Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Debt balances and associated interest rates as of March 31, 2023 were:

			Principal balance as of
	Interest Rate at March 31, 2023	Maturity Date	March 31, 2023			December 31, 2022
			(in millions)
SF Mortgage Loan(1)	4.11%	November 2023	$	725		$	725
HHV Mortgage Loan(1)	4.20%	November 2026		1,275			1,275
Other mortgage loans	Average rate of 4.35%	2023 to 2027(2)		467			469
Revolver(3)	SOFR + 2.10%	December 2026		—			50
2025 Senior Notes(4)	7.50%	June 2025		650			650
2028 Senior Notes(4)	5.88%	October 2028		725			725
2029 Senior Notes(4)	4.88%	May 2029		750			750
				4,592			4,644
Add: unamortized premium				2			3
Less: unamortized deferred financing costs    and discount				(28	)		(30	)
			$	4,566		$	4,617

(1) In October 2016, we entered into a $725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF Mortgage Loan”) and a $1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV Mortgage Loan”).

(2) Assumes the exercise of all extensions that are exercisable solely at our option. The mortgage loan for Hilton Denver City Center matures in 2042 but is callable by the lender with six months of notice. As of March 31, 2023, Park had not received notice from the lender.

(3) In February 2023, we fully repaid the $50 million outstanding balance under our revolving credit facility ("Revolver"). The Revolver permits one or more standby letters of credit, up to a maximum aggregate outstanding balance of $50 million, to be issued on behalf of us. As of March 31, 2023, we had approximately $4 million outstanding on a standby letter of credit and $946 million of available capacity under our Revolver.

(4) In May and September 2020, our Operating Company, PK Domestic and PK Finance Co-Issuer Inc. ("PK Finance") issued an aggregate of $650 million of senior notes due 2025 (“2025 Senior Notes”) and an aggregate of $725 million of senior notes due 2028 (“2028 Senior Notes”), respectively. Additionally, in May 2021, our Operating Company, PK Domestic and PK Finance issued an aggregate of $750 million of senior notes due 2029 (“2029 Senior Notes”).

Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option

The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of March 31, 2023 were:

Year	(in millions)
2023	$	861
2024		7
2025		657
2026		1,563
2027		30
Thereafter(1)		1,474
	$	4,592

(1) Assumes the exercise of all extensions that are exercisable solely at our option.