Exhibit 99.2

THIRD QUARTER 2025

SUPPLEMENTAL DATA

SEPTEMBER 30, 2025


2

ABOUT PARK AND SAFE HARBOR DISCLOSURE

About Park Hotels & Resorts Inc.

Park (NYSE: PK) 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 38 premium-branded hotels and resorts with over 24,000 rooms primarily

located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

Forward-Looking Statements

This supplement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the

Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to the effects of Park’s decision to

cease payments on its $725 million non-recourse CMBS loan (“SF Mortgage Loan”) secured by two of Park’s San Francisco hotels – the 1,921-room Hilton San

Francisco Union Square and the 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the “Hilton San Francisco Hotels”) and Park’s expectation that

the hotels will be sold by the court-appointed receiver by November 21, 2025, with the buyer assuming the SF Mortgage Loan at that time, as well as Park’s

current expectations regarding the performance of its business, financial results, liquidity and capital resources, including the use of proceeds from Park’s new

$800 million senior unsecured delayed draw term loan facility (“2025 Delayed Draw Term Loan”) and the 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 elevated inflation and

interest rates, potential economic slowdown or a recession and geopolitical conflicts or trends, including trade policy, travel barriers or changes in travel

preferences for U.S. destinations, including as a result of the government shutdown), the effects of competition and the effects of future legislation, executive action

or regulations, tariffs, 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, 2024, as such factors may be updated from time to time in Park’s

filings with the Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park

undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Supplemental Financial Information

Park presents certain non-generally accepted accounting principles (“GAAP”) financial measures in this presentation, 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, 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.


3
	HILTON NEW ORLEANS RIVERSIDE

TABLE OF CONTENTS


Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4
Supplementary Financial Information . . . . . . . . . . . . . . . . . . . .	7
Outlook and Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	13
Portfolio and Operating Metrics . . . . . . . . . . . . . . . . . . . . . . . . .	18
Properties Acquired and Sold . . . . . . . . . . . . . . . . . . . . . . . . . . .	29
Comparable Supplementary Financial Information . . . . . . . . .	31
Capital Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	36
Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	39
Analyst Coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	44


4
	WALDORF ASTORIA ORLANDO

FINANCIAL

STATEMENTS


5
	HILTON WAIKOLOA VILLAGE

FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS


(in millions, except share and per share data)	September 30, 2025	December 31, 2024
	(unaudited)
ASSETS
Property and equipment, net	$7,174	$7,398
Contract asset	868	820
Intangibles, net	41	41
Cash and cash equivalents	278	402
Restricted cash	31	38
Accounts receivable, net of allowance for doubtful accounts of $3 and $4	124	131
Prepaid expenses	55	69
Other assets	78	71
Operating lease right-of-use assets	181	191
TOTAL ASSETS (variable interest entities – $209 and $223)	$8,830	$9,161
LIABILITIES AND EQUITY
Liabilities
Debt	$3,839	$3,841
Debt associated with hotels in receivership	725	725
Accrued interest associated with hotels in receivership	143	95
Accounts payable and accrued expenses	237	226
Dividends payable	56	138
Due to hotel managers	107	138
Other liabilities	182	179
Operating lease liabilities	215	225
Total liabilities (variable interest entities – $196 and $201)	5,504	5,567
Stockholders’ Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 200,945,761 shares issued and 199,911,257 shares outstanding as of September 30, 2025 and 203,407,320 shares issued and 202,553,194 shares outstanding as of December 31, 2024	2	2
Additional paid-in capital	4,027	4,063
Accumulated deficit	(647)	(420)
Total stockholders’ equity	3,382	3,645
Noncontrolling interests	(56)	(51)
Total equity	3,326	3,594
TOTAL LIABILITIES AND EQUITY	$8,830	$9,161


6
	HILTON WAIKOLOA VILLAGE

FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


(unaudited, in millions, except per share data)	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Revenues
Rooms	$370	$403	$1,134	$1,193
Food and beverage	150	157	512	521
Ancillary hotel	67	68	198	196
Other	23	21	68	64
Total revenues	610	649	1,912	1,974

