Investor Presentation

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1 Investor Presentation NAREIT NOVEMBER 2017 Waldorf Astoria Orlando Hilton Chicago Hilton Hawaiian Village Waikiki Beach Resort

2 Mission To be the preeminent lodging REIT, focused on consistently delivering superior, risk-adjusted returns for stockholders through active asset management and a thoughtful external growth strategy, while maintaining a strong and flexible balance sheet 2

3 Pillars of our Corporate Strategy Aggressive Asset Management Continually improve property level operating performance Consistently implement revenue management initiatives to optimize market pricing / segment mix Prudent Capital Allocation Allocate capital effectively by leveraging scale, liquidity and M&A expertise to create value throughout all phases of the lodging cycle Employ an active capital recycling program expanding our presence in target markets with a focus on brand and operator diversification, while reducing exposure to slower growth assets/markets Target value enhancement projects with strong unlevered ROI yields Strong and Flexible Balance Sheet Preserve a strong and flexible balance sheet, with a targeted leverage ratio of 3x to 5x Maintain strong liquidity across lodging cycle and access to multiple types of financing Aspire to achieve investment grade rating 3

4 Park Hotels & Resorts Overview Casa Marina, a Waldorf Astoria Resort 4

5 Company Highlights Park Hotels & Resorts is a leading lodging real estate company with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value in top U.S. and international markets Leading Properties 5 67 premium-branded hotels and iconic resorts 35,000+ competitively positioned and well-maintained rooms 85%+ of rooms in luxury and upper-upscale segments $1.4 bn of CapEx or $47k per room invested since 2011 (3) 81% of CapEx targeted towards guest rooms, lobbies and other guestfacing areas (3) 29 properties with 25k+ sq. ft. of meeting space and 10 properties with 125k+ sq. ft. of meeting space Top Markets Prime U.S. and international markets with high barriers to entry ~90% of room exposure in the United States 72% of rooms in CBDs of major cities and resort / conference destinations (1) Trailing twelve months ( TTM ) data is for the twelve months ended 9/30/17 (2) Occupancy, ADR and RevPAR excludes Unconsolidated JVs; EBITDA figures include pro rata share from Unconsolidated JVs and reflect pro forma for new management contracts. Note that all figures, unless otherwise stated, are shown on a pro forma basis (3) Represents CapEx made in our consolidated hotels from 2011 to YTD September 2017 during our period of ownership only (4) Net income during this period was $2,587mn. See Appendix for definitions and reconciliations of these measures to comparable GAAP measures Premium Brands TTM Performance (1)(2) $2.8 billion Total GAAP Revenue $760 million Adjusted EBITDA (4) 64% / 85% Top 10 / Top 25 Assets Contribution to Adjusted EBITDA (4) 80% Total Occupancy $201 Total ADR $162 Room RevPAR $202 Avg. Room RevPAR of Top 10 Assets

6 3Q17 Highlights: Hawaii Remains Solid; SF, Orlando Strong Operating Results -0.1% decrease in Comparable RevPAR for the portfolio -120bps decrease in Pro forma Comparable Hotel Adjusted EBITDA margins for the portfolio (1) -1.8% decrease in Pro forma Comparable Hotel Adjusted EBITDA (1) -0.3% decline in Transient revenues; business transient weakness (-3.2%), offset by strong leisure revenues (+4.2%) +0.1% increase in Group revenues; group tour and SMERF business offset weak corporate and convention business Top Markets RevPAR Performance Hawaii: +1.6% increase in RevPAR; continued strength in transient offset a weaker group quarter San Francisco: +4.4% increase in RevPAR from strong in-house group and contract business Orlando: +3.1% increase in RevPAR from strength in both transient and group from displaced guests impacted by Hurricane Irma Chicago: -5.9% decrease in RevPAR from convention-related group weakness and difficult year-over-year comps New York: - 7.8% decrease in RevPAR; displacement from suites relocation combined with transient weakness 6 (1) See Appendix for definitions and reconciliations of these measures to comparable GAAP measures

7 2017 Hurricane Impact Financial Impact o Estimated $20 mn in financial exposure including deductibles and uninsured expenses o Caribe Hilton removed from comparable operating statistics 3Q 2017 o -10bps decrease in comparable portfolio RevPAR o No impact to Adjusted EBITDA 4Q 2017 o Estimated $5 mn impact to comparable Adjusted EBITDA, or just $0.02 per share (AFFO) Damages & Insurance Key West (3% of Adjusted EBITDA) o o o Two hotels, the 311-room Casa Marina, a Waldorf Astoria Resort and 150-room The Reach, a Waldorf Astoria Resort, currently open and operational $5 mn combined deductible, including property and business interruption Estimated $15 mn+ in damages Puerto Rico (less than 1% of Adjusted EBITDA) o 748-room Caribe Hilton remains closed; expected to remain closed through 2018 o $11 mn deductible, including property and business interruption o Estimated $50 mn+ in damages 7

