By: Dalia Fahmy
Hilton Worldwide Holdings Inc. said the planned spinoff of its real estate will create a company, to be called Park Hotels & Resorts, that will be the second-largest publicly traded real estate investment trust in the lodgings industry.
The newly formed entity, which will contain most of Hilton’s properties, will have earnings before interest, taxes, depreciation and amortization of as much as $825 million in 2016, Hilton said in a statement on Thursday. In 2015, the unit had adjusted EBITDA of $817 million. [Read More]