Investor Presentaiton

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” 2016 Pro forma Adjusted Hotel EBITDA Margin (1) 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) 24 (1) (2) 32.4% 31.8% 30.6% 30.5% RHP DRH FCH SHO Peer Average: 30.6% 27.8% 27.7% HST PK See Appendix for our definitions and for reconciliations to comparable GAAP measures. Our definition of Adjusted Hotel EBITDA Margin may not PARK HOTELS & RESORTS be comparable to similarly titled measures of other companies. Assumes an EBITDA multiple of 11.5x

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