Document

(未經審計，金額以百萬計，除RevPAR、ADR、Total RevPAR和每股數據外)


	截至9月30日的三個月								截至9月30日的九個月
	2024			2023			變更(1)		2024			2023			變更(1)
可比RevPAR	$	189.73		$	183.64		3.3	%	$	188.08		$	180.33		4.3	%
可比入住率	78.1		%	75.6		%	2.5	%點	75.7		%	73.5		%	2.2	% 點
可比ADR	$	242.88		$	242.89		—	%	$	248.57		$	245.34		1.3	%

可比總RevPAR	$	294.65		$	283.82		3.8	%	$	300.83		$	287.74		4.5	%

	$	57		$	31		83.9	%	$	153		$	(82)		286.6	%
歸屬於股東的淨利潤	$	54		$	27		100.0	%	$	146		$	(90)		262.2	%

營業利潤	$	95		$	85		12.3	%	$	308		$	67		358.9	%
運營收入率	14.6		%	12.5		%	210	bps	15.6		%	3.3		%	1,230	bps

可比酒店調整後EBITDA	$	170		$	173		(1.9)	%	$	539		$	512		5.2	%
可比酒店調整後EBITDA利潤率	27.2		%	28.8		%	(160)	bps	28.3		%	28.2		%	10	bps

調整後的EBITDA	$	159		$	163		(2.5)	%	$	514		$	496		3.6	%
歸屬股東的調整後FFO	$	102		$	108		(5.6)	%	$	350		$	329		6.4	%

每股收益（虧損）-稀釋(1)	$	0.26		$	0.13		100.0	%	$	0.69		$	(0.42)		264.3	%
每股調整後FFO-攤薄(1)	$	0.49		$	0.51		(3.9)	%	$	1.67		$	1.52		9.9	%
加權平均已發行股份-攤薄	208			212			(4)		210			216			(6)

主席兼首席執行官托馬斯·巴爾的摩（Thomas J. Baltimore, Jr.）表示：「我對我們第三季度的業績非常滿意，與2023年第三季度相比，可比RevPAR增長超過3％，原因是我們芝加哥、新奧爾良和波士頓的酒店需求趨勢正在加速增長，並且我們基韋斯特（Key West）和奧蘭多酒店的表現強勁，這兩家酒店仍在受益於最近完成的改造工程。團體需求持續改善，2024年同比集團營業收入增長超過9％，原因是業務需求改善，全市活動增加，強大的會議日程使我們的芝加哥、新奧爾良和紐約酒店受益，同時，酒店內的團體活動也使佛羅里達的酒店受益。我們的佛羅里達酒店在颶風海琳（Helene）和米爾頓（Milton）的影響下、遭受了最少的破壞和業務中斷，並且保持全面運營。我對我們的團隊成功應對這些颶風並在東南部許多社區造成影響表示感激。」

此外，在第三季度，我們繼續執行資本配置戰略，處置非核心資產，包括希爾頓奧克蘭機場，以顯著折扣價回購了額外250萬股普通股，價值3500萬美元，遠低於我們預計的淨資產價值，並在我們的投資組合中投資，啓動了在希爾頓夏威夷村莊威基基海灘度假村彩虹塔、希爾頓瓦科洛阿村莊宮殿塔和希爾頓新奧爾良河濱酒店主塔進行價值超過20000萬美元的全面客房翻新項目。憑藉超過14億美元的流動性，我們仍專注於通過處置非核心資產並投資回我們的核心投資組合並返回給股東回報率有增值的投資項目，以及以分紅和槓桿中立的股份回購形式進一步加強資產負債表，創造長期股東價值。


