Hilton Worldwide has announced the completion of its two spin-off companies Park Hotels & Resorts and Hilton Grand Vacations. The spin-offs have been projected to increase the worth of Hilton by 25 percent, with an estimated 69 hotels between the two.
Hilton’s president and CEO Christopher J. Nassetta released a statement with the announcement.
“These spin-offs are an important milestone in Hilton’s continued evolution as the world’s most hospitable company. 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.”
The Park Hotels company will be based in Virginia and Hilton Grand Vacations will be based in Orlando Florida.