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PK - Park Hotels & Resorts Inc
$18.78
-0.19(-1.00%)8:00:02 PM 10/21/2021
Park Hotels & Resorts is a real estate investment trust focused on hotel properties, based in Tysons, Virginia. It was formed in 2017 as a spin-off from Hilton Worldwide. 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. The plan was part of Nassetta's strategy of moving Hilton to an "asset-light" business model, to enable rapid international growth. It was also meant to take advantage of the lack of corporate income taxes on REITs. Hilton announced definitive plans in February 2016 to spin off a REIT and its timeshare business as separate companies. The spin-offs were completed on January 4, 2017. Park Hotels became the second-largest publicly traded hotel REIT, with holdings of 67 hotels.
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