Park Hotels & Resorts
 | |
| Company type | Public company |
|---|---|
| Nasdaq: PK Russell 1000 Component | |
| Industry | Real estate / Hotels |
| Founded | January 4, 2017 |
| 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 |
| 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]
- Capital Hilton – Washington, DC (25% interest)
- Caribe Hilton – San Juan, Puerto Rico
- Embassy Suites Washington DC Georgetown – Washington, DC
- Hilton Chicago – Chicago, Illinois
- Hilton Hawaiian Village – Honolulu, Hawaii
- Hilton New Orleans Riverside – New Orleans, Louisiana
- Hilton Orlando – Orlando, Florida (20% interest)
- 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
- New York Hilton Midtown – Manhattan, New York
- Waldorf Astoria Orlando – Orlando, Florida
References
- ^ Form 10-K: Annual Report (Report). Park Hotels & Resorts. March 1, 2018. pp. 13 & 73–74 – via EDGAR.
- ^ Reem Nasr (June 1, 2015). "Hilton Worldwide CEO: Looking at possible REIT". CNBC. Retrieved 2018-06-07.
- ^ Thomas Heath (July 6, 2014). "Christopher Nassetta: The man who turned around Hilton". Washington Post. Retrieved 2018-06-07.
- ^ Arash Massoudi; James Fontanella-Khan; Anna Nicolaou (December 16, 2015). "Hilton aims to inject hotel portfolio into REIT". Financial Times. Retrieved 2018-06-07.
- ^ Rebecca Cooper (February 26, 2016). "More details on the Hilton REIT and timeshare spinoffs". Washington Business Journal. Retrieved 2018-06-07.
- ^ Lisa Beilfuss (February 28, 2016). "Hilton to spin off hotels into REIT, separate timeshare business". Wall Street Journal. Retrieved 2018-06-07. (subscription required)
- ^ Ankit Ajmera (February 26, 2016). "Hilton to spin off real estate, timeshare businesses". Reuters. Retrieved 2018-06-07.
- ^ a b Dalia Fahmy (June 2, 2016). "Hilton property spinoff to create Park Hotels & Resorts REIT". Bloomberg. Retrieved 2018-06-07.
- ^ "Hilton completes spin-off of Park Hotels & Resorts and Hilton Grand Vacations" (Press release). Hilton Worldwide. January 4, 2017 – via EDGAR.
- ^ a b Abha Bhattarai (January 6, 2017). "Hilton completes split into three independent companies". Washington Post. Retrieved 2018-06-07.
- ^ Form 10-Q: Quarterly Report (Report). Park Hotels & Resorts. May 4, 2018. p. 7 – via EDGAR.
- ^ "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.
- ^ Victcoria Rosenthal (May 21, 2018). "Park Hotels & Resorts sells Hilton Berlin". Hotel Management. Retrieved 2018-06-07.
- ^ 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)
- ^ 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)
- ^ "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.
- ^ a b "Portfolio". Park Hotels & Resorts. Retrieved 2018-06-07.
- ^ a b Form 10-K: Annual Report (Report). Park Hotels & Resorts. March 1, 2018. p. 5 – via EDGAR.
- ^ Form 10-K: Annual Report (Report). Park Hotels & Resorts. March 1, 2018. p. 21 – via EDGAR.
- ^ Form 10-K: Annual Report (Report). Park Hotels & Resorts. March 1, 2018. pp. 40–42 – via EDGAR.