What changed in this filing

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Item 1. Business

2026-02-20 compared with 2025-02-20 · 117 added, 100 removed, 212 unchanged (51% of the section changed)

We are one of the largest publicly-traded lodging real estate investment trusts (“REIT”) with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value.

On January 3, 2017, Hilton Parent completed the spin-off of a portfolio of hotels and resorts that established us as an independent, publicly traded company.

On September 18, 2019, we acquired Chesapeake Lodging Trust.

As of February 20, 2026, our portfolio consists of 34 premium-branded hotels and resorts with approximately 23,000 rooms, located in prime United States (“U.S.”) markets with high barriers to entry.

Approximately 87% of our rooms are luxury and upper upscale and all of our rooms are located in the U.S.

and its territories.

We are focused on consistently delivering superior risk-adjusted returns to stockholders through active asset management and a thoughtful external growth strategy while maintaining a strong and flexible balance sheet.

Our strategic focus is on our 21 Core hotels, including one unconsolidated joint venture, with our consolidated Core hotels contributing approximately 90% of our Hotel Adjusted EBITDA.

All of our rooms are located in the U.S.

and its territories, and over 96% of rooms in our Core portfolio are luxury and upper upscale.

We are focused on consistently delivering superior risk-adjusted returns to stockholders through active asset management and a thoughtful external growth strategy, with a strategic focus on our Core portfolio, while maintaining a strong and flexible balance sheet.

Park Intermediate Holdings LLC (our “Operating Company”) directly or indirectly holds all of our assets and conducts all of our operations.

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Our Business and Growth Strategies

Our objective is to be the preeminent lodging REIT, focused on consistently delivering superior, risk-adjusted returns to stockholders through active asset management and a thoughtful external growth strategy while maintaining a strong and flexible balance sheet.

We intend to pursue this objective through the following strategies:

Our objective is to be the preeminent lodging REIT, focused on consistently delivering superior, risk-adjusted returns to stockholders through active asset management and a thoughtful external growth strategy, with a strategic focus on our Core portfolio, while maintaining a strong and flexible balance sheet.

We intend to pursue our objective by divesting our Non-Core hotels to further enhance our overall portfolio quality and long-term growth profile, while utilizing sale proceeds to further reduce our leverage, re-invest in our Core portfolio and increase shareholder value, through the following strategies:

• Operational Excellence through Active Asset Management .

We collaborate with our third-party managers to improve property-level operating performance and profitability for each of our hotels and resorts through our proactive asset management efforts.

We continue to identify revenue-enhancement opportunities and drive cost efficiencies to maximize the operating performance, cash flow and value of each property.

As a pure-play lodging real estate company with significant financial resources and an extensive portfolio of large, multi-use assets, including seven hotels with 125,000 square feet of meeting space or more, we believe our ability to implement compelling return on investment initiatives represents a significant embedded growth opportunity.

We continue to identify revenue-enhancement opportunities and drive cost efficiencies to maximize the operating performance, cash flow and value of each hotel.

As a pure-play lodging real estate company with significant financial resources and an extensive portfolio of large, multi-use assets, including seven hotels (all within the Core portfolio) with 125,000 square feet of meeting space or more, we believe our ability to implement compelling return on investment initiatives represents a significant embedded growth opportunity, particularly for our Core portfolio.

These may include the expansion of meeting platforms in convention and resort markets;

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or the redevelopment or optimization of underutilized spaces.

We recently completed over $220 million of projects at our Bonnet Creek complex, including the meeting space expansion project and renovation of guestrooms, existing meeting space, lobbies, golf course and other recreational amenities, $80 million of renovations to all guestrooms, public spaces, and certain hotel infrastructure at the Casa Marina Key West, Curio Collection, and $85 million of guestroom renovations at the Tapa Tower of the Hilton Hawaiian Village Waikiki Beach Resort.

Additionally, in 2024, we commenced over $200 million of comprehensive guestroom renovations at the iconic Rainbow Tower at the Hilton Hawaiian Village Waikiki Beach Resort, the Palace Tower at the Hilton Waikoloa Village and the Main Tower at the Hilton New Orleans Riverside.

