Hilton REIT, vacations spinoffs start trading on NYSE: Hilton Worldwide Holdings’ spinoffs Park Hotels & Resorts and Hilton Grand Vacations went live for trading today, according to a news release from Hilton.
The company announced real estate investment trust Parks Hotels & Resorts and timeshare business Hilton Grand Vacations in February 2016.
The REIT contains 67 owned assets and will trade under the initials PK, while the vacations spinoff will trade under the initials HGV, both on the New York Stock Exchange. Hilton’s board approved the moves on 5 December. Running Park Hotels & Resorts will be CEO Thomas J. Baltimore Jr., formerly at RLJ Lodging Trust, while Mark Wang will continue as CEO of Hilton Grand Vacations.
Source: Hotel News Now