(未經審計)			可比公司託管賬單						可比入住率						可比每間可出售房間收入
	酒店	客房	3Q24		3Q23		變更(1)		3Q24		3Q23		變更		3Q24		3Q23		變更(1)
夏威夷	2	3,507	$	312.86	$	322.09	(2.9	%)	87.0	%	92.0	%	(5.0	百分比（%）板塊	$	272.29	$	296.29	(8.1	%)
奧蘭多	3	2,325	201.39		188.44		6.9		65.1		60.2		4.9		131.18		113.54		15.5
紐約	1	1,878	304.42		302.44		0.7		91.1		92.2		(1.1)		277.19		278.78		(0.6)
新奧爾良	1	1,622	173.42		157.49		10.1		64.3		56.4		7.9		111.44		88.82		25.5
波士頓	3	1,536	281.13		267.12		5.2		87.6		86.1		1.5		246.23		230.03		7.0
南加利福尼亞	5	1,773	250.89		263.09		(4.6)		85.0		79.6		5.4		213.29		209.58		1.8
基韋斯特	2	461	362.17		409.71		(11.6)		65.3		25.1		40.2		236.53		103.07		129.5
芝加哥	3	2,467	237.93		227.83		4.4		77.1		69.4		7.7		183.56		158.20		16.0
波多黎各	1	652	264.86		269.92		(1.9)		68.5		67.2		1.3		181.39		181.41		—
華盛頓特區	2	1,085	181.93		173.20		5.0		75.1		77.3		(2.2)		136.56		133.77		2.1
丹佛	1	613	204.78		202.05		1.4		74.4		81.8		(7.4)		152.25		165.19		(7.8)
邁阿密	1	393	185.86		177.55		4.7		72.9		71.3		1.6		135.57		126.59		7.1
西雅圖	2	1,246	182.67		187.14		(2.4)		86.0		82.5		3.5		157.16		154.39		1.8
（主要營業地址，包括郵政編碼）	2	660	234.95		255.48		(8.0)		74.9		78.6		(3.7)		176.00		200.81		(12.4)
其他	9	2,850	179.45		181.78		(1.3)		72.8		70.1		2.7		130.58		127.50		2.4
所有板塊	38	23,068	$	242.88	$	242.89	—	%	78.1	%	75.6	%	2.5	% pts	$	189.73	$	183.64	3.3	%

與2023年第三季度相比，Riverside和芝加哥希爾頓酒店的團體收入分別增長了近56%和36%，從而推動了RevPAR分別增長約26%和20%。公園的奧蘭多酒店繼續受益於2024年初Bonnet Creek奧蘭多綜合體的改造，Waldorf Astoria奧蘭多酒店和Signia Bonnet Creek酒店的團體收入分別增長了近92%和41%，相較於2023年第三季度，帶動了RevPAR分別增長約46%和9%。

At the end of September 2024, Comparable Group Revenue Pace and room night bookings for 2024 increased over 9% and 4%, respectively, as compared to what 2023 group bookings were at the end of September 2023, with 2024 average Comparable group rates projected to exceed 2023 average Comparable group rates by approximately 5% for the same time period. Additionally, at the end of September 2024, Comparable Group Revenue Pace and room night bookings for 2025 increased over 5% and nearly 2%, respectively, as compared to what 2024 group bookings were at the end of September 2023, with 2025 average Comparable group rates projected to exceed 2024 average Comparable group rates by over 3% for the same time period.

Park's hotels located in Key West, Miami and Orlando, remained fully operational while sustaining minimal damage and business interruption from Hurricanes Helene and Milton, which impacted the Southeast in September 2024 and October 2024, respectively. Park expects approximately $2 million of Hotel Adjusted EBITDA disruption from the hurricanes, with minimal financial impact in the third quarter of 2024.

Park's current liquidity is over $1.4 billion, including approximately $950 million of available capacity under the Company's revolving credit facility ("Revolver"). As of September 30, 2024, Park's Net Debt was approximately $3.5 billion, which excludes the $725 million non-recourse CMBS Loan ("SF Mortgage Loan") secured by the 1,921-room Hilton San Francisco Union Square and 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the "Hilton San Francisco Hotels").

