MCLEAN, Va. — The planned spin-offs of Hilton Worldwide Holdings were approved by the company’s Board of Directors this week. Spin-off transactions are expected to be completed on Jan. 3, 2017, with Hilton Grand Vacations and Park Hotels & Resorts set to start trading on the New York Stock Exchange the following day.
“As three independent companies, Hilton, Park Hotels & Resorts and Hilton Grand Vacations (HGV) will be well-positioned to capture incremental-growth opportunities and capital-market efficiencies in their respective business,” says Christopher J. Nassetta, president & CEO of Hilton. “With the appropriate leadership, strategic vision and capital structures now in place at both Park and HGV, I am confident that each business will enhance long-term value for its respective shareholders.”
Following completion of the spin-offs, Hilton will continue to be led by Nassetta. As previously announced, Thomas J. Baltimore, Jr. will serve as president, chief executive officer and as a director of Park. Mark Wang — EVP of Hilton and president, Hilton Grand Vacations since March 2008 — will serve as president, CEO and as a director of HGV.