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Investor Presentation Nareit 2018: San Francisco Waldorf Astoria Orlando Hilton Chicago Hilton Hawaiian Village Waikiki Beach Resort Mission To be the preeminent lodging REIT, focused on consistently delivering superior, risk-adjusted

  1. Investor Presentation Nareit 2018: San Francisco 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 Operational Excellence ⚫ Continually improve property level operating performance ⚫ Consistently implement revenue management initiatives to optimize market pricing / segment mix Hilton Chicago Prudent Capital Allocation ⚫ Allocate capital effectively by leveraging scale, liquidity and M&A expertise to create value through 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 lower quality assets and slower growth markets ⚫ Target value enhancements projects with strong unlevered ROI yields Hilton Waikoloa Village Strong and Flexible Balance Sheet ⚫ Preserve a strong and flexible balance sheet, with a targeted net 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 Parc 55 San Francisco, a Hilton Hotel 3 |

  4. Park’s Investment Thesis 1 High Quality Portfolio – Has yielded solid total stockholder • 25.0% 21.5% return performance YTD, but still trading at a discount 20.0% 17.6% 2 Solid Fundamentals – Supported by improving macro trends 13.7% • 15.0% YTD Total Returns 9.8% and limited new supply; 2019 Group pace +12% 9.4% 10.0% Wtd. Avg. Peer Avg.: 2.8% 5.0% 3 Significant Growth Profile – Through aggressive asset • 0.3% 0.0% management, ROI initiatives and single asset opportunities -0.7% -2.3% -5.0% 4 -5.1% -5.6% Capital Recycling – Improving the portfolio through prudent • -10.0% capital allocation -11.0% -15.0% LHO BHR RHP CHSP PK HST RMZ XHR DRH PEB SHO 5 Strong Balance Sheet – With ample liquidity available to • execute on strategic plan Following a 13.7% total stockholder return in 2017, Park has continued its strong performance, with the 6 Well covered, Above Average Dividend Yield • stock up over 9% YTD , which has helped to narrow the valuation gap with our peers 7 Developing a Track Record of Near-Term Success: • 16.0x Prudent • 13 non-core assets sold for nearly $520M in 2018 14.9x 15.0x  Capital • Repurchased 14M shares at a significant discount to NAV 13.8x 14.0x • Special Dividend of $0.45/share from sale of Hilton Berlin Allocation 13.4x '19 EBITDA Multiples (2) 13.0x Wtd. Peer Average: 12.1x 11.9x 11.8x 11.8x 12.0x 11.6x Asset Mgmt • Park’s comparable Hotel Adjusted EBITDA margin has improved 10.8x  11.0x 10.6x 60bps over the last 12 months vs. relatively flat margin Initiatives 10.1x improvement for our full-service hotel REIT peers 10.0x 9.0x 8.0x • Successfully transitioned off Hilton systems and implemented  Infrastructure 7.0x proprietary Park systems and software LHO PEB CHSP RHP SHO HST PK DRH BHR XHR (1) Year-to-date 2018 Total Returns as of 11/1/18 4 | (2) EBITDA multiples are based upon 2019 Consensus estimates

  5. Operational Excellence: 3Q18 Performance and ’18 Outlook 3Q18 Operating Results 2.6% +$5.4M 10bps +5% +12% Comp Asset Mgmt Comp ’18 Group ’19 Group Hotel Adj Initiatives Pace Pace RevPAR EBITDA Margin 2018 Outlook Metric Guidance Change from Prior Comp RevPAR Growth: +2.4% to +2.9% +15bps Comp EBITDA Margins: +25bps to +55bps +10bps $735M to $755M Adjusted EBITDA: $0 Note: Guidance as of 11/1/18. Not being updated or reconfirmed via this presentation. 5 |

  6. Company Highlights Park Hotels & Resorts is a leading lodging real estate investment trust with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value in top U.S. markets TTM Leading Properties (1) Performance (2)(3) 54 premium-branded hotels and iconic resorts with over 32,000 well-maintained rooms 82% Total 87%+ of rooms in luxury and upper-upscale segments Occupancy 28 properties with 25k+ sq. ft. of meeting space and 10 properties with 125k+ sq. ft. of $211 meeting space Total ADR $173 Room RevPAR $206 Avg. Room RevPAR Hilton Miami Airport Conrad Dublin of Top 10 Assets (4) Hilton Boston Logan Airport Waldorf Astoria Orlando (1) As of 9/30/18 (2) Total consolidated Hotel Occupancy, ADR and RevPAR; excludes unconsolidated joint ventures and non-comparable hotels, unless otherwise noted (3) Trailing twelve months (“TTM”) data is for the twelve months ended 9/30/18 6 | (4) Top 10 TTM RevPAR includes Hilton Waikoloa Village, which is non-comparable