We also may create value through repositioning certain hotels across brands or chain scale segments and exploring adaptive reuse opportunities to ensure our assets achieve their highest and best use.

Finally, we are focused on maintaining the competitive strength of our properties and adapting to evolving customer preferences by renovating properties to provide updated guestroom design, open and activated lobby areas, food and beverage and public spaces, and modernized meeting space.

Recent and ongoing projects at our Core hotels include:

◦ Completion of more than $220 million of projects at our Bonnet Creek complex in 2024, including a meeting space expansion project and renovation of guestrooms, existing meeting space, lobbies, the golf course and other recreational amenities;

◦ Nearly $250 million of comprehensive guestroom renovations at the iconic Rainbow Tower at the Hilton Hawaiian Village Waikiki Beach Resort, the Palace Tower at the Hilton Waikoloa Village and the Main Tower at the Hilton New Orleans Riverside, which commenced in 2024:

▪ Completed the first of three phases of guestroom renovations totaling $16 million at the main tower of the Hilton New Orleans Riverside in November 2024 and the second phase of over $30 million of guestroom renovations in January 2026, with the third phase expected to total approximately $37 million with a completion date in late 2026;

▪ Completed the first of two phases of guestroom renovations and room conversions at our Hawaii hotels, totaling nearly $75 million, during the first quarter of 2025, with the second and final phase of guestroom renovations and room conversions at the Hilton Waikoloa Village

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completed in January 2026 and the second and final phase at the Hilton Hawaiian Village Waikiki Beach Resort expected to be completed in March 2026 for approximately $85 million for both hotels;

◦ Over $100 million of comprehensive renovations at the Royal Palm South Beach Miami, a Tribute Portfolio Resort, which commenced in May 2025 and includes the full renovation of all 393 guestrooms at the oceanfront hotel, along with the addition of 11 new guestrooms, with an expected reopening in June 2026.

We also may create value through repositioning certain Core hotels across brands or chain scale segments and exploring adaptive reuse opportunities to ensure our assets achieve their highest and best use.

Finally, we are focused on maintaining the competitive strength of our Core hotels and adapting to evolving customer preferences by renovating properties to provide updated guestroom design, open and activated lobby areas, food and beverage and public spaces, and modernized meeting space.

• Pursuing Growth and Diversification through Prudent Capital Allocation .

We intend to leverage our scale, liquidity and transaction expertise to create value throughout all phases of the lodging cycle through opportunistic acquisitions and dispositions and/or corporate transactions, in addition to value-enhancing return on investment projects, which we believe will enable us to further diversify our portfolio.

Since our spin-off, we have sold or otherwise disposed of 45 hotels, most of them located in lower growth domestic and international markets for a total of $3 billion, which provided us with additional liquidity to de-leverage our balance sheet and to execute on a variety of strategic corporate initiatives.

We will continue to opportunistically seek to expand our presence in

target markets and further diversify over time, including by acquiring hotels that are affiliated with leading hotel brands and operators.

We intend to leverage our scale, liquidity and transaction expertise to create value throughout all phases of the lodging cycle through opportunistic acquisitions, dispositions, and/or corporate transactions, in addition to value-enhancing return on investment projects at our Core hotels, which we believe will enable us to further diversify our portfolio.

Since our spin-off on January 3, 2017 from Hilton Parent that established us as an independent, publicly traded company, we have sold or otherwise disposed of 51 hotels, most of them located in lower growth domestic and international markets for a total of $3 billion, which provided us with additional liquidity to de-leverage our balance sheet and to execute on a variety of strategic corporate initiatives.

In addition, we continue to make progress to divest our remaining Non-Core hotels.

We will continue to opportunistically seek to expand our presence in target markets and further diversify over time, including by acquiring hotels, when appropriate, that are affiliated with leading hotel brands and operators.

• Maintaining a Strong and Flexible Balance Sheet .

We intend to maintain a strong and flexible balance sheet that will enable us to navigate the various seasons of the lodging cycle.

We expect to maintain sufficient liquidity with minimal short-term maturities and intend to have a mix of debt that will provide us with the flexibility to prepay debt when desired, dispose of assets, pursue our value enhancement strategies within our existing portfolio, and support acquisition activity.

