%	—
DoubleTree Hotel Sonoma Wine Country	245	Other U.S.	27,000	Leasehold	100%	—
Juniper Hotel Cupertino, Curio Collection	224	Other U.S.	5,000	Fee Simple	100%	—
Hilton Checkers Los Angeles	193	Southern California	3,000	Fee Simple	100%	—
DoubleTree Hotel Durango	159	Other U.S.	7,000	Leasehold	100%	—
The Reach Key West, Curio Collection	150	Key West	18,000	Fee Simple	100%	—
Total Comparable Portfolio (38 Hotels)	23,068		2,122,000			$	1,654

Unconsolidated Joint Venture Portfolio

Hilton Orlando	1,424	Orlando	236,000	Fee Simple	20%	$	105
Capital Hilton	559	Washington, D.C.	30,000	Fee Simple	25%	$	27
Embassy Suites Alexandria Old Town	288	Washington, D.C.	11,000	Fee Simple	50%	$	25
Total Unconsolidated Joint Venture Portfolio (3 Hotels)	2,271		277,000			$	157

Grand Total (41 Hotels)	25,339		2,399,000			$	1,811

_____________________________________

(1)Debt related to unconsolidated joint ventures is presented on a pro-rata basis.


15



			Portfolio and Operating Metrics (continued)


			Comparable Hotels by Market: Q3 2024 vs. Q3 2023


(unaudited)			Comparable ADR						Comparable Occupancy						Comparable RevPAR						Comparable Total RevPAR
	Hotels	Rooms	3Q24		3Q23		Change(1)		3Q24		3Q23		Change		3Q24		3Q23		Change(1)		3Q24		3Q23		Change(1)
Hawaii	2	3,507	$	312.86	$	322.09	(2.9)	%	87.0	%	92.0	%	(5.0)	% pts	$	272.29	$	296.29	(8.1)	%	$	449.95	$	501.43	(10.3)	%
Orlando	3	2,325	201.39		188.44		6.9		65.1		60.2		4.9		131.18		113.54		15.5		289.13		231.41		24.9
New York	1	1,878	304.42		302.44		0.7		91.1		92.2		(1.1)		277.19		278.78		(0.6)		419.61		411.92		1.9
New Orleans	1	1,622	173.42		157.49		10.1		64.3		56.4		7.9		111.44		88.82		25.5		214.56		171.76		24.9
Boston	3	1,536	281.13		267.12		5.2		87.6		86.1		1.5		246.23		230.03		7.0		299.59		286.95		4.4
Southern California	5	1,773	250.89		263.09		(4.6)		85.0		79.6		5.4		213.29		209.58		1.8		318.08		322.87		(1.5)
Key West(2)	2	461	362.17		409.71		(11.6)		65.3		25.1		40.2		236.53		103.07		129.5		384.78		154.73		148.7
Chicago	3	2,467	237.93		227.83		4.4		77.1		69.4		7.7		183.56		158.20		16.0		278.83		241.82		15.3
Puerto Rico	1	652	264.86		269.92		(1.9)		68.5		67.2		1.3		181.39		181.41		—		295.95		281.53		5.1
Washington, D.C.	2	1,085	181.93		173.20		5.0		75.1		77.3		(2.2)		136.56		133.77		2.1		193.12		194.47		(0.7)
Denver	1	613	204.78		202.05		1.4		74.4		81.8		(7.4)		152.25		165.19		(7.8)		227.29		234.01		(2.9)
Miami	1	393	185.86		177.55		4.7		72.9		71.3		1.6		135.57		126.59		7.1		191.88		180.44		6.3
Seattle	2	1,246	182.67		187.14		(2.4)		86.0		82.5		3.5		157.16		154.39		1.8		198.72		198.79		—
San Francisco	2	660	234.95		255.48		(8.0)		74.9		78.6		(3.7)		176.00		200.81		(12.4)		231.49		257.73		(10.2)
Other	9	2,850	179.45		181.78		(1.3)		72.8		70.1		2.7		130.58		127.50		2.4		176.72		172.11		2.7
All Markets	38	23,068	$	242.88	$	242.89	—	%	78.1	%	75.6	%	2.5	% pts	$	189.73	$	183.64	3.3	%	$	294.65	$	283.82	3.8	%

_____________________________________

(1)Calculated based on unrounded numbers.

(2)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.


16



			Portfolio and Operating Metrics (continued)


			Comparable Hotels by Market: Q3 2024 vs. Q3 2023


(unaudited, dollars in millions)			Comparable Hotel Adjusted EBITDA						Comparable Hotel Revenue						Comparable Hotel Adjusted EBITDA Margin
	Hotels	Rooms	3Q24		3Q23		Change(1)		3Q24		3Q23		Change(1)		3Q24		3Q23		Change
Hawaii	2	3,507	$	56	$	69	(18.4)	%	$	145	$	162	(10.3)	%	38.7	%	42.6	%	(390)	bps
Orlando	3	2,325	14		7		95.4		62		49		24.9		21.3		13.6		770
New York	1	1,878	13		10		28.3		72		71		1.9		18.2		14.4		380
New Orleans	1	1,622	9		6		57.2		32		26		24.9		27.7		22.0		570
Boston	3	1,536	15		14		8.9		42		41		4.4		35.5		34.0		150
Southern California	5	1,773	18		18		(0.7)		52		53		(1.5)		34.9		34.6		30
Key West(2)	2	461	3		(1)		359.6		16		7		148.7		21.4		(20.6)		4,200
Chicago(3)	3	2,467	16		21		(25.6)		63		55		15.3		24.6		38.1		(1,350)
Puerto Rico	1	652	3		3		8.9		18		17		5.1		18.0		17.4		60
Washington, D.C.	2	1,085	4		5		(12.0)		19		19		(0.7)		21.1		23.8		(270)
Denver	1	613	5		6		(14.7)		13		13		(2.9)		37.6		42.8		(520)
Miami	1	393	1		1		11.3		7		7		6.3		15.6		14.9		70
Seattle	2	1,246	4		5		(11.4)		23		23		—		19.7		22.2		(250)
San Francisco	2	660	—		2		(79.6)		14		15		(10.2)		3.3		14.6		(1,130)
Other	9	2,850	9		7		(4.0)		47		44		2.7		17.5		18.7		(120)
All Markets	38	23,068	$	170	$	173	(1.9)	%	$	625	$	602	3.8	%	27.2	%	28.8	%	(160)	bps

_____________________________________

(1)Calculated based on unrounded numbers.

