Published on : Friday, December 9, 2016
Hilton Worldwide Holdings today announced that its Board of Directors has approved the distribution to its shareholders of all of the outstanding shares of Park Hotels & Resorts Inc. which will become the holder of a portfolio of hotels and resorts previously held by Hilton, and Hilton Grand Vacations Inc., Hilton’s timeshare business.
The spin-off transactions are expected to be completed on January 3, 2017, and Park and HGV will begin regular-way trading on the New York Stock Exchange (NYSE) under the ticker symbols “PK” and “HGV,” respectively, on January 4, 2017. The Hilton Board also approved a 1-for-3 reverse stock split for Hilton, which will become effective after market close on January 3, 2017.
“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,” said Christopher J. Nassetta, president & chief executive officer 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.”