MCLEAN, Va. — Hilton Worldwide Holdings Inc.’s spin-offs of Park Hotels & Resorts and Hilton Grand Vacations Inc. (HGV) — first announced in June 2016 and approved in Dec. 2016 — have been completed, resulting in three independent publicly traded companies.
“These spin-offs are an important milestone in Hilton’s continued evolution as the world’s most hospitable company,” says 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.”
Park and HGV began trading on the New York Stock Exchange (NYSE) yesterday under the ticker symbols PK and HGV, respectively. Hilton effected a previously-announced one-for-three reverse stock split and will continue to trade on the NYSE under the ticker symbol HLT.
Nassetta will stay on as president and CEO of Hilton while Thomas J. Baltimore, Jr. will serve as director, president and CEO of Park. Mark Wang — EVP of Hilton and president of HGV since March 2008 — will serve as the newly formed HGV’s director, president and CEO.
“Today’s transaction positions Park Hotels & Resorts as the second-largest lodging REIT and a key player in the market,” says Baltimore. “We believe our size, scale and high-quality portfolio will enable us to capitalize on meaningful growth opportunities.”