(3)In Q3 2023, Park's Chicago hotels benefited from a property tax reassessment resulting in an approximately $8 million benefit. Additionally, Park's Chicago hotels received a grant of approximately $2 million under the Back-to-Business Illinois Hotel Jobs and Recovery Grant Program, which offset payroll expenses.


17



			Portfolio and Operating Metrics (continued)


			Comparable Hotels by Market: YTD Q3 2024 vs. YTD Q3 2023


(unaudited)			Comparable ADR						Comparable Occupancy						Comparable RevPAR						Comparable Total RevPAR
	Hotels	Rooms	2024		2023		Change(1)		2024		2023		Change		2024		2023		Change(1)		2024		2023		Change(1)
Hawaii	2	3,507	$	309.45	$	307.21	0.7	%	88.0	%	91.1	%	(3.1)	% pts	$	272.45	$	279.86	(2.6)	%	$	460.21	$	487.31	(5.6)	%
Orlando	3	2,325	243.32		233.57		4.2		69.2		66.9		2.3		168.41		156.38		7.7		373.27		320.86		16.3
New York	1	1,878	293.33		289.56		1.3		84.8		82.7		2.1		248.86		239.56		3.9		394.35		365.14		8.0
New Orleans	1	1,622	207.59		202.89		2.3		68.5		65.0		3.5		142.30		132.04		7.8		256.03		246.24		4.0
Boston	3	1,536	253.61		242.51		4.6		82.6		79.7		2.9		209.46		193.36		8.3		269.14		251.02		7.2
Southern California	5	1,773	226.08		238.10		(5.0)		80.5		77.0		3.5		181.99		183.21		(0.7)		284.33		288.78		(1.5)
Key West(2)	2	461	542.07		529.29		2.4		75.5		48.9		26.6		409.00		258.40		58.3		621.24		375.99		65.2
Chicago	3	2,467	225.56		221.77		1.7		63.3		59.7		3.6		142.70		132.28		7.9		221.04		204.28		8.2
Puerto Rico	1	652	303.20		290.52		4.4		75.7		78.3		(2.6)		229.40		227.31		0.9		350.36		348.98		0.4
Washington, D.C.	2	1,085	192.97		180.82		6.7		74.6		74.3		0.3		143.90		134.24		7.2		209.07		195.65		6.9
Denver	1	613	194.39		195.19		(0.4)		69.1		72.5		(3.4)		134.34		141.50		(5.1)		202.43		206.72		(2.1)
Miami	1	393	267.10		258.14		3.5		81.1		80.1		1.0		216.65		206.92		4.7		285.94		277.79		2.9
Seattle	2	1,246	162.96		169.50		(3.9)		77.5		70.2		7.3		126.37		119.08		6.1		170.13		162.00		5.0
San Francisco	2	660	255.91		272.10		(6.0)		71.9		70.4		1.5		183.97		191.56		(4.0)		244.10		257.53		(5.2)
Other	9	2,850	181.57		183.01		(0.8)		68.9		66.5		2.4		125.04		121.62		2.8		171.16		166.67		2.7
All Markets	38	23,068	$	248.57	$	245.34	1.3	%	75.7	%	73.5	%	2.2	% pts	$	188.08	$	180.33	4.3	%	$	300.83	$	287.74	4.5	%

_____________________________________

(1)Calculated based on unrounded numbers.


18



			Portfolio and Operating Metrics (continued)


			Comparable Hotels by Market: YTD Q3 2024 vs. YTD Q3 2023


(unaudited, dollars in millions)			Comparable Hotel Adjusted EBITDA						Comparable Hotel Revenue						Comparable Hotel Adjusted EBITDA Margin
	Hotels	Rooms	2024		2023		Change(1)		2024		2023		Change(1)		2024		2023		Change
Hawaii	2	3,507	$	176	$	190	(7.0)	%	$	442	$	467	(5.2)	%	39.8	%	40.6	%	(80)	bps
Orlando	3	2,325	75		60		26.0		238		204		16.8		31.6		29.3		230
New York	1	1,878	25		19		30.1		203		187		8.4		12.2		10.2		200
New Orleans	1	1,622	39		40		(3.5)		114		109		4.4		33.9		36.7		(280)
Boston(2)	3	1,536	41		32		26.1		113		105		7.6		36.0		30.7		530
Southern California	5	1,773	42		44		(4.2)		138		140		(1.2)		30.2		31.2		(100)
Key West(3)	2	461	31		14		131.8		78		47		65.8		40.0		28.6		1,140
Chicago(4)	3	2,467	21		23		(10.4)		149		138		8.6		13.9		16.9		(300)
Puerto Rico	1	652	17		17		(0.4)		63		62		0.8		26.7		27.0		(30)
Washington, D.C.	2	1,085	16		14		12.0		62		58		7.2		25.7		24.6		110
Denver	1	613	12		13		(6.4)		34		35		(1.7)		35.4		37.2		(180)
Miami	1	393	11		11		6.7		31		30		3.3		37.0		35.8		120
Seattle	2	1,246	7		7		(7.9)		58		55		5.4		11.6		13.3		(170)
San Francisco	2	660	4		7		(41.3)		44		46		(4.9)		9.6		15.5		(590)
Other	9	2,850	22		21		0.5		134		129		3.1		16.6		17.0		(40)
All Markets	38	23,068	$	539	$	512	5.2	%	$	1,901	$	1,812	4.9	%	28.3	%	28.2	%	10	bps

_____________________________________

(1)Calculated based on unrounded numbers.

(2)During Q1 2024, Park's Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation's Hotel & Motel Relief Grant Program.

(3)In mid-May 2023, operations at the Casa Marina Key West, Curio Collection, were suspended for a full-scale renovation and partially reopened in October 2023, with all rooms reopened by December 2023.

(4)In Q3 2023, Park's Chicago hotels benefited from a property tax reassessment resulting in an approximately $8 million benefit. Additionally, Park's Chicago hotels received a grant of approximately $2 million under the Back-to-Business Illinois Hotel Jobs and Recovery Grant Program, which offset payroll expenses.


