Hilton completes spin-off of Park Hotels & Resorts and Hilton Grand VacationsStaff Writer | January 6, 2017
Hilton Worldwide Holdings completed the spin-offs of Park Hotels & Resorts Inc. (Park) and Hilton Grand Vacations Inc. (HGV), resulting in three independent, publicly traded companies.
Hospitality industry Park, HGV, and HLT
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."
"These spin-offs are an important milestone in Hilton's continued evolution as the world's most hospitable company," said Christopher J. Nassetta, president and CEO, Hilton.
"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."
"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."
"Hilton Grand Vacations is a premier operator and rapidly growing company in the timeshare industry," said Mark Wang, president & 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." ■