(unaudited, dollars in millions)

Debt

Collateral

Interest Rate

Maturity Date

As of

September 30, 2024

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


(dollars in millions)
Projects & Scope of Work		Estimated Start Date	Estimated Completion Date	Budget		Total Incurred
Hilton Hawaiian Village Waikiki Beach Resort
	Phase 1: Renovation of 392 guestrooms and the addition of 12 guestrooms through the conversion of suites to increase room count at the Rainbow Tower to 808	Q3 2024	Q1 2025	$	44	$	17
	Phase 2: Renovation of 404 guestrooms and the addition of 14 guestrooms through the conversion of suites to increase room count at the Rainbow Tower to 822	Q3 2025	Q1 2026	$	43	$	—
	Lobby renovation: Renovation of the Rainbow Tower lobby	Q3 2025	Q1 2026	$	1	$	—
Hilton Waikoloa Village
	Phase 1: Renovation of 197 guestrooms and the addition of 6 guestrooms through the conversion of suites to increase room count at the Palace Tower to 406	Q3 2024	Q4 2024	$	32	$	12
	Phase 2: Renovation of 203 guestrooms and the addition of 5 guestrooms through the conversion of suites to increase room count at the Palace Tower to 411	Q3 2025	Q4 2025	$	33	$	—
	Lobby renovation: Renovation of the Palace Tower lobby	Q3 2025	Q4 2025	$	3	—
Hilton New Orleans Riverside
	Phase 1: Renovation of 250 guestrooms at the 1,167-room Main Tower	Q3 2024	Q4 2024	$	16	$	12
	Phase 2: Renovation of 437 guestrooms at the 1,167-room Main Tower	Q2 2025	Q3 2025	$	31	$	—

Park declared a third quarter 2024 cash dividend of $0.25 per share to stockholders of record as of September 30, 2024. The third quarter 2024 cash dividend was paid on October 15, 2024. Park is currently targeting paying a fourth quarter dividend, subject to approval by its Board of Directors, in the range of 65% to 70% of Adjusted FFO per share for the full year, which would include both the $0.25 per share fixed quarterly component plus an incremental top-off dividend.

Park is not in a position to update its full-year 2024 outlook at this time due to the uncertainty surrounding continuing negotiations between Park's operators and labor unions and the related impacts on operating results, which was not factored into Park's prior outlook. Park will provide a revised outlook once the appropriate agreements have been ratified and Park has a better understanding of the impacts to its operating results.

Park will host a conference call for investors and other interested parties to discuss third quarter 2024 results on October 30, 2024 beginning at 11 a.m. Eastern Time. Participants may listen to the live webcast by logging onto the Investors section of the website at www.pkhotelsandresorts.com. Alternatively, participants may listen to the live call by dialing (877) 451-6152 in the United States or (201) 389-0879 internationally and requesting Park Hotels & Resorts’ Third Quarter 2024 Earnings Conference Call. Participants are encouraged to dial into the call or link to the webcast at least ten minutes prior to the scheduled start time.

This press release 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 the effects of Park's decision to cease payments on its $725 million SF Mortgage Loan secured by the Hilton San Francisco Hotels and the lender's exercise of its remedies, including placing such hotels into receivership, as well as Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including anticipated repayment of certain of Park's indebtedness, the completion of capital allocation priorities, the expected repurchase of Park's stock, the impact from macroeconomic factors (including inflation, elevated interest rates, potential economic slowdown or a recession and geopolitical conflicts), the effects of competition and the effects of future legislation or regulations, the expected completion of anticipated dispositions, the declaration, payment and any change in amounts of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Park’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events.

All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2023, 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.

Park presents certain non-GAAP financial measures in this press release, including Nareit FFO attributable to stockholders, Adjusted FFO attributable to stockholders, FFO per share, Adjusted FFO per share, EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin and Net Debt. 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 press release including the “Definitions” section for additional information and reconciliations of such non-GAAP financial measures.

Park is one of the largest publicly-traded lodging real estate investment trusts ("REIT") with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 41 premium-branded hotels and resorts with over 25,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.