Operating expenses
Rooms	106	107	311	314
Food and beverage	112	112	357	356
Other departmental and support	148	154	451	454
Other property	56	65	163	174
Management fees	27	30	88	93
Impairment and casualty loss	—	—	70	13
Depreciation and amortization	78	63	269	192
Corporate general and administrative	17	17	54	52
Other	23	21	67	62
Total expenses	567	569	1,830	1,710

Gain on sale of assets, net	—	—	1	—
Gain on derecognition of assets	16	15	48	44

Operating income	59	95	131	308

Interest income	3	6	8	16
Interest expense	(53)	(54)	(158)	(161)
Interest expense associated with hotels in receivership	(16)	(15)	(48)	(44)
Equity in earnings from investments in affiliates	—	28	2	29
Other (loss) gain, net	(1)	(1)	—	(4)

(Loss) income before income taxes	(8)	59	(65)	144
Income tax (expense) benefit	(6)	(2)	(8)	9
Net (loss) income	(14)	57	(73)	153
Net income attributable to noncontrolling interests	(2)	(3)	(5)	(7)
Net (loss) income attributable to stockholders	$(16)	$54	$(78)	$146

(Loss) earnings per share:
(Loss) earnings per share – Basic	$(0.08)	$0.26	$(0.40)	$0.70
(Loss) earnings per share – Diluted	$(0.08)	$0.26	$(0.40)	$0.69

Weighted average shares outstanding – Basic	199	206	199	208
Weighted average shares outstanding – Diluted	199	208	199	210


7
	NEW YORK HILTON MIDTOWN

SUPPLEMENTARY

FINANCIAL

INFORMATION


8
	NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

EBITDA AND ADJUSTED EBITDA


(unaudited, in millions)	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Net (loss) income	$(14)	$57	$(73)	$153
Depreciation and amortization expense	78	63	269	192
Interest income	(3)	(6)	(8)	(16)
Interest expense	53	54	158	161
Interest expense associated with hotels in receivership(1)	16	15	48	44
Income tax expense (benefit)	6	2	8	(9)
Interest income and expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	2	4	6	9
EBITDA	138	189	408	534
Gain on sale of assets, net(2)	—	(19)	(1)	(19)
Gain on derecognition of assets(1)	(16)	(15)	(48)	(44)
Share-based compensation expense	5	5	14	14
Impairment and casualty loss	—	—	70	13
Other items	3	(1)	14	16
Adjusted EBITDA	$130	$159	$457	$514

_____________________________________

(1)For the three and nine months ended September 30, 2025 and 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. Park expects the court-appointed receiver to sell the Hilton San Francisco Hotels by

November 21, 2025 and the SF Mortgage Loan to be assumed by the buyer at that time.

(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.


9
	NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

COMPARABLE HOTEL ADJUSTED EBITDA AND COMPARABLE HOTEL

ADJUSTED EBITDA MARGIN


(unaudited, dollars in millions)
	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Adjusted EBITDA	$130	$159	$457	$514
Less: Adjusted EBITDA from investments in affiliates	(3)	(3)	(16)	(19)
Add: All other(1)	14	12	42	41
Hotel Adjusted EBITDA	141	168	483	536
Less: Adjusted EBITDA from hotels disposed of	—	(1)	—	(3)
Comparable Hotel Adjusted EBITDA	$141	$167	$483	$533

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Total Revenues	$610	$649	$1,912	$1,974
Less: Other revenue	(23)	(21)	(68)	(64)
Less: Revenues from hotels disposed of	(2)	(17)	(16)	(48)
Comparable Hotel Revenues	$585	$611	$1,828	$1,862


	Three Months Ended September 30,			Nine Months Ended September 30,
	2025	2024	Change(2)	2025	2024	Change(2)
Total Revenues	$610	$649	(6.1)%	$1,912	$1,974	(3.1)%
Operating income	$59	$95	(37.5)%	$131	$308	(57.4)%
Operating income margin(2)	9.7%	14.6%	(490) bps	6.8%	15.6%	(880) bps

Comparable Hotel Revenues	$585	$611	(4.3)%	$1,828	$1,862	(1.8)%
Comparable Hotel Adjusted EBITDA	$141	$167	(15.9)%	$483	$533	(9.4)%
Comparable Hotel Adjusted EBITDA margin(2)	24.1%	27.4%	(330) bps	26.4%	28.6%	(220) 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.


