Investor Presentaiton

Diversified Exposure to Attractive Markets High Barrier to Entry Urban and Convention Hotels Landmark Resorts Select Suburban and Strategic Airport Hotels Hilton Hilton San Francisco New York Hilton Midtown 1,929 rooms (1) Union Square 1,919 rooms Hilton Hawaiian Village 2,860 rooms Hilton Waikoloa Village 1,244 rooms (2) Hilton Short Hills 304 Rooms Hilton Boston Logan 599 rooms HILTON Waldorf Astoria Orlando / Waldorf Astoria Hilton Chicago 1,544 rooms Hilton New Orleans 1,622 rooms Casa Marina 311 rooms Hilton Orlando Bonnet Creek 1,511 rooms Hilton Miami Airport 508 rooms Hilton McLean, VA 458 rooms 1 As of 3/31/17; includes approximately 25 rooms that became part of Hilton Grand Vacations ("HGV") as part of the spin-off and that we have exclusive rights to occupy and operate through September 2017. 2 As of 3/31/17; includes approximately 600 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 Hilton Grand Vacations for its renovation and use. PARK HOTELS & RESORTS

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