Nareit Presentation June 2020 Waldorf Astoria Orlando Hilton - PowerPoint PPT Presentation

Nareit Presentation June 2020 Waldorf Astoria Orlando Hilton Chicago Le Méridien San Francisco Hilton Hawaiian Village Waikiki Beach Resort

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 ▪ and 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 liquidity across lodging cycle and access to multiple types of financing ▪ Aspire to achieve investment grade rating ▪ 3 | Hilton Waikoloa Village

Park at a Glance Park Spin-off from Chesapeake Acquisition in Park Today: 2 nd Largest Lodging REIT Hilton in January 2017 September 2019 $2.5B Acquisition 67 Branded Assets 60 Branded Assets 18 High Quality Assets in 35k+ Rooms 33k+ Rooms High Growth Markets Advanced Brand, Operator & 100% Hilton Branded 17 States Geographic Diversification: 4 |

Park Investment Highlights Iconic Portfolio of Irreplaceable Assets Reshaped / Transformed Portfolio with 24 Non-Core Assets Sold for $1.2B (Including 14 International Assets) CHSP Acquisition Provided Brand, Operator & Geographic Diversification Solid Balance Sheet with Healthy Liquidity Significant Unencumbered Asset Base Decisive Actions to Mitigate Impact of COVID-19 Seasoned & Experienced Management Team with Demonstrated Track Record 5 |

Park Overview Since Park’s spin from Hilton in January 2017, Park has been guided by its Corporate Strategy pillars to achieve results: significant progress in reshaping and improving portfolio quality over the last 3+ years 3-Year Track Record of Success Outperformed peers in top-line growth and margin expansion ✓ Disposed of 24 international and other lower quality, non-core legacy assets ✓ Enhanced and diversified portfolio with acquisition of 18-hotel Chesapeake ✓ (“CHSP”) portfolio (subsequently sold 2 assets) 3-Year Performance @ Spin (2016) (1) 2019 (2) Change Number of Hotels 67 60 -9% # of International Hotels 14 0 -100% $ Comp. RevPAR (3) $161 $186 +16% Comp. Hotel Adj. EBITDA Margins (3) 27.7% 29.5% +180bps Hotel Adj. EBITDA per Key $25,100 $30,600 +22% Royal Palm Miami South Beach % Rooms Represented by Hilton 100% 85% -15 % pts As Park entered 2020, its priorities were clear: 1) realize synergies from the Chesapeake acquisition, 2) • continue recycling non-core assets to further improve the quality of the portfolio and 3) further de-lever and strengthen its balance sheet The emergence of the COVID- 19 pandemic has drastically altered Park’s priorities; the Company is now focused • on operational cost reductions including hotel suspensions to reduce monthly cash burn and measures to increase liquidity (1) As reported (2) Figures exclude Hilton Sao Paulo Morumbi and the Embassy Suites – Washington, D.C. Georgetown, which were sold in February 2020 6 | (3) The Pro-forma comparable portfolios in 2016 and 2019 represent the comparable portfolio at each specified period

Iconic Portfolio: Urban and Resort Destinations Hilton Hawaiian Village Waikiki Beach Resort Hilton San Francisco Union Square Royal Palm South Beach Miami Hilton Denver City Center Le Meridien San Francisco Waldorf Astoria Orlando JW Marriott SF Union Square Hilton New Orleans Riverside Hilton Chicago W Chicago – City Center Casa Marina, a Waldorf Astoria Resort New York Hilton Midtown 7 |

Iconic Portfolio of High-Quality Urban & Resort Destinations Pro-forma Pro-forma Pro-forma Pro-forma Pro-forma Comparable Comparable Comparable Comparable Hotel Comparable Hotel Room RevPAR Total RevPAR Hotel Adj. EBITDA Adj. EBITDA / Key Adj. EBITDA Margin $186 $31k 29.5% $284 $879M Hilton Waikoloa Village Hilton San Francisco Union Square Hyatt Regency Boston Hyatt Centric Fisherman’s Wharf Hilton New York Midtown Casa Marina, A Waldorf Astoria Resort 8 | Note: Metrics shown above based on FY2019 operating results

