Courtesy of Benzinga.
Hilton Worldwide Holdings Inc (NYSE: HLT) revealed the appointment of Thomas Baltimore, Jr. as president and CEO of the planned real estate investment trust. According to the company, Sean Dell’Orto would be the CFO of the REIT, which is expected to be formed after its separation from Hilton Worldwide later in the current year.
Hilton Worldwide disclosed last February it was planning to spin-off its timeshare, as well as real estate businesses, and create three market-leading, independent public companies. The company indicated the REIT’s CEO appointment as CEO would be effective May 16 and that Baltimore will report to Christopher Nassetta, president and CEO of Hilton Worldwide. The company also clarified Dell’Orto would continue to serve as senior VP and treasurer for Hilton Worldwide.
Commenting on the appointments, Nassetta said, “The appointments of Tom and Sean represent a major step forward in the execution of our REIT spin-off. We are confident that Tom’s extensive capital allocation experience and proven leadership make him the perfect fit to oversee the long-term success of the REIT business. Additionally, I have had the pleasure of working alongside Sean for the past six years, and he is a first-rate addition to the executive team.”
Reacting to the appointment, Baltimore commented, “I’m delighted and thrilled to lead what will be one of the largest and most geographically diverse publically traded REITs, and I look forward to working with Chris and his superb team at Hilton. We expect the high-quality portfolio, along with the deep expertise and institutional insights from leaders like Sean, will enable our team to unlock significant embedded growth and create long-term returns for shareholders.”
Dell’Orto has been serving Hilton Worldwide as its SVP and treasurer, and was integral in its corporate strategy, capital markets and investor relations activities, including its IPO, since joining the company in 2010. Earlier, Dell’Orto was senior VP and CFO of Barceló Crestline Corporation, a private third-party management company and hotel owner, and was VP and treasurer at Highland Hospitality Corporation.
Shares of the company shed 0.46 percent on Tuesday.
Posted-In: News REIT Management Real Estate
