Report : Hilton To Spin Off Hotel Properties Into Real Estate Investment Trust

(RTTNews) - Hilton Worldwide Holdings Inc. (HLT) plans to spin off its hotel properties into a real estate investment trust, a move that has become popular among companies looking to slim down and boost their stocks, the Wall Street Journal reported, citing people familiar with the matter.

Hilton is seeking approval from the Internal Revenue Service to make the transaction tax-free.

The company owns or leases 147 of its more than 4,000 Hilton-branded properties, including the Hilton Chicago, Hilton San Francisco Union Square and Hilton Hawaiian Village Waikiki Beach Resort.

HLT closed Wednesday trading at $22.45, up $1.11 or 5.20%.