In May 2024, our Operating Company, PK Domestic Property LLC, an indirect subsidiary of the Company, and PK Finance Co-Issuer Inc.

issued $550 million of 7.000% senior notes due 2030 ("2030 Senior Notes") and amended our existing credit agreement to include a new $200 million senior unsecured term loan due May 2027 ("2024 Term Loan").

Net proceeds from the 2030 Senior Notes and the 2024 Term Loan were used to repurchase or redeem all of the $650 million of 7.500% senior notes due in 2025 ("2025 Senior Notes"), and the remainder was used for general corporate purposes.

Excluding the $725 million SF Mortgage Loan, which we ceased making debt service payments on in June 2023 and was due November 2023, we have no significant maturities until the fourth quarter of 2026.

We expect to reduce our level of secured debt over time, which will provide additional balance sheet flexibility.

We expect to maintain sufficient liquidity with minimal short-term maturities and intend to have a mix of debt that will provide us with the flexibility to prepay debt when desired, dispose of Non-Core hotels, pursue our value enhancement strategies within our existing Core portfolio, and support acquisition activity.

In September 2025, the Company and our Operating Company entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”), which provides for an increase in the aggregate commitments for the senior unsecured revolving credit facility (“Revolver”) from $950 million to $1 billion, a new $800 million senior unsecured delayed draw term loan facility (“2025 Delayed Draw Term Loan”), which allows for up to three draws through September 17, 2026, and the continuation of the $200 million senior unsecured term loan (“2024 Term Loan”).

The Credit Agreement includes the option to increase the Revolver and increase or add new term loans under the Credit Agreement by up to $1 billion in the aggregate, subject to obtaining additional lender commitments and the satisfaction of certain customary conditions.

We expect to reduce our level of secured debt over time, as we intend to draw upon the 2025 Delayed Draw Term Loan in 2026 to assist in repaying two mortgage loans totaling approximately $1.4 billion maturing in 2026.

We also intend to further pay down our debt with proceeds from the sales of our Non-Core hotels, which will provide additional balance sheet flexibility.

Our senior management team has extensive experience managing capital structures over multiple lodging cycles and has extensive and long-standing relationships with numerous lending institutions and financial advisors to address our capital needs.

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Our Properties

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Brand Chain Scale Number of Properties Total Rooms

Consolidated Core Hotels

Hilton Hotels & Resorts Upper Upscale 10 11,264

DoubleTree by Hilton Upscale 7 3,168

Signia by Hilton Upper Upscale 1 1,009

Upper Upscale 2 950

Curio - A Collection by Hilton Upper Upscale 3 685

Hyatt Regency Upper Upscale 2 940

Embassy Suites by Hilton Upper Upscale 3 816

Marriott Tribute Portfolio Upper Upscale 2 796

Curio – A Collection by Hilton Upper Midscale 3 685

Signia by Hilton Upper Upscale 1 1,009

DoubleTree by Hilton Upscale 1 627

Waldorf Astoria Hotels & Resorts Luxury 1 502

Marriott Tribute Portfolio Upper Upscale 1 393

JW Marriott Luxury 1 344

Hyatt Centric Upper Upscale 1 316

Consolidated Non-Core Hotels

Hilton Hotels & Resorts Upper Upscale 4 2,024

DoubleTree by Hilton Upscale 4 1,446

Upper Upscale 2 950

Marriott Tribute Portfolio Upper Upscale 1 403

Embassy Suites by Hilton Upper Upscale 1 262

Unconsolidated Joint Ventures

Hilton Hotels & Resorts (2)

Upper Upscale 1 1,424

Embassy Suites by Hilton Upper Upscale 1 288

Total 34 22,561

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(1) Includes a white label property.

(2) Included in our Core portfolio.

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Type of Property Interest

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Types of Interest Number of Properties Total Rooms

Consolidated Core Hotels

Fee Simple (1)

Ground Lease 3 1,386

Consolidated Non-Core Hotels

Fee Simple (1)

Ground Lease 6 2,431

Unconsolidated Joint Ventures (2)

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(1) Includes certain properties that, while primarily owned in fee simple, are subject to ground lease in respect of certain portions of land or facilities.