19



			Portfolio and Operating Metrics (continued)


			Core Hotels: Q3 2024 vs. Q3 2023


	(unaudited)	ADR						Occupancy						RevPAR						Total RevPAR
		3Q24		3Q23		Change(1)		3Q24		3Q23		Change		3Q24		3Q23		Change(1)		3Q24		3Q23		Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	313.56	$	317.24	(1.2)	%	89.8	%	93.7	%	(3.9)	% pts	$	281.46	$	297.03	(5.2)	%	$	437.63	$	473.02	(7.5)	%
2	Hilton Waikoloa Village	309.16		345.83		(10.6)		75.0		84.8		(9.8)		231.76		293.04		(20.9)		504.39		627.01		(19.6)
3	Signia by Hilton Orlando Bonnet Creek	191.36		178.86		7.0		68.1		66.7		1.4		130.32		119.30		9.2		325.94		275.34		18.4
4	Waldorf Astoria Orlando	305.04		285.42		6.9		64.2		47.2		17.0		195.74		134.50		45.5		400.42		246.64		62.3
5	Hilton Orlando Lake Buena Vista	148.93		154.87		(3.8)		62.1		60.4		1.7		92.41		93.48		(1.1)		174.85		167.55		4.4
6	New York Hilton Midtown	304.42		302.44		0.7		91.1		92.2		(1.1)		277.19		278.78		(0.6)		419.61		411.92		1.9
7	Hilton New Orleans Riverside	173.42		157.49		10.1		64.3		56.4		7.9		111.44		88.82		25.5		214.56		171.76		24.9
8	Hilton Boston Logan Airport	298.36		281.38		6.0		92.6		97.7		(5.1)		276.39		275.09		0.5		327.49		342.35		(4.3)
9	Hyatt Regency Boston	304.37		287.13		6.0		93.4		86.6		6.8		284.33		248.73		14.3		341.49		300.05		13.8
10	Boston Marriott Newton	216.31		209.54		3.2		73.7		69.2		4.5		159.38		144.91		10.0		211.49		193.85		9.1
11	Hilton Santa Barbara Beachfront Resort	404.88		393.21		3.0		82.5		82.8		(0.3)		334.00		325.58		2.6		496.97		500.27		(0.7)
12	Hyatt Regency Mission Bay Spa and Marina	288.98		338.17		(14.5)		86.8		73.6		13.2		250.78		248.85		0.8		408.64		429.66		(4.9)
13	Hilton Checkers Los Angeles	198.22		211.31		(6.2)		81.7		80.3		1.4		162.01		169.68		(4.5)		200.74		197.18		1.8
14	Casa Marina Key West, Curio Collection(2)	374.06		—		100.0		66.7		—		66.7		249.52		(0.05)		100.0		399.92		0.65		100.0
15	The Reach Key West, Curio Collection	335.83		409.85		(18.1)		62.4		77.3		(14.9)		209.60		316.86		(33.9)		353.41		474.20		(25.5)
16	Hilton Chicago	221.52		219.49		0.9		80.7		67.8		12.9		178.78		148.75		20.2		302.42		255.37		18.4
17	W Chicago – City Center	314.82		283.34		11.1		64.9		68.1		(3.2)		204.34		192.94		5.9		244.45		238.21		2.6
18	W Chicago – Lakeshore	238.79		211.22		13.1		76.1		75.5		0.6		181.66		159.32		14.0		235.45		204.38		15.2
19	DoubleTree Hotel Washington DC – Crystal City	167.88		164.77		1.9		76.5		81.2		(4.7)		128.39		133.73		(4.0)		168.82		194.02		(13.0)
20	Hilton Denver City Center	204.78		202.05		1.4		74.4		81.8		(7.4)		152.25		165.19		(7.8)		227.29		234.01		(2.9)
21	Royal Palm South Beach Miami	185.86		177.55		4.7		72.9		71.3		1.6		135.57		126.59		7.1		191.88		180.44		6.3
22	Hyatt Centric Fisherman's Wharf	201.64		221.12		(8.8)		81.5		85.4		(3.9)		164.26		188.66		(12.9)		219.06		251.64		(12.9)
23	JW Marriott San Francisco Union Square	271.12		292.67		(7.4)		68.9		72.4		(3.5)		186.79		211.96		(11.9)		242.91		263.33		(7.8)
24	DoubleTree Hotel San Jose	178.26		171.33		4.0		61.9		61.0		0.9		110.43		104.67		5.5		154.44		157.72		(2.1)
25	Juniper Hotel Cupertino, Curio Collection	186.82		188.22		(0.7)		75.1		69.4		5.7		140.28		130.61		7.4		154.96		149.12		3.9
	Total Core Hotels	258.48		257.58		0.4		78.1		75.7		2.4		201.76		194.86		3.5		319.75		307.87		3.9

	All Other Hotels	190.23		193.04		(1.5)		78.3		75.4		2.9		148.99		145.62		2.3		209.65		202.35		3.6
	Total Comparable Hotels	$	242.88	$	242.89	—	%	78.1	%	75.6	%	2.5	% pts	$	189.73	$	183.64	3.3	%	$	294.65	$	283.82	3.8	%

_____________________________________

(1)Calculated based on unrounded numbers.


20



			Portfolio and Operating Metrics (continued)


			Core Hotels: Q3 2024 vs. Q3 2023


	(unaudited, dollars in millions)	Hotel Adjusted EBITDA						Hotel Revenue						Hotel Adjusted EBITDA Margin
		3Q24		3Q23		Change(1)		3Q24		3Q23		Change(1)		3Q24		3Q23		Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	47	$	55	(13.5)	%	$	115	$	124	(7.5)	%	41.0	%	43.9	%	(290)	bps
2	Hilton Waikoloa Village	9		14		(37.1)		30		37		(19.6)		29.8		38.1		(830)
3	Signia by Hilton Orlando Bonnet Creek	8		5		45.8		30		25		18.4		25.4		20.6		480
4	Waldorf Astoria Orlando	4		—		1,029.4		18		11		62.3		19.5		(3.4)		2,290
5	Hilton Orlando Lake Buena Vista	2		2		1.6		13		13		4.4		14.5		14.9		(40)
6	New York Hilton Midtown	13		10		28.3		72		71		1.9		18.2		14.4		380
7	Hilton New Orleans Riverside	9		6		57.2		32		26		24.9		27.7		22.0		570
8	Hilton Boston Logan Airport	6		6		(1.0)		18		19		(4.3)		33.1		32.0		110
9	Hyatt Regency Boston	7		6		17.0		16		14		13.8		41.9		40.8		110
10	Boston Marriott Newton	2		2		15.7		9		8		9.1		28.4		26.8		160
11	Hilton Santa Barbara Beachfront Resort	9		9		(0.9)		16		17		(0.7)		54.7		54.8		(10)
12	Hyatt Regency Mission Bay Spa and Marina	5		5		4.4		16		17		(4.9)		29.1		26.5		260
13	Hilton Checkers Los Angeles	1		1		6.1		4		4		1.8		20.0		19.2		80
14	Casa Marina Key West, Curio Collection(2)	3		(3)		180.4		11		—		100.0		23.1		—		2,310
15	The Reach Key West, Curio Collection	—		2		(56.1)		5		7		(25.5)		17.5		29.7		(1,220)
16	Hilton Chicago(3)	11		13		(9.2)		44		36		18.4		26.5		34.6		(810)
17	W Chicago – City Center(3)	2		4		(54.8)		9		9		2.6		20.5		46.5		(2,600)
18	W Chicago – Lakeshore(3)	2		4		(45.9)		11		10		15.2		20.4		43.5		(2,310)
19	DoubleTree Hotel Washington DC – Crystal City	2		3		(30.7)		10		11		(13.0)		22.5		28.3		(580)
20	Hilton Denver City Center	5		6		(14.7)		13		13		(2.9)		37.6		42.8		(520)
21	Royal Palm South Beach Miami	1		1		11.3		7		7		6.3		15.6		14.9		70
22	Hyatt Centric Fisherman's Wharf	—		2		(50.7)		6		7		(12.9)		13.8		24.4		(1,060)
23	JW Marriott San Francisco Union Square	—		1		(180.4)		8		8		(7.8)		(5.4)		6.1		(1,150)
24	DoubleTree Hotel San Jose	—		1		(40.2)		7		7		(2.1)		5.2		8.5		(330)
25	Juniper Hotel Cupertino, Curio Collection	1		1		5.8		4		3		3.9		18.7		18.4		30
	Total Core Hotels	149		156		(1.9)		524		504		3.9		28.5		30.2		(170)

