Hilton Worldwide Announces CEO, CFO of REIT Spin-Off
- Apr 27, 2016
McLean, Va.—This February, Hilton revealed it would restructure by spinning off roughly 70 hotel properties (adding up to 35,000 keys) into a real estate investment fund. The announcement also mentioned the separation of Hilton’s timeshare arm, thus creating three independent public companies.
Today, Hilton announced it has appointed Thomas Baltimore Jr. as president & CEO and Sean Dell’Orto as CFO of the new REIT, which is planned to form later this year, after the separation from Hilton Worldwide.
“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,” said Christopher Nassetta, president & CEO of Hilton Worldwide, in prepared remarks.
Baltimore’s appointment is effective May 16. Most recently serving as president & CEO of publicly traded REIT RLJ Lodging Trust, he is actually rejoining Hilton, having been with the company before, as vice president of development & finance and vice president of gaming development. Baltimore’s track record also includes positions with Marriott, Prudential Financial and Duke Realty.
Dell’Orto joined Hilton Worldwide back in 2010 and currently serves as senior vice president & treasurer, a position which he will keep in addition to the new appointment. Prior to joining the hospitality giant, he served as senior vice president & CFO of third-party management company and hotel owner Barceló Crestline Corp., and vice president & treasurer of publicly traded lodging REIT Highland Hospitality Corp.
Image courtesy of RLJ Lodging Trust