	September 30, 2024		December 31, 2023
	(unaudited)
ASSETS
Property and equipment, net	$	7,413	$	7,459
Contract asset	804		760
Intangibles, net	42		42
Cash and cash equivalents	480		717
Restricted cash	38		33
Accounts receivable, net of allowance for doubtful accounts of $3 and $3	124		112
Prepaid expenses	57		59
Other assets	38		40
Operating lease right-of-use assets	177		197
TOTAL ASSETS (variable interest entities – $231 and $236)	$	9,173	$	9,419
LIABILITIES AND EQUITY
Liabilities
Debt	$	3,855	$	3,765
Debt associated with hotels in receivership	725		725
Accrued interest associated with hotels in receivership	79		35
Accounts payable and accrued expenses	240		210
Dividends payable	57		362
Due to hotel managers	111		131
Other liabilities	187		200
Operating lease liabilities	212		223
Total liabilities (variable interest entities – $215 and $218)	5,466		5,651
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 207,257,541 shares issued and 206,403,675 shares outstanding as of September 30, 2024 and 210,676,264 shares issued and 209,987,581 shares outstanding as of December 31, 2023	2		2
Additional paid-in capital	4,103		4,156
Accumulated deficit	(353)		(344)
Total stockholders' equity	3,752		3,814
Noncontrolling interests	(45)		(46)
Total equity	3,707		3,768
TOTAL LIABILITIES AND EQUITY	$	9,173	$	9,419


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues
Rooms	$	403	$	432	$	1,193	$	1,256
Food and beverage	157		159		521		518
Ancillary hotel	68		66		196		203
Other	21		22		64		64
Total revenues	649		679		1,974		2,041

Operating expenses
Rooms	107		119		314		343
Food and beverage	112		122		356		377
Other departmental and support	154		161		454		484
Other property	65		59		174		182
Management fees	30		31		93		95
Impairment and casualty loss	—		—		13		204
Depreciation and amortization	63		65		192		193
Corporate general and administrative	17		18		52		50
Other	21		19		62		61
Total expenses	569		594		1,710		1,989

Gain on sale of assets, net	—		—		—		15
Gain on derecognition of assets	15		—		44		—

Operating income	95		85		308		67

Interest income	6		9		16		29
Interest expense	(54)		(51)		(161)		(155)
Interest expense associated with hotels in receivership	(15)		(14)		(44)		(31)
Equity in earnings from investments in affiliates	28		2		29		9
Other (loss) gain, net	(1)		—		(4)		4

Income (loss) before income taxes	59		31		144		(77)
Income tax (expense) benefit	(2)		—		9		(5)
Net income (loss)	57		31		153		(82)
Net income attributable to noncontrolling interests	(3)		(4)		(7)		(8)
Net income (loss) attributable to stockholders	$	54	$	27	$	146	$	(90)

Earnings (loss) per share:
Earnings (loss) per share - Basic	$	0.26	$	0.13	$	0.70	$	(0.42)
Earnings (loss) per share - Diluted	$	0.26	$	0.13	$	0.69	$	(0.42)

Weighted average shares outstanding – Basic	206		212		208		216
Weighted average shares outstanding – Diluted	208		212		210		216


(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 sales 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.


(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: Revenues 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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
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 sales 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	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.


(unaudited, in millions)
	September 30, 2024
Debt	$	3,855
Add: unamortized deferred financing costs and discount	25
Less: unamortized premium	—
Debt, excluding unamortized deferred financing cost, premiums and discounts	3,880
Add: Park's share of unconsolidated affiliates debt, excluding unamortized deferred financing costs	157
Less: cash and cash equivalents	(480)
Less: restricted cash	(38)
Net Debt	$	3,519

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.

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:

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.

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

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

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

Nareit FFO attributable to stockholders 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.

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:

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.

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.

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 (“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 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.


投資者聯繫方式			1775 Tysons Boulevard，7樓
伊恩·韋斯曼			泰森斯，VA 22102
+ 1 571 302 5591			www.pkhotelsandresorts.com


	截至9月30日的三個月		截至9月30日的九個月

	2024年相對2023年增長		2024年相對2023年增長
度假村	1.5	%	4.0	%
城市	5.4		3.9
機場	0.5		4.9
郊區	8.6		7.5
所有板塊類型	3.3		4.3