Hilton Spins Off Two of Its Subsidiaries into Public Companies
In February 2016, Hilton announced plans to break into three separate entities to capitalize on growth opportunities, increase its competitiveness within the Hotels and Motels industry and create internal efficiencies that would enable its core segments to act on opportunities faster than before. These spin-offs were completed in early 2017. The two new segments include Park Hotels & Resorts Inc. and Hilton Grand Vacations Inc. These segments comprised the company's previous timeshare rentals and various resort segments. The company’s remaining portfolio is focused on luxury and lifestyle hotel brands, with global properties remaining within the traditional company structure.
COVID|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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