10
	NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

NAREIT FFO AND ADJUSTED FFO


(unaudited, in millions, except per share data)	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Net (loss) income attributable to stockholders	$(16)	$54	$(78)	$146
Depreciation and amortization expense	78	63	269	192
Depreciation and amortization expense attributable to noncontrolling interests	(1)	(1)	(3)	(3)
Gain on sales of assets, net	—	—	(1)	—
Gain on derecognition of assets(1)	(16)	(15)	(48)	(44)
Impairment loss	—	—	70	12
Equity investment adjustments:
Equity in earnings from investments in affiliates	—	(28)	(2)	(29)
Pro rata FFO of investments in affiliates	—	9	5	14
Nareit FFO attributable to stockholders	45	82	212	288
Casualty loss	—	—	—	1
Share-based compensation expense	5	5	14	14
Interest expense associated with hotels in receivership(1)	16	15	48	44
Other items	4	—	17	3
Adjusted FFO attributable to stockholders	$70	$102	$291	$350
Nareit FFO per share – Diluted(2)	$0.22	$0.40	$1.06	$1.37
Adjusted FFO per share – Diluted(2)	$0.35	$0.49	$1.45	$1.67
Weighted average shares outstanding – Diluted(3)	200	208	200	210

__________________________________________________________________________

(1)For the three and nine months ended September 30, 2025 and 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. Park expects the court-appointed receiver to sell the Hilton San Francisco Hotels by

November 21, 2025 and the SF Mortgage Loan to be assumed by the buyer at that time.

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

(3)Derived from Park’s earnings per share calculations for each period presented; for shares outstanding as of September 30, 2025, see page 5.


11
	NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

GENERAL AND ADMINISTRATIVE EXPENSES


(unaudited, in millions)	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Corporate general and administrative expenses	$17	$17	$54	$52
Less:
Share-based compensation expense	5	5	14	14
Other corporate expenses	1	1	3	3
G&A, excluding expenses not included in Adjusted EBITDA	$11	$11	$37	$35


12
	NEW YORK HILTON MIDTOWN

SUPPLEMENTARY FINANCIAL INFORMATION

NET DEBT AND NET DEBT TO COMPARABLE ADJUSTED EBITDA RATIO


(unaudited, in millions)
	September 30, 2025	December 31, 2024
Debt	$3,839	$3,841
Add: unamortized deferred financing costs and discount	19	24
Debt, excluding unamortized deferred financing cost, premiums and discounts	3,858	3,865
Add: Park’s share of unconsolidated affiliates debt, excluding unamortized deferred financing costs	157	157
Less: cash and cash equivalents	(278)	(402)
Less: restricted cash	(31)	(38)
Net Debt	$3,706	$3,582
TTM Comparable Adjusted EBITDA(1)	$595	$647
Net Debt to TTM Comparable Adjusted EBITDA ratio	6.23x	5.54x

_____________________________________

(1)See pages 33 and 34 for trailing twelve months (“TTM”) Comparable Adjusted EBITDA as of September 30, 2025 and December 31, 2024, respectively.


