Hilton Eyes REIT Spin-off: Reports
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The company’s owned portfolio includes the Hilton Chicago.
McLEAN, VA—Although language placing limits on future REIT spin-offs was included in the $1.1-trillion appropriations bill introduced to the US House of Representatives Tuesday night, companies that were already discussing a spin-off with the Internal Revenue Service will be grandfathered in. Hilton Worldwide Holdings is one such company, the Wall Street Journalreported Wednesday, citing people said to be familiar with the matter.
The McLean, VA-based hotelier, which is 45% owned by the Blackstone Group, owns or leases 147 of its properties worldwide. With assets including the New York Hilton, Hilton Chicago and Parc 55 San Francisco, the portfolio offers “significant embedded asset value,” according to a November investor presentation. Analysts have estimated the properties’ combined value at more than $10 billion, the WSJ reported…
