Park Hotels & Resorts

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]

In 2019, Park acquired Chesapeake Lodging Trust for $1 billion in cash plus $978 million in stock.[17] The purchase added eighteen hotels to Park's portfolio, and diversified it by adding hotel brands franchised from Marriott, Hyatt, and others.[17][18]

The company sold another 10 hotels in 2019 and 2020, including its last remaining properties outside of the United States, for total proceeds of $688 million.[19]

Park Hotels & Resorts has whole or partial ownership of 60 hotels.[20][21] The bulk of the hotels operate under brands licensed from Hilton Worldwide, including Hilton, DoubleTree, and Embassy Suites.[21] Park Hotels manages four of the properties itself; the remainder are managed by other companies, most of them by Hilton Worldwide.[22]

Notable hotels owned by the company include:[20][21]

• Capital Hilton – Washington, DC (25% interest)
• Caribe Hilton – San Juan, Puerto Rico
• Hilton Chicago – Chicago, Illinois
• Hilton Hawaiian Village – Honolulu, Hawaii
• Hilton New Orleans Riverside – New Orleans, Louisiana
• Hilton Orlando Bonnet Creek – Orlando, Florida
• Hilton Orlando Lake Buena Vista – Lake Buena Vista, Florida
• Hilton San Diego Bayfront – San Diego, California (25% interest)
• Hilton San Francisco Union Square – San Francisco, California
• Hilton Waikoloa Village – Puako, Hawaii
• JW Marriott San Francisco Union Square – San Francisco, California
• Le Méridien San Francisco – San Francisco, California
• New York Hilton Midtown – Manhattan, New York
• Waldorf Astoria Orlando – Orlando, Florida

• Park Hotels & Resorts