	All Other Hotels	21		17		(1.5)		101		98		3.6		20.0		21.0		(100)
	Total Comparable Hotels	$	170	$	173	(1.9)	%	$	625	$	602	3.8	%	27.2	%	28.8	%	(160)	bps

_____________________________________

(1)Calculated based on unrounded numbers.


21



			Portfolio and Operating Metrics (continued)


			Core Hotels: YTD Q3 2024 vs. YTD Q3 2023


	(unaudited)	ADR						Occupancy						RevPAR						Total RevPAR
		2024		2023		Change(1)		2024		2023		Change		2024		2023		Change(1)		2024		2023		Change(1)
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	306.83	$	301.06	1.9	%	90.3	%	92.9	%	(2.6)	% pts	$	277.09	$	279.76	(1.0)	%	$	440.52	$	455.83	(3.4)	%
2	Hilton Waikoloa Village	322.86		337.65		(4.4)		78.0		83.0		(5.0)		251.95		280.29		(10.1)		547.24		626.45		(12.6)
3	Signia by Hilton Orlando Bonnet Creek	232.76		217.66		6.9		73.2		69.9		3.3		170.47		152.13		12.1		439.50		354.85		23.9
4	Waldorf Astoria Orlando	374.96		359.53		4.3		61.8		56.9		4.9		231.72		204.72		13.2		451.20		387.59		16.4
5	Hilton Orlando Lake Buena Vista	184.32		189.74		(2.9)		68.8		69.5		(0.7)		126.81		131.85		(3.8)		243.12		237.57		2.3
6	New York Hilton Midtown	293.33		289.56		1.3		84.8		82.7		2.1		248.86		239.56		3.9		394.35		365.14		8.0
7	Hilton New Orleans Riverside	207.59		202.89		2.3		68.5		65.0		3.5		142.30		132.04		7.8		256.03		246.24		4.0
8	Hilton Boston Logan Airport	260.63		247.76		5.2		92.8		93.6		(0.8)		241.99		231.96		4.3		298.11		293.28		1.6
9	Hyatt Regency Boston	276.91		263.84		5.0		85.0		78.9		6.1		235.51		208.28		13.1		296.34		262.84		12.7
10	Boston Marriott Newton	204.16		199.07		2.6		65.3		61.1		4.2		133.36		121.72		9.6		196.69		177.85		10.6
11	Hilton Santa Barbara Beachfront Resort	338.62		349.50		(3.1)		74.3		72.1		2.2		251.52		252.04		(0.2)		389.93		405.06		(3.7)
12	Hyatt Regency Mission Bay Spa and Marina	254.76		293.50		(13.2)		80.5		69.5		11.0		204.97		203.83		0.6		357.58		358.67		(0.3)
13	Hilton Checkers Los Angeles	198.89		216.22		(8.0)		71.9		73.6		(1.7)		142.95		158.98		(10.1)		177.71		185.81		(4.4)
14	Casa Marina Key West, Curio Collection(2)	553.85		538.58		2.8		74.8		34.2		40.6		414.27		184.25		124.8		633.94		272.49		132.6
15	The Reach Key West, Curio Collection	518.29		520.95		(0.5)		76.8		79.1		(2.3)		398.08		412.15		(3.4)		594.93		590.58		0.7
16	Hilton Chicago	211.84		211.39		0.2		65.6		58.9		6.7		138.92		124.50		11.6		243.05		218.72		11.1
17	W Chicago – City Center	298.49		280.19		6.5		56.9		58.9		(2.0)		169.72		164.87		2.9		204.67		201.66		1.5
18	W Chicago – Lakeshore	216.69		208.20		4.1		61.4		62.5		(1.1)		132.97		130.10		2.2		168.38		163.42		3.0
19	DoubleTree Hotel Washington DC – Crystal City	185.34		174.19		6.4		77.1		77.5		(0.4)		142.88		134.99		5.8		193.89		192.59		0.7
20	Hilton Denver City Center	194.39		195.19		(0.4)		69.1		72.5		(3.4)		134.34		141.50		(5.1)		202.43		206.72		(2.1)
21	Royal Palm South Beach Miami	267.10		258.14		3.5		81.1		80.1		1.0		216.65		206.92		4.7		285.94		277.79		2.9
22	Hyatt Centric Fisherman's Wharf	191.53		205.38		(6.7)		75.5		74.1		1.4		144.66		152.25		(5.0)		191.59		209.55		(8.6)
23	JW Marriott San Francisco Union Square	321.07		339.93		(5.5)		68.5		66.9		1.6		220.07		227.68		(3.3)		292.33		301.59		(3.1)
24	DoubleTree Hotel San Jose	183.74		171.28		7.3		61.0		60.1		0.9		112.09		103.03		8.8		160.68		158.21		1.6
25	Juniper Hotel Cupertino, Curio Collection	199.36		193.07		3.3		73.4		62.8		10.6		146.33		121.31		20.6		164.56		140.28		17.3
	Total Core Hotels	265.22		260.28		1.9		75.9		73.8		2.1		201.21		192.07		4.8		328.55		313.31		4.9

	All Other Hotels	191.50		193.84		(1.2)		75.0		72.5		2.5		143.62		140.55		2.2		206.94		201.15		2.9
	Total Comparable Hotels	$	248.57	$	245.34	1.3	%	75.7	%	73.5	%	2.2	% pts	$	188.08	$	180.33	4.3	%	$	300.83	$	287.74	4.5	%

_____________________________________

(1)Calculated based on unrounded numbers.


