Hilton Worldwide made it official today, declaring its intention to spin off the bulk of its real estate holdings as a separate REIT and its timeshare business, Hilton Grand Vacations, as a standalone company. As part of its earnings release today, the company announced that it is targeting the second quarter to spin off the two new publicly traded entities. The REIT is expected to include about 70 properties and 35,000 rooms, and the timeshare company will manage almost 50 resorts in the U.S. and Europe. During this morning’s earnings call, Hilton CEO Chris Nassetta said, “Our intention is to complete these spinoffs by the end of the year, with appropriate leadership, strategies, and capital structures in place to set up all three companies for further success.” Post spinoff, Hilton Worldwide will continue to operate its management and franchise segment. To read more, click here.
