Park Hotels & Resorts and Hilton Grand
Vacations to begin “regular way” trading on the New York Stock
Exchange
Hilton Worldwide Holdings Inc. (NYSE: HLT) (“Hilton”) today
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.
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Park and HGV will begin “regular way” trading on the New York
Stock Exchange (NYSE) today, 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 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. Its
portfolio of 13 distinct brands leads the industry in market share
premiums, resulting in leading rates of organic net unit growth
with very low capital requirements.
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. Park is now one of the largest lodging real
estate investment trusts (REIT), with 67 premium-branded hotels and
resorts with more than 35,000 rooms located in prime U.S. locations
and international markets with high barriers to entry.
HGV, headquartered in Orlando, Florida, 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. HGV is a timeshare company
that markets and sells vacation ownership intervals, and manages
resorts in top leisure and urban destinations. HGV’s 46 resorts are
located in premier markets, including the Hawaiian Islands, New
York City, Orlando and Las Vegas.
“These spin-offs are an important milestone in Hilton’s
continued evolution as the world’s most hospitable company,” said
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.”
“Today’s transaction positions Park Hotels & Resorts as the
second largest lodging REIT and a key player in the market,” said
Thomas J. Baltimore, Jr., chairman, president & CEO, Park
Hotels & Resorts. “We believe our size, scale, and high-quality
portfolio will enable us to capitalize on meaningful growth
opportunities.”
“Hilton Grand Vacations is a premier operator and rapidly
growing company in the timeshare industry,” said Mark Wang,
president & CEO, Hilton Grand Vacations. “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.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. You can identify these forward-looking statements by the
use of words such as "outlook," "believes," "expects," "potential,"
"continues," "may," "will," "should," "could," "seeks," "projects,"
"predicts," "intends," "plans," "estimates," "anticipates" or the
negative version of these words or other comparable words. Such
forward-looking statements are subject to various risks and
uncertainties, including, among others, risks inherent to the
hospitality industry, macroeconomic factors beyond Hilton's, Park’s
or HGV’s control, competition for hotel guests, management and
franchise agreements and timeshare sales, risks related to doing
business with third-party hotel owners, significant investments in
owned and leased real estate, performance of information technology
systems, growth of reservation channels outside of Hilton's system,
risks of doing business outside of the United States, and
indebtedness. Additional factors that could cause Hilton's, Park’s
or HGV’s results to differ materially from those described in the
forward-looking statements can be found under "Part I-Item 1A. Risk
Factors" of Hilton’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2015, “Risk Factors” in Park’s Registration
Statement on Form 10, and “Risk Factors” in HGV’s Registration
Statement on Form 10, each as filed with the SEC, as such factors
may be updated from time to time in periodic filings with the SEC,
which are accessible on the SEC's website at www.sec.gov.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements. These factors should not be
construed as exhaustive and should be read in conjunction with the
other cautionary statements that are included in this release and
in Hilton's, Park’s and HGV’s filings with the SEC. Each of Hilton,
Park and HGV undertakes no obligation to publicly update or review
any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as required
by law.
About Hilton
Hilton (NYSE: HLT) 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, Home2 Suites by Hilton and Hilton Grand
Vacations. 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 news.hiltonworldwide.com for more
information and connect with Hilton on Facebook, Twitter, YouTube,
Flickr, LinkedIn and Instagram.
About Park Hotels & Resorts Inc.
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. For additional information, please
visit the Company's website at www.pkhotelsandresorts.com.
About Hilton Grand Vacations, Inc.
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized 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. 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.
For more information, visit www.hgv.com and
www.hiltongrandvacations.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170104005521/en/
Hilton Contacts:Christian CharnauxInvestor
Contact1-703-883-5205christian.charnaux@hilton.comorNigel
GlennieMedia Contact1-415-298-4424nigel.glennie@hilton.comorPark
Hotels & Resorts Contact:Ian WeissmanInvestor
Contact1-703-584-7441iweissman@pkhotelsandresorts.comorHilton
Grand Vacations Contact:Robert LaFleurInvestor
Contact1-407-722-3327rlafleur@hgvc.comorErin PagánMedia
Contact1-407-722-3771epagan@hgvc.com
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