Park Hotels & Resorts Inc.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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Schedule III – Real Estate and Accumulated Deprecation
Real Estate and Accumulated Depreciation
| Initial Cost · Gross Amounts at Which Carried at Close of Period | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hotel Property · Encumbrances · Land · Building & Improvements · Furniture, Fixtures & Equipment · Costs Capitalized Subsequent to Acquisition, net(1) · Land · Building & Improvements(2) · Furniture, Fixtures & Equipment · Total · Accumulated Depreciation · Date of Construction · Date Acquired(3) · Life Upon WhichDepreciationis Computed | |||||||||||||||
| Consolidated Core Hotels | |||||||||||||||
| Caribe Hilton | $— | $38 | $56 | $7 | $83 | $41 | $111 | $32 | $184 | $(69) | 1949 | 10/24/2007 | 3 | - | 40 years |
| Hilton Boston Logan Airport | — | — | 108 | 6 | 33 | — | 131 | 16 | 147 | (71) | 1999 | 10/24/2007 | 3 | - | 40 years |
| Hilton Chicago | — | 69 | 233 | 12 | 203 | 71 | 383 | 63 | 517 | (216) | 1927 | 10/24/2007 | 3 | - | 40 years |
| Hilton Hawaiian Village Waikiki Beach Resort | 1,275 | 925 | 807 | 17 | 560 | 984 | 1,168 | 157 | 2,309 | (607) | 1961 | 10/24/2007 | 3 | - | 40 years |
| Hilton McLean Tysons Corner | — | 50 | 82 | 3 | (6) | 23 | 60 | 46 | 129 | (72) | 1987 | 10/24/2007 | 3 | - | 40 years |
| Hilton New Orleans Riverside | — | 89 | 217 | 3 | 148 | 90 | 306 | 61 | 457 | (153) | 1977 | 10/24/2007 | 3 | - | 40 years |
| Hilton Santa Barbara Beachfront Resort | 153 | 71 | 50 | 2 | 63 | 73 | 85 | 28 | 186 | (53) | 1986 | 10/24/2007 | 3 | - | 40 years |
| Hilton Waikoloa Village | — | 160 | 340 | 25 | (4) | 112 | 346 | 63 | 521 | (179) | 1988 | 10/24/2007 | 3 | - | 40 years |
| New York Hilton Midtown | — | 1,096 | 542 | 13 | 157 | 1,043 | 671 | 94 | 1,808 | (366) | 1963 | 10/24/2007 | 3 | - | 40 years |
| DoubleTree Hotel Washington DC – Crystal City | — | 43 | 95 | 2 | 51 | 43 | 129 | 19 | 191 | (79) | 1982 | 12/14/2007 | 3 | - | 40 years |
| Signia by Hilton Orlando Bonnet Creek | — | 15 | 377 | 31 | 134 | 30 | 467 | 60 | 557 | (152) | 2009 | 2/12/2015 | 3 | - | 40 years |
| Waldorf Astoria Orlando | — | 34 | 274 | 29 | 78 | 48 | 313 | 54 | 415 | (114) | 2009 | 2/12/2015 | 3 | - | 40 years |
| Casa Marina Key West, Curio Collection | — | 164 | 174 | 9 | 58 | 170 | 199 | 36 | 405 | (58) | 1920 | 2/17/2015 | 3 | - | 40 years |
| The Reach Key West, Curio Collection | — | 57 | 67 | 3 | 23 | 57 | 83 | 10 | 150 | (31) | 1970 | 2/17/2015 | 3 | - | 40 years |
| Juniper Hotel Cupertino, Curio Collection | — | 40 | 64 | 8 | 2 | 40 | 65 | 9 | 114 | (25) | 1973 | 6/2/2015 | 3 | - | 40 years |
| Hilton Denver City Center | 51 | 14 | 163 | 21 | 5 | 14 | 165 | 24 | 203 | (47) | 1982 | 9/18/2019 | 3 | - | 40 years |
| Hyatt Regency Boston | 121 | — | 177 | 14 | 4 | — | 180 | 15 | 195 | (42) | 1985 | 9/18/2019 | 3 | - | 40 years |
| Hyatt Regency Mission Bay Spa and Marina | — | 5 | 118 | 15 | 9 | 7 | 121 | 19 | 147 | (39) | 1961 | 9/18/2019 | 3 | - | 40 years |
| JW Marriott San Francisco Union Square | — | — | 191 | 13 | 9 | — | 199 | 14 | 213 | (44) | 1987 | 9/18/2019 | 3 | - | 40 years |
| Royal Palm South Beach Miami, a Tribute Portfolio Resort | — | 16 | 139 | 12 | 4 | 15 | 154 | 2 | 171 | (13) | 1926 | 9/18/2019 | 3 | - | 40 years |
| Total Consolidated Core Hotels | 1,600 | 2,886 | 4,274 | 245 | 1,614 | 2,861 | 5,336 | 822 | 9,019 | (2,430) | |||||
Real Estate and Accumulated Depreciation
| Initial Cost · Gross Amounts at Which Carried at Close of Period | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hotel Property · Encumbrances · Land · Building & Improvements · Furniture, Fixtures & Equipment · Costs Capitalized Subsequent to Acquisition, net(1) · Land · Building & Improvements(2) · Furniture, Fixtures & Equipment · Total · Accumulated Depreciation · Date of Construction · Date Acquired(3) · Life Upon WhichDepreciationis Computed | |||||||||||||||
| Consolidated Non-Core Hotels | |||||||||||||||
| DoubleTree Hotel Durango | — | — | — | 2 | 6 | — | 2 | 6 | 8 | (6) | 1985 | 10/24/2007 | 3 | - | 40 years |
