McLean, Virginia – 06 January 2016
Hilton Worldwide completes the spin-offs of Park Hotels & Resorts and Hilton Grand Vacations, resulting in three independent, publicly traded companies.
Hilton continues to be led by Christopher J. Nassetta, president and chief executive officer. Kevin J. Jacobs continues to serve as Hilton’s executive vice president and chief financial officer and Michael W. Duffy continues to serve as Hilton’s senior vice president and chief accounting officer. Park 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 senior vice president and chief accounting officer.
HGV is led by Mark Wang, president & CEO. James E. Mikolaichik serves as executive vice president and CFO and Allen Klingsick serves as 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.”
Baltimore commented: “Today’s transaction positions Park Hotels & Resorts as the second largest lodging REIT and a key player in the market. We believe our size, scale, and high-quality portfolio will enable us to capitalize on meaningful growth opportunities.”
Wang said: “Hilton Grand Vacations is a premier operator and rapidly growing company in the timeshare industry. We are focused on adding value for our members, continued net owner growth, and delivering a strong return on our capital efficient business.”