Park Hotels & Resorts and Hilton Grand Vacations Begins “Regular Way” Trading On The New York Stock Exchange
Hilton Worldwide Holdings Inc. (NYSE: HLT) (“Hilton”) has announced the completion of the spin-offs of Park Hotels & Resorts Inc. (“Park”) and Hilton Grand Vacations Inc. (“HGV”), resulting in three independent, publicly traded companies.
Park and HGV began “regular way” trading on the New York Stock Exchange on January 4, 2017, 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 is a leading global hospitality company, comprising more than 4,800 managed, franchised, owned and leased hotels and timeshare properties with nearly 789,000 rooms in 104 countries and territories. For 97 years, Hilton has been dedicated to continuing its tradition of providing exceptional guest experiences. The company’s portfolio of 13 world-class global brands includes Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio – A Collection by Hilton, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, Tru by Hilton, Homewood Suites by Hilton and Home2 Suites by Hilton.
The company also manages an award-winning customer loyalty program, Hilton HHonors®. Hilton HHonors members who book directly through preferred Hilton channels have access to benefits including an exclusive member discount, free standard Wi-Fi, as well as digital amenities that are available exclusively through the industry-leading Hilton HHonors app, where Hilton HHonors members can check-in, choose their room, and access their room using a Digital Key. (Visit www.hiltonworldwide.com for more information and connect with Hilton on Facebook, Twitter, YouTube, Flickr, LinkedIn and Instagram.)
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.”
Park Hotels & Resorts Inc. (NYSE: PK) is one of the largest publicly traded lodging real estate investment trusts with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. The Company’s portfolio currently consists of 67 premium-branded hotels and resorts with over 35,000 rooms located in prime U.S. and international markets with high barriers to entry.
Park, headquartered in McLean, Virginia, is led by Thomas J. Baltimore, Jr., chairman, president & 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. For additional information, please visit the Company’s website at www.pkhotelsandresorts.com.
“Today’s transaction positions Park Hotels & Resorts as the second largest lodging REIT and a key player in the market,” said Baltimore. “We believe our size, scale, and high-quality portfolio will enable us to capitalize on meaningful growth opportunities.”
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized within the industry as a leading global timeshare company. With headquarters in Orlando, Fla., Hilton Grand Vacations develops, markets and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. HGV’s 46 resorts are located in premier markets, including the Hawaiian Islands, New York City, Orlando and Las Vegas. The company also manages and operates two innovative club membership programs: Hilton Grand Vacations Club® and The Hilton Club®, providing exclusive exchange, leisure travel and reservation services for more than 260,000 Club Members.
HGV is led by Mark Wang, president & 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. For more information, visit www.hgv.com and www.hiltongrandvacations.com.
“Hilton Grand Vacations is a premier operator and rapidly growing company in the timeshare industry,” said Wang. “We are focused on adding value for our members, continued net owner growth, and delivering a strong return on our capital efficient business.”
The companies were provided financial advice by Deutsche Bank Securities, Goldman Sachs & Co. and BofA Merrill Lynch, legal advice by Simpson Thacher, Hogan Lovells and Womble Carlyle, and tax advice by Ernst & Young and KPMG.