13
	CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND

ASSUMPTIONS


14
	CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS

FULL-YEAR 2025 OUTLOOK


Park expects full-year 2025 operating results to be as follows:

(unaudited, dollars in millions, except per share amounts and RevPAR)
	Full-Year 2025 Outlook as of October 30, 2025		Full-Year 2025 Outlook as of July 31, 2025		Change at Midpoint
Metric	Low	High	Low	High	Change at Midpoint

Comparable RevPAR	$184	$185	$184	$187	$(1)
Comparable RevPAR change vs. 2024	(2.5)%	(1.8)%	(2.0)%	0.0%	(110) bps
Comparable RevPAR, excluding the Royal Palm(1)	$186	$187	$185	$189	$(1)
Comparable RevPAR change vs. 2024, excluding the Royal Palm(1)	(1.5)%	(0.7)%	(1.0)%	1.0%	(110) bps

Net loss	$(60)	$(35)	$(53)	$(3)	$(20)
Net loss attributable to stockholders	$(66)	$(41)	$(60)	$(10)	$(19)
(Loss) per share – Diluted(2)	$(0.33)	$(0.21)	$(0.30)	$(0.05)	$(0.10)
Operating income	$206	$231	$212	$263	$(19)
Operating income margin	8.2%	9.1%	8.4%	10.2%	(70) bps

Adjusted EBITDA	$595	$620	$595	$645	$(13)
Comparable Hotel Adjusted EBITDA margin(2)	26.3%	26.9%	26.1%	27.5%	(20) bps
Comparable Hotel Adjusted EBITDA margin change vs. 2024(2)	(130) bps	(70) bps	(150) bps	(10) bps	(20) bps
Adjusted FFO per share – Diluted(2)	$1.85	$1.97	$1.82	$2.08	$(0.04)

__________________________________________________________________________

(1)Royal Palm South Beach Miami, a Tribute Portfolio Resort (“Royal Palm”).

(2)Amounts are calculated based on unrounded numbers.

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

•Adjusted FFO excludes $58 million of default interest and late payment administrative fees associated with the default of the SF Mortgage Loan that

began in June 2023 and are required to be recognized in interest expense until legal titles to the Hilton San Francisco Hotels are transferred, which is

currently expected by November 21, 2025 pursuant to a court-approved transaction;

•Reflects the impact of the government shutdown through October 2025 only;

•Fully diluted weighted average shares for the full-year 2025 of 200 million; and

•Park’s portfolio as of October 30, 2025 and does not take into account potential future acquisitions, dispositions or any financing transactions, which

could result in a material change to Park’s outlook.

Park’s full-year 2025 outlook is based on several factors, many of which are outside the Company’s control, including uncertainty surrounding macro-

economic factors, such as inflation, changes in interest rates and the possibility of an economic recession or slowdown, as well as the assumptions set forth

above, all of which are subject to change. Additionally, Park’s full-year 2025 outlook does not include assumptions around the incremental impact of tariff

announcements (including any foreign tariffs announced in response to changes in U.S. trade policy), changes in travel patterns to or in the United States as

a result of tariff or trade policy, or continued government shutdown beyond October 2025 as the net effect of such announcements or events cannot be

ascertained or quantified at this time.


15
	CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS

EBITDA, ADJUSTED EBITDA, COMPARABLE HOTEL ADJUSTED EBITDA AND

COMPARABLE HOTEL ADJUSTED EBITDA MARGIN


	Year Ending
(unaudited, in millions)	December 31, 2025
	Low Case	High Case
Net loss	$(60)	$(35)
Depreciation and amortization expense	334	334
Interest income	(9)	(9)
Interest expense	209	209
Interest expense associated with hotels in receivership	58	58
Income tax expense	11	11
Interest expense, income tax and depreciation and amortization included in equity in earnings from investments in affiliates	8	8
EBITDA	551	576
Gain on sale of assets, net	(1)	(1)
Gain on derecognition of assets	(58)	(58)
Share-based compensation expense	19	19
Impairment loss	70	70
Other items	14	14
Adjusted EBITDA	595	620
Less: Adjusted EBITDA from investments in affiliates	(18)	(20)
Add: All other	57	57
Comparable Hotel Adjusted EBITDA	$634	$657


16
	CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS

EBITDA, ADJUSTED EBITDA, COMPARABLE HOTEL ADJUSTED EBITDA AND

COMPARABLE HOTEL ADJUSTED EBITDA MARGIN (CONTINUED)


