Thomas C. Morey - Executive Vice President and Chief Investment Officer | Park Hotels & Resorts (PK) Executive Profile & Compensation

About Thomas C. Morey

Thomas C. Morey, age 53, is Executive Vice President and Chief Investment Officer at Park Hotels & Resorts (PK). He joined Park in August 2016, served as General Counsel through January 2020, and has been CIO since January 2020; he previously held senior roles at Washington REIT, Medical Funding Services, Hogan & Hartson (now Hogan Lovells), and Jones Day. He holds a BA from Princeton University and a JD from Duke Law School . In 2024, Park’s corporate performance objectives (RevPAR, Adjusted EBITDA, EBITDA margins, Net Debt/TTM) were achieved at an aggregate 141.4% with Phase I at 154.0% and Phase II at 128.9%; relative TSR for 2024 outperformed all but two peers in the FTSE Nareit Lodging/Resorts cohort . Morey’s individual highlights included leading dispositions of JV interests (Hilton La Jolla Torrey Pines, DoubleTree Spokane), maintaining an active acquisitions “ready list,” and strengthening investor relationships .

Past Roles

Organization	Role	Years	Strategic Impact
Park Hotels & Resorts	EVP & Chief Investment Officer	Jan 2020–Present	Led portfolio transactions; maintained acquisition pipeline; strengthened portfolio management with Asset Management and Design & Construction teams .
Park Hotels & Resorts	EVP & General Counsel (interim GC Jan–Oct 2020)	Feb 2018–Jan 2020	Oversaw legal function during transition; supported strategic transactions .
Park Hotels & Resorts	SVP & General Counsel	Dec 2016–Feb 2018	Established legal frameworks post spin-off; corporate governance .
Washington REIT	SVP & General Counsel	Oct 2008–Jul 2016	Led legal for multifamily/office/retail REIT; capital markets and M&A support .
Medical Funding Services	Chief Operating Officer	Feb 2006–Sep 2008	Operated financial/administrative services provider to healthcare companies .
Hogan & Hartson (Hogan Lovells)	Corporate Partner	Prior to 2006	Focused on capital markets, M&A, strategic investments for lodging/REIT clients .
Jones Day	Corporate Attorney	1997–1998	Corporate legal work (Dallas) .

External Roles

Organization	Role	Years	Strategic Impact
Maryland Chamber of Commerce	Board Member; Executive Committee	Prior years (former)	Contributed to state business advocacy; executive oversight participation .

Fixed Compensation

Metric	FY 2022	FY 2023	FY 2024
Base Salary ($)	$550,000	$572,000	$600,600
Target Bonus (% of Base)	100% (EVP)	100% (EVP)	100% (EVP)
Actual STIP Paid ($)	$780,857	$779,041	$859,819
2025 Base (Effective Feb 2025)	—	—	$621,621 (approved Feb 2025)

Performance Compensation

Annual STIP Structure (EVP Level)

Component	Weighting	Notes
Company Performance Objectives	80%	Split into Phase I (H1) and Phase II (H2), each 50% of corporate weighting .
Individual Performance Objectives	20%	CIO highlights include JV dispositions, pipeline and investor engagement .

2024 Corporate Performance Objectives and Results

Metric	Weight	Threshold	Target	High	Actual	Phase
Consolidated Portfolio RevPAR ($)	20%	178.75	185.62	192.25	185.28	Phase I
Consolidated Hotel Adjusted EBITDA Margin (%)	30%	26.1	27.4	28.6	28.6	Phase I
Adjusted EBITDA ($MM)	30%	308.1	338.1	368.1	355.4	Phase I
Net Debt / TTM Adjusted EBITDA (x)	20%	5.77	5.38	5.00	5.25	Phase I
Comparable Portfolio RevPAR ($)	20%	174.07	181.07	188.07	183.38	Phase II
Comparable Hotel Adjusted EBITDA Margin (%)	30%	25.2	26.2	27.2	26.1	Phase II
Adjusted EBITDA ($MM)	30%	240.3	270.3	300.3	279.6	Phase II
Net Debt / TTM Adjusted EBITDA (x)	20%	6.26	5.91	5.56	5.67	Phase II

Corporate achievement: 154.0% Phase I ; 128.9% Phase II ; aggregate corporate achievement 141.4% .
2024 STIP ranges (EVP): Threshold 50% base ($300,300), Target 100% ($600,600), High 200% ($1,201,200) .

