In connection with the spin-offs, the companies were provided financial advice by Deutsche Bank Securities, Goldman Sachs and BofA Merrill Lynch; legal advice by Simpson Thacher, Hogan Lovells and Womble Carlyle; and tax advice by Ernst & Young and KPMG. This past October, HNA Group said it would acquire a 25% equity interest in Hilton from affiliates of the Blackstone Group. Valued at approximately $6.5 billion, the deal represents Beijing-based HNA's second entity-level venture into US hotel companies in six months, following its acquisition of Carlson Hospitality Group, owner of the Radisson hotel brand. The deal gives HNA an equity stake in Park and HGV as well as Hilton.

McLEAN, VA—Hilton Worldwide Holdings' two spin-offs began trading on the New York Stock Exchange as independent companies. The 1-for-3 reverse stock split, first announced this past February, establishes a new lodging REIT, Park Hotels & Resorts Inc., as well as a standalone timeshare operator, Hilton Grand Vacations Inc.

“These spin-offs are an important milestone in Hilton's continued evolution as the world's most hospitable company,” says Hilton's president and CEO Christopher Nassetta, president and CEO, Hilton. “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.”

Headquartered in McLean, VA, as is its former parent company, Park has a portfolio of 67 hotels and resorts totaling more than 35,000 keys. It's being led by Thomas J. Baltimore, formerly president and CEO of RLJ Lodging Trust.

HGV is based in Orlando, a resort market in which it also operates a number of properties. All told, HGV's portfolio runs to 46 resorts in premier markets, including the Hawaiian Islands, New York City and Las Vegas as well as Orlando.

In connection with the spin-offs, the companies were provided financial advice by Deutsche Bank Securities, Goldman Sachs and BofA Merrill Lynch; legal advice by Simpson Thacher, Hogan Lovells and Womble Carlyle; and tax advice by Ernst & Young and KPMG. This past October, HNA Group said it would acquire a 25% equity interest in Hilton from affiliates of the Blackstone Group. Valued at approximately $6.5 billion, the deal represents Beijing-based HNA's second entity-level venture into US hotel companies in six months, following its acquisition of Carlson Hospitality Group, owner of the Radisson hotel brand. The deal gives HNA an equity stake in Park and HGV as well as Hilton.