(1) Includes certain properties that, while primarily owned in fee simple, are subject to ground leases in respect of certain portions of land or facilities.

Refer to “—Ground Leases,” Item 2:

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“Leases” in our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K for additional information.

(2) Three of our hotels are owned by unconsolidated joint ventures in which we hold an interest.

(2) Two of our hotels, one of which is included in our Core portfolio, are owned by unconsolidated joint ventures in which we hold an interest.

Refer to Item 2:

“Properties” for the percentage ownership in such unconsolidated joint ventures.

Ground Leases

The following table summarizes the remaining primary term, renewal rights and purchase rights associated with land underlying our hotels and meeting facilities that we lease from third parties:

Property Rooms Current Lease Term Expiration Renewal Rights / Purchase Rights

Leases of Wholly-Owned Properties

Hilton Boston Logan Airport 604 September 30, 2044 2 x 20 years

Hyatt Regency Mission Bay Spa and Marina 438 January 31, 2056 None

JW Marriott San Francisco Union Square 344 January 14, 2083 None

Non-Core Hotels

Embassy Suites Austin Downtown South Congress 262 February 28, 2029 1 x 10 years (1)

DoubleTree Hotel Durango

159 December 31, 2030 1 x 5 years

DoubleTree Hotel San Diego – Mission Valley

300 December 31, 2030 1 x 5 years

Hilton Salt Lake City Center

500 December 31, 2030 1 x 5 years

Hilton Orlando Lake Buena Vista 814 January 31, 2034 1 x 25 years

Hilton Seattle Airport & Conference Center 396 December 31, 2046 Purchase Rights (2)

Renewal Rights

2 x 10 years;

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(1) The term of this renewal option exceeds the expiration of the underlying prime ground lease in 2031.

It is unknown whether the landlord under the prime ground lease will grant our landlord a term past 2031.

(2) Tenant has a right of first offer with respect to the property.

We are also party to certain leases for facilities related to certain hotels owned by us.

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Sustainability

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As part of our corporate strategy, we incorporate sustainability into our investment and asset management practices to help mitigate risks and enhance efficiency.

When we evaluate the acquisition of new properties, we assess both sustainability opportunities and climate change-related risks as part of our due diligence process.

During the ownership of our properties, we seek to invest in effective sustainability practices in both our renovation and redevelopment projects that can both enhance asset value and improve environmental performance.

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Our approach to corporate citizenship is reinforced by periodic engagement with key stakeholders to understand their corporate responsibility priorities.

As part of our ongoing stakeholder engagement and transparency efforts, we participated in the 2024 Global Real Estate Sustainability Benchmark ("GRESB") assessment for the fifth consecutive year, demonstrating the Company's continued support of its overall corporate responsibility program and desire to make meaningful improvements toward decarbonization.

We were recognized by Newsweek as one of America's Most Responsible Companies for both 2024 and 2025, marking the fifth time Park has been included in the annual survey, as well as one of America's Most Trustworthy Companies for 2024.

As part of our ongoing stakeholder engagement and transparency efforts, we participated in the 2025 Global Real Estate Sustainability Benchmark (“GRESB”) assessment for the sixth consecutive year, receiving our highest score thus far, demonstrating the Company’s continued support of its overall corporate responsibility program and desire to make meaningful improvements toward decarbonization.

We were recognized by Newsweek as one of America’s Most Responsible Companies for both 2025 and 2026, with 2026 marking the sixth time Park has been included in the annual survey, and we were also named by Newsweek to its America’s Greatest Companies and America’s Most Trustworthy Companies lists for 2025.

We have published our 2025 Annual Corporate Responsibility Report on our website, which discloses our environmental and social programs and performance, our risk management strategy and our governance and oversight practices.

The report also includes our Task Force Report on Climate-Related Financial Disclosures (“TCFD”) as well as our Sustainability Accounting Standards Board (“SASB”) and Global Reporting Index (“GRI”) indices.

