Hilton Introduces Future Board of Directors for Hilton Grand Vacations
Board Members Provide Lodging Industry Experience, Business and Governance Acumen
MCLEAN, Va. - As Hilton (NYSE: HLT) prepares to separate into three independent companies at or around year end, the Company today introduced the prospective members of the Board of Directors of Hilton Grand Vacations ("HGV"). The Board will include directors chosen after a comprehensive review of professional and personal qualifications as they relate to the needs of HGV.
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. HGV's 46 resorts are located in iconic vacation destinations such as the Hawaiian Islands, New York City, Orlando and Las Vegas, and feature condominium-style accommodations with superior amenities and quality service.
Following completion of the spinoffs, Hilton will continue to be led by the current president and chief executive officer (CEO), Christopher J. Nassetta. Mark Wang, Executive Vice President of Hilton and President, Hilton Grand Vacations since March 2008, will serve as President, Chief Executive Officer and a Director of HGV.
"Hilton Grand Vacations' Board of Directors will comprise accomplished business leaders with lodging industry, general business and governance experience to help guide HGV as an independent company," said Christopher J. Nassetta, president and CEO, Hilton.
Mr. Wang added, "Our directors' experience and knowledge will support HGV's long-term growth strategy and leadership in the vacation ownership industry. I look forward to working with the Board to deliver long-term value to our team members, owners and shareholders."
HGV's Board of Directors is expected to include the following individuals. No changes to Hilton's Board of Directors are anticipated as a result of the transactions.
Following the previously announced equity investment by HNA Group in Hilton, HNA Group will maintain both its stockholders agreement and equity in HGV upon completion of the transaction, which is expected to close in the first quarter of 2017.
Brenda J. Bacon
Ms. Bacon is the president and CEO of Brandywine Senior Living, and was president and CEO of Brandywine Senior Care, the predecessor company she co-founded in 1996. Earlier in her career, she served as chief of management and planning under New Jersey Governor James Florio. Ms. Bacon currently serves on the Board of FTI Consulting. She is also a member of the Board of Argentum (formerly the Assisted Living Federation of America) and of Rowan University.
Kenneth A. Caplan
Mr. Caplan is a senior managing director and the global chief investment officer of Blackstone's Real Estate Group, a division of The Blackstone Group, a multinational private equity, investment banking, alternative asset management and financial services corporation. Since joining Blackstone in 1997, Mr. Caplan has been involved in over $100 billion of real estate acquisitions and initiatives in the United States, Europe and Asia. Prior to joining Blackstone, Mr. Caplan was a member of Lazard Frères & Co.'s real estate banking group.
David W. Johnson
Mr. Johnson is president and CEO of Aimbridge Hospitality, overseeing the management of more than 450 hotels as well as a resort and luxury division of hotels including the proprietary Jewel Resorts. Earlier, Mr. Johnson completed 17 years at Wyndham International, serving as president of Wyndham Hotels among other senior-level operations, sales and marketing positions. Mr. Johnson previously served on the Board of Strategic Hotels and of Gaylord Entertainment.
As chairman of NBC Sports Group, Mr. Lazarus oversees a multi-platform portfolio of assets, including NBC Sports, NBC Olympics, Golf Channel, NBC Sports Radio and NBC Sports Digital. He manages partnerships with many prestigious sports properties, including the International Olympic Committee, the NFL, NHL and PGA TOUR, among many others. Mr. Lazarus currently serves on the Board of Compass Diversified Holdings.
Ms. Patsley was appointed executive chairman of MoneyGram International in January 2016, after serving as chairman and CEO of MoneyGram from 2009 to 2015. She previously held leadership positions at KPMG, First USA, Paymentech, First Data Corporation and Advent International. In addition to her Board position with MoneyGram International, she also serves on the Board of Texas Instruments and of Dr. Pepper Snapple Group. Ms. Patsley is expected to serve as the chair of HGV's Audit Committee.
Leonard A. Potter
Leonard Potter is president and chief investment officer of Wildcat Capital Management, a private investment advisory firm. Mr. Potter has held positions at Salt Creek Hospitality, Soros Private Equity and Alpine Consolidated and Capstone Partners. Earlier in his career, he was an attorney specializing in mergers, acquisitions and corporate finance at Morgan, Lewis & Bockius and at Willkie Farr & Gallagher. Mr. Potter currently serves on the Boards of Solar Capital, Solar Senior Capital, and GSV Capital. Mr. Potter is expected to serve as the chair of HGV's Nominating and Corporate Governance Committee, and will be named as Chairman of the Board.
Paul W. Whetsell
Mr. Whetsell is President and CEO of CapStar Hotel Company, a hotel ownership and investment firm overseeing the acquisition, development, and management of over 300 hotels. He founded the original CapStar Hotel Company in 1987 and oversaw the merger with American General Hospitality creating MeriStar Hospitality, the nation's third-largest real estate investment trust, and MeriStar Hotels & Resorts, the nation's largest independent management company. Earlier, he served as President and CEO of Loews Hotels & Resorts, where he currently serves as Vice Chairman. Mr. Whetsell is expected to serve as the chair of HGV's Compensation Committee.
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.
About Hilton Grand Vacations Company, LLC
Hilton Grand Vacations Company, LLC, dba Hilton Grand Vacations, is a division of Hilton, recognized as a leading global hospitality 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 250,000 Club Members. For more information, visit hiltongrandvacations.com, news.hiltongrandvacations.com or connect at clubtraveler.com.
Hilton and HGV Contacts:
Investor Contact - HGV