Hilton Introduces Board Of Directors For Park Hotels & Resorts

As Hilton Worldwide Holdings Inc. (NYSE: HLT) ("Hilton") prepares to spin off the bulk of its real estate and timeshare businesses into two separate publicly traded companies, the company is proud to introduce the expected members of the Board of Directors of Park Hotels & Resorts Inc. ("Park"). After a comprehensive review of personal and professional qualifications, directors were chosen based upon the specific needs of Park.

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Upon completion of the spin-off, expected at or around year-end, Park will be one of the largest lodging real estate companies, with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. The portfolio will consist 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 will continue to be led by the current president and chief executive officer (CEO), Christopher J. Nassetta. At this time, there are no planned changes to the Hilton Board of Directors as a result of the spin-off.

Thomas J. Baltimore, Jr., who was appointed to the position of president and CEO in April 2016, will lead Park and is expected to serve as chairman of the Board of Directors. The Park Board will go into effect upon completion of the spin-off.

Following the previously announced equity investment by HNA Group in Hilton, HNA Group will maintain both its stockholders agreement and equity in Park upon completion of the transaction, which is expected to close in the first quarter of 2017.

"The Board of Directors for Park Hotels & Resorts will comprise industry leaders with complementary experience who understand how to govern a public company," said Christopher J. Nassetta, president and CEO, Hilton. "I am thrilled with the caliber of individuals selected, and I believe they will help position Park for success as an independent organization."

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