	Year Ending
	December 31, 2025
	Low Case	High Case
Total Revenues	$2,521	$2,549
Less: Other revenue	(93)	(93)
Hotel Revenues	2,428	2,456
Less: Revenues from hotels disposed of	(15)	(15)
Comparable Hotel Revenues	$2,413	$2,441



	Year Ending
	December 31, 2025
	Low Case	High Case
Total Revenues	$2,521	$2,549
Operating income	$206	$231
Operating income margin(1)	8.2%	9.1%

Comparable Hotel Revenues	$2,413	$2,441
Comparable Hotel Adjusted EBITDA	$634	$657
Comparable Hotel Adjusted EBITDA margin(1)	26.3%	26.9%

_______________________________________________________________________________

(1)Percentages are calculated based on unrounded numbers.


17
	CASA MARINA KEY WEST, CURIO COLLECTION

OUTLOOK AND ASSUMPTIONS

NAREIT FFO AND ADJUSTED FFO


	Year Ending
(unaudited, in millions except per share data)	December 31, 2025
	Low Case	High Case
Net loss attributable to stockholders	$(66)	$(41)
Depreciation and amortization expense	334	334
Depreciation and amortization expense attributable to noncontrolling interests	(4)	(4)
Gain on sale of assets, net	(1)	(1)
Gain on derecognition of assets	(58)	(58)
Impairment loss	70	70
Equity investment adjustments:
Equity in earnings from investments in affiliates	(3)	(4)
Pro rata FFO of equity investments	7	7
Nareit FFO attributable to stockholders	279	303
Share-based compensation expense	19	19
Interest expense associated with hotels in receivership	58	58
Other items	14	13
Adjusted FFO attributable to stockholders	$370	$393
Adjusted FFO per share – Diluted(1)	$1.85	$1.97
Weighted average diluted shares outstanding	200	200

_____________________________________

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


18
	HILTON WAIKOLOA VILLAGE

PORTFOLIO

AND

OPERATING

METRICS


19
	HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

HOTEL PORTFOLIO AS OF OCTOBER 30, 2025


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

Hilton Hawaiian Village Waikiki Beach Resort	2,872	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	87,000	Leasehold	100%	—
Hilton Waikoloa Village	653	Hawaii	241,000	Fee Simple	100%	—
Caribe Hilton	652	Puerto Rico	65,000	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%	$51
Hilton Boston Logan Airport	604	Boston	30,000	Leasehold	100%	—
The Wade(1)	520	Chicago	21,000	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%	$122
Waldorf Astoria Orlando	502	Orlando	121,000	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	35,000	Fee Simple	100%	—
The Midland Hotel, a Tribute Portfolio Hotel(2)	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%	—
Hilton Santa Barbara Beachfront Resort	360	Southern California	62,000	Fee Simple	50%	$154
JW Marriott San Francisco Union Square	344	San Francisco	12,000	Leasehold	100%	—
Hilton Short Hills	314	Other U.S.	22,000	Fee Simple	100%	—
Casa Marina Key West, Curio Collection	311	Key West	53,000	Fee Simple	100%	—

_____________________________________

(1)In February 2025, the W Chicago – Lakeshore was converted to The Wade.

(2)In January 2025, the W Chicago – City Center was converted to The Midland Hotel, a Tribute Portfolio Hotel.


20
	HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

HOTEL PORTFOLIO AS OF OCTOBER 30, 2025 (CONTINUED)


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	35,000	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.	43,000	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 (35 Hotels)	22,129		2,161,000			$1,632

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 (38 Hotels)	24,400		2,438,000			$1,789