22



			Portfolio and Operating Metrics (continued)


			Core Hotels: YTD Q3 2024 vs. YTD Q3 2023


	(unaudited, dollars in millions)	Hotel Adjusted EBITDA						Hotel Revenue						Hotel Adjusted EBITDA Margin
		2024		2023		Change(1)		2024		2023		Change(1)		2024		2023		Change
	Core Hotels
1	Hilton Hawaiian Village Waikiki Beach Resort	$	144	$	148	(2.9)	%	$	345	$	356	(3.0)	%	41.6	%	41.5	%	10	bps
2	Hilton Waikoloa Village	33		42		(21.7)		97		111		(12.3)		33.6		37.6		(400)
3	Signia by Hilton Orlando Bonnet Creek	43		33		33.4		122		98		24.3		35.7		33.3		240
4	Waldorf Astoria Orlando	16		11		51.2		62		53		16.8		26.3		20.3		600
5	Hilton Orlando Lake Buena Vista	15		16		(5.4)		54		53		2.7		28.4		30.8		(240)
6	New York Hilton Midtown	25		19		30.1		203		187		8.4		12.2		10.2		200
7	Hilton New Orleans Riverside	39		40		(3.5)		114		109		4.4		33.9		36.7		(280)
8	Hilton Boston Logan Airport(2)	16		14		14.0		49		48		2.0		32.4		29.0		340
9	Hyatt Regency Boston(2)	17		13		30.9		41		36		13.2		42.1		36.4		570
10	Boston Marriott Newton(2)	8		5		46.6		23		21		11.0		33.0		25.0		800
11	Hilton Santa Barbara Beachfront Resort	18		18		(3.5)		38		40		(3.4)		45.7		45.7		—
12	Hyatt Regency Mission Bay Spa and Marina	11		11		(4.6)		43		43		0.1		25.1		26.3		(120)
13	Hilton Checkers Los Angeles	1		1		31.2		9		10		(4.0)		14.4		10.5		390
14	Casa Marina Key West, Curio Collection(3)	22		4		441.5		54		23		133.5		41.1		17.7		2,340
15	The Reach Key West, Curio Collection	9		9		(2.7)		24		24		1.1		37.6		39.1		(150)
16	Hilton Chicago(4)	16		15		6.1		103		92		11.5		16.0		16.8		(80)
17	W Chicago – City Center(4)	3		5		(39.1)		23		22		1.9		13.1		22.0		(890)
18	W Chicago – Lakeshore(4)	1		3		(50.6)		24		23		3.4		5.9		12.3		(640)
19	DoubleTree Hotel Washington DC – Crystal City	10		10		(0.8)		33		33		1.0		29.3		29.9		(60)
20	Hilton Denver City Center	12		13		(6.4)		34		35		(1.7)		35.4		37.2		(180)
21	Royal Palm South Beach Miami	11		11		6.7		31		30		3.3		37.0		35.8		120
22	Hyatt Centric Fisherman's Wharf	1		3		(48.2)		17		18		(8.2)		9.0		16.0		(700)
23	JW Marriott San Francisco Union Square	3		4		(36.6)		28		28		(2.7)		9.9		15.2		(530)
24	DoubleTree Hotel San Jose	2		2		29.4		22		21		1.9		10.1		8.0		210
25	Juniper Hotel Cupertino, Curio Collection	3		1		83.8		10		9		17.7		24.8		15.9		890
	Total Core Hotels	479		451		6.2		1,603		1,523		5.3		29.9		29.6		30

	All Other Hotels	60		61		(2.3)		298		289		3.3		19.9		21.0		(110)
	Total Comparable Hotels	$	539	$	512	5.2	%	$	1,901	$	1,812	4.9	%	28.3	%	28.2	%	10	bps

_____________________________________

(1)Calculated based on unrounded numbers.

(2)During Q1 2024, Park's Boston hotels benefited from a $5 million grant received from the Massachusetts Growth Capital Corporation's Hotel & Motel Relief Grant Program.


23



			Properties Acquired and Sold


24



			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(5)	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(6)	San Francisco, CA	171
W New Orleans – French Quarter(7)	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)Sold in August 2021.

(4)Sold in June 2021.

(5)Sold in June 2022.

(6)Sold in July 2021.

(7)Sold in April 2021.


25



			Properties Acquired and Sold (continued)


			Properties Sold


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






2018 Total Sales (13 Hotels)			3,193	$	519.0










2019 Total Sales (8 Hotels)			2,597	$	496.9




2020 Total Sales (2 Hotels)			700	$	207.9







2021 Total Sales (5 Hotels)			1,042	$	476.6

2022 Sales:
Hampton Inn & Suites Memphis – Shady Grove	Memphis, Tennessee	April 2022	131	$	11.5
Hilton Chicago/Oak Brook Suites	Chicago, Illinois	May 2022	211	10.3
Homewood Suites by Hilton Seattle Convention Center Pike Street	Seattle, Washington	June 2022	195	80.0
Hilton San Diego Bayfront(1)	San Diego, California	June 2022	1,190	157.0
Hilton Garden Inn Chicago/Oakbrook Terrace	Chicago, Illinois	July 2022	128	9.4
Hilton Garden Inn LAX/El Segundo	El Segundo, California	September 2022	162	37.5
DoubleTree Hotel Las Vegas Airport(2)	Las Vegas, Nevada	October 2022	190	11.2
2022 Total (7 Hotels)			2,207	$	316.9

2023 Sales:
Hilton Miami Airport	Miami, Florida	February 2023	508	$	118.3
2023 Total (1 Hotel)			508	$	118.3

2024 Sales:
Hilton La Jolla Torrey Pines(3)	La Jolla, California	July 2024	394	$	41.3
2024 Total (1 Hotel)			394	$	41.3

Grand Total(4) (37 Hotels)			10,641	$	2,176.9

_____________________________________

(1)Park sold its 25% interests in the joint ventures that own and operate this unconsolidated hotel for total gross proceeds of approximately $157 million, which were reduced by $55 million for Park’s share of the mortgage debt.

(2)The unconsolidated hotel was sold for total gross proceeds of approximately $22 million, of which $11.2 million represents Park’s pro-rata share.

