Park Hotels & Resorts Inc

We are the second largest publicly-traded lodging real estate investment trust ("REIT") with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. We were originally formed as Hilton Hotels Corporation, a Delaware corporation, in 1946 and existed as a part of one of Hilton's business segments. On January 3, 2017, Hilton Parent completed the spin-off that resulted in our establishment as an independent, publicly traded company. As of February 27, 2020, our portfolio consists of 60 premium-branded hotels and resorts with over 33,000 rooms, primarily located in prime United States ("U.S.") markets with high barriers to entry. Over 86% 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.

On September 18, 2019, pursuant to the terms and subject to the conditions set forth in the Agreement and Plan of Merger (the "Merger Agreement"), dated as of May 5, 2019, by and among Park Parent, PK Domestic Property LLC, an indirect subsidiary of Park Parent ("PK Domestic"), PK Domestic Sub LLC, a wholly-owned subsidiary of PK Domestic ("Merger Sub") and Chesapeake Lodging Trust ("Chesapeake"), Chesapeake merged with and into Merger Sub (the "Merger"). Park Intermediate Holdings LLC (our "Operating Company"), continues to directly or indirectly, hold all of our assets and conduct all of our operations. Park Parent owns 100% of the interests in our Operating Company.

We are treated as a REIT for U.S. federal income tax purposes, and we believe we have been organized and operated, and expect to continue to be organized and operate, in a manner to qualify as a REIT.