Our executive-level Corporate Responsibility Committee provides oversight of Park's three dedicated corporate responsibility working subcommittees – the Green Park Committee, the Park Cares Committee and the Diversity & Inclusion Steering Committee.

Our executive-level Corporate Responsibility Committee provides oversight of Park’s two dedicated corporate responsibility working subcommittees – the Green Park Committee and the Park Cares Committee.

Additionally, corporate responsibility performance targets are embedded into executive performance objectives and compensation.

Each corporate responsibility initiative begins with analysis and work by one of the three working subcommittees, each of which specializes in specific corporate responsibility matters.

Each corporate responsibility initiative begins with analysis and work by one of the two working subcommittees, each of which specializes in specific corporate responsibility matters.

The Green Park Committee is dedicated to Park’s sustainability efforts and environmental performance and manages the Company’s Green Park Program, which prioritizes the achievement of our sustainability goals, including the reduction of greenhouse gas (“GHG”) emissions across our portfolio and business as a whole.

We completed 73 efficiency-related projects that totaled nearly $21 million in 2023 and implemented efficiency best practices for our capital projects.

We have implemented sustainability checklists where appropriate, and efficiency projects related to end-of-life equipment replacements or upgrades are routinely conducted.

As a result of these efficiency projects, we are often able to notably decrease our environmental impact by replacing older equipment with more efficient options.

We were named an ENERGY STAR ® Partner of the Year in 2024 for Energy

Management for our outstanding contributions in the transition to a clean energy economy for the second consecutive year.

Furthermore, eight of our properties earned the ENERGY STAR ® Certification for Superior Energy Performance during 2024, including our largest hotel, the Hilton Hawaiian Village Waikiki Beach Resort.

Our corporate headquarters is in a LEED Platinum certified building, the first building in Tysons, Virginia to achieve this certification.

In 2025, the renovation of Tapa Tower at Hilton Hawaiian Village Waikiki Beach Resort earned Park our first hotel-level LEED certification, awarded by the U.S.

Green Building Council.

We also commenced construction on the first phase of our solar PV panel installation at Hilton Waikoloa Village in December 2025;

the first phase of this project is expected to be completed during the first half of 2026.

Resiliency to the effects of climate change on our portfolio is also a central focus of our corporate responsibility program.

We have conducted high-level resiliency studies on all assets in our core portfolio, mapping out climate-related risks that could impact our locations by 2050, and more in-depth studies have been conducted for key coastal properties that are most susceptible to climate-related risks.

We have conducted a high-level resiliency study of our portfolio, mapping out climate-related risks that could impact our locations by 2050, and more in-depth studies have been conducted for key coastal properties that are most susceptible to climate-related risks.

As a result of these findings, our risk management team has implemented several resiliency initiatives at our coastal hotels, such as the deployment of portable flood barriers around the perimeter of assets susceptible to potential storm surge flooding and the installation of manual transfer switches to more quickly access temporary power from generators in the event of a power loss so that our properties are able to get back up and running more quickly.

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Below is a general overview of our management and franchise agreements.

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Management Agreements

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Franchise Agreements

Seven of our hotels are subject to franchise agreements.

Five of our hotels are subject to franchise agreements.

Pursuant to the franchise agreements, we have been granted a limited, non-exclusive license to use our franchisor’s brand names, marks and systems.

The franchisor also may provide us with a variety of services and benefits, including centralized reservation systems, participation in customer loyalty programs, national advertising, marketing programs and publicity designed to increase brand awareness, as well as training of personnel.

The franchisor also may provide

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us with a variety of services and benefits, including centralized reservation systems, participation in customer loyalty programs, national advertising, marketing programs and publicity designed to increase brand awareness, as well as training of personnel.

In return, we are required to operate franchised hotels consistent with the applicable brand standards.

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The Distribution Agreement also provides for cross-indemnities that, except as otherwise provided in the Distribution Agreement, are principally designed to place financial responsibility for the obligations and liabilities of each business with the appropriate company.

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Tax Matters Agreement

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Each party has agreed to indemnify the other against any amounts for which they are not responsible under the Tax Matters Agreement.

Although binding between the parties, the Tax Matters Agreement is not binding on the IRS.