(3)The unconsolidated hotel was sold for total gross proceeds of approximately $165 million, of which $41.3 million represents Park's pro-rata share.

(4)To date, Park has sold its interest in 37 hotels. In addition, five other properties were subject to ground leases that either expired or were terminated by Park or the landlord, and consequently turned over to the landlord. Further, the two Hilton San Francisco Hotels were placed into receivership in October 2023.


26



			Comparable Supplementary Financial Information


27



			Comparable Supplementary Financial Information

			Historical Comparable TTM Hotel Metrics


(unaudited, dollars in millions)
	Three Months Ended												TTM
	December 31,			March 31,			June 30,			September 30,			September 30,
	2023			2024			2024			2024			2024
Comparable RevPAR	$	179.90		$	177.51		$	196.98		$	189.73		$	186.02
Comparable Occupancy	71.3		%	71.3		%	77.6		%	78.1		%	74.6		%
Comparable ADR	$	252.30		$	248.94		$	254.00		$	242.88		$	249.46

Total Revenues	$	657		$	639		$	686		$	649		$	2,631
Operating income	$	276		$	92		$	121		$	95		$	584
Operating income margin(1)	42.0		%	14.5		%	17.5		%	14.6		%	22.2		%

Comparable Hotel Revenues	$	616		$	615		$	661		$	625		$	2,517
Comparable Hotel Adjusted EBITDA	$	171		$	170		$	199		$	170		$	710
Comparable Hotel Adjusted EBITDA margin(1)	27.8		%	27.6		%	30.2		%	27.2		%	28.2		%

	Three Months Ended												Full-Year
	March 31,			June 30,			September 30,			December 31,			December 31,
	2023			2023			2023			2023			2023
Comparable RevPAR	$	164.44		$	192.70		$	183.64		$	179.90		$	180.22
Comparable Occupancy	67.6		%	77.2		%	75.6		%	71.3		%	72.9		%
Comparable ADR	$	243.12		$	249.68		$	242.89		$	252.30		$	247.05

Total Revenues	$	648		$	714		$	679		$	657		$	2,698
Operating income (loss)	$	80		$	(98)		$	85		$	276		$	343
Operating income (loss) margin(1)	12.4		%	(13.7)		%	12.5		%	42.0		%	12.7		%

Comparable Hotel Revenues	$	570		$	640		$	602		$	616		$	2,428
Comparable Hotel Adjusted EBITDA	$	146		$	193		$	173		$	171		$	683
Comparable Hotel Adjusted EBITDA margin(1)	25.6		%	30.1		%	28.8		%	27.8		%	28.1		%

	Three Months Ended												Full-Year
	March 31,			June 30,			September 30,			December 31,			December 31,
	2019			2019			2019			2019			2019
Comparable RevPAR	$	164.30		$	189.02		$	183.39		$	174.26		$	177.78
Comparable Occupancy	76.1		%	84.8		%	83.4		%	79.6		%	81.0		%
Comparable ADR	$	215.96		$	223.00		$	219.99		$	219.05		$	219.61

Total Revenues	$	659		$	703		$	672		$	810		$	2,844
Operating income	$	129		$	111		$	38		$	148		$	426
Operating income margin(1)	19.5		%	15.8		%	5.8		%	18.2		%	15.0		%

Comparable Hotel Revenues	$	572		$	648		$	613		$	630		$	2,463
Comparable Hotel Adjusted EBITDA	$	154		$	204		$	177		$	189		$	724
Comparable Hotel Adjusted EBITDA margin(1)	26.9		%	31.5		%	28.9		%	30.0		%	29.4		%

_____________________________________

(1)Percentages are calculated based on unrounded numbers.


28



			Comparable Supplementary Financial Information (continued)

			Historical Comparable Hotel Adjusted EBITDA – TTM


	Three Months Ended								TTM
(unaudited, in millions)	December 31,		March 31,		June 30,		September 30,		September 30,
	2023		2024		2024		2024		2024
Net income	$	188	$	29	$	67	$	57	$	341
Depreciation and amortization expense	94		65		64		63		286
Interest income	(9)		(5)		(5)		(6)		(25)
Interest expense	52		53		54		54		213
Interest expense associated with hotels in receivership	14		14		15		15		58
Income tax expense (benefit)	33		1		(12)		2		24
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	1		3		2		4		10
EBITDA	373		160		185		189		907
Gain on sales of assets, net(1)	—		—		—		(19)		(19)
Gain on derecognition of assets(2)	(221)		(14)		(15)		(15)		(265)

Share-based compensation expense	4		4		5		5		18
Impairment and casualty loss	—		6		7		—		13
Other items	7		6		11		(1)		23
Adjusted EBITDA	163		162		193		159		677
Less: Adjusted EBITDA from hotels disposed of	—		1		—		2		3
Less: Adjusted EBITDA from investments in affiliates disposed of	(1)		(1)		(1)		—		(3)
Less: Adjusted EBITDA from the Hilton San Francisco Hotels	2		—		—		—		2
Comparable Adjusted EBITDA	164		162		192		161		679
Less: Adjusted EBITDA from investments in affiliates	(4)		(7)		(7)		(3)		(21)
Add: All other(3)	11		15		14		12		52
Comparable Hotel Adjusted EBITDA	$	171	$	170	$	199	$	170	$	710

_____________________________________

(1)For the three and twelve months ended September 30, 2024, includes a gain of $19 million on the sale of the Hilton La Jolla Torrey Pines included in equity in earnings from investments in affiliates in the condensed consolidated statements of operations.

(2)For the three months ended December 31, 2023, represents the gain from derecognizing the Hilton San Francisco Hotels from Park's consolidated balance sheet in October 2023, when the receiver took control of the hotels. Additionally, for the three months ended March 31, 2024, June 30, 2024 and September 30, 2024, represents accrued interest expense associated with the default of the SF Mortgage Loan, which was offset by a gain on derecognition for the corresponding increase of the contract asset on the condensed consolidated balance sheets, as Park expects to be released from this obligation upon final resolution with the lender.

(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.