8 Seasoned and Experienced Management Team Chairman, President & CEO Tom Baltimore EVP, CFO & Treasurer Sean Dell Orto EVP, Asset Management Rob Tanenbaum SVP, Design Construction Guy Lindsey EVP, CIO Matt Sparks SVP, GC Tom Morey SVP, HR Jill Olander SVP, CAO Darren Robb SVP, Asset Management John Boettger SVP, Investments Dexter Wood SVP, Strategy Ian Weissman Park Hotels & Resorts SVP, Tax Scott Winer Headquartered in McLean, VA 25 years average experience among senior management team Total of ~80 employees at Headquarters 8

9 '17 EBITDA Multiples YTD TTR Park Trades at a Discount Despite Relative Outperformance 40.0% 30.0% 27.2% 20.0% 10.0% 0.0% -10.0% 13.5% 14.1% 12.9% 8.5% 8.0% 7.0% 1.0% -2.0% While Park has outperformed its peers, on a weighted average basis, by 500 bps YTD (generating a 13.5% total return) -20.0% -30.0% -40.0% -31.5% PK PEB XHR CHSP HST SHO RHP DRH LHO AHP 17.0x 16.0x 15.9x 15.0x 14.3x the stock continues to trade at a discount to the group (12.2x 17 EBITDA vs. 12.8x for peers) 14.0x 13.0x 12.0x 11.0x 10.0x 13.6x 13.3x 12.6x 12.3x 12.2x 12.1x 11.9x 10.6x 9.0x 8.0x 7.0x PEB CHSP RHP SHO HST DRH PK LHO XHR AHP 9 Market data as of 11/7/17

10 Portfolio Overview Hilton San Francisco Union Square 10

11 Diversified Exposure to Attractive Markets High Barrier to Entry Urban and Convention Hotels Landmark Resorts Select Suburban and Strategic Airport Hotels New York Hilton Midtown 1,907 rooms (1) Hilton San Francisco Union Square 1,919 rooms Hilton Hawaiian Village Waikiki Beach Resort 2,860 rooms Hilton Waikoloa Village 1,230 rooms (2) Hilton Short Hills 304 Rooms Hilton Boston Logan Airport 599 rooms Hilton Chicago 1,544 rooms Hilton New Orleans Riverside 1,622 rooms Casa Marina, a Waldorf Astoria Resort 311 rooms Waldorf Astoria Orlando/ Hilton Orlando Bonnet Creek 1,511 rooms Hilton Miami Airport 508 rooms Hilton McLean Tysons Corner 458 rooms (1) As of 9/30/17; room count reduced by 22 rooms during 3Q Current room count includes approximately 25 rooms that became part of Hilton Grand Vacations ( HGV ) as part of the spin-off and that we have exclusive rights to occupy and operate through December 2017 (2) As of 9/30/17; room count reduced by 14 rooms during 3Q 2017 that became part of HGV as part of the spin-off. Current room count includes 586 rooms that became part of HGV as part of the spin-off and that we reserved exclusive rights to occupy and operate. On various dates until December 2019, we are required to release these rooms back to HGV for its renovation and use 11

12 Diversified Exposure to Attractive Markets 68% of Total Portfolio rooms located in Top 25 Markets (1) 28% of Total Portfolio rooms located in resort destinations Washington 3 Hotels 1,621 Rooms 2% Hotel EBITDA Colorado 1 Hotel 159 Rooms <1% Hotel EBITDA Kansas/Missouri 2 Hotels 465 Rooms 1% Hotel EBITDA Illinois 4 Hotels 2,743 Rooms 6% Hotel EBITDA Utah 1 Hotel 499 Rooms 1% Hotel EBITDA Massachusetts 1 Hotel 599 Rooms 2% Hotel EBITDA Northern California 7 Hotels 4,513 Rooms 15% Hotel EBITDA New York 1 Hotel 1,907 Rooms 6% Hotel EBITDA Nevada 1 Hotel 190 Rooms <1% Hotel EBITDA New Jersey 3 Hotels 839 Rooms 1% Hotel EBITDA Southern California 6 Hotels 2,888 Rooms 6% Hotel EBITDA DC/VA 5 Hotels 2,120 Rooms 3% Hotel EBITDA Arizona 2 Hotels 745 Rooms 1% Hotel EBITDA Tennessee 1 Hotel 130 Rooms <1% Hotel EBITDA Hawaii 2 Hotels 4,090 Rooms 23% Hotel EBITDA Georgia 2 Hotels 748 Rooms 1% Hotel EBITDA Texas 1 Hotel 259 Rooms 1% Hotel EBITDA Louisiana 2 Hotels 1,939 Rooms 8% Hotel EBITDA Florida 7 Hotels 4,711 Rooms 16% Hotel EBITDA HILTON WALDORF ASTORIA DOUBLE TREE EMBASSY SUITES CURIO HILTON GARDEN HAMPTON INN International 15 Hotels 4,239 Rooms 5% Hotel EBITDA 12 Note: Pro forma 2016 Hotel EBITDA includes pro rata share of Pro forma Hotel Adjusted EBITDA from Unconsolidated JVs (1) Top 25 Markets as defined by STR Global

