Simpson Thacher advised Hilton Worldwide Holdings Inc. on its spin-offs of Park Hotels & Resorts Inc. and Hilton Grand Vacations Inc., resulting in three separate publicly traded companies. Park Hotels and Hilton Grand Vacations began “regular way” trading on the New York Stock Exchange on January 4, 2017, under the ticker symbols “PK” and “HGV,” respectively. Hilton also effected a 1-for-3 reverse stock split, and continues to trade on the NYSE under the ticker symbol “HLT.”
Hilton (NYSE: HLT) is a leading global hospitality company, comprising more than 4,800 managed, franchised, owned and leased hotels and timeshare properties with nearly 789,000 rooms in 104 countries and territories. The company’s portfolio of 13 world-class global brands includes Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio—A Collection by Hilton, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, Tru by Hilton, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages an award-winning customer loyalty program, Hilton HHonors®.
Park Hotels (NYSE: PK) is one of the largest publicly traded lodging real estate investment trusts with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. The company’s portfolio currently consists of 67 premium-branded hotels and resorts with over 35,000 rooms located in prime U.S. and international markets with high barriers to entry.
Hilton Grand Vacations (NYSE: HGV) is recognized as a leading global timeshare company. With headquarters in Orlando, Florida, Hilton Grand Vacations develops, markets and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. The company also manages and operates two innovative club membership programs: Hilton Grand Vacations Club® and The Hilton Club®, providing exclusive exchange, leisure travel and reservation services for more than 260,000 Club Members.
The Simpson Thacher team included Joshua Ford Bonnie, Edgar J. Lewandowski, William Golden, Matthew Levy, Jo Djekovic, Hana Nah, Grady Chang, Scott Rudin and Thomas Killeen (Capital Markets – D.C. and NY); Eric Swedenburg, Ravi Purushotham, Isaac Gruber and Leah Barnes (M&A); John Hart, Andrew Purcell and George Davis (Tax); Jonathan Lindabury (Derivatives); Brian Gluck, Benjamin Baucom, Samantha Fox and Katherine Chen (Credit – NY); Jennifer Levitt and Mimi Cheng (Credit – LA); Gregory Grogan, Aimee Adler, Jennifer Pepin and Samantha Steinfeld (ECEB); Lori Lesser and Linda Nyberg (Intellectual Property); Laura Palma and John Schueller (Securitization); and Ellen Smiley and James Rapp (Public Company Advisory Practice).