_____________________________________

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


21
	HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

COMPARABLE HOTELS BY MARKET: Q3 2025 VS Q3 2024


(unaudited)			Comparable ADR			Comparable Occupancy			Comparable RevPAR			Comparable Total RevPAR
	Hotels	Rooms	3Q25	3Q24	Change(1)	3Q25	3Q24	Change	3Q25	3Q24	Change(1)	3Q25	3Q24	Change(1)
Hawaii	2	3,525	$295.48	$312.86	(5.6)%	81.4%	87.0%	(5.6)% pts	$240.57	$272.29	(11.6)%	$408.36	$449.95	(9.2)%
Orlando	3	2,325	207.43	201.39	3.0	64.4	65.1	(0.7)	133.67	131.18	1.9	301.21	289.13	4.2
New York	1	1,878	320.25	304.42	5.2	89.9	91.0	(1.1)	287.95	277.19	3.9	465.10	419.61	10.8
New Orleans	1	1,622	168.64	173.42	(2.8)	56.0	64.2	(8.2)	94.46	111.44	(15.2)	187.00	214.56	(12.8)
Boston	3	1,536	266.30	281.13	(5.3)	88.0	87.5	0.5	234.46	246.23	(4.8)	284.47	299.59	(5.0)
Southern California	5	1,773	235.96	250.89	(5.9)	80.6	85.0	(4.4)	190.13	213.29	(10.9)	291.79	318.08	(8.3)
Key West	2	461	341.44	362.17	(5.7)	69.7	65.3	4.4	238.06	236.53	0.6	401.05	384.78	4.2
Chicago	3	2,467	229.31	237.93	(3.6)	78.1	77.1	1.0	179.10	183.56	(2.4)	261.51	278.83	(6.2)
Puerto Rico	1	652	241.04	264.86	(9.0)	84.0	68.5	15.5	202.55	181.39	11.7	315.39	295.95	6.6
Washington, D.C.	2	1,085	181.83	181.93	(0.1)	63.0	75.0	(12.0)	114.64	136.56	(16.1)	170.80	193.12	(11.6)
Denver	1	613	184.67	204.78	(9.8)	77.9	74.4	3.5	143.84	152.25	(5.5)	202.55	227.29	(10.9)
Miami(2)	1	393	—	185.86	(100.0)	—	72.9	(72.9)	—	135.57	(100.0)	—	191.88	(100.0)
Seattle	2	1,246	181.15	182.67	(0.8)	88.7	86.0	2.7	160.69	157.16	2.2	205.76	198.72	3.5
San Francisco	1	344	294.09	271.12	8.5	72.1	68.9	3.2	211.96	186.79	13.5	270.09	242.91	11.2
Other	7	2,209	193.44	191.67	0.9	66.6	72.2	(5.6)	128.77	138.40	(7.0)	176.58	188.14	(6.1)
All Markets	35	22,129	$242.25	$246.38	(1.7)%	74.7%	78.2%	(3.5)% pts	$180.93	$192.59	(6.1)%	$287.20	$300.29	(4.4)%

_____________________________________

(1)Calculated based on unrounded numbers.

(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.


22
	HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

COMPARABLE HOTELS BY MARKET: Q3 2025 VS Q3 2024 (CONTINUED)


(unaudited, dollars in millions)			Comparable Hotel Adjusted EBITDA			Comparable Hotel Revenue			Comparable Hotel Adjusted EBITDA Margin
	Hotels	Rooms	3Q25	3Q24	Change(1)	3Q25	3Q24	Change(1)	3Q25	3Q24	Change
Hawaii	2	3,525	$45	$56	(20.4)%	$132	$145	(8.8)%	33.8%	38.7%	(490)	bps
Orlando	3	2,325	15	14	7.7	64	62	4.2	22.1	21.4	70
New York	1	1,878	16	13	19.0	80	72	10.8	19.5	18.2	130
New Orleans	1	1,622	7	9	(26.5)	28	32	(12.8)	23.3	27.7	(440)
Boston	3	1,536	13	15	(10.7)	40	42	(5.0)	33.3	35.4	(210)
Southern California	5	1,773	14	18	(20.4)	48	52	(8.3)	30.3	34.9	(460)
Key West	2	461	3	3	4.8	17	16	4.2	21.6	21.5	10
Chicago	3	2,467	12	16	(22.7)	59	63	(6.2)	20.3	24.6	(430)
Puerto Rico	1	652	4	3	13.9	19	18	6.6	19.2	18.0	120
Washington, D.C.	2	1,085	2	4	(44.4)	17	19	(11.6)	13.3	21.2	(790)
Denver	1	613	4	5	(16.1)	11	13	(10.9)	35.4	37.6	(220)
Miami(2)	1	393	(2)	1	(244.4)	—	7	(100.0)	—	15.5	(1,550)
Seattle	2	1,246	3	4	(22.6)	24	23	3.5	14.7	19.7	(500)
San Francisco	1	344	—	—	96.3	9	8	11.2	(0.2)	(5.4)	520
Other	7	2,209	5	6	(35.5)	37	39	(6.1)	11.5	16.7	(520)
All Markets	35	22,129	$141	$167	(15.9)%	$585	$611	(4.3)%	24.1%	27.4%	(330)	bps