Although binding between the parties, the Tax Matters Agreement is not binding on the Internal Revenue Service (“IRS”).

The Tax Matters Agreement also provides for cross-indemnities with respect to tax matters that, except as otherwise provided in the Tax Matters Agreement, are principally designed to place financial responsibility for the tax-related obligations and liabilities of each business with the appropriate company.

Ground Leases

The following table summarizes the remaining primary term, renewal rights and purchase rights as of February 20, 2025, associated with land underlying our hotels and meeting facilities that we lease from third parties:

Property Rooms Current Lease Term Expiration Renewal Rights / Purchase Rights

Leases of Wholly-Owned Properties

DoubleTree Hotel Seattle Airport

850 December 31, 2025 None

DoubleTree Hotel Sonoma Wine Country

245 December 31, 2025 None

Embassy Suites Kansas City Plaza 266 January 30, 2026 None

Embassy Suites Austin Downtown South Congress 262 February 28, 2029 1 x 10 years (1)

DoubleTree Hotel Durango 159 December 31, 2030 1 x 5 years

DoubleTree Hotel San Diego – Mission Valley 300 December 31, 2030 1 x 5 years

Hilton Salt Lake City Center 500 December 31, 2030 1 x 5 years

Hilton Orlando Lake Buena Vista 814 January 31, 2034 1 x 25 years

Hilton Boston Logan Airport 604 September 30, 2044 2 x 20 years

Hilton Seattle Airport & Conference Center 396 December 31, 2046 Purchase Rights (2)

Renewal Rights

2 x 10 years;

Hyatt Regency Mission Bay Spa and Marina 438 January 31, 2056 None

JW Marriott San Francisco Union Square 344 January 14, 2083 None

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(1) The term of this renewal option exceeds the expiration of the underlying master ground lease in 2031.

No extension rights are available, and it is unlikely that the landlord under the master ground lease will grant a term past 2031.

(2) Tenant has a right of first offer with respect to the property.

We are also party to certain leases for facilities related to certain hotels owned by us.

The lodging industry is highly competitive.

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Competition is often specific to the individual markets in which our hotels are located and includes competition from existing and new hotels operated under brands primarily in the upper upscale chain scale segments.

Increased competition could have a material adverse effect on the occupancy rate, average daily room rate and RevPAR of our hotels or may require us to make capital improvements that we otherwise would not have to make, which may result in decreases in our profitability.

Increased competition could have a material adverse effect on occupancy, ADR and RevPAR of our hotels or may require us to make capital improvements that we otherwise would not have to make, which may result in decreases in our profitability.

We believe our hotels enjoy certain competitive advantages as a result of being flagged with globally recognized brands, including access to centralized reservation systems and national advertising, marketing and promotional services, strong hotel management expertise and guest loyalty programs.

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Some of these entities may have substantially greater financial resources than we do and may be able and willing to accept more risk than we believe we can prudently manage.

During the recovery phase of the lodging cycle, competition among potential buyers may increase the bargaining power of potential sellers, which may reduce the number of suitable investment opportunities available to us or increase pricing.

During a recovery phase of the lodging cycle, competition among potential buyers may increase the bargaining power of potential sellers, which may reduce the number of suitable investment opportunities available to us or increase pricing.

Similarly, during times when we seek to sell hotels, competition from other sellers may increase the bargaining power of the potential property buyers.

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As a result, in a negative economic environment the rate of decline in earnings can be higher than the rate of decline in revenues.

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Government Regulations

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We have implemented an on-going operations and maintenance plan that seeks to identify, remediate and manage these conditions as appropriate.

Although we have incurred, and expect that we will

continue to incur, costs relating to the investigation, identification, management, and remediation of hazardous materials or petroleum products known or discovered to exist at our properties, as well as costs of complying with various local, state and federal environmental, health and safety laws, those costs have not had, and are not expected to have, a material adverse effect on our financial condition, results of operations or cash flow.

Although we have incurred, and expect that we will continue to incur, costs relating to the investigation, identification, management, and remediation of hazardous materials or petroleum products known or discovered to exist at our properties, as well as costs of complying with various local, state and federal environmental, health and safety laws, those costs have not had, and are not expected to have, a material adverse effect on our financial condition, results of operations or cash flow.