| DoubleTree Hotel Ontario Airport | 30 | 14 | 58 | 3 | 20 | 13 | 64 | 18 | 95 | (46) | 1974 | 10/24/2007 | 3 | - | 40 years |
| DoubleTree Hotel San Diego – Mission Valley | — | — | — | 2 | 18 | — | 10 | 10 | 20 | (16) | 1989 | 10/24/2007 | 3 | - | 40 years |
| DoubleTree Hotel San Jose | — | 15 | 67 | 5 | (59) | 7 | 20 | 1 | 28 | — | 1980 | 10/24/2007 | 3 | - | 40 years |
| Embassy Suites Austin Downtown South Congress | — | — | 45 | 2 | (40) | — | 7 | — | 7 | — | 1983 | 10/24/2007 | 3 | - | 40 years |
| Hilton Salt Lake City Center | — | — | — | 10 | 22 | — | 9 | 23 | 32 | (26) | 2002 | 10/24/2007 | 3 | - | 40 years |
| Hilton Seattle Airport & Conference Center | — | — | 70 | 3 | (43) | — | 29 | 1 | 30 | — | 1961 | 10/24/2007 | 3 | - | 40 years |
| Hilton Orlando Lake Buena Vista | — | — | 137 | 10 | 42 | — | 157 | 32 | 189 | (91) | 1983 | 8/30/2010 | 3 | - | 40 years |
| Boston Marriott Newton | — | 24 | 74 | 15 | (53) | 15 | 44 | 1 | 60 | — | 1969 | 9/18/2019 | 3 | - | 40 years |
| Hilton Checkers Los Angeles(4) | — | 19 | 44 | 7 | (58) | 4 | 8 | — | 12 | — | 1927 | 9/18/2019 | 3 | - | 40 years |
| The Midland Hotel, a Tribute Portfolio Hotel(5) | — | 20 | 76 | 14 | (73) | 9 | 27 | 1 | 37 | — | 1928 | 9/18/2019 | 3 | - | 40 years |
| The Wade(6) | — | 22 | 58 | 8 | (57) | 9 | 21 | 1 | 31 | — | 1965 | 9/18/2019 | 3 | - | 40 years |
| Total Consolidated Non-Core Hotels | 30 | 114 | 629 | 81 | (275) | 57 | 398 | 94 | 549 | (185) | |||||
| Total Consolidated Core and Non-Core Hotels | $1,630 | $3,000 | $4,903 | $326 | $1,339 | $2,918 | $5,734 | $916 | $9,568 | $(2,615) | |||||
(1)Subsequent costs capitalized are net of impairment expense.
(2)Includes amounts classified as construction-in-progress.
(3)On October 24, 2007, a predecessor to our Parent became a wholly owned subsidiary of an affiliate of The Blackstone Group L.P. following the completion of the Blackstone Merger.
(4)In January 2026, we sold the Hilton Checkers Los Angeles.
(5)In January 2025, the W Chicago – City Center was converted to The Midland Hotel, a Tribute Portfolio Hotel.
(6)In February 2025, the W Chicago – Lakeshore was converted to The Wade.
Real Estate and Accumulated Depreciation—(continued)
Notes:
(A)The change in total cost of properties for the fiscal years ended December 31, 2025, 2024 and 2023 is as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in millions) | |||
| Balance at beginning of period | $10,166 | $10,075 | $11,008 |
| Additions during period: | |||
| Capital expenditures | 288 | 227 | 307 |
| Deductions during period: | |||
| Transfers to assets held for sale | (13) | — | — |
| Dispositions, including casualty losses and impairment loss on planned dispositions | (873) | (136) | (199) |
| Derecognition of assets(1) | — | — | (1,041) |
| Balance at end of period | $9,568 | $10,166 | $10,075 |
(1)For the year ended December 31, 2023, represents the derecognition of the Hilton San Francisco Hotels from our consolidated balance sheet in October 2023, when the receiver took control of the hotels. The Hilton San Francisco Hotels were sold by the court-appointed receiver on November 21, 2025.
(B)The change in accumulated depreciation for the fiscal years ended December 31, 2025, 2024 and 2023 is as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in millions) | |||
| Balance at beginning of period | $2,771 | $2,620 | $2,712 |
| Additions during period: | |||
| Depreciation expense | 264 | 255 | 254 |
| Deductions during period: | |||
| Dispositions, including casualty losses and impairment loss on planned dispositions | (420) | (104) | (68) |
| Derecognition of assets(1) | — | — | (278) |
| Balance at end of period | $2,615 | $2,771 | $2,620 |
(1)For the year ended December 31, 2023, represents the derecognition of the Hilton San Francisco Hotels from our consolidated balance sheet in October 2023, when the receiver took control of the hotels. The Hilton San Francisco Hotels were sold by the court-appointed receiver on November 21, 2025.
(C)The aggregate cost of real estate for U.S. federal income tax purposes is approximately $5.800 billion as of December 31, 2025.
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