Park Hotels & Resorts Inc.

In June 2023, we ceased making debt service payments toward the SF Mortgage Loan, and we have received a notice of default from the servicer. As of May 5, 2025, the total arrearage related to the SF Mortgage Loan, including interest and fees was $116 million, of which $55 million is default interest. In October 2023, the trustee for the SF Mortgage Loan filed a lawsuit against the borrowers under the SF Mortgage Loan. In connection with the lawsuit, the court has appointed a receiver to take control of the Hilton San Francisco Hotels, which serve as security for the SF Mortgage Loan, and their operations, and thus, we have no further economic interest in the operations of the hotels. The receiver operates and has authority over the hotels. The receiver also had the ability to sell the hotels until March 31, 2025; however, prior to the deadline, the receiver requested an extension to May 30, 2025 in order to sell the hotels to a specified buyer. The court granted the extension with an additional one-time extension option not to exceed 60 days. If the hotels are not sold to the specified buyer by the amended predetermined period, the court order contemplates that the receivership will end with a non-judicial foreclosure as soon as permissible under California law.