Hilton launches $1B share buyback program

Company has also changed its name to Hilton Inc.
February 24, 2017 11:40AM

The Hilton Midtown at 1335 Sixith 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.

The conglomerate recently spun off most of its hotel properties into a publicly-traded real estate investment trust. The Blackstone Group TRData LogoTINY 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