13 Portfolio Overview Geographic Diversity (1) Diverse Revenue Stream (2) (% of Total Portfolio Rooms) Top Cities Other 22% Orlando 11% San Francisco 8% (% of TTM Revenue) Revenue Segmentation Other 9% Honolulu International 12% 7% Chicago 2% Atlanta 4% 6% 4% 6% 5% 5% Washington DC Waikoloa Village New Orleans San Diego New York Seattle 8% Food and Beverage 26% 65% Rooms Location Type Rooms Mix Suburban Contract / Other 10% 6% Airport 18% 44% Urban Group 29% Resort 28% 65% Transient 13 (1) As of 9/30/17 (2) Revenue segmentation based on TTM as of 9/30/17 consolidated GAAP revenues

14 Weighted Avg Supply Growth '18 - '19 Park Portfolio: Well Insulated from Supply ~2.5% Supply Growth for Park Supply Growth Exposure for Lodging REITs (1) Against a backdrop of increased US supply growth, Park is well positioned relative to its peers With outsized exposure to Orlando, Oahu, San Francisco and New Orleans, Park anticipates just 2.5% supply growth per annum over the next 2 3.5% Full-service REIT Supply Exposure 3.3% 3.3% 3.3% 3.2% 3.0% 2.8% 2.7% 2.5% years, or 60bps lower than its peer growth average CHSP DRH PEB AHP HST LHO SHO XHR PK Favorable Supply Picture for Park s Hotels (2) 18% 18% 16% 14% 12% 12% 11% 10% 8% 6% 4% 2% 0% 6% 0% 2% 0% 0% 1% 0% 0% 2% 0% 1% 3% 6% 3% 8% 14 Supply Growth (U/C) PK EBITDA (%) National Construction Pipeline (Growth) Note: Charts presented above based on STR Global and Park estimates (1) Comparable full-service lodging REIT peers selected based on similar portfolio composition; includes data from CBRE s Hotel Horizons forecasts (2) Supply Growth (U/C) data from STR Global as of June 2017; Park EBITDA represents 2016 data and includes pro rata share of unconsolidated JVs on a pro forma basis

15 % Change Group Portfolio Positioned to Outperform Park s Leading Group Platform Park s strong group positioning increases visibility into forward bookings and reduces operating volatility by enhancing the predictability of revenue throughout the lodging cycle Group/Transient Mix: 29% / 65% (1). Strategy for our group-oriented Top 25 hotels will be to Group Up and drive their mix up another 400bps to 35% Group demand The portfolio contains 29 properties with over 25,000 sq. ft. of meeting space and 10 properties with over 125,000 sq. ft. of meeting space in top convention markets, generating robust corporate meeting and group business U.S. "Big Box" Supply and Demand % Change (2) Following several years of strong new supply growth, no new big box supply has opened since October 2011 Recent uptick in demand encouraging for future big box fundamentals: 8% - Gaylord Palms Resort Convention Center - Gaylord Texan Resort & Convention Center - Rosen Shingle Creek Resort - Gaylord National Resort & Convention Center - Hilton San Diego Bayfront - Hilton Orlando - Hilton Orlando Bonnet Creek - JW Marriott San Antonio Hill Country Resort & Spa Lack of supply growth creates demand-driven opportunities for "big box" hotels 3% (2%) (7%) Hurricane Katrina: - Hilton New Orleans Riverside temporarily closes - Hyatt Regency New Orleans closes - Gaylord Opryland reopens after flood - Hyatt Regency New Orleans reopens (12%) Mth Avg Supply 12-Mth Avg Demand (1) TTM as of 9/30/17; remainder of mix is contract business (2) STR Global; 12-month moving average from 2000 through July 2017; includes hotels with over 1,000 rooms and 125k sq. ft. of dedicated meeting space but excludes Las Vegas hotels due to STR restrictions

16 Investment Highlights New York Hilton Midtown 16

17 Investment Highlights 1 Size and Scale of Park Creates Competitive Advantage 2 Iconic Assets in Key US Cities and Geographic Diversity 3 Significant Growth Profile: Acquisitions and ROI Opportunities 4 Enhanced Profitability with Aggressive Asset Management 5 Strong and Flexible Balance Sheet 17

18 Enterprise Value (bn) 1 Size and Scale: Park ~2.5x the Size of Most Lodging REITs (1) Park is the second largest publicly traded Lodging REIT $20.0 $18.0 Full Service Mixed & Limited Service $18.4 $16.0 $14.0 $12.0 $10.0 $9.2 $8.0 $6.6 $6.0 $4.0 $2.0 $1.1 $1.7 $2.4 $2.5 $2.6 $3.0 $3.3 $3.7 $4.2 $4.5 $4.6 $4.9 $5.5 $0.0 AHP CLDT HT CHSP INN DRH XHR PEB LHO SHO AHT RHP APLE RLJ PK HST 18 Source: Public company filings as of 9/30/17 and S&P Global. Market data as of 11/7/17 (1) Assumption excludes HST from calculation

