Happy New Year to all of our readers! 2018 is now officially history and it will be remembered as a year of increased volatility that ultimately left some portfolios quite damaged. That includes Mohnish Pabrai’s Spinoff Portfolio and its (backtested) historically S&P crushing results. Pabrai is a legendary fund manager and author of The Dhando Investor. In one of… Read More »
Before trade war news jumped to the front pages, China was making headlines for cracking down on its financial firms’ leverage by forcing them to unload some of their overseas holdings. Anbang and its CEO received a lot of headlines, but other companies, such as HNA, were impacted as well. A few years ago, HNA went on a… Read More »
Following the lead of many of its peers, Wyndham Worldwide (WYN) announced that it would spin off its timeshare business into a standalone entity. The new timeshare company will become the largest timeshare company in the world (at least by revenues – $3.4b) and include both Wyndham Vacation Ownership and RCI, a timeshare exchange program. The hotel company generated… Read More »
Hilton (HLT) completed the spinoff of a lodging REIT, Park Hotels & Resorts (PK), and of its timeshare business, Hilton Grand Vacations (HGV), earlier this week. The new companies begin trading the ‘regular way’ yesterday and shareholders should have received 1 HGV share for every 10 HLT shares owned and 1 PK share for every 5 HLT shares… Read More »
There is just something exciting about a three-way split. It’s just such a radical transformation and in some ways it’s hard to believe that a company like hotelier Hilton Worldwide (HLT) could pull it off. ITT sure, but Hilton? January 3rd is the day though when Hilton will officially spin off a) Hilton Grand Vacations, its timeshare business… Read More »
Hilton Worldwide Holdings(HLT) announced this morning that it has filed Form 10 registration statements for two previously announced spinoffs of its real estate and timeshare businesses. CEO Christopher J. Nassetta said the spins will be completed later this year. Following the transactions, Nassetta will continue to lead Hilton, which will be an asset-lite fee-based business. On a pro forma… Read More »
Congress is working hard trying to pass a comprehensive spending bill and a tax package extending numerous tax breaks. According to the WSJ, buried in these proposals is a bid to end companies’ ability to spinoff property into REITs: The bill from Rep. Kevin Brady (R., Texas), the chairman of the House Ways and Means Committee, would prevent… Read More »