Park Hotels & Resorts Inc. Announces Termination of Executive Vice President, Asset Management

TYSONS, Va.--(BUSINESS WIRE)--Park Hotels & Resorts Inc. (NYSE: PK) (“Park”) today announced that it has terminated the employment of Robert D. Tanenbaum, Park’s former Executive Vice President, Asset Management. Mr. Tanenbaum was terminated by Park for cause after an investigation determined that he had engaged in a personal, inappropriate and consensual relationship with a Park employee as well as inappropriate communications, which relationship and communications violated Park policies and core values. Mr. Tanenbaum’s termination is unrelated to Park’s operational or financial performance.

The Asset Management department will report into Park's Chief Financial Officer, Sean Dell’Orto, on an interim basis until a successor is named.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park’s current expectations regarding Park’s executive officers. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2018, as such factors may be updated from time to time in Park’s filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

About Park Hotels & Resorts

Park Hotels & Resorts Inc. (NYSE: PK) is the second largest publicly traded lodging real estate investment trust with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 62 premium-branded hotels and resorts with approximately 34,000 rooms primarily located in prime U.S. markets with high barriers to entry.

For additional information or to receive press releases via e-mail, please visit our website at www.pkhotelsandresorts.com