_____________________________________

(1)Calculated based on unrounded numbers.

(2)In mid-May 2025, operations at the Royal Palm were suspended for a comprehensive renovation.


23
	HILTON WAIKOLOA VILLAGE

PORTFOLIO AND OPERATING METRICS

COMPARABLE HOTELS BY MARKET: YTD Q3 2025 VS YTD Q3 2024


(unaudited)			Comparable ADR			Comparable Occupancy			Comparable RevPAR			Comparable Total RevPAR
	Hotels	Rooms	2025	2024	Change(1)	2025	2024	Change	2025	2024	Change(1)	2025	2024	Change(1)
Hawaii	2	3,525	$298.78	$309.45	(3.4)%	79.5%	88.1%	(8.6)% pts	$237.44	$272.45	(12.9)%	$413.34	$460.21	(10.2)%
Orlando	3	2,325	252.68	243.32	3.8	73.0	69.2	3.8	184.52	168.41	9.6	409.65	373.27	9.7
New York	1	1,878	311.06	293.33	6.0	84.1	84.8	(0.7)	261.66	248.86	5.1	411.04	394.35	4.2
New Orleans	1	1,622	216.69	207.59	4.4	64.9	68.6	(3.7)	140.55	142.30	(1.2)	258.63	256.03	1.0
Boston	3	1,536	248.90	253.61	(1.9)	83.2	82.6	0.6	206.97	209.46	(1.2)	262.33	269.14	(2.5)
Southern California	5	1,773	219.91	226.08	(2.7)	78.4	80.5	(2.1)	172.42	181.99	(5.3)	275.41	284.33	(3.1)
Key West	2	461	521.77	542.07	(3.7)	81.4	75.4	6.0	424.76	409.00	3.9	665.90	621.24	7.2
Chicago	3	2,467	219.42	225.56	(2.7)	63.1	63.3	(0.2)	138.48	142.70	(3.0)	214.95	221.04	(2.8)
Puerto Rico	1	652	286.73	303.20	(5.4)	89.6	75.7	13.9	256.87	229.40	12.0	389.41	350.36	11.1
Washington, D.C.	2	1,085	198.62	192.97	2.9	69.7	74.5	(4.8)	138.50	143.90	(3.7)	198.58	209.07	(5.0)
Denver	1	613	181.42	194.39	(6.7)	71.9	69.1	2.8	130.46	134.34	(2.9)	195.22	202.43	(3.6)
Miami(2)	1	393	342.29	267.10	28.2	38.7	81.1	(42.4)	132.54	216.65	(38.8)	170.23	285.94	(40.5)
Seattle	2	1,246	163.02	162.96	—	77.8	77.6	0.2	126.78	126.37	0.3	170.46	170.13	0.2
San Francisco	1	344	349.48	321.07	8.8	69.8	68.5	1.3	244.04	220.07	10.9	320.17	292.33	9.5
Other	7	2,209	193.67	193.07	0.3	64.2	68.9	(4.7)	124.26	132.89	(6.5)	175.40	183.16

Park Hotels & Resorts Inc. 8-K