19 1 Size and Scale: Park Ranks Among the Top 25 Largest REITs Park TTM Pro-Forma Adjusted EBITDA vs. US REITs Universe (1)(2) ($ in millions) Top 25 Largest REITs (1)(2) ($ in millions) Top 10 REITs Top PK Top Top Top Top Top Top Top Top Top Top Top $567 $442 $371 $325 $266 $219 $157 $123 $76 $24 $760 $750 $1,124 $2,095 TTM Adj. Company Sector EBITDA 1. Simon Property Group, Inc. Malls $4, GGP, Inc. Malls $2, Welltower, Inc. Healthcare $2, Prologis, Inc. Industrial $1, Ventas, Inc. Healthcare $1, Equinix, Inc. Data Center $1, Public Storage Storage $1, Equity Residential Residential $1, Boston Properties, Inc. Office $1, Host Hotels & Resorts, Inc. Lodging $1, AvalonBay Communities, Inc. Residential $1, Vornado Realty Trust Office $1, Digital Realty Trust, Inc. Data Center $1, HCP, Inc. Healthcare $1, VEREIT, Inc. Class A Triple Net Lease $1, Realty Income Corporation Triple Net Lease $1, SL Green Realty Corp. Office $ Essex Property Trust, Inc. Residential $ Kimco Realty Corporation Shopping Centers $ Brixmor Property Group, Inc. Shopping Centers $ Omega Healthcare Investors, Inc. Healthcare $ Macerich Company Malls $ Mid-America Apartment Communities, Inc. Residential $ Hospitality Properties Trust Hospitality $ Park Hotels & Resorts, Inc. Lodging $ Source: Public company filings, NAREIT REITWatch and SNL Financial (1) TTM 9/30/17. Park s Adjusted EBITDA is shown on a pro-forma basis. Our definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. See Appendix for reconciliation of this measure to net income (2) Excludes mortgage REITs, telecommunication REITs, correctional facility REITs, timberland REITs and other listed REITs within the last twelve months

20 2 Iconic Assets Valued at Well Below Replacement Cost Park s assets are currently valued at a significant discount to replacement cost (1) $20 $18.5 bn $18 $16 $14 $12 $10 $11.0 bn Top 10 Assets Park EV Range $8.0 bn $9.0 bn $10.0 bn Portfolio Replacement Cost $18.5 bn $18.5 bn $18.5 bn Discount to Replacement Cost 57% 51% 46% $8 $6 $9.2bn Rooms (2) Mtg Space (sq. ft.) (2) Replacement Cost ($/key) $4 $7.5 bn Top 10 13,928 1,245k $11.0 bn ($790k/key) $2 Park Portfolio 35,404 2,773k $18.5 bn ($525k/key) $0 Park Enterprise Value Portfolio Replacement Cost (est.) 20 (1) Park estimate; Enterprise Value is calculated using the closing price of Park s stock as of 11/7/17 (2) As of 9/30/17

21 3 Growth through Disciplined Allocation Focus on building portfolio of Upper Upscale and Luxury branded assets in Top 25 markets and premium resort destinations Pursue larger scale deals (assets and portfolios) that offer significant value add opportunities Diversify brand and operator mix to include other global manager / franchisors Opportunistically recycle capital, selling out of slower growth, noncore assets and reinvest in higher growth markets 21

22 3 Capital Allocation: Target Larger Scale Acquisitions Market Backdrop for Deals of Scale Less competition exists for larger transactions as only a limited number of investors have access to equity needed to pursue $250+ million single assets Consequently, the share of deals pre-empted and executed off-market increases in conjunction with deal size, thereby enhancing the price negotiation leverage for an eligible buyer Park s balance sheet and operating platform are well positioned to execute these larger transactions Summary of Eastdil First Round Bids 2014 to 2017 YTD Deal Size ($ in millions) $25 - $100 $100 - $250 $250+ # of Deals Avg. # of Rooms Avg. Pricing ($mn) $62 $148 $489 Avg. Price per Key $296K $456K $642K Avg. # of Bids # of Pre-Empts / Off-Market Deals Pre-empt/Off-Market Deals as a % of Total Deals 8% 10% 28% 22 Source: Eastdil Secured as of 9/7/17

23 3 Brand Strategy Maximizes Revenue and Profitability Brands Matter: Park will focus on owning hotels and resorts in the luxury and upper upscale segments Benefits of Partnering with Brands Consistent quality through a branded product should allow Park to achieve higher RevPAR and margins as a result of: Recognizable product compared to independent hotels struggling to differentiate their offerings Worldwide Group Sales Worldwide reservation systems Loyalty programs help to drive recurring sales, while lowering new customer acquisition costs 23 Hilton (~73mn members) and Marriott, including Starwood (100mn+ members), have ~50% of sales stemming from customers within loyalty programs Ability to achieve increased direct-to-consumer sales minimizing OTA / wholesale commissions and increasing revenue to Park Significantly lower distribution costs for OTA business given negotiating power of brands More effective competition against Airbnb, particularly with respect to frequent travelers who appreciate the reliability and security of branded hotels RevPAR Premiums Effective Brand Segmentation Strong Loyalty Programs Worldwide Reservation Systems

