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Hilton completes spin-off of Park Hotels and Grand Vacations

Christopher Nassetta Hilton

Hilton Worldwide has completed the spin-offs of Park Hotels and Resorts (Park) and Hilton Grand Vacations (HGV), resulting in three independent, publicly traded companies.

Park and HGV have begun regular trading on the New York Stock Exchange (NYSE), under the ticker symbols PK and HGV, respectively. Hilton also effected a previously-announced 1-for-3 reverse stock split, and will continue to trade on the NYSE under the ticker symbol HLT.

Hilton will continue to be led by Christopher J Nassetta, president and chief executive officer (CEO). Kevin J Jacobs will continue to serve as Hilton’s executive vice president and chief financial officer (CFO) and Michael W Duffy will continue to serve as Hilton’s senior vice president and chief accounting officer.

“These spin-offs are an important milestone in Hilton’s continued evolution as the world’s most hospitable company,” said Nassetta.

“The new Hilton is a fee-based, capital efficient, and resilient business with tremendous growth potential around the world. We believe this will result in opportunities for our team members and meaningful returns for our hotel owners and shareholders.”

Hilton says its portfolio of 13 distinct brands leads the industry in market share premiums, resulting in leading rates of organic net unit growth with very low capital requirements.

Park, headquartered in McLean, Virginia, is led by Thomas J. Baltimore, Jr., chairman, president and CEO. Sean M. Dell’Orto serves as Park’s executive vice president and CFO and Treasurer, and Darren W. Robb serves as Park’s senior vice president and chief accounting officer. Park is now one of the largest lodging real estate investment trusts (REIT), with 67 premium-branded hotels and resorts with more than 35,000 rooms located in prime U.S. locations and international markets with high barriers to entry.

“Today’s transaction positions Park Hotels & Resorts as the second largest lodging REIT and a key player in the market,” said Thomas J. Baltimore, Jr., chairman, president & CEO, Park Hotels & Resorts. “We believe our size, scale, and high-quality portfolio will enable us to capitalize on meaningful growth opportunities.”

HGV, headquartered in Orlando, Florida, is led by Mark Wang, president and CEO. James E. Mikolaichik serves as HGV’s executive vice president and CFO and Allen Klingsick serves as senior vice president and chief accounting officer. HGV is a timeshare company that markets and sells vacation ownership intervals, and manages resorts in top leisure and urban destinations. HGV’s 46 resorts are located in premier markets, including the Hawaiian Islands, New York City, Orlando and Las Vegas.

“Hilton Grand Vacations is a premier operator and rapidly growing company in the timeshare industry,” said Mark Wang, president and CEO, Hilton Grand Vacations. “We are focused on adding value for our members, continued net owner growth, and delivering a strong return on our capital efficient business.”

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