REIT Qualification

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Refer to “Risk Factors—Risks Related to our REIT Status and Certain Other Tax Items.”

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We or our hotel managers maintain insurance coverage for general liability, property, including business interruption, terrorism, and other risks with respect to our business for all of our hotels.

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Our hotel managers are generally responsible for hiring and maintaining the labor force at each of our hotels.

Although we do not employ the employees at our hotels, we still are subject to the costs and risks generally associated with the hotel labor force, particularly those hotels with unionized labor, including the risks associated with strikes and other labor activity, which some of our third-party operators recently experienced.

However, long-term labor contracts were recently successfully negotiated by our third-party hotel managers, and we believe relations are positive between our third-party hotel managers and their employees.

Although we do not employ the employees at our hotels, we still are subject to the costs and risks generally associated with the hotel labor force, particularly those hotels with unionized labor, including the risks associated with strikes and other labor activity, and we believe relations are positive between our third-party hotel managers and their employees.

For a discussion of these relationships, refer to “Risk Factors—Risks Related to Our Business and Industry—We are subject to risks associated with the employment of hotel personnel, particularly with hotels that employ unionized labor, which could increase our operating costs, reduce flexibility of our hotel managers to adjust the size of the workforce at our hotels and could materially and adversely affect our revenues and profitability.”

We value the unique perspectives that a workforce with diverse cultures, ages, genders, and ethnicities brings to our process, and we are committed to fair treatment and full participation of people from all backgrounds.

We have a skilled and highly diverse board, including eight independent directors (the "Board"), three of whom are gender diverse.

It is Park's policy to consider diversity in Board nominations.

In addition, our executive team is comprised of seven members, two of whom are gender diverse and three of whom are racially diverse.

The following charts summarize the gender and ethnic diversity of our workforce as of December 31, 2024:

Our commitment to fair treatment and full participation is reflected both in the actions we take within our Company and our efforts in our larger community, such as through recruitment, employee development, mentorship, education, advocacy and community outreach.

We have established a steering committee comprised of members of executive leadership and employees from all corporate departments across a broad assortment of levels, genders, ages and races.

This committee is dedicated to enhancing our focus on activities that increase awareness and take actions in support of equality, and it seeks to develop partnerships and adopt new initiatives that support systematic change related to racism and diversity.

To accomplish this goal, the committee works in concert with our Park Cares Committee to partner with local organizations that provide services and resources to underserved populations and those in need of social, economic, educational, mental and physical support in our community.

The committee has also spent significant time focusing on actions and commitments that impact Park internally such as recruitment and retention practices, policy and process updates, training and increased communication and awareness programs.

All our employees are encouraged to take part in initiatives implemented by these committees.

Additionally, our Chief Executive Officer, Thomas J.

Baltimore, Jr., serves as one of the two co-chairs of Nareit's Dividends Through Diversity, Equity & Inclusion CEO Council, which supports the recruitment, inclusion, development, and advancement of women, Black professionals, other people of color, ethnically diverse individuals, and members of other under-represented groups in REITs and the publicly traded real estate industry.

We value the unique perspectives that a workforce with diverse cultures, ages, genders, and ethnicities brings to our process.

Our commitment to fair treatment and full participation of people from all backgrounds is reflected both in the actions we take within our Company and our efforts in our larger community, such as through recruitment, employee development, mentorship, education, advocacy and community outreach.

Park fosters an environment where we can attract and retain top talent and provide equal opportunity for all associates.

Ensuring and embracing a workplace where all associates feel welcomed, supported, challenged and heard is an important part of how we evaluate ourselves in terms of managing our business, and developing our associates.

We are committed to continually focusing on enhancing and enriching our commitment to our associates by ensuring that our culture of communication and collaboration inspires inclusivity, a sense of belonging and a focus on the wellness of all Park associates.

In addition, our Park Cares Committee partners with local organizations that provide services and resources to underserved populations and those in need of social, economic, educational, mental and physical support in our community.

All our employees are encouraged to take part in these initiatives.