24 3 Capital Recycling: Phase I Launched Currently marketing 15 assets that do not fit into Park s long-term strategy (1) 15-Hotel Portfolio Highlights: Examples of marketed hotels: A total of ~$40-50mn of combined Hotel Adjusted EBITDA representing roughly 7% of portfolio Hotel Adjusted EBITDA (2) Average RevPAR is 32% below Park s core portfolio ($111 vs. $162 average RevPAR) Located in lower growth domestic markets and non-core international markets Includes certain non-core brands, such as Embassy Suites and DoubleTree by Hilton Embassy Suites Kansas City Overland Park Capital Recycling Strategy: Target Brands: upper upscale and luxury brands; brand diversification Target Markets: high-growth domestic markets; STR s Top 25 Markets and resort destinations Anticipate utilizing 1031 Like-Kind Exchanges to replace proceeds with strategic assets that comply with overall portfolio optimization strategy Hilton Milton Keynes 24 (1) There can be no assurance with respect to the timing of the closing of any potential disposition or acquisition or whether any such transaction will be completed at all (2) Calculated based on 2017 Pro forma Hotel Adjusted EBITDA and 2017 actual / forecast hotel operating results

25 Asset Management Waldorf Astoria Orlando 25

26 4 Active Asset Management: The Margin Story 26 We estimate there is bps of embedded margin growth in the portfolio to be captured over time Revenue Management Opportunities Remixing the Mix: Look to increase Group business across our Top 25 hotels 400bps to 35% over the next two years, capitalizing on Park s expertise with large group hotels Layer in select base contract business in certain markets to reduce volatility in transient demand Institute premium room pricing at select hotels and during select periods or events Incremental Revenue Opportunities Drive for 65 mantra: push to maximize flow-through Roll out Grab N Go s at select hotels to increase daily guest spend capture and also reduce labor costs Institute menu engineering by reviewing menu offerings to maximize profitability Analyze ancillary fees and increase pricing or modify offerings Targeted Expansions Perform facilities analyses and potentially add keys and meeting space, thereby adding more profitable sources of revenue Added 12 keys at the Hilton Orlando Bonnet Creek and Waldorf Astoria Orlando complex (currently 1,511 rooms combined) Retail Opportunities Park s Director of Retail Leasing actively focusing on all non-core hotel revenue streams including retail, parking, roof top antennas and car rental facilities

27 4 Additional Internal Growth Opportunities Remain Maximize each asset s full potential through a focused approach on revenue management and cost containment initiatives, while purposefully addressing capital needs including ROI opportunities TTM Pro forma Comparable Hotel Adjusted EBITDA Margin (1) 34.0% 32.0% 30.0% 31.7% 31.6% 31.5% Opportunity: Focus on narrowing margin gap with peers. For every 50bps of relative margin improvement, EBITDA increases by ~$14mn, accounting for $157mn of value creation, or $0.73/share (2) 31.3% 30.8% 30.7% Peer Average: 30.4% 28.0% 27.9% 27.3% 26.0% 24.0% 22.0% 20.0% RHP CHSP XHR DRH AHP SHO HST PK 27 (1) TTM as of 9/30/17. See Appendix for our definitions and for reconciliations to comparable GAAP measures. Our definition of Hotel Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies (2) Assumes an EBITDA multiple of 11.5x

28 4 Active Asset Management: 2017 Initiatives Margin Improvement Strategies Implemented ~$12.6mn or roughly 50 basis points (1) of EBITDA Improvement in 2017 Other: ~$5.1mn Ancillary parking Resort fees Retail leasing Changes in amenities Productivity: ~$2.8mn FTE reduction and staffing model efficiency Productivity studies Insurance: ~$2.6mn Partnered with Hilton to drive down insurance costs F&B: ~$1mn Menu pricing increases Outlet shuttering Increased banquet service charges Rooms: ~$900k Differentiated weekday and weekend pricing Initiated premium view room types Energy: ~$300k Installed EMS and LED lighting Reduced energy consulting contracts 28 (1) Based on forecasted 2017 Total Revenue as of 9/30/17

29 4 Active Asset Management: 2018 Initiatives Margin Improvement Strategies Planned Implementation of Potential ~$20mn or 75 bps (1) of EBITDA Improvement in 2018 Other Ancillary parking Resort fees Retail leasing Audiovisual contract renegotiation Changes in amenities Productivity FTE reduction and staffing model efficiency Productivity studies Rooms Differentiated weekday and weekend pricing Initiated premium view room types Energy Commercial laundry water reclamation Installed EMS and LED lighting Reduced energy consulting contracts F&B Menu pricing increases Outlet shuttering Increased banquet service charges 29 (1) Based on projected 2018 Total Revenue as of 9/30/17