High Quality Portfolio: Top 30 Portfolio Best in Class 2019 Pro-forma Hotel Adj. EBITDA (1) Breakdown PK Owns One of the Highest Quality Portfolios (1) • Core 30 (89% of Pro-forma Comparable Hotel Adj. EBITDA): All Other ✓ RevPAR of $204 is $20 higher than peers (1) 11% ✓ Margin of 30.7% is 20bps higher than peers (1) ✓ EBITDA/Key of $35,500 is 14% greater than peers (1) PK All Other (2) represents just ~11% of 2019 Pro-forma Hotel • Adj. EBITDA Core 30 • Pro-forma Comparable Hotel Portfolio generated RevPAR of 89% $186 in 2019, in line with hotel REIT peers (1) • Pro-forma Comparable Hotel Portfolio: 2019 Hotel Adjusted EBITDA margin ( 29.5% ) 100bps lower than hotel REIT peers (1) 2019 Pro-forma RevPAR 2019 Pro-forma Comparable Hotel Adj. EBITDA Margin 2019 Pro-forma Hotel Adj. EBITDA/Key $220 32.0% $40,000 30.7% 30.5% $204 $35,500 29.5% $200 30.0% $35,000 $186 $184 $31,262 $30,600 $180 28.0% $30,000 $160 26.0% $25,000 $140 24.0% 23.3% $20,000 $124 $15,500 $120 22.0% $15,000 $100 20.0% $10,000 PK PK Pro-Forma REIT Peers⁽¹⁾ PK All Other⁽²⁾ PK REIT Peers⁽¹⁾ PK Pro-Forma PK All Other⁽²⁾ PK REIT Peers⁽¹⁾ PK Pro-Forma PK All Other⁽²⁾ Core 30 Comp Portfolio Core 30 Comp Portfolio Core 30 Comp Portfolio (1) REIT peers are HST, PEB, SHO, DRH, RHP and XHR (full-service lodging REITs with a market cap over $1 billion) 12 9 | (2) PK All Other portfolio includes Park’s 23 remaining hotels, but excludes unconsolidated joint ventures

Diversification: Park Hotel Portfolio Legend Circle Size Based on Hotel Adjusted EBITDA $200M+ $100M+ $50M+ $25M+ $10M+ $5 – 10M <$5M Puerto Rico 30% 25% Park’s Geographic Exposure (by % 2019 Pro -forma Hotel Adjusted EBITDA) 25% 20% 18% 15% 10% 10% 10% 6% 6% 5% 5% 3% 3% 5% 3% 2% 2% 2% 1% 0% Hawaii San Fran Orlando New Boston New York Chicago Key West Miami DC Denver San Diego Seattle Los Other US Orleans Angeles 10 |

Park’s Active Capital Recycling Hotel Adj. Since Hotel Adj. (1) Hotels Rooms RevPAR EBITDA Spin-Off EBITDA Margin Hotels 5.9K $181M 18 $193 32.3% Acquired (1) Hotels 25.8% 24 6.5K $97M $119 Disposed (2) 2018: • 13 hotels sold for $519M , including 10 international assets 2019: • 8 hotels (3) sold for $497M (pro rata), including 2 international assets • 18 hotels added to portfolio as part of $2.5B Chesapeake acquisition 2020: • 2 hotels sold for $208M ; exiting Park’s international exposure Hilton Berlin: sold in 2018 (1) Reflects Chesapeake’s 2018 operating results (2) Reflects Park’s pro -rata share of ownership; operating results reflect performance of fiscal year prior to dispositions. Includes the Hilton Sheffield, which 12 11 | was disposed of / removed in December 2019 (3) Excludes Chesapeake’s 2 New York City assets, which were sold prior to merger closing

Diversification: Brand, Operator and Asset Type Chesapeake acquisition advanced Park’s brand and operator strategy, providing exposure to Marriott and Hyatt Hotel Type Mix Diversified Operator Pool (1) Expanded Brand Exposure    Aimbridge HEI Self-Operated Suburban IHG Hyatt Hyatt 2% 3% 2% 1% 8% 4% 3% Marriott Other 10% Airport 3% 16% Marriott 5% Urban New PK New PK New PK 49% Resort 27% Hilton Hilton 85% 82% Legacy PK Legacy PK Legacy PK Suburban Self- 8% Operated 2% Airport 18% Urban 45% Hilton Resort Hilton 100% 29% 98% Note: “New PK” is based on the total number of guestrooms in our current portfolio, including our pro rata share of guestroom s in properties held by unconsolidated joint ventures, as of March 31, 2020. “Legacy PK” is based on the total number of guestrooms in our legacy por tfolio, including our pro rata share of guestrooms in properties held by unconsolidated joint ventures, as of September 17, 2019, immediately prior to the acquisition of Chesapeake. 12 | (1) “Other” includes TPG Hospitality, Crestline Hotels & Resorts and IHG

Size & Scale: Nearly 3x the Size of the Avg. Lodging REIT (1) Park solidified its position as the 2nd largest publicly traded Lodging REIT GROSS ASSET VALUE (2) : PK vs. PEERS $20.6B Full Service Mixed & Limited Service $13.4B $7.2B $7.0B $6.0B $6.0B $5.8B $5.2B $4.4B $4.1B $2.7B $2.7B $2.1B $1.7B CLDT BHR HT INN XHR DRH SHO RHP APLE AHT RLJ PEB PK HST Source: Company filings as of 12/31/19 13 | (1) Average lodging REIT Gross Asset Value equates to $4.6B, which excludes HST and PK (2) Gross Asset Value defined as Total Assets + Accumulated Depreciation and Amortization