Hilton Worldwide Holdings Inc was incorporated in Delaware on March 18, 2010. It is a hospitality company and along with its subsidiaries is engaged in owning, leasing, managing, developing and franchising hotels, resorts and timeshare properties. The Company owned, leased, managed or franchised approximately 4,565 hotel and resort properties in 100 countries and territories. The Company operates in three segments including management and franchise; ownership; and timeshare. Through its ownership segment the Company owns and leases properties in New York City, London, San Francisco, Chicago, São Paolo and Tokyo, while the management and franchise segment deals with managing hotels and timeshare properties and licensing its brands to franchisees. Its management services consist of operating hotels under management agreements for the benefit of third parties, who either own or lease the hotels and the associated personal property. As of December 31, 2015, the Company also provided management services for 45 timeshare properties owned by homeowners' associations and 146 owned, leased and joint venture hotels. .The Company's competitors include Accor S.A., Carlson Rezidor Group, Fairmont Raffles Hotels International, Hong Kong and Shanghai Hotels, Limited, Hyatt Hotels Corporation, Intercontinental Hotel Group, Marriott International, Mövenpick Hotels and Resorts, Starwood Hotels & Resorts Worldwide and Wyndham Worldwide Corporation. The Company's business is subject to various foreign and U.S. federal and state laws and regulations.