Additionally, Park has a skilled and highly diverse Board of Directors (the “Board”), which includes eight independent directors and our Chief Executive Officer, Thomas J.

Baltimore, Jr., who serves as one of the two co-chairs of Nareit’s Dividends Through Diversity CEO Council, supporting the recruitment, inclusion, development, and advancement of women, Black professionals, other people of color, ethnically diverse individuals, and members of other under-represented groups in REITs and the publicly traded real estate industry.

We continually evaluate our practices related to fair treatment and full participation through internal and external resources.

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All employees also participate in anti-harassment and compliance training at least once a year.

Additionally, we provide employees at corporate headquarters with leadership development programs, management development series programs, corporate technical “lunch and learn” trainings, REIT training, executive coaching and emotional intelligence training.

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Additionally, we provide employees at corporate headquarters with leadership development programs, professional development training series, corporate technical “lunch and learn” trainings, REIT training, executive coaching and emotional intelligence training.

This year, we implemented a peer mentoring program with a goal of creating a collaborative learning experience where colleagues at similar levels learn from one another through structured discussions, knowledge sharing, and skill-building opportunities.

Our leadership team encourages employees to continue education and professional certifications with time away from work and training budgets.

Our Corporate Strategy and Design & Construction departments also participate in sustainability training, including Nareit’s ESG JumpStart workshop and REITworks conference.

Our Corporate Strategy and Design & Construction departments also participate in sustainability training, including Nareit’s REITworks conference.

To support employee development, we provide regular and consistent feedback to our corporate employees through our continuous feedback performance management model.

Regular one-on-one feedback sessions are conducted to ensure feedback is current and to reinforce positive performance.

We encourage our employees to participate in our

employee engagement survey, which is administered by a third party, and undertake initiatives to improve areas identified in the survey.

We encourage our employees to participate in our employee engagement survey, which is administered by a third party, and undertake initiatives to improve areas identified in the survey.

As a direct result of the survey, each department Executive Committee leader conducts feedback sessions with their respective teams, and Company-wide action plans are created and implemented by our Human Resources department.

In addition, each department also creates departmental action plans and implements them accordingly.

Also, in 2024, we conducted one pulse survey, in addition to our annual engagement survey targeted at creating a diverse and welcoming work environment for our employees and developing the leadership skills of our managers who support and empower our employees.

Also, in 2025, we conducted one pulse survey, in addition to our annual engagement survey, targeted at enhancing specific systems and processes to improve employee productivity.

Our Board receives regular reports on these initiatives to ensure that we continue to demonstrate our strong commitment to our employees and other human capital matters.

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We provide benefits to support our corporate employees and their families, including but not limited to medical, vision and dental insurance, gym memberships, a 401(k) match program, paid parental leave, and an employee assistance program.

We also provide numerous initiatives focused on physical, mental and spiritual well-being including booster clinics, mindfulness training with dedicated coaches and leaders and emotional intelligence workshops.

We also provide numerous initiatives focused on physical, mental and spiritual well-being including immunization clinics and emotional intelligence workshops.

Together with our hotel managers, we also aim to ensure the health, safety and well-being of all employees and guests at our properties.

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Our Park Cares Committee focuses on engagement with local communities and spearheads volunteer work.

In 2024, Park Cares sponsored three community service initiatives where employees were invited to participate with in-kind donations or by volunteering their time, of which 35-50 of our employees participated at each event.

In 2025, Park Cares sponsored two community service initiatives where employees were invited to participate with in-kind donations or by volunteering their time, of which 35-50 of our employees participated at each event.

In 2025, we supported 20 organizations and/or programs through charitable contributions, sponsorships and scholarships contributing a total of approximately $250,000 in cash donations.

5 unchanged sentences

Our website is located at www.pkhotelsandresorts.com .

The information that is found on or accessible through our website is not incorporated into, and does not form a part of, this Annual Report on Form 10-K or any other report or document that we file with or furnish to the Securities and Exchange Commission (“SEC”).

Table of Content s

We have included our website address in this Annual Report on Form 10-K as an inactive textual reference and do not intend it to be an active link to our website.

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business