Takeaway: Sum of the Parts (OpCo + PropCo) = Higher Implied Share Price

CALL TO ACTION

Convergence of recent and future events makes a Hilton REIT spin-off event more likely. We have no edge on timing but this transformative event could increase shareholder value to $29-$34/share. Furthermore, a split would enhance both companies’ (OpCo and PropCo) growth prospects in addition to the obvious tax efficiency gains. 

Please see our note  http://docs.hedgeye.com/HE_HLT_REIT_10.27.14.pdf