Hilton Board Approves Spin-off Of Park Hotels & Resorts, Hilton Grand Vacations

(RTTNews) - Hilton Worldwide Holdings (HLT) announced Monday that its Board of Directors has approved the spin-off of Park Hotels & Resorts Inc. and Hilton Grand Vacations Inc.

The Board approved the distribution to its shareholders of all of the outstanding shares of Park Hotels & Resorts, which will become the holder of a portfolio of hotels and resorts previously held by Hilton, and Hilton Grand Vacations, 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 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.

Christopher Nassetta, president & chief executive officer of Hilton, said, "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. 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."