30 4 CapEx: $1.4bn Has Been Reinvested in Park s Hotels Well-capitalized portfolio with ~$1.4 bn invested since 2011 to maintain competitive strength Historical Cumulative CapEx Spend (mn) (1) Capital Investment Overview $267 $549 $704 $865 $1,088 $1,314 $1,439 Invested heavily to drive market share and ensure strong competitive positioning of Park portfolio Consistently renovated to adapt to evolving customer preferences and latest technology YTD 2017 Yearly CapEx Spend as % of Consolidated Hotel Revenue (1) 12.8% 13.0% 8.3% 8.3% 6.7% 6.4% 6.0% YTD 2017 Renovations have been focused on guestroom design, open and activated lobby areas, food and beverage and public spaces, and modernized meeting space Value creation through repositioning select hotels across brands or chain scale segments and exploring adaptive reuse opportunities for highest and best use No major deferred maintenance CapEx projects on the horizon 30 (1) CapEx made in our consolidated portfolio during our period of ownership; YTD as of 9/30/17

31 4 Future ROI Projects: Fess Parker Santa Barbara Hotel Conversion from a DoubleTree to a Hilton 360-room beachfront resort situated across 24 acres in Santa Barbara, CA Resort benefits from its prime location in Santa Ynez wine country and in-house winery Upbranding to a Hilton potentially allows the hotel to attract higher-rated group business and better yield transient business $13.6mn renovation ($38,000/key) commencing Q with expected completion in Q Scope Guestrooms: case goods, soft goods Guest bathrooms: conversion of 160 bathtubs to walk-in showers; case goods, soft goods Public space: lobby; meeting space (mainly soft goods); and minor restaurant upgrades Current lobby: Renovated lobby: 31

32 4 Future ROI Projects: Orlando Bonnet Creek: Development Rights The 1,009-room Hilton Orlando Bonnet Creek and the adjacent 502-room Waldorf Astoria Orlando feature a combined 174,000 sq. ft. of indoor and outdoor meeting space, a 3-acre Florida-style lazy river pool, a luxurious spa, a renowned championship golf course, fitness center and nearly a dozen dining and lounge options Opportunity: Additional Meeting Space Optimize meeting platform based on development rights for approximately 55,000 sq. ft. of additional multi-purpose space, including a 35,000 sq. ft. ballroom $50-60mn investment in 2018/19 expected to generate an additional ~$10mn of EBITDA per annum from

33 Balance Sheet Hilton New Orleans Riverside 33

34 5 Strong and Flexible Balance Sheet Debt Capital Structure Overview (1) Debt Maturity Schedule (2) Debt $ Amount % of Total Weighted Avg. Cost of Debt CMBS (secured) $2,000 66% 4.2% Term Loan A (unsecured) (3) % 2.4% Consolidated JV Debt (secured) 207 7% 4.0% Other (incl. capital lease obligations) 70 2% 7.4% Revolver (3) 0 0% 2.2% Total Debt $3, % 3.8% $215 million of unconsolidated JV debt (pro rata) Target investment grade leverage profile over time Fixed vs. floating mix: 74% fixed / 26% floating Dividend and Payout Ratio Analysis On January 9 th, Park declared a special stock and cash dividend of$2.79 per share, or ~$551 million On July 28 th, Park declared its most recent quarterly cash dividend of $0.43 per share Liquidity Profile Ample liquidity with $357 million of unrestricted cash available as of 9/30/17 55 unencumbered hotels, or 61% of Pro forma Adjusted EBITDA Park expects to declare a fourth quarter catch-up cash dividend in December 2017 of approximately $0.51 to $0.58 per share equating to a 6.3% dividend yield (4) at the mid-point of the range (5) 34 In addition to cash, Park has access to a $1 billion revolving credit facility (1) As of 9/30/17. Figures exclude pro rata share of Unconsolidated JVs, unamortized deferred financing costs and discounts (2) Excludes $15mn of capital lease obligations (3) Term Loan A (L %) and Revolver (L %) as of 9/30/17 (4) Based on 11/7/17 closing price of $29.25 (5) Fourth quarter catch-up dividend could be impacted by any future asset sales that may result in a taxable gain or loss or a material change in expected performance

35 Appendix Casa Marina, The Waldorf Astoria Collection Hilton Berlin 35

36 Key West Case Study Casa Marina, a Waldorf Astoria Resort The Reach, a Waldorf Astoria Resort 36

37 Asset Management Key West Case Study New GM started in April; strategy to reestablish the two properties as leaders in the market Personnel Changes Eliminated one Executive Committee position, one Executive Chef position and one Manager position Promoted Director of Rooms to Hotel Manager for both properties Total wages / benefits / bonus savings of ~$200,000 annually Revenue Mgmt More aggressive approach to layering demand Implementing various levers to generate and capture demand Experiencing above-market rate growth compared to the competitive set Group Sales Secured multiple first time groups Instituted cross-selling with Waldorf Astoria Orlando 2018 group pace up over 10% Operational analyses (OA) has led to strategic changes to create long term value in Key West Oper. Analysis Increased Resort Fee by $5 to $35: incremental ~$200,000+ Recaptured additional 21 parking spaces by relocating bike racks; initiated valet-only parking at The Reach (which will be replicated at Casa): ~$50,000 incremental revenue Completed laundry review, which will yield $160,000 annual savings Eliminated turndown service at The Reach: ~$50,000 annual savings Established new flow-through targets and stretch goals 37

