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Hilton Worldwide announced April 27 that it has named Thomas Baltimore, Jr. as president and CEO of the new REIT it plans to form later this year.
Baltimore is a co-founder of RLJ Lodging Trust (NYSE: RLJ) and has served as CEO since the company’s initial public offering in 2011. Baltimore’s appointment as CEO of the planned REIT is effective May 16, Hilton said.
Hilton Worldwide said Feb. 26 that it plans to spin off the bulk of its hotel real estate holdings into a publicly traded REIT by the end of the year.
McLean, Virginia-based Hilton Worldwide noted that it received a private letter ruling from the Internal Revenue Service regarding the spin-off. The hotel company intends to file appropriate registration statements with the Securities and Exchange Commission (SEC) during the second quarter.
www.hiltonheadrealestates.com About Shipyard Plantation This 800-acre community at the south end of Hilton Head Island combines residential living with resort vacationing. Though over half of Shipyard Plantation is multi-family housing, it is an ideal location for rental property as well. A small portion of shoreline touches the Atlantic, which is where the Crowne Plaza Oceanfront resort is located near the community’s beach club. Shipyard is one of the island’s smaller neighborhoods containing less than 2000 residential properties, but the beauty of the pines, oaks, and tropical foliage spreading across the acreage compels residents and vacationers alike to enjoy the peaceful scenery. Security Features Two security gates offer full-time Security guards. Shipyard Plantation: History Shipyard was the second plantation community for the Hilton Head Company. Development began in 1970 to compete with Sea Pines’s hold on the golf and tennis resort market. The Hack family kept ownership of Shipyard much as Fraser had done with Sea Pines and the McIntosh family with their Spanish Wells land, even through the sale of Port Royal in 1971 to the then-new Port Royal Group. Originally, Shipyard Plantation was planned as the sister development of the residential Port Royal Resort. The developers’ main marketing strategy was to attract tennis enthusiasts to Shipyard’s new racquet club, directed by Billie Jean King. Before starting this community, the Hilton Head Company had already sold …
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