Hilton to spin off real estate, timeshare businesses

Hilton Worldwide, the owner of Waldorf Astoria and Conrad hotel chains, announced it would spin off its real estate and timeshare businesses.

The company plans to convert a bulk of its real estate business into a publicly traded real estate investment trust. The REIT would own 70 hotel properties with 35,000 rooms.

It also will change its timeshare business into a separate publicly traded company. The timeshare business manages nearly 50 club resorts in the United States and Europe.

Read more from Reuters.