Hilton Directors Okay Spin-Offs

A Hilton Grand Vacations property; the timeshare business will be spun off in January.

MCLEAN, VA—Hilton Worldwide Holdings said Monday that its board of directors had approved the spin-offs of a portfolio of its owned real estate and its timeshare business. The spin-offs are expected to be finalized on Jan. 3, 2017, with the two spin-offs—Park Hotels & Resorts Inc. and Hilton Grand Vacations Inc.—beginning regular trading on the New York Stock Exchange the following day.

“As three independent companies, Hilton, Park Hotels & Resorts and Hilton Grand Vacations will be well-positioned to capture incremental growth opportunities and capital market efficiencies in their respective business,” says Christopher J. Nassetta, Hilton Worldwide’s president and CEO. “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.”