38 Asset Management Key West Case Study Combined Financial Performance Review Operational Performance improved from April to August 2017 versus 2016 Occupancy +200 bps increase to 84.2% ADR +1.9% increase to $ RevPAR +4.3% increase to $ Total Revenue +$1.3M, or 4.6% increase to $28.8m EBITDA ~$1m increase to $10.2m Margins up +190bps to 35.5% 38

39 Reconciliations: Non-GAAP Financial Measures 3Q17 and 3Q16 EBITDA, Adjusted EBITDA and Pro-forma Adjusted EBITDA (unaudited, in millions) (1) Includes adjustments for incremental fees based on the terms of the post spin-off management agreements and estimated non-income taxes on certain REIT leases. 3Q17 and 3Q16 Pro-forma Comparable Hotel Adjusted EBITDA and Pro-forma Comparable Hotel Adjusted EBITDA Margin 39 (unaudited, dollars in millions) Three Months Ended September 30, Net income $ 105 $ 37 Depreciation and amortization expense Interest income (1) Interest expense Income tax (benefit) expense (44) 26 Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates 6 6 EBITDA Gain on sales of assets, net Loss on foreign currency transactions 1 (1) Transition costs 3 Share-based compensation expense 3 Impairment loss Impairment loss included in equity in earnings from investments in affiliates Loss from hurricane damage 2 Other gains and losses 2 9 Other adjustment items Adjusted EBITDA Less: Adjusted EBITDA from hotels disposed of Less: Spin-off adjustments (1) (14) Pro-forma Adjusted EBITDA $ 183 $ 185 Three Months Ended September 30, Pro-forma Adjusted EBITDA $ 183 $ 185 Less: Adjusted EBITDA from investments in affiliates Less: All other (1) (10) (13) Pro-forma Hotel Adjusted EBITDA Less: Non-comparable hotels Pro-forma Comparable Hotel Adjusted EBITDA $ 172 $ 175 Three Months Ended September 30, Total Revenue $ 688 $ 671 Less: Revenue from laundry facilities 3 4 Add: Spin-off adjustments (2) 6 Less: Non-comparable hotels Pro-forma Comparable Hotel Revenue $ 635 $ 620 Three Months Ended September 30, Pro-forma Comparable Hotel Revenue $ 635 $ 620 Pro-forma Comparable Hotel Adjusted EBITDA $ 172 $ 175 Pro-forma Comparable Hotel Adjusted EBITDA margin 27.0% 28.2% (1) Includes EBITDA from Park's laundry business and certain corporate expenses. (2) Includes allocated costs previously excluded from other hotel revenue for services provided to HGV at Hilton Hawaiian Village Beach Resort. In connection w ith the spin-off, Park entered into a services agreement w ith HGV. TTM Pro-forma Adjusted EBITDA Year Ended Nine Months Ended TTM (1) (unaudited, in millions) December 31, September 30, September 30, Net income $ 139 $ 2,570 $ 122 2,587 Depreciation and amortization expense Interest income (2) (2) (1) (3) Interest expense Income tax expense (benefit) 82 (2,344) 79 (2,341) Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates EBITDA Gain on sales of assets, net (1) (1) (Loss) gain on foreign currency transactions (3) 4 1 Transition costs Share-based compensation expense Impairment loss Impairment loss included in equity in earnings from investments in affiliates Loss from hurricane damage 2 2 Other gains and losses Other adjustment items Adjusted EBITDA Less: Adjusted EBITDA from hotels disposed of (1) (1) Less: Spin-off adjustments (2) (57) (41) (16) Pro-forma Adjusted EBITDA $ 756 $ 577 $ 573 $ 760 (1) TTM as of 9/30/17 is calculated as the year ended 12/31/16 plus the nine months ended 9/30/17 less the nine months ended 9/30/16. (2) Includes adjustments for incremental fees based on the terms of the post spin-off management agreements and estimated non-income taxes on certain REIT leases. TTM Pro-forma Comparable Hotel Adjusted EBITDA and Pro-forma Comparable Hotel Adjusted EBITDA Margin (unaudited, dollars in millions) Year Ended December 31, TTM (1) September 30, Pro-forma Adjusted EBITDA $ 756 $ 577 $ 573 $ 760 Less: Adjusted EBITDA from investments in affiliates Less: All other (2) (38) (31) (35) (34) Pro-forma Hotel Adjusted EBITDA Less: Non-comparable hotels Pro-forma Comparable Hotel Adjusted EBITDA $ 699 $ 532 $ 535 $ 696 Year Ended December 31, TTM (1) September 30, Total Revenue $ 2,727 $ 2,105 $ 2,057 $ 2,775 Less: Revenue from laundry facilities Add: Spin-off adjustments (3) Less: Non-comparable hotels Pro-forma Comparable Hotel Revenue $ 2,508 $ 1,930 $ 1,889 $ 2,549 Year Ended December 31, Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, TTM (1) September 30, Pro-forma Comparable Hotel Revenue $ 2,508 $ 1,930 $ 1,889 $ 2,549 Pro-forma Comparable Hotel Adjusted EBITDA $ 699 $ 532 $ 535 $ 696 Pro-forma Comparable Hotel Adjusted EBITDA margin 27.9% 27.6% 28.4% 27.3% (1) TTM as of 9/30/17 is calculated as the year ended 12/31/16 plus the nine months ended 9/30/17 less the nine months ended 9/30/16. (2) Includes EBITDA from Park's laundry business and certain corporate expenses. (3) Includes allocated costs previously excluded from other hotel revenue for services provided to HGV at Hilton Haw aiian Village Beach Resort. In connection w ith the spin-off, Park entered into a services agreement w ith HGV.

