Hilton Grand Vacations (HGV - Get Report) , one of two subsidiaries of Hilton Worldwide Holdings (HLT - Get Report)  that were spun off on Jan. 3, rose in first-day trading on the New York Stock Exchange, while the other one, Park Hotels & Resorts (PK - Get Report) , fell.

Shares of Park, a portfolio of hotels and resorts, fell 60 cents to $29.90 in Wednesday trading while shares of Hilton Grand Vacations, the hotel company's timeshare business, rose 27 cents to $25.85.

Before today's opening bell, MKM Partners initiated coverage on Hilton Grand Vacations with a "buy" rating and a $32, 12-month price target.

"We believe conditions are ripe for timeshare stocks in general to outperform," MKM analyst Christopher Agnew said in Wednesday's note.

Hilton's "HHonors" rewards and loyalty program "represents a significant underappreciated intangible asset" for Hilton Grand Vacations, Agnew said.

Park and Hilton Grand Vacations will maintain a long-term licensing agreement with Hilton. The two spin-offs were tax free. Recent legislative changes that took effect in May restricted tax-free REIT spinoffs but the Park transaction was grandfathered in.

Hilton issued 198 million shares of Park common stock and 99 million shares of Hilton Grand Vacations common stock on Dec. 15 to its shareholders.

Shares of Hilton rose $1.80 to $58 today.