Investor Presentaiton

4 Active Asset Management: The Margin Story We estimate there is 150-200bps of embedded margin growth in the portfolio to be captured over time Revenue Management Opportunities • Remixing the Mix: Look to increase Group business across our Top 25 hotels 400bps to 35% over the next two years, capitalizing on Park's expertise with large group hotels . Layer in select base contract business in certain markets to reduce volatility in transient demand Institute premium room pricing at select hotels and during select periods or events Incremental Revenue Opportunities • Drive for 65 mantra: push to maximize flow-through . Roll out Grab 'N Go's at select hotels to increase daily guest spend capture and also reduce labor costs . Institute menu engineering by reviewing menu offerings to maximize profitability Analyze ancillary fees and increase pricing or modify offerings Targeted Expansions • Perform facilities analyses and potentially add keys and meeting space, thereby adding more profitable sources of revenue Added 12 keys at the Hilton Bonnet Creek and Waldorf Orlando complex (currently 1,511 rooms combined) 25| Retail Opportunities Engage Park's new Director of Retail Leasing to focus on all non-core hotel revenue streams including retail, parking, roof top antennas and car rental facilities PARK HOTELS & RESORTS

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