40 Definitions Adjusted EBITDA and Hotel Adjusted EBITDA Margin Earnings before interest expense, taxes and depreciation and amortization ( EBITDA ), presented herein, reflects net income, excluding depreciation and amortization, interest income, interest expense, income taxes and interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates. The Company considers EBITDA to be a useful measure for investors in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of the Company s capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results. Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude: Gains or losses on sales of assets for both consolidated and unconsolidated investments; Gains or losses on foreign currency transactions; Transition costs related to the Company s establishment as an independent, publicly traded company; Share-based compensation expense; Non-cash impairment losses; and Other gains and losses 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, including both comparable and non-comparable hotels but excluding 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. NAREIT FFO attributable to stockholders and Adjusted FFO attributable to stockholders NAREIT FFO attributable to stockholders, presented herein, is calculated 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. The Company calculates NAREIT FFO attributable to stockholders for a given operating period in accordance with the guidelines of the NAREIT. As noted by NAREIT in its April 2002 White Paper on Funds From Operations, 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 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: Gains or losses on foreign currency transactions; Transition costs related to the Company s establishment as an independent, publicly traded company; Share-based compensation expense; Litigation gains and losses outside the ordinary course of business; and Other gains and losses that management believes are not representative of the Company s current or future operating performance. Comparable Hotels The Company presents certain data for its hotels on a comparable hotel basis as supplemental information for investors. The Company defines its comparable hotels as those hotels that: (i) were active and operating in the Company s portfolio since January 1st of the previous year; and (ii) have not sustained substantial property damage, business interruption, undergone large-scale capital projects or for which comparable results are not available. The Company presents comparable hotel results to help the Company and its investors evaluate the ongoing operating performance of its comparable hotels. Of the 58 hotels that the Company consolidated as of September 30, 2017, 55 hotels have been classified as comparable hotels. Due to the conversion, or planned conversions, of a significant number of rooms at the Hilton Waikoloa Village in 2017 and Embassy Suites Washington DC Georgetown in 2016 to HGV timeshare units, and due to the effects of the hurricane at the Caribe Hilton in Puerto Rico and the expected continued effects from business interruption during the remainder of 2017 and well into 2018, the results from these properties were excluded from comparable hotels. Park s comparable hotels as of September 30, 2016 also exclude the DoubleTree Hotel Missoula/Edgewater and the Hilton Templepatrick Hotel & Country Club, as these hotels were not retained by us as part of the spin-off. Pro-forma Certain financial measures and other information have been adjusted for the Company s historical debt and related balances and interest expense to give the net effect to financing transactions that were completed prior to spinoff, incremental fees based on the terms of the post spin-off management agreements, adjustments to income tax expense based on the Company s post spin-off REIT tax structure, the removal of costs incurred related to the spin-off and the establishment of Park as a separate public company and the estimated excise taxes on certain REIT leases. Further adjustments have been made to reflect the effects of hotels disposed of or acquired during the periods presented. When presenting such information, the amounts are identified as Pro-forma. 40 * Please see Park s periodic filings with the SEC for additional definitions

41 About Park and Safe Harbor Disclosure About Park Park (NYSE: PK) is a leading lodging real estate company with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park s portfolio consists of 67 premium-branded hotels and resorts with over 35,000 rooms located in prime U.S. and international markets with high barriers to entry. Over 85% of Park s rooms are luxury and upper upscale and nearly 90% are located in the United States. Park is focused on delivering superior risk-adjusted returns by continuing to actively manage its assets and pursue a thoughtful external growth strategy while maintaining a strong and flexible balance sheet. Visit for more information. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park s current expectations regarding the performance of its business, financial results, liquidity and capital resources, the effects of competition and the effects of future legislation or regulations 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 forwardlooking terminology such as the words outlook, believes, expects, potential, continues, may, will, should, could, seeks, projects, predicts, intends, plans, estimates, anticipates or the negative version of these words or other comparable words. Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements in this presentation 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, 2016, as such factors may be updated from time to time in Park s periodic filings with the SEC, which are accessible on the SEC s website at Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Supplemental Financial Information Park refers to certain non-generally accepted accounting principles ( GAAP ) financial measures in this presentation, including Funds from Operations ( FFO ) calculated in accordance with the guidelines of the National Association of Real Estate Investment Trusts ( NAREIT ), Adjusted FFO, FFO per share, Adjusted FFO per share, Earnings before interest expense, taxes and depreciation and amortization ( EBITDA ), Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA margin, Net debt and Net debt to Adjusted EBITDA ratio. These non-gaap financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of its operating performance. Please see the schedules included in this presentation including the Definitions section for additional information and reconciliations of such non-gaap financial measures. 41