Global Timeshare Company Begins Trading on NYSE Following Spin-off
from Hilton
ORLANDO, Fla.--(BUSINESS WIRE)--
Hilton
Grand Vacations (NYSE:HGV), a leading global timeshare company,
debuted today as an independent, publicly traded company following its
spin-off from Hilton. Starting today, HGV will begin “regular way”
trading on the New York Stock Exchange (“NYSE”) under the ticker symbol
“HGV.”
“Since its founding 25 years ago, HGV has been an industry-leading
timeshare business with a track record of best-in-industry growth,” said
Mark Wang, president and chief executive officer (CEO), Hilton Grand
Vacations. “Becoming an independent, public company is a milestone that
launches the exciting next phase in our company’s journey.”
“I look forward to HGV’s continued success as we deploy our experienced
management team, dedicated strategies and capital to take advantage of
future opportunities. I am excited about our ability to maximize the
value we deliver to our loyal members and shareholders and to embark on
this journey with more than 8,000 HGV Team Members across the globe,”
Wang said.
Established in 1992 and with headquarters in Orlando, Fla., HGV is a
rapidly growing timeshare company that markets and sells vacation
ownership intervals, manages resorts in top leisure and urban
destinations and operates a points-based vacation club for more than
260,000 members. HGV’s 47 high-quality resorts are located in iconic
vacation destinations, including the Hawaiian Islands, New York City,
Orlando and Las Vegas, featuring condominium-style accommodations with
superior amenities and Hilton-quality service.
“We will continue to leverage our capital-efficient business model to
invest strategically and expand globally, delivering exemplary service
and exceptional vacation experiences,” added Wang.
HGV maintains strong connections with the Hilton brand, operating with
an exclusive, 100-year license agreement to market, sell and operate
resorts under the Hilton Grand Vacations brand. HGV members will
continue to have access to more than 4,800 Hilton hotels and the HHonors
benefits program.
HGV recently announced its executive team and Board of Directors,
including:
-
Mark Wang, president, chief executive officer and a director
-
James Mikolaichik, chief financial officer
-
Michael Brown, chief operating officer
-
Charles Corbin, chief legal officer
-
Barbara Hollkamp, chief human resources officer
-
Stan Soroka, chief customer officer
-
Board of Directors:
-
Brenda J. Bacon, president and CEO of Brandywine Senior Living
-
Kenneth A. Caplan, senior managing director and the global chief
investment officer of Blackstone's Real Estate Group, a division
of The Blackstone Group
-
David W. Johnson, president and CEO of Aimbridge Hospitality
-
Mark Lazarus, chairman of NBC Sports Group
-
Pamela Patsley, executive chairman of MoneyGram International
-
Leonard A. Potter (board chair), president and chief investment
officer of Wildcat Capital Management
-
Paul W. Whetsell, president and CEO of CapStar Hotel Company
On January 10, 2017, a group of HGV executives and Team Members will
celebrate the spin-off by ringing the opening bell at the New York Stock
Exchange at 9:30 a.m. ET. Footage of the bell ringing will be available
live on NYSE’s website.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
statements include, but are not limited to, statements related to our
expectations regarding the performance of our business, our financial
results, our liquidity and capital resources and other non-historical
statements. You can identify these forward-looking statements by the use
of words such as “outlook,” “believes,” “expects,” “potential,”
“continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,”
“projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”
or the negative version of these words or other comparable words. Such
forward-looking statements are subject to various risks and
uncertainties, including, among others, risks inherent to the timeshare
industry, risks related to financing transactions expected to be
consummated in connection with the spin-off, macroeconomic factors
beyond our control, competition for timeshare sales, risks related to
doing business with third-party developers, performance of our
information technology systems, risks of doing business outside of the
United States and our indebtedness, as well as those described under the
section entitled “Risk Factors” in our effective Registration Statement
on Form 10, as filed with the Securities and Exchange Commission (“SEC”)
on November 30, 2016. Accordingly, there are or will be important
factors that could cause actual outcomes or results to differ materially
from those indicated in these statements. These factors should not be
construed as exhaustive and should be read in conjunction with the other
cautionary statements that are included in this release and in our
filings with the SEC. We undertake no obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as required by law.
About Hilton Grand Vacations, Inc.
Hilton Grand Vacations, Inc. (NYSE:HGV) is recognized as a leading
global timeshare company. With headquarters in Orlando, Fla., Hilton
Grand Vacations develops, markets and operates a system of brand-name,
high-quality vacation ownership resorts in select vacation destinations.
The company also manages and operates two innovative club membership
programs: Hilton Grand Vacations Club® and The Hilton Club®, providing
exclusive exchange, leisure travel and reservation services for more
than 260,000 Club Members. For more information, visit www.hgv.com
and www.hiltongrandvacations.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170104005818/en/
Media:
Erin Pagán, 407-722-3771
EPagan@hgvc.com
or
Julia
Sahin, 212-738-6131
Julia.Sahin@edelman.com
Source: Hilton Grand Vacations, Inc.