29



			Comparable Supplementary Financial Information (continued)

			Historical Comparable Hotel Adjusted EBITDA – Full-Year 2023


	Three Months Ended								Full-Year
(unaudited, in millions)	March 31,		June 30,		September 30,		December 31,		December 31,
	2023		2023		2023		2023		2023
Net income (loss)	$	33	$	(146)	$	31	$	188	$	106
Depreciation and amortization expense	64		64		65		94		287
Interest income	(10)		(10)		(9)		(9)		(38)
Interest expense	52		52		51		52		207
Interest expense associated with hotels in receivership	8		9		14		14		45
Income tax expense	2		3		—		33		38
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	3		2		2		1		8
EBITDA	152		(26)		154		373		653
Gain on sales of assets, net	(15)		—		—		—		(15)
Gain on derecognition of assets(1)	—		—		—		(221)		(221)
Gain on sale of investments in affiliates(2)	—		(3)		—		—		(3)
Share-based compensation expense	4		5		5		4		18
Casualty and impairment loss	1		203		—		—		204
Other items	4		8		4		7		23
Adjusted EBITDA	146		187		163		163		659
Less: Adjusted EBITDA from hotels disposed of	(1)		—		1		—		—
Less: Adjusted EBITDA from investments in affiliates disposed of	(1)		(1)		(1)		(1)		(4)
Less: Adjusted EBITDA from the Hilton San Francisco Hotels	(5)		1		(1)		2		(3)
Comparable Adjusted EBITDA	139		187		162		164		652
Less: Adjusted EBITDA from investments in affiliates	(6)		(7)		(3)		(4)		(20)
Add: All other(3)	13		13		14		11		51
Comparable Hotel Adjusted EBITDA	$	146	$	193	$	173	$	171	$	683

_____________________________________

(1)For the three months and year ended December 31, 2023, represents the gain from derecognizing the Hilton San Francisco Hotels from Park's consolidated balance sheet in October 2023, when the receiver took control of the hotels.

(2)Included in other (loss) gain, net in the condensed consolidated statements of operations.


30



			Comparable Supplementary Financial Information (continued)

			Historical Comparable Hotel Adjusted EBITDA – Full-Year 2019


	Three Months Ended								Full-Year
(unaudited, in millions)	March 31,		June 30,		September 30,		December 31,		December 31,
	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	25		26		25		34		110
Interest expense associated with hotels in receivership	7		7		8		8		30
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	(31)		(31)		(20)		(19)		(101)
Less: Adjusted EBITDA from investments in affiliates disposed of	(4)		(6)		(6)		(4)		(20)






Less: Adjusted EBITDA from the Hilton San Francisco Hotels	(33)		(27)		(25)		(21)		(106)
Comparable Adjusted EBITDA(2)	145		196		168		179		688
Less: Adjusted EBITDA from investments in affiliates	(6)		(6)		(3)		(2)		(17)
Add: All other(3)	15		14		12		12		53
Comparable Hotel Adjusted EBITDA	$	154	$	204	$	177	$	189	$	724

_____________________________________

(1)Included in other (loss) gain, net in the condensed consolidated statements of operations.

(2)Full year December 31, 2019 includes $15 million associated with 466 rooms at the Hilton Waikoloa Village that were transferred to Hilton Grand Vacations at the end of 2019, $6 million associated with business interruption proceeds related to the loss of income in prior years for the Hilton Caribe and a $6 million operating loss generated from Park’s laundry facilities that were closed in 2021. Excluding these amounts, 2019 Comparable Adjusted EBITDA would have been $673 million.


31



			Comparable Supplementary Financial Information (continued)

			Historical Comparable TTM Hotel Revenues – 2024, 2023 and 2019


	Three Months Ended								TTM
(unaudited, in millions)	December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024		September 30, 2024
Total Revenues	$	657	$	639	$	686	$	649	$	2,631
Less: Other revenue	(21)		(21)		(22)		(21)		(85)
Less: Revenues from hotels disposed of	(3)		(3)		(3)		(3)		(12)
Less: Revenues from the Hilton San Francisco Hotels	(17)		—		—		—		(17)
Comparable Hotel Revenues	$	616	$	615	$	661	$	625	$	2,517

	Three Months Ended								Full-Year
	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		December 31, 2023
Total Revenues	$	648	$	714	$	679	$	657	$	2,698
Less: Other revenue	(20)		(22)		(22)		(21)		(85)
Less: Revenues from hotels disposed of	(10)		(6)		(4)		(3)		(23)

Less: Revenues from the Hilton San Francisco Hotels	(48)		(46)		(51)		(17)		(162)
Comparable Hotel Revenues	$	570	$	640	$	602	$	616	$	2,428

	Three Months Ended								Full-Year
	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019		December 31, 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	(104)		(99)		(76)		(77)		(356)

Less: Revenues from the Hilton San Francisco Hotels	(95)		(88)		(86)		(85)		(354)
Comparable Hotel Revenues	$	572	$	648	$	613	$	630	$	2,463


32



			Capital Structure


33



			Capital Structure


			Fixed and Variable Rate Debt

(unaudited, dollars in millions)

As of September 30, 2024

Debt

Collateral

Interest Rate

Maturity Date

Fixed Rate Debt

Mortgage loan

Hilton Denver City Center

4.90%

March 2025(1)

Mortgage loan

Hyatt Regency Boston

4.25%

July 2026

125

Mortgage loan

DoubleTree Hotel Spokane City Center

3.62%

July 2026

Mortgage loan

Hilton Hawaiian Village Beach Resort

4.20%

November 2026

1,275

Mortgage loan

Hilton Santa Barbara Beachfront Resort

4.17%

December 2026

157

Mortgage loan

DoubleTree Hotel Ontario Airport

5.37%

May 2027

2028 Senior Notes

Unsecured

5.88%

October 2028

725

2029 Senior Notes

Unsecured

4.88%

May 2029

750

2030 Senior Notes

Unsecured

7.00%

February 2030

550

Finance lease obligations

7.44%

2024 to 2028

Total Fixed Rate Debt

5.10%(2)

3,680

Variable Rate Debt

Revolver(3)

Unsecured

SOFR + 1.80%(4)

December 2026

—

2024 Term Loan

Unsecured

SOFR + 1.75%(4)

May 2027

200

Total Variable Rate Debt

6.81%

200

Add: unamortized premium

—

Less: unamortized deferred financing costs and discount

(25)

Total Debt(5)(6)

5.19%(2)

3,855

(1)The loan matures in August 2042 but became callable by the lender in August 2022 with six months of notice. As of September 30, 2024, Park had not received notice from the lender.

(2)Calculated on a weighted average basis.

(3)Park has approximately $950 million of available capacity under the Revolver.

(4)SOFR includes a credit spread adjustment of 0.1%.

(5)Excludes $157 million of Park’s share of debt of its unconsolidated joint ventures.

(6)Excludes the SF Mortgage Loan, which is included in debt associated with hotels in receivership in Park's consolidated balance sheets. In October 2023, the Hilton San Francisco Hotels were placed into court-ordered receivership, and thus, Park has no further economic interest in the operations of the hotels.


