Investor Presentaiton

2 Iconic Assets Valued at Well Below Replacement Cost Park's assets are currently valued at a significant discount to replacement cost(¹) $8.4 $18.5 $11.0 $7.5 Top 10 Assets Park Enterprise Value Portfolio Replacement Cost (est.) Park EV Range $8.0 bn $9.0 bn $10.0 bn Portfolio Replacement $18.5 bn $18.5 bn $18.5 bn Cost Discount to 57% 51% 46% Replacement Cost Rooms (2) Mtg Space (sq. ft.)(2) Replacement Cost ($/key) Top 10 13,964 1,252k $11.0 bn ($790k/key) Park Portfolio 35,440 2,800k $18.5 bn ($525k/key) 18 (1) Park estimate; Enterprise Value is calculated using the closing price of Park's stock as of 5/30/17 (2) As of 3/31/17 PARK HOTELS & RESORTS

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