Park Hotels & Resorts

Park Hotels & Resorts Inc.
Public company
Traded as NASDAQ: PK
Russell 1000 Component
Industry Real estate / Hotels
Founded January 4, 2017 (2017-01-04)
Headquarters Tysons, Virginia
Key people
 Thomas J. Baltimore, Jr. (Chairman & CEO)
Revenue $2.8 billion (2017)
$2.6 billion (2017)
Total assets $9.7 billion (2017)
Total equity $6.0 billion (2017)
Number of employees
 520 (2017)
Website pkhotelsandresorts.com
Footnotes / references
[1]

Park Hotels & Resorts is a real estate investment trust (REIT) focused on hotel properties, based in Tysons, Virginia. It was formed in 2017 as a spin-off from Hilton Worldwide.

History

Hilton Worldwide CEO Christopher Nassetta stated in June 2015 that the company was evaluating a corporate spin-off of a REIT to hold its $13-billion real estate portfolio.[2] The plan was part of Nassetta's strategy of moving Hilton to an "asset-light" business model, to enable rapid international growth.[3][4][5] It was also meant to take advantage of the lack of corporate income taxes on REITs.[6] Hilton announced definitive plans in February 2016 to spin off a REIT (Park Hotels & Resorts) and its timeshare business (Hilton Grand Vacations) as separate companies.[7][8] The spin-offs were completed on January 4, 2017.[9][10] Park Hotels became the second-largest publicly traded hotel REIT, with holdings of 67 hotels.[8][10]

In 2018, Park Hotels sold 13 hotels that it considered "non-core" assets, including 10 of its 14 international properties, for a total of $519 million.[11][12][13]

HNA Group, which had owned 25 percent of the company, sold all its shares in March 2018 in a stock buyback and a secondary offering for a total of $1.4 billion.[14][15][16]

Properties

Park Hotels & Resorts has whole or partial ownership of 54 hotels.[17][18] All of the hotels operate under brands licensed from Hilton Worldwide, with the bulk of them being Hilton, DoubleTree, and Embassy Suites.[18] Park Hotels manages four of the properties itself, and the rest are managed by Hilton Worldwide.[19]

Notable hotels owned by the company include:[17][20]

References

  1. ↑ Form 10-K: Annual Report (Report). Park Hotels & Resorts. March 1, 2018. pp. 13 & 73–74 – via EDGAR.
  2. ↑ Reem Nasr (June 1, 2015). "Hilton Worldwide CEO: Looking at possible REIT". CNBC. Retrieved 2018-06-07.
  3. ↑ Thomas Heath (July 6, 2014). "Christopher Nassetta: The man who turned around Hilton". Washington Post. Retrieved 2018-06-07.
  4. ↑ Arash Massoudi; James Fontanella-Khan; Anna Nicolaou (December 16, 2015). "Hilton aims to inject hotel portfolio into REIT". Financial Times. Retrieved 2018-06-07.
  5. ↑ Rebecca Cooper (February 26, 2016). "More details on the Hilton REIT and timeshare spinoffs". Washington Business Journal. Retrieved 2018-06-07.
  6. ↑ Lisa Beilfuss (February 28, 2016). "Hilton to spin off hotels into REIT, separate timeshare business". Wall Street Journal. Retrieved 2018-06-07. (subscription required)
  7. ↑ Ankit Ajmera (February 26, 2016). "Hilton to spin off real estate, timeshare businesses". Reuters. Retrieved 2018-06-07.
  8. 1 2 Dalia Fahmy (June 2, 2016). "Hilton property spinoff to create Park Hotels & Resorts REIT". Bloomberg. Retrieved 2018-06-07.
  9. ↑ "Hilton completes spin-off of Park Hotels & Resorts and Hilton Grand Vacations" (Press release). Hilton Worldwide. January 4, 2017 – via EDGAR.
  10. 1 2 Abha Bhattarai (January 6, 2017). "Hilton completes split into three independent companies". Washington Post. Retrieved 2018-06-07.
  11. ↑ Form 10-Q: Quarterly Report (Report). Park Hotels & Resorts. May 4, 2018. p. 7 – via EDGAR.
  12. ↑ "Park Hotels & Resorts Inc. announces the sale of the Hilton Berlin and declaration of special dividend" (Press release). Park Hotels & Resorts. May 18, 2018. Retrieved 2018-06-07 – via Business Wire.
  13. ↑ Victcoria Rosenthal (May 21, 2018). "Park Hotels & Resorts sells Hilton Berlin". Hotel Management. Retrieved 2018-06-07.
  14. ↑ Julie Steinberg; Anjani Trivedi (March 1, 2018). "China's HNA Group to sell stake in Hilton spinoff Park Hotels & Resorts". Wall Street Journal. Retrieved 2018-06-07. (subscription required)
  15. ↑ Miriam Gottfried (March 13, 2018). "China's sovereign fund sells out of pre-crisis Blackstone investment". Wall Street Journal. Retrieved 2018-06-07. (subscription required)
  16. ↑ "Park Hotels & Resorts Inc. announces HNA secondary offering/repurchase completion, updated 2018 earnings guidance and new corporate headquarters" (Press release). Park Hotels & Resorts. March 12, 2018 – via Nasdaq.com.
  17. 1 2 "Portfolio". Park Hotels & Resorts. Retrieved 2018-06-07.
  18. 1 2 Form 10-K: Annual Report (Report). Park Hotels & Resorts. March 1, 2018. p. 5 – via EDGAR.
  19. ↑ Form 10-K: Annual Report (Report). Park Hotels & Resorts. March 1, 2018. p. 21 – via EDGAR.
  20. ↑ Form 10-K: Annual Report (Report). Park Hotels & Resorts. March 1, 2018. pp. 40–42 – via EDGAR.
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