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New York

Hilton launches $1B share buyback program

The Hilton Midtown at 1335 Sixth Avenue
The Hilton Midtown at 1335 Sixth Avenue

Hilton Worldwide Holdings announced it will buy back $1 billion in shares, as it moves forward with a reorganization of the business.

The company will pay a quarterly dividend of 15 cents a share, the Wall Street Journal reported. It will also change its name to Hilton Inc., according to the paper.

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The conglomerate recently spun off most of its hotel properties into a publicly-traded real estate investment trust. The Blackstone Group [TRDataCustom] took Hilton public in 2013.

Last October, Chinese shipping and aviation giant HNA Group bought a roughly 25 percent stake in Hilton Worldwide Holdings from Blackstone Group.

The corporate name change will come into effect on March 6, according to the paper. [WSJ] — Miriam Hall

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