34



			Definitions


35



			Definitions

Comparable

The Company presents certain data for its consolidated hotels on a Comparable basis as supplemental information for investors: Comparable Hotel Revenues, Comparable RevPAR, Comparable Occupancy, Comparable ADR, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. The Company presents Comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its hotels. The Company’s Comparable metrics include results from hotels that were active and operating in Park's portfolio since January 1st of the previous year and property acquisitions as though such acquisitions occurred on the earliest period presented. Additionally, Comparable metrics exclude results from property dispositions that have occurred through October 29, 2024 and the Hilton San Francisco Hotels, which were placed into receivership at the end of October 2023.

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 expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates.

Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude the following items that are not reflective of Park's ongoing operating performance or incurred in the normal course of business, and thus, excluded from management's analysis in making day-to-day operating decisions and evaluations of Park's operating performance against other companies within its industry:

•Gains or losses on sales of assets for both consolidated and unconsolidated investments;

•Costs associated with hotel acquisitions or dispositions expensed during the period;

•Severance expense;

•Share-based compensation expense;

•Impairment losses and casualty gains or losses; and

•Other items that management believes are not representative of the Company’s current or future operating performance.

Hotel Adjusted EBITDA measures hotel-level results before debt service, depreciation and corporate expenses of the Company’s consolidated hotels, which excludes hotels owned by unconsolidated affiliates, and is a key measure of the Company’s profitability. The Company presents Hotel Adjusted EBITDA to help the Company and its investors evaluate the ongoing operating performance of the Company’s consolidated hotels.

Hotel Adjusted EBITDA margin is calculated as Hotel Adjusted EBITDA divided by total hotel revenue.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are not recognized terms under United States (“U.S.”) GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, the Company’s definitions of EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies.


36



			Definitions (continued)

The Company believes that EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin provide useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are among the measures used by the Company’s management team to make day-to-day operating decisions and evaluate its operating performance between periods and between REITs by removing the effect of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results; and (ii) EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in the industry.

EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss) or other methods of analyzing the Company’s operating performance and results as reported under U.S. GAAP. Because of these limitations, EBITDA, Adjusted EBITDA and Hotel Adjusted EBITDA should not be considered as discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available to the Company to meet its obligations. Further, the Company does not use or present EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA margin as measures of liquidity or cash flows.

Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, Nareit FFO per share – Diluted and Adjusted FFO per share – Diluted

Nareit FFO attributable to stockholders and Nareit FFO per diluted share (defined as set forth below) are presented herein as non-GAAP measures of the Company’s performance. The Company calculates funds from (used in) operations (“FFO”) attributable to stockholders for a given operating period in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), as net income (loss) attributable to stockholders (calculated in accordance with U.S. GAAP), excluding depreciation and amortization, gains or losses on sales of assets, impairment, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect the Company’s pro rata share of the FFO of those entities on the same basis.

As noted by Nareit in its December 2018 “Nareit Funds from Operations White Paper – 2018 Restatement,” since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance. The Company believes Nareit FFO provides useful information to investors regarding its operating performance and can facilitate comparisons of operating performance between periods and between REITs. The Company’s presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently. The Company calculates Nareit FFO per diluted share as Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.


37



			Definitions (continued)

The Company also presents Adjusted FFO attributable to stockholders and Adjusted FFO per diluted share when evaluating its performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding the Company’s ongoing operating performance. Management historically has made the adjustments detailed below in evaluating its performance and in its annual budget process. Management believes that the presentation of Adjusted FFO provides useful supplemental information that is beneficial to an investor’s complete understanding of operating performance. The Company adjusts Nareit FFO attributable to stockholders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO attributable to stockholders:

•Costs associated with hotel acquisitions or dispositions expensed during the period;

•Severance expense;

•Share-based compensation expense;

•Casualty gains or losses; and

•Other items that management believes are not representative of the Company’s current or future operating performance.

Net Debt

Net Debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net Debt is calculated as (i) debt excluding unamortized deferred financing costs; and (ii) the Company’s share of investments in affiliate debt, excluding unamortized deferred financing costs; reduced by (a) cash and cash equivalents; and (b) restricted cash and cash equivalents. Net Debt also excludes Debt associated with hotels in receivership.

The Company believes Net Debt provides useful information about its indebtedness to investors as it is frequently used by securities analysts, investors and other interested parties to compare the indebtedness of companies. Net Debt should not be considered as a substitute to debt presented in accordance with U.S. GAAP. Net Debt may not be comparable to a similarly titled measure of other companies.

Net Debt to Adjusted EBITDA Ratio

Net Debt to Adjusted EBITDA ratio, presented herein, is a non-GAAP financial measure and is included as it is frequently used by securities analysts, investors and other interested parties to compare the financial condition of companies. Net Debt to Adjusted EBITDA ratio should not be considered as an alternative to measures of financial condition derived in accordance with U.S. GAAP and it may not be comparable to a similarly titled measure of other companies.

Occupancy

Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. Occupancy measures the utilization of the Company’s hotels’ available capacity. Management uses Occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help management determine achievable Average Daily Rate (“ADR”) levels as demand for rooms increases or decreases.


38



			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.


39



			Analyst Coverage


Analyst	Company	Phone	Email
Dany Asad	Bank of America	(646) 855-5238	dany.asad@bofa.com
Ari Klein	BMO Capital Markets	(212) 885-4103	ari.klein@bmo.com
Smedes Rose	Citi Research	(212) 816-6243	smedes.rose@citi.com
Floris Van Dijkum	Compass Point	(646) 757-2621	fvandijkum@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	(949) 640-8780	cdarling@greenstreet.com
Meredith Jensen	HSBC Global Research	(212) 525-6858	meredith.jensen@us.hsbc.com
David Katz	Jefferies	(212) 323-3355	dkatz@jefferies.com
Joe Greff	JP Morgan	(212) 622-0548	joseph.greff@jpmorgan.com
Stephen Grambling	Morgan Stanley	(212) 761-1010	stephen.grambling@morganstanley.com
RJ Milligan	Raymond James	(727) 567-2585	rjmilligan@raymondjames.com
Patrick Scholes	Truist Securities	(212) 319-3915	patrick.scholes@research.Truist.com
Robin Farley	UBS	(212) 713-2060	robin.farley@ubs.com
Richard Anderson	Wedbush Securities Inc.	(212) 938-9949	richard.anderson@wedbush.com
Dori Kesten	Wells Fargo	(617) 603-4262	dori.kesten@wellsfargo.com
Keegan Carl	Wolfe Research	(646) 582-9251	kcarl@wolferesearch.com


40