Board Members Bring Diverse Expertise and
Leadership Acumen
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.”
“This is an important milestone for Park Hotels & Resorts as
we prepare to spin-off from Hilton,” added Thomas J. Baltimore,
Jr., president and CEO, Park Hotels & Resorts. “The assembled
directors have the business acumen and significant experience
necessary to support Park’s long-term strategy. I look forward to
working with the Board to deliver long-term value to our
shareholders.”
The Park Hotels & Resorts Board of Directors is expected to
include:
Thomas J. Baltimore, Jr.
Baltimore will be the chairman, president and chief executive
officer of Park Hotels & Resorts Inc. Baltimore most recently
served as the president and chief executive officer of RLJ Lodging
Trust and as a member of its board of trustees from January 2011 to
May 2016. Prior to that, Baltimore co-founded RLJ Development and
served as its president from 2000 to 2011. Previously, Baltimore
served as vice president of gaming acquisitions of Hilton Hotels
Corporation and later as vice president of development and finance.
Baltimore also worked previously in various management positions
with Marriott Corporation and Host Marriott Services Corporation.
Baltimore serves as a director of Prudential Financial, Inc. and
Duke Realty Corporation.
Patricia M. Bedient
Bedient is the retired executive vice president and chief
financial officer of Weyerhaeuser Co., one of the world’s largest
integrated forest products companies. Bedient joined Weyerhauser in
2003, and served in various roles including senior vice president,
finance and strategic planning during her tenure. Prior to joining
Weyerhauser, Bedient, a certified public accountant, spent 27 years
with Arthur Andersen LLP. Bedient currently serves on the boards of
Alaska Air Group Inc. and Suncor Energy Inc.
Gordon M. Bethune
Bethune is the retired chairman of the board and chief executive
officer of Continental Airlines, having been with the company from
1994 until his retirement in 2004. Prior to his tenure at
Continental, Bethune held senior management positions with The
Boeing Company, Piedmont Airlines, Inc., Western Airlines, Inc. and
Braniff Airlines. Bethune currently serves on the board of
directors of Sprint Corporation. Bethune is expected to serve as
the lead independent director of Park.
Robert G. Harper
Harper currently serves as head of U.S. Asset Management for the
Blackstone real estate group. Harper has previously worked for
Blackstone in Los Angeles and London, where he served as head of
Europe for the Blackstone Real Estate Debt Strategies business.
Harper joined Blackstone in 2002, and previously held positions
with Morgan Stanley’s real estate private equity group. Harper
currently serves as a director of ESH Hospitality, Inc.
Tyler S. Henritze
Henritze has served as senior managing director in the real
estate group for The Blackstone Group L.P. since January 2013 and
is currently the co-head of U.S. Acquisitions for Blackstone.
Before joining Blackstone in 2004, Henritze worked at Merrill Lynch
in the real estate investment banking group. He currently serves on
the board of directors of The Cosmopolitan of Las Vegas, Motel 6
and BRE Select Hotel Corp, and previously served on the board of
directors of Hilton Worldwide Holdings Inc. and La Quinta.
Christie B. Kelly
Since 2013, Kelly has served as executive vice president and
chief financial officer of Jones Lang LaSalle Incorporated. Prior
to her tenure at JLL, Kelly served as executive vice president and
chief financial officer of Duke Realty Corporation from 2009 until
June 2013. Prior to Duke, Kelly served as senior vice president,
global real estate at Lehman Brothers, where she led real estate
equity syndication in the United States and Canada. Kelly currently
serves on the board of directors of Kite Realty Group Trust. Kelly
is expected to serve as the chair of Park’s Audit Committee.
Sen. Joseph I. Lieberman
Senator Lieberman is a senior counsel with Kasowitz Benson
Torres & Friedman LLP. Prior to joining Kasowitz, Senator
Lieberman served 24 years in the U.S. Senate, retiring in January
2013 following the end of his fourth term. Senator Lieberman served
as chairman of the Committee on Homeland Security and Government
Affairs and helped shape legislation in areas of public policy
including national and homeland security, foreign policy, fiscal
policy, environmental protection, human rights, health care, trade,
energy, cyber security and taxes. Prior to being elected to the
U.S. Senate, Senator Lieberman served as the attorney general of
the State of Connecticut from 1983 until 1988.
Timothy J. Naughton
Naughton is the chairman, chief executive officer and president
of AvalonBay Communities, Inc. Naughton has served as chairman of
the board of AvalonBay since May 2013, as chief executive officer
since January 2012, and as president since February 2005. Naughton
currently serves on the board of directors of Welltower Inc.,
serves as an officer of the National Association of Real Estate
Investment Trusts, is a member of The Real Estate Round Table, is a
member and past chairman of the Multifamily Council of the Urban
Land Institute and is a member of the National Multi-Housing
Council, where he serves on the Executive Committee. Naughton is
expected to serve as the chair of Park’s Nominating and Corporate
Governance Committee.
Stephen I. Sadove
Sadove has served as a founding partner of JW Levin Management
Partners LLC, a private management and investment firm, since 2015.
Sadove also serves as principal of Stephen Sadove and Associates,
which provides consulting services to the retail industry, since
2014. From 2007 until 2013, Sadove served as chairman and chief
executive officer of Saks Incorporated. Prior to his tenure with
Saks, Sadove served Bristol-Meyers Squibb Company from 1991 until
2001, as president. Sadove currently serves on the board of
directors of Colgate-Palmolive Company, Ruby Tuesday, Inc. and
Aramark. He also serves as the chairman of the Board of Trustees of
Hamilton College. Sadove is expected to serve as the chair of
Park’s Compensation Committee.
About Hilton
Hilton (NYSE: HLT) is a leading global hospitality company,
comprising more than 4,800 managed, franchised, owned and leased
hotels and timeshare properties with nearly 789,000 rooms in 104
countries and territories. For 97 years, Hilton has been dedicated
to continuing its tradition of providing exceptional guest
experiences. The company's portfolio of 13 world-class global
brands includes Hilton Hotels & Resorts, Waldorf Astoria Hotels
& Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio
- A Collection by Hilton, DoubleTree by Hilton, Embassy Suites by
Hilton, Hilton Garden Inn, Hampton by Hilton, Tru by Hilton,
Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand
Vacations. The company also manages an award-winning customer
loyalty program, Hilton HHonors®. Hilton HHonors members who book
directly through preferred Hilton channels have access to benefits
including an exclusive member discount, free standard Wi-Fi, as
well as digital amenities that are available exclusively through
the industry-leading Hilton HHonors app, where Hilton HHonors
members can check-in, choose their room, and access their room
using a Digital Key. Visit news.hiltonworldwide.com for more
information and connect with Hilton on Facebook, Twitter, YouTube,
Flickr, LinkedIn and Instagram.
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Hilton & Park Contacts:Christian CharnauxInvestor
Contact1-703-883-5205christian.charnaux@hilton.comorNigel
GlennieMedia Contact1-415-298-4424nigel.glennie@hilton.comorIan
WeissmanInvestor Contact –
Park1-703-584-7441iweissman@pkhotelsandresorts.com
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