  7. Park Team Chairman, President & CEO Tom Baltimore Executive Management EVP, CFO & EVP, Asset EVP, D&C EVP, GC EVP, HR EVP, CIO Treasurer Management Tom Morey Jill Olander Carl Mayfield Matt Sparks Sean Dell’Orto Rob Tanenbaum Senior Management SVP, CAO SVP, FP&A SVP, Strategy SVP, Tax Darren Robb Diem Larsen Ian Weissman Scott Winer Board of Directors Park Management ➢ 25 years average experience among senior ➢ Best-in-class board including former CEOs and leadership CFOs of Fortune 500 Companies ➢ Total of ~90 employees at Park Headquarters ➢ Significant REIT experience across industries 7 |

  8. Size and Scale: Park ~2.5x the Size of Most Lodging REITs (1) Park is the second largest publicly traded Lodging REIT $20.0 Full Service $18.4 $18.0 Mixed & Limited Service $16.0 $14.0 Enterprise Value (B) $12.0 $10.0 $8.7 $7.7 $8.0 $6.0 $5.5 $6.0 $5.1 $4.7 $4.0 $4.0 $3.2 $2.9 $2.5 $2.3 $2.4 $1.6 $2.0 $1.2 $0.0 BHR CLDT INN HT CHSP DRH XHR SHO AHT APLE RHP RLJ PEB/LHO(2) PK HST Source: Public company filings as of 9/30/18 and S&P Global. Market data as of 11/1/18 8 | (1) Assumption excludes HST from calculation

  9. Diversified Asset Types & Markets Select Suburban and High Barrier to Entry Urban Landmark Resorts and Convention Hotels Strategic Airport Hotels Hilton Hawaiian New York Hilton Hilton San Francisco Hilton Waikoloa Hilton Boston Logan Village Waikiki Beach Hilton Short Hills Midtown Union Square Village Airport Resort 314 Rooms 1,878 rooms 1,921 rooms 1,110 rooms (1) 599 rooms 2,860 rooms Waldorf Astoria Orlando/ Hilton New Orleans Casa Marina, a Hilton McLean Tysons Hilton Chicago Hilton Miami Airport Hilton Orlando Riverside Waldorf Astoria Resort Corner Bonnet Creek 1,544 rooms 508 rooms 1,622 rooms 311 rooms 458 rooms 1,511 rooms Note: room count as of 9/30/18 (1) Includes approximately 470 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 9 |

  10. Portfolio Diversification (1) Location Type (2) : Revenue Segmentation: Markets (2) : Contract , 4% Other, 2% Suburban, 5% Other, 20% Honolulu, 21% Airport, 12% Int'l, 1% San Diego, 3% Group, 30% Resort, 45% Key West, 3% Orlando, 13% Transient, 64% DC Metro, 4% Urban, 37% San Francisco, Waikoloa, 5% New 12% New York, Orleans, Chicago, 4% 7% 8% ⚫ Nearly 50% exposure to Hawaii, Orlando, New ⚫ 80% Urban / Resort ⚫ Park’s “Grouping Up” Orleans and Key West – all with less than 2% exposure strategy targets 400 bps shift projected supply growth in Group demand among Top ⚫ Reducing Airport / 25 hotels ⚫ 12% exposure to San Francisco, which is projected Suburban exposure via to see a 74% increase in convention center room capital recycling ⚫ Transient strategy of 50/50 nights in 2019, totaling over1.2M room nights initiatives split between Leisure and Corporate demand ⚫ Target markets include DC, Boston, Miami and SoCal ⚫ International exposure at just 1%, down from 5% prior to 2018 dispositions (1) Calculated using results for the year ended 12/31/17 for the hotels we currently own or have an ownership interest in; pro forma to exclude 2018 dispositions (2) Calculated using total Hotel EBITDA, which includes pro rata share of Hotel EBITDA from JVs. See Appendix for definitions and reconciliations of these 10 | measures to comparable U.S. GAAP measures

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