Long-Term Incentive (LTIP) – Equity Mix and Grants

Element	EVP Mix	Vesting	2024 Grant Details
PSUs (Relative TSR)	60% of annual equity	3-year performance; modifier limits payout if TSR negative	Target 48,817 PSUs; Max 97,634; Grant date fair value $834,283
RSAs (Time-based)	40% of annual equity	Ratable over 3 anniversaries	32,544 shares; Grant date fair value $528,515

Outstanding & Vesting (as of 12/31/2024)

Award Type	Grant Date	Unvested/Unearned Units	Vesting/Performance Notes
RSAs	2/22/2024	32,544	3-year ratable vesting .
RSAs	2/16/2023	24,212	3-year ratable vesting .
RSAs	2/24/2022	8,711	3-year ratable vesting .
PSUs (2024 LTIP)	2/22/2024	Max 97,634	TSR metric; slightly >target as of 12/31/2024; final shares not yet determinable .
PSUs (2023 LTIP)	2/16/2023	Max 108,952	TSR metric achieved at maximum as of 12/31/2024; final shares not yet determinable .

Pay Versus Performance context:

2021–2023 PSUs certified at 113% of target based on relative TSR; 2022–2024 tracking above target; 2023–2025 tracking at maximum .

Equity Ownership & Alignment

Item	Data
Beneficially Owned Shares	268,396 shares as of Feb 23, 2024 .
Shares Outstanding	210,582,472 as of Feb 23, 2024 .
Ownership as % of Outstanding	~0.13% (268,396 / 210,582,472) .
Stock Ownership Guideline	3× base salary for executives .
Compliance Status	Morey at 7.5× base salary value as of Feb 23, 2024 .
Hedging/Pledging	Prohibited for directors and executive officers .
Clawback Policy	Updated Oct 2023 to comply with SEC/NYSE; mandatory recovery of excess incentive-based comp upon restatement .

Employment Terms

Scenario (as of 12/31/2024)	Cash Severance ($)	Equity Acceleration ($)	Benefits Continuation ($)	Total ($)
Termination by Company without Cause or by NEO for Good Reason	2,840,060	1,139,037	34,627	4,013,724
Termination within 12 Months Following Change-in-Control	2,840,060	2,374,453	34,627	5,249,140
Death or Disability	600,600	1,136,406	—	1,737,006

Equity acceleration values reflect vesting of unvested RSAs and prorated PSUs under plan terms; amounts based on PK closing price on 12/31/2024 .

Compensation Peer Group and Say-on-Pay

Peer group used for 2024 benchmarking included Host Hotels, Hyatt, Wyndham, Hilton Grand Vacations, Ryman Hospitality, Apple Hospitality, RLJ Lodging Trust, Sunstone, DiamondRock, Xenia, Federal Realty, JBG SMITH, Pebblebrook, and BXP; adjusted for 2025 to replace AIRC with Marriott Vacations .
Say-on-pay approval: ~94% at 2024 annual meeting; ~93% at 2023 annual meeting; ongoing investor outreach (~52% of outstanding shares contacted in 2024) .

Notes on Insider Transactions

Form 4 insider transaction data is not disclosed in the proxy. No Section 16 Form 4 transactions for Morey were retrieved in this analysis; hedging/pledging is prohibited, reducing selling pressure risk through collateralized loans .

Investment Implications

Pay-for-performance alignment: High variable compensation (STIP driven by RevPAR/margins/leverage; LTIP with 60% PSUs on relative TSR and 40% time-based RSAs) ties Morey’s realized pay to operating outcomes and stock performance. 2024 corporate objectives achieved at 141.4% and STIP paid $859,819, consistent with strong execution amid renovations and strikes .
Upcoming vesting/supply dynamics: Unvested RSAs across 2022–2024 will vest ratably, and 2023 PSUs are tracking at maximum as of 12/31/2024, potentially increasing vested share supply upon certification; actual distributions depend on final TSR outcomes and modifier constraints .
Alignment and retention: Ownership at 7.5× salary exceeds 3× guideline; prohibitions on hedging/pledging and an enforceable clawback strengthen alignment and governance. Severance economics are moderate with double-trigger CIC treatment, limiting windfall risk .
Performance track record: CIO-led asset sales (La Jolla Torrey Pines, Spokane) and active pipeline underscore capital allocation discipline; relative TSR outperformance among lodging